Because federal tax law reaches deep into all aspects of our lives, it's no surprise that the rules that affect us change as our lives change. This can present opportunities to save or create costly pitfalls to avoid. Being alert to the rolling changes that come at various life stages is the key to holding down your tax bill to the legal minimum. Check out these issues that confront the newly retired.

Bigger Standard Deduction

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When you turn 65, the IRS offers you a gift in the form of a bigger standard deduction. For 2018 returns, for example, a single 64-year-old gets a standard deduction of $12,000 (it will be $12,200 for 2019). A single 65-year-old gets $13,600 in 2018 (and $13,650 in 2019).

The extra $1,600 will make it more likely that you'll take the standard deduction rather than itemizing, and if you do, the additional amount will save you almost $400 if you're in the 24% bracket. Couples in which one or both spouses are age 65 or older also get bigger standard deductions than younger taxpayers.