Taxes
Of course, every U.S. citizen needs to pay yearly taxes regardless of their age and financial situation. However, as a retiree, you will be required to pay less in income taxes!
According to the law, 65-year-old taxpayers (and older) who don’t itemize their deduction can get a higher standard deduction. Furthermore, you won’t have to pay for Social Security or Medicare either – unless you start working again.
In fact, you may even be eligible for a property tax exemption. Usually, these things depend on your age, income and location.
