A few tax considerations deserve specific attention for solo agers, beyond general retirement tax planning.
Key areas
- Filing status (often single or head of household) affects your tax brackets and deductions
- Required minimum distributions (RMDs) from retirement accounts begin at a specific age and carry penalties if missed
- State tax treatment of retirement income varies significantly if you're considering relocating
A CPA experienced with retirees can help ensure RMDs and other deadlines aren't missed — a real risk without a spouse also tracking the calendar.
This article is general information, not tax advice. Consult a licensed CPA or tax professional.