How The New $6,000 “Senior Bonus” Tax Deduction Works

Millions of older Americans will see a new tax break starting this filing season, thanks to a temporary “senior bonus” deduction included in recent federal tax legislation. While it doesn’t eliminate taxes on Social Security benefits, the change can significantly reduce taxable income for people age 65 and older, especially those living on fixed or middle class incomes. For retirees and those close to retirement, it’s a reminder that small changes in tax policy can have an impact on retirement cash flow.

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More Americans are dipping into their retirement accounts as financial pressures continue to rise. Even though balances have grown in recent years, workers are increasingly turning to hardship withdrawals and loans to cover immediate expenses. It’s a trend that raises big questions about financial resilience, and the long term impact on retirement security. Tom Parks, AIF®, CRPS® | Director of Retirement Plan Services is here to discuss.

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A Look At What’s Happening
From Annex Wealth Management

How The New $6,000 “Senior Bonus” Tax Deduction Works

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Unleash the Power of What's Next

A Look At What’s HappeningFrom Annex Wealth Management

A Look At What’s Happening
From Annex Wealth Management