Kiplinger's Personal: How tax rules change as you age

Your life changes in many ways when you get older. But there's something else that changes as you age that you might not have considered before: your taxes.

There are different tax breaks that you can claim when you're older, and the types of income you're likely to receive are taxed differently than wages.

Here's a quick rundown.

Your 50s: When you hit 50, you can squirrel away even more money as "catch-up" contributions to tax-advantaged retirement accounts. For 2023, you can put an extra $1,000 in your IRAs and an extra $7,500 in a 401(k) plan.

Catch-up contributions are also allowed for health savings accounts. Once you turn 55, you can put an additional $1,000 in an HSA each year.

Your 60s: Most people retire in their 60s, and that's when tax changes really kick in.

Part of the change is triggered by the different types of income you receive in retirement. For instance, instead of wages, which are 100% taxable, at least 15% of your Social Security benefits are tax-free, and lower-income seniors won't pay any federal tax on their benefits. Withdrawals from a Roth IRA or Roth 401(k) plan are tax free as well since you already paid taxes on the funds (distributions from a traditional IRA or 401(k) are taxable). The portion of an annuity payment that represents your principal is tax-free, too.

There are also tax breaks that only become available after your 65th birthday. For example, there's an additional standard deduction for people 65 and older. For 2023, it's $1,500, or $1,850 if you're claiming the single or head of household filing status.

There's also a tax credit available for lower-income taxpayers who are 65 or older. It's worth up to $750 if you're single or $1,125 if married.

Also look for other generally available write-offs that might not come into play until you reach your 60s. For example, if medical bills start growing as you age, you may be able to deduct some of those expenses. You must itemize to claim the medical expense deduction, and then you can only deduct qualifying costs that exceed 7.5% of your adjusted gross income.

And don't forget about state tax breaks. Many states provide full or partial tax exemptions for Social Security benefits or other common types of retirement income. Often overlooked property tax breaks can also provide huge savings for seniors.

Your 70s: The biggest tax change for people in their 70s is the start of required minimum distributions from retirement accounts. Your money has been growing in your traditional IRAs and 401(k) accounts for years, and now the IRS wants you to begin paying taxes on it once you turn 72. (There are no RMDs for Roth IRAs.)

For the year you turn 72, the deadline for taking your first RMD is April 1 of the following year. After that, annual RMDs generally must be taken by Dec. 31.

If you're at least 701/2 years old, donating to charity with a qualified charitable distribution from an IRA can also cut your tax bill because the withdrawn funds aren't taxed. Plus, money donated through a qualified distribution counts toward your RMD.