There are so many financial advantages to getting older! The additional birthday candles will never disappoint you when realizing the tax breaks you can earn. The perks begin at age 50 and increase as you age.
The amount you can contribute to your IRA increases beginning on your 50th birthday, which will put more money in your pocket if you max it out. Do you itemize deductions? If you don’t, your standard deduction increases once you turn 65. Seniors no longer face any early withdrawal penalties from their retirement accounts. The news gets better the older you get. Your HSA contribution limit will increase to help keep medical expenses in-check for those with a high deductible.
Your favorite charity may turn up to help you celebrate your 70th birthday. Once you turn 70 ½ years old, you can donate up to 100,000 dollars from your retirement account for a charitable cause and pay zero income tax. It won’t be long before your name is on the wing of that school or hospital!