Have you received your retirement tax refund yet? You may soon. The IRS is reporting the average tax refund is $2,548 as of mid-February. And that number includes retiree refunds.
Tax refunds may be higher for older adults because of the new "senior bonus" deduction introduced in the 2025 Trump tax bill. This tax break allows folks age 65 and older to deduct up to $6,000 per individual from taxable income. That can translate to hundreds of dollars in tax savings, depending on your income.
