Retired in USA

Your golden years are your best years! Make them shine!

  • Home
  • Personal Finance
  • Retirement Life
  • Saving & Spending

Tax Cuts in 2023: 6 Surprising Ways It Affects Retirees

November 25, 2022 · Personal Finance
Tax Cut
Photo by chayanuphol at Shutterstock

A smaller percentage of earnings will be subject to federal income tax

The Internal Revenue Service recently issued the inflation tax cuts for the 2023 tax year, which will apply to the tax returns that are filed in 2024.

Two of the biggest changes are regarding the standard deduction and tax brackets, both of which should mean retired folks will receive a tax cut on income next year. The standard deduction will grow by approximately 7% in 2023.

Single people will be allowed to deduct $13,850, which is up by $900, and married partners that file jointly will be allowed to deduct $27,700, which is higher by $1,800, when they calculate their taxable income.

As far as the Federal income tax brackets go, the seven marginal tax rates won’t be changing next year. But the income thresholds that define each of those brackets will increase by roughly 7% all across the board.

Pages: 1 2 3 4 5 6 7 8

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A woman measuring an empty living room with hardwood floors and a brick fireplace using a yellow tape measure. How Much Home Can You Really Afford on a Retirement Income?
  • Retro illustration of a winding highway dividing a coastal landscape with palm trees and a desert with saguaro cacti. 11 States Seeing the Most Retirees Move In
  • Watercolor illustration of a man standing on a stone terrace overlooking a winding hillside road and a distant city. 8 Social Security Rules That Could Shrink Your Check After a Spouse Dies
  • Watercolor illustration of an open weekly planner showing retirement activities like pickleball, gardening, choir, and hiking. 11 Retirement Hobbies That Let You Make Friends Quickly
  • Winding road through autumn and winter landscape with timeline icons for Nov 28, Direct Deposit, and Jan 13. 12 Dates Between Now and January 13 Every Social Security Recipient Should Know
  • A woman in a tan coat carries a tote bag of groceries along a sunny city sidewalk outside an apartment building. 15 US Cities Where Rent Now Tops $2,000 a Month
  • Illustration of an older woman on a garden bench with a laptop, beside drawings of a globe, books, and headphones. 12 Side Gigs Retirees Can Run Entirely From a Laptop
  • People of various ages sit along a long outdoor dining table in a festive town street during sunset. 11 Retirement Towns Where Thanksgiving Feels Like a Community Event
  • Illustration of a woman guiding a senior citizen away from tangled red tape toward a sunlit stone archway. Social Security Number Stolen? A New Law Could Get You Help Faster
  • Smiling older couple carrying a potted tree toward their suburban home with a moving truck parked behind them. 20 of the Best Towns to Retire in 2027

Newsletter

Get retirement tips and senior living advice delivered to your inbox.

Related Articles

Horizontal bar chart showing the monthly Social Security gap between men receiving $2,198 and women receiving $1,760, illustrating a $438 de

Women Receive Smaller Social Security Benefits Than Men ($438 Less) – and the Gap Could Grow

Learn why the $438 monthly Social Security gender gap exists, how 2032 cuts could impact…

Read More →
A man in his late 50s sitting at his kitchen table smiling at a handwritten budget ledger in the morning sun.

7 Signs Your Retirement Date Should Move Up, Not Back

Learn 7 actionable signs that prove your retirement date should move up, including tax rules,…

Read More →
Social Security changes coming in 2024

IRS to Stop Mailing Checks: What Every American Needs to Do Before It’s Too Late

Who Could Be Most Affected? While many taxpayers already use electronic payments, certain groups still…

Read More →
A retired couple reviews their budget documents together at a sunlit kitchen table in a warm, authentic home setting.

Could Your Social Security Check Change Next Year?

Discover how the 2026 Social Security COLA, Medicare Part B premiums, and new earning limits…

Read More →
An older man speaks and gestures with open hands to a group of visitors in a historic stone courtyard with a fountain.

10 Side Gigs for Retirees Who Love Talking to People

Explore 10 rewarding side gigs for social retirees. Earn extra income, meet new people, and…

Read More →
A senior couple planning their future on a tablet in a sunny garden setting.

Long-Term Care Insurance: What It Covers and What It Costs in 2027

Discover what long-term care insurance covers, projected 2027 care costs, and average premium rates to…

Read More →
Social Security number spousal

15 Tips to Protect Your Social Security Number From Scams

Don’t use your SSN as a password Don’t use the entire SSN as your password.…

Read More →
social security changes

5 Social Security Changes Coming In 2026

Full retirement age in 2026 Unfortunately, this year you will have to wait a little…

Read More →
A park bench with a newspaper and glasses, set along a wet walkway leading to the illuminated U.S. Capitol at dusk.

Why This Midterm Could Be the Biggest Check on Trump’s Power Yet

Learn how the 2026 midterm elections could check executive power and impact your Social Security,…

Read More →
Retired in USA

Your golden years are your best years! Make them shine!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Privacy Policy

Categories

  • Enjoying Retirement
  • Personal Finance
  • Saving & Spending

© 2026 Retired in USA. All rights reserved.