For new retirees--especially those on a fixed income--it's more important than ever to take full advantage of every tax break available. Afterall, you have to stretch out your retirement savings to cover the rest of your life. But seniors often miss tax-saving opportunities, usually because they just don't know about them. Don't let that happen to you--check out these often-overlooked tax breaks for retirees. You could save a bundle!

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 2019 returns, for example, a single 64-year-old gets a standard deduction of $12,200 (it will be $12,400 for 2020). A single 65-year-old gets $13,850 in 2019 (and $14,050 in 2020).

The extra $1,650 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. If