The savings now could lead to greater costs later.

The IRS raised the senior tax deduction for 2025. Here’s who qualifies, how much you can claim, and what retirees should know before filing.

It could make a noticeable difference to your tax refund this year.

For tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their federal return.

Elizabeth Guevara is a personal finance reporter who explains the world of business and economics and how it impacts your finances. She joined Investopedia in 2024. eggeeggjiew / Getty Images A new ...

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