Tax law changes for the 2026 tax filing season and beyond could benefit you. In addition to extended 2017 provisions, such as lower tax rates, there are new planning opportunities to consider.

In this week’s Money Wisdom Question Series, Heath Grossman, CFP® breaks down what these new provisions could mean for your retirement savings.

Increased Standard Deduction

One of the primary changes is an increased standard deduction. For single filers or those married filing separately, the standard deduction is $15,750. For married couples filing jointly, it’s $31,500. If you’re aged 65 or older, your total deduction may be even higher.

New Senior Deduction

The new tax bill also introduced a senior deduction of up to $6,000 per individual. Meaning, a married couple—who are both 65 or older—could potentially receive up to $12,000 in additional deductions.

However, there are income phaseouts if your modified adjusted gross income is above $75,000, or $150,000 filing jointly. Also keep in mind that this extra senior deduction is temporary and will only be available through 2028.

What Do These Numbers Mean for You?

Generally, these increased deductions could mean lower taxable income and therefore lower taxes for most people. Additionally, many seniors may pay little to no federal tax on their Social Security benefits.

To clarify a common misconception, federal taxes on Social Security still exist. However, the percentage of people who won’t owe federal taxes on their benefits is expected to increase.

Another important aspect of these changes is the potential for additional tax planning opportunities. With lower taxable income, you may benefit from Roth IRA contributions or Roth conversions.