Lifecycle events bring about change. Generally when a lifecycle event brings change associated with the IRS, we take a step back. These two changes are nice ones.
When you turn 65, the IRS offers you a gift in the form of a bigger standard deduction. For 2020 returns, for example, a single 64-year-old gets a standard deduction of $12,400 (it will be $12,550 for 2021). A single 65-year-old gets $14,050 in 2020 (and $14,250 in 2021).
Generally, you must have earned income to contribute to an IRA. However, if you’re married and your spouse is still working, he or she can contribute up to $7,000 a year to an IRA that you own. (We’re assuming that since you’re reading about breaks for retirees, you’re at least 50 years old.) As long as your spouse has enough earned income to fund the contribution to your account (and any deposits to his or her own), this tax shelter’s doors remain open to you.
Don’t let these breaks go to waste.

Disclosures:http://www.hechteffect.net/?page_id=31