RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Retirement Experts Share Year-End Tax Tips for Senior Citizens

Home News
December 30, 2008
Reading Time: 2 mins read

RISMEDIA, Dec. 31, 2008-As the end of a challenging financial year comes to a close, many senior citizens are searching for new ways to save money during their retirement. Retirement expert Eric Bachman and Certified Public Accountant Jeanne Duhe share six year-end tax tips that are simple yet intelligent ways for senior citizens to save money on their 2008 taxes.

1. Take a Senior Citizen Deduction

The IRS allows those age 65 and over to take an additional deduction worth $1,350 for single filers or $2,100 for a married couple. This also applies to individuals who do not itemize their deductions because it is added to their standard deduction.

2. Claim Stock Losses Now

Those seniors with stock losses should consider taking them before year-end. Losses are used to offset any stock gains, including gain distributions from mutual funds. In addition to offsetting gains, seniors can claim up to $3,000 in losses per year to effectively reduce taxable income for 2008. Any losses in excess of that amount are carried forward to future returns.

3. Seniors Seeking Cash Should Consider a Reverse Mortgage

Income earned from a reverse mortgage is tax free, meaning that seniors in need of cash can unlock the equity in their homes as a lump sum payment in 2008 with no tax implications. A reverse mortgage remains a viable financial tool for those 62 and older because it does not take into account credit history or a borrower’s current financial situation.

4. Pay Outstanding Medical Bills Now

An individual with either a low taxable income or large medical expenses should consider paying all outstanding medical bills before the end of the year as an additional deduction. This would include supplemental health insurance, doctor bills, hospital bills and prescription drugs. Eligible deductions also include medical mileage, the number of miles traveled to and from the doctor, pharmacy, or hospital.

5. Be Aware of Social Security Income Threshold

Those senior citizens who continue to work while drawing social security should be aware of mandated income thresholds. If income exceeds $25,000 for one person or $32,000 for a married couple, then social security begins to be counted as taxable income. This can be a large burden on senior citizens. If a senior is close to these income limits, they should consider pushing some income into next year to protect all of their social security from income taxes.

6. Understand IRS Rules for IRAs

The IRS requires taxpayers to begin withdrawing funds from their IRA’s in the year after the year they turn 70 and one half. In most cases, seniors should begin withdrawals in the year they turn 70 and one half. By waiting until the following year, seniors would be required to make two withdrawals, potentially entering them into a higher tax bracket.

“Senior citizens are being squeezed like never before and need to take advantage of any savings available to them,” said Eric Bachman, founder and CEO of Golden Gateway Financial, a comprehensive online financial resource for seniors and retirees. “With a few savvy moves, senior citizens can save themselves hundreds and even thousands of dollars in income taxes.”

“Older Americans need to be aware of the benefits made available to them by the IRS,” said Duhe, a certified public account and principal of Jeanne S. Duhe, LLC. “These are effective ways to save money in order to extend existing budgets even further.”

For more information, visit www.goldengateway.com.

ShareTweetShare
Paige Tepping

Paige Tepping

As RISMedia’s Managing Editor, Paige Tepping oversees the monthly editorial and layout for Real Estate magazine, working with clients to bring their stories to life. She also contributes to both the writing and editing of the magazine’s content. Paige has been with RISMedia since 2007.

Related Posts

Rayse and San Francisco Association of Realtors® Announce Partnership
Industry News

Rayse and San Francisco Association of Realtors® Announce Partnership

October 24, 2025
Don’t Coast Into Q4—Accelerate Into 2026
Industry News

Don’t Coast Into Q4—Accelerate Into 2026

October 24, 2025
consumer
Agents

Consumers Less Worried About Interest Rates in Connection to Homebuying

October 24, 2025
Mortgage
Economy

Mortgage Mix: loanDepot Sues West Capital Lending Over Trade Secrets and Contracts

October 24, 2025
sounds
Agents

Now Hear This! 7 House Sounds Buyer and Seller Clients Shouldn’t Ignore

October 24, 2025
Inflation
Economy

Fed Cut Still Likely Despite Inflation Uptick

October 24, 2025
Tip of the Day

Create a Culture Agents Never Want to Leave

Learn how to define your value, set clear expectations and build accountability systems that grow profit and loyalty. Register early and save (use code EBSAB26 to save 25%)

Business Tip of the Day provided by

Recent Posts

  • Agents Receive $5.2 Million Boost to Bottom Line through Financial Wellness Program
  • Rayse and San Francisco Association of Realtors® Announce Partnership
  • Don’t Coast Into Q4—Accelerate Into 2026

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X