5 Tax Tips for Older Adults
More than half of older taxpayers (57 percent) are worried they’ll have to pay more taxes this year because of the 5.9 percent Social Security cost-of-living adjustment in 2022, according to a January survey by The Senior Citizens League, a nonpartisan seniors group.
Taxes for the over-65 set can feel more complicated for a variety of reasons: There are often multiple streams of income, some retirees still work part time, and people may be managing required minimum distributions from retirement accounts.
“It can happen that people have more income in their later life than they did when they were working,” says Barbara O’Neill, a certified financial planner in Ocala, Florida, and the author of “Flipping a Switch: Your Guide to Happiness and Financial Security in Later Life.”…