Senior Tax Deduction: Savings & Social Security
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Seniors: Seize New Tax Deduction, But Plan Wisely
Millions of seniors can now claim a new deduction of up to $6,000 (or $12,000 for married couples) on their 2025 tax returns, reducing taxable income. This temporary perk, part of the One Big Beautiful Bill Act, phases out for high earners and expires in 2028. Middle-income seniors stand to gain the most, with average savings of $220 next year. However, the deduction may speed up the depletion of the Social Security trust fund, potentially leading to benefit cuts. Seniors are advised to use the savings wisely, such as through Roth conversions or maxing out 401k contributions, and consider delaying Social Security claims to build a buffer against future reforms.
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