For some seniors, it might be difficult to pinpoint whether their expenses will go up or down during retirement. Job-related costs will likely be slashed but for most Americans, assisted living and health care will take their place.
Dealing with this precarious balance on a lower, fixed income might seem difficult but not impossible. That’s because retirees benefit from various state and federal rules that can help lessen their tax burden.
We’ve made a list of tax breaks for seniors that should help you figure out your finances well before you reach your golden years. As such, you’ll still have some time to make small adjustments to your retirement plan.