At 65+, Your Standard Deduction Jumps to $17,300 for Singles

The extra $2,000 senior bonus deduction could save you $440+ in federal taxes

The Details

The senior bonus deduction applies the year you turn 65, not based on your age at year-end. If your birthday is January 1, you're considered 65 for the entire prior tax year.

What this means for you

Retirement decisions compound — getting one of these details wrong can cost tens of thousands of dollars over a retirement. The good news: most of these mistakes are completely avoidable if you understand how the rule actually works.

Next step

If you want to see how this applies to your specific situation, take the free Retire Ready Score — a 2-minute assessment that scores your current plan across income, taxes, healthcare, and protection.