5 Things Retirees Need to Know About Social Security and Taxes

3. Tax Credits for Retirees: Maximizing Your Financial Benefits

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Retirees can enhance their financial well-being by capitalizing on tax deductions and credits. Exploring deductions for medical expenses, charitable donations, and mortgage interest can lower taxable income. Specific credits, like those for elderly or disabled individuals, offer direct reductions in tax owed. Maximizing contributions to retirement accounts further optimizes tax benefits.