As you approach age 65, taxes become even more important to your overall financial plan. A new tax act introduces an additional $6,000 deduction for taxpayers aged 65 and older — but qualifying for it isn’t automatic, and the phase-out rules can significantly impact who benefits.

In This Episode, We Cover:

• What the new $6,000 deduction means for taxpayers turning 65 between 2026 and 2028
• Why the deduction applies whether you itemize or take the standard deduction
• Phase-Out Income Thresholds (Modified Adjusted Gross Income):
  • Begins: $75,000 (Single) / $150,000 (Married)
  • Fully Phased Out: $175,000+ (Single) / $250,000+ (Married)
   ...