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 substantial tax deductions that can significantly reduce your annual expenses. Senior couples over 65 can claim a standard deduction of $2,700. If you’re filing individually and you’re 65 or older, you can increase your standard deduction by $1,700 for 2021.
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 just $144.60 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 benefit from Social Security, delay taking your benefits until the age of 70.
Fortunately, payments are adjusted for inflation each year, and you can count on receiving them every month for the rest of your life.
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.
If you’re 65 and older, you may be eligible for 10 percent off some Amtrak fares. If you prefer to travel by bus, Greyhound offers a 5 percent discount if you’re 62 or older.
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 pension payments further without making sacrifices to your active lifestyle!
Interested in reviewing your Medicare coverage to possibly save even more? Contact SeniorCare Benefits. We represent a range of plans and will help you identify the right coverage to protect your health for years. Call us today at 1-888-230-0269 so one our agents can assist you.
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