Sign up to save your podcasts
Or
Share Tax Savings Opportunities For Retirees 65+ (Including Your Elderly Parents)
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Tax Savings Opportunities For Retirees 65+ (Including Your Elderly Parents)
If you are turning 65 soon, you are closer to becoming eligible for potentially thousands of dollars in tax deductions and savings opportunities that many people never take advantage of.
And if you're helping with your elderly parent's finances, there's a good chance they're entitled to tax breaks they don't even know exist.
The tax code is full of opportunities specifically designed for retirees—but here's the problem: Social Security isn't going to call and tell you about them. The IRS certainly won't. And unfortunately, most tax preparers are so focused on compliance and filing deadlines that they miss most of these strategies entirely.
I'm about to walk you through the most valuable tax-saving opportunities available once you reach your retirement years — some you've probably never heard of, and some that could literally save you tens of thousands of dollars over your retirement.
More specifically, Cameron discusses:
- Changes in the Standard Deduction and the new Enhanced Senior Deduction for those over age 65
- Tax impacts when a spouse or parent passes away
- When and what medical expenses can be deductible
- Using suspended rental real estate losses from previous years to offset other taxable income
- Funding Roth IRAs from otherwise taxable money and inheritances
- How an elderly parent can become a dependent of yours for tax purposes and the potential tax advantages
- Tax strategies when receiving lump sum payouts from Social Security now that the WEP & GPO provisions have been eliminated
- Qualified Charitable Distributions from IRAs
Key Moments:
03:11 Increased Standard Deductions & New Deduction for Seniors 05:32 Tax Opportunities After Spouse or Parent Passing 08:31 Deductible Medical Expenses 15:59 Utilizing Rental Real Estate Losses 19:54 Taxable Wealth to Tax-Free Wealth 26:12 Claiming Elderly Parents as Dependents for Tax Purposes 29:58 Taxation Options for Social Security Lump Sum Payments 34:50 Qualified Charitable Distributions (QCDs) 41:39 Conclusion and Disclaimer
Resources:
- Get Show Notes Here
- Retired-ish Newsletter Sign-Up
- Cameron's book for Divorcées and Widows: Finding Financial Clarity & Confidence When Starting Over
- See if you're a good fit for our Free Tax-Optimized Retirement Playbook™
View all episodes
By Cameron ValadezIf you are turning 65 soon, you are closer to becoming eligible for potentially thousands of dollars in tax deductions and savings opportunities that many people never take advantage of.
And if you're helping with your elderly parent's finances, there's a good chance they're entitled to tax breaks they don't even know exist.
The tax code is full of opportunities specifically designed for retirees—but here's the problem: Social Security isn't going to call and tell you about them. The IRS certainly won't. And unfortunately, most tax preparers are so focused on compliance and filing deadlines that they miss most of these strategies entirely.
I'm about to walk you through the most valuable tax-saving opportunities available once you reach your retirement years — some you've probably never heard of, and some that could literally save you tens of thousands of dollars over your retirement.
More specifically, Cameron discusses:
- Changes in the Standard Deduction and the new Enhanced Senior Deduction for those over age 65
- Tax impacts when a spouse or parent passes away
- When and what medical expenses can be deductible
- Using suspended rental real estate losses from previous years to offset other taxable income
- Funding Roth IRAs from otherwise taxable money and inheritances
- How an elderly parent can become a dependent of yours for tax purposes and the potential tax advantages
- Tax strategies when receiving lump sum payouts from Social Security now that the WEP & GPO provisions have been eliminated
- Qualified Charitable Distributions from IRAs
Key Moments:
03:11 Increased Standard Deductions & New Deduction for Seniors 05:32 Tax Opportunities After Spouse or Parent Passing 08:31 Deductible Medical Expenses 15:59 Utilizing Rental Real Estate Losses 19:54 Taxable Wealth to Tax-Free Wealth 26:12 Claiming Elderly Parents as Dependents for Tax Purposes 29:58 Taxation Options for Social Security Lump Sum Payments 34:50 Qualified Charitable Distributions (QCDs) 41:39 Conclusion and Disclaimer
Resources:
- Get Show Notes Here
- Retired-ish Newsletter Sign-Up
- Cameron's book for Divorcées and Widows: Finding Financial Clarity & Confidence When Starting Over
- See if you're a good fit for our Free Tax-Optimized Retirement Playbook™