Senior citizens are getting a tax break in President Donald Trump’s sweeping tax and spending cuts package, but it’s not the ...

This tax saving effectively produces a return rate of about 15% from the tax benefit alone. At the same time, the investment grows at an average of 16.7% per year.

Social Security benefits and traditional IRA withdrawals can both be subject to federal income tax, but not to the same extent. Every dollar from a traditional IRA is counted as taxable income.

For the next five years, there will be a much more generous state and local tax deduction available to federal income tax filers, thanks to the recently enacted mega tax-and-spending-cuts law.