Financial Benefits You Could Qualify for as a Senior
Whether you want to spend your golden years enjoying more family time, exploring the world, learning new skills or simply relaxing, it all costs money. Luckily, there are a surprising number of financial perks for seniors.
From tax refunds to complimentary college courses, many organizations and businesses offer discounts and other ways for seniors to save money and enjoy an active, fulfilling retirement. While some benefits will only kick in once you reach a certain age, here are a few great perks that all seniors should keep in mind.
Tax incentives
Once you hit age 65, you may be eligible for an Additional Standard Deduction to be added to your already determined deduction amount. Senior couples over 65 can claim an additional $1,550. If you’re filing individually and you’re 65 or older, you that amount raises to $1,950.
Additionally, some taxpayers above a certain age with lower incomes can claim additional tax deferrals and exemptions, including property tax.
Medicare
The rising cost of healthcare and health insurance premiums shouldn’t be a major concern for seniors. Once you reach age 65, you can sign up for Medicare.
Medicare Part A provides hospital insurance for retirees. Often, you won’t pay anything for this coverage. Medicare Part B provides coverage for doctor’s visits and medical services. On average, people pay $174.70 per month for Part B, and it can be deducted from your Social Security check for your convenience.
Social Security payments
Once you turn 62, you can sign up for Social Security payments. Keep in mind that the longer you wait to start receiving payments, the larger the payments will be when you do take them. If you want to get the maximum monthly benefits from Social Security, delay taking your benefits until the age of 70.
Travel discounts
Your senior years are an excellent time to get out and explore the great big world around you. Luckily, many hotels and rental car companies provide generous discounts for seniors once they reach a certain age, or if they’re members of AARP or other group discount organizations. If you’re 65 and older, you may be eligible for 10% off some Amtrak fares.
Continuing education
Looking to exercise your mind during retirement? Many community colleges offer free or heavily discounted courses for seniors. Whether you want to brush up on your cooking skills with a culinary course or you’ve always wanted to take a college-level art class, there’s no better time to do so than during retirement. You might make some new friends along the way, too!
Getting older has its drawbacks, but it also has its perks. Take advantage of these discounts and incentives, and never be afraid to ask for deals, no matter where you’re making a purchase. You’ll stretch your Social Security or investment savings further without making sacrifices to your active lifestyle!
Interested in reviewing your Medicare coverage to possibly save even more? Contact PlanEnroll. We represent a range of plans and will help you identify the right coverage to protect your health for years. Reach out today so one of our licensed insurance agents can assist you.
This article was prepared for informational purposes only and is not intended to provide, and or be relied on for tax or accounting advice. You should consult your own tax or accounting advisors.
PlanEnroll is a brand operated by Integrity Marketing Group, LLC and used by its affiliated licensed insurance agencies that are certified to sell Medicare products. PlanEnroll is not endorsed by the Center for Medicare & Medicaid Services (CMS), the Department of Health and Human Services (DHHS), or any other government agency.
