Growing old is sure not something we like but that’s how it is. If you stay healthy and active in life as you did before, you sure are going to love the perks age brings along for you.
#1 Discounts for Seniors
You can score good discounts at restaurants, movie theaters, museums, entertainment parks, and retail stores. Such discounts are not always publicized, so you can save a good amount by simply asking if the place offers senior discounts.
#2 Free College Education
If you are a study enthusiast, now is a good time to learn something new. There are many colleges that offer free college education to seniors or classes at really low rates. You can avail this facility and get involved in learning if you are zealous enough.
#3 Withdraw your 401(K)
You can now enjoy the money you put throughout your employment on your 401(K) contributions. And you don’t even have to wait till the age of 60 to do so. You can start penalty-free withdrawals from your IRA account as you turn 59 ½.
#4 Grab Excellent Travel Deals
Many hotels and airlines offer discounts for senior citizens and it runs to as much as 15% discount in some cases. So, if you are planning to travel and relax, be sure to check out senior citizen deals and grab the amazing discounts.
#5 Tax Deductions
Though laws differ from state to state, individuals of the age 65 or more are eligible for greater standard deduction than younger individuals and even more so when both spouses are in that age range. Many state laws allow certain tax deductions on the property as well.
#6 Reduced Cost of Medical Insurance
After the age of 65, you don’t need to worry about medical expenses as you can get enrolled in Medicare which takes care of all hospital expenses and even has provision for covering doctor visits and other medical services at a very decent monthly installment of approximately $105 (as of 2016). More coverage can be received at slightly higher installment rates.