Tax tricks for pensioners: How to save properly in retirement!

Tax tricks for pensioners: How to save properly in retirement!

Retirees often face the challenge of managing tax obligations in retirement. Even in old age, they are subject to taxes and may have to pay taxes. An important aspect that will come into force from July 1, 2025 is the increase in pensions, which may lead to an increased tax burden for many pensioners. This could mean that some pensioners become liable to pay taxes for the first time, which surprises many. It is therefore important to find out about possible tax advantages early on in order to minimize the tax burden. This reports T Online.

An important tip for tax savings for pensioners is the flat rate for income-related expenses, which is 102 euros. For employees, this flat rate amount is 1,230 euros. Pensioners have the option of individually claiming expenses that exceed this amount. These include, for example, costs for pension advice, tax advisors and account management fees. Voluntary activities are also taken into account for tax purposes: pensioners can deduct the volunteer allowance of up to 840 euros per year or the trainer allowance of up to 3,000 euros. These two flat rates can be combined, which allows for an increase in tax deductibility.

Tax deduction options for pensioners

Another advantage for pensioners is the opportunity to deduct training costs for part-time work in retirement from tax. The hurdles for the tax deductibility of costs for household-related services are also low. Pensioners can deduct up to 20 percent of expenses for nursing or household staff, up to a maximum of 4,000 euros per year.

However, the extraordinary burdens are particularly relevant for many pensioners. These costs can be differentiated between general and special types. General extraordinary burdens include, for example, medical costs, medication, aids such as glasses or hearing aids as well as costs for spa stays and additional payments to the dentist. However, such costs can only be deducted if they exceed the individual's reasonable burden.

The reasonable burden is checked by the tax office and depends on factors such as income, marital status and the number of children. Receipts for deductible costs should be kept, including expenses for age- or disability-friendly modifications and funeral costs. In the tax return, these expenses must be listed as other expenses in the relevant appendix.

Special flat-rate amounts for pensioners

The special extraordinary burdens are also important for pensioners. Various flat-rate amounts can be claimed here without the reasonable burden being checked. These include, among other things, the survivor's flat rate amount of 370 euros and the care flat rate amount, which can be up to 1,800 euros from care level 2. In addition, accommodation costs in a retirement home are tax deductible if they arise due to disability, illness or need for care. The household savings are then deducted from the costs.

Finally, it makes sense to use the savings allowance of 1,000 euros for capital gains per person (2,000 euros for married couples who file jointly). In order to avoid unnecessary taxes on capital gains, it is recommended to submit an exemption request to banks. Informed planning can help many retirees optimize their tax bill in retirement, as well Financial tip reported.