The Financial Perks of Retiring
Mentioned below are some of the best financial perks of growing older and retiring.
Senior Discounts
If you are willing to admit your age openly then you might be able to get a discount on your next restaurant meal or retail purchase. Many other places such as museums, movie theaters, and entertainment venues also provide reduced admission prices to people who are above a certain age and have retired.
AARP happens to negotiate discounts for members, who can join as early as age 50, often allowing you to start using the benefit of senior discounts at a very younger age. It must be noted that discounts are sometimes available on necessities such as groceries and clothing, too. However, not all senior discounts are publicized. Thus, sometimes they are given only to those who happen to request them and show proof of age.
Dave Austin who is the former Vice President of Marketing Services for AARP Services Inc. has said that discounts for senior citizens are available through a lot of different venues. Therefore, there happens to be a lot of money to be saved if you are simply willing to ask.
Travel Deals
There are many hotels and rental car companies that provide a discount to seniors who are above a certain age or are AARP members. Travelers are eligible for 10% off some Amtrak fares at age 65 and older and for Greyhound bus tickets beginning at age 62, as they are offered 5% off. US citizens aged 62 and older can also get a National Park Service lifetime senior pass to more than 2,000 federal recreation sites for just $80 in-person and $90 online or via mail.
Tax Deductions for Seniors
People who are aged 65 and older are eligible for several extra tax deductions. Seniors are eligible to claim bigger standard tax deductions than younger taxpayers. Currently, the standard deduction is $1,300 more for each spouse who is aged 65 or older, or $2,600 if both members of a married couple meet the required age. As of right now in 2020, individuals aged 65 and older can increase their standard deduction by $1,650 as well.
Additionally, if you are below a certain income level and above a specific age then you might also qualify for property or school tax deferrals or exemptions. Jacie Perlam who is a principal tax research analyst at the Tax Institute at H&R Block suggests that one needs to check with their state, county, or local city rules.
Social Security Payments
You can very easily sign up for reduced Social Security payments as early as age 62 or claim the full amount you have earned at your full retirement age of 66 or 67. Now, if you delay claiming your payments past your full retirement age up until age 70, then you will be eligible to earn delayed retirement credits that will further boost your monthly benefit.
This brings us to the end of our discussion on the financial perks of retiring. Now, do let us know some of your own thoughts and opinions on the topic.
