5 Financial Perks to Take Advantage of as a Senior

Nov 02, 2016

In a society that prizes youth, aging can be difficult to come to terms with. However, being a senior citizen has many advantages. You’ve already lived through the angst of your youth. You’ve built a life you can look back on and feel proud of. And you can enjoy financial perks that younger Americans do not have access to. We explore some of these financial advantages below.


Retirement Account Perks

Once you reach age 50, the maximum deferred-tax contribution you can make to an IRA rises significantly. The total dollar amount you contribute to an IRA also rises, effectively giving you higher retirement account limits. After the age of 59 ½, you’ll no longer be hit with a penalty if you draw money from your IRA.


Senior Discounts

Senior discounts abound. Restaurants, grocery stores, movie theaters, and museums are a few of the places seniors are likely to receive discounts based on their age. In some cities, services like public transport are also discounted for seniors.


Tax Deductions

The year you turn 65, you’ll become eligible for a set of tax deductions you could never before  discount from your taxes. In addition to a significantly higher standard deduction than younger taxpayers, you can deduct medical expenses exceeding 7.5% of your total adjusted gross income.


Travel Deals

Senior discounts extend beyond businesses and public services in your community. Hotels, rental car companies, airlines, train and bus operators, national parks, and other travel industry affiliates offer discounts to senior citizens. Seek out these deals, and traveling in retirement could be more affordable than you’d expect.


Free or Discounted Continuing Education Courses

A college education is notoriously expensive, but discounts for seniors can make attending classes much less expensive if not free. Take advantage of the discounts offered by your local college or university, and acquire new knowledge in retirement.

The benefits you’ve just read about ease the financial burden on seniors, but planning and saving for retirement are still imperative to anyone looking to live a good retired life. Stress this fact when meeting with clients about purchasing life insurance or annuities. To speak with an independent advisor who can help you market your products to the boomer generation that makes up the largest share of people retiring today, call Brokers Alliance at (480) 816-9000.

On a dock.jpg

Category: Retirement

Category List

Tag List

Beneficiary (1)
Waste Management Open (1)
Index Universal Life (1)
Production (1)
final expense (1)
Market Exposure (1)
Universal Life Insurance (2)
life concepts (1)
Retirement ACE (1)
Gender Gap (1)
Sales Concepts (15)
Income Planning Academy (1)
Training Event (1)
Video On-Demand (2)
Required Minimum Distribution (1)
products (5)
networking (1)
premium deposit account (1)
2019 (1)
consumer marketing (6)
Life Insurance Brokers (6)
Cash Value (1)
key person (1)
CSO (1)
DOL (2)
Product Updates (1)
Additional Earning (1)
IRA (1)
Charitable Giving (3)
Pitch (1)
Protection (1)
Tax Benefits (2)
Marketing (12)
Financial Legacy (6)
Charity (2)
PIA (2)
Breast Cancer Research (1)
Life Insurance Broker (15)
analysis (1)
savings (1)
PBR (1)
business solutions (4)
Gift (1)
Fixed Annuities (9)
Brokers Alliance (8)
Financial (4)
Brokers (2)
Investments (2)
Death Benefit (2)
Donation (1)
Healthy Living (1)
life 101 (2)
Legacy Planning (1)
Breast Cancer Awareness Month (5)
life insurance quotes (1)
end of year (1)
Sales (25)
PPC (2)
leads (6)
Millennials (6)
life happens (1)
Looking Forward, Giving Back (1)
Compliance (1)
Annuity Concepts (13)
Prospecting (4)
Life Quotes (4)
Life Insurance Update Show (9)
Interest Rates (1)
virtual sales (2)
Retirement Planning (24)
review (2)
Content Building (2)
estate planning (2)
business planning (6)
E-App (1)
Facebook (2)
advanced planning (2)
Asset-Based LTC (1)
Generation Y (1)
illness (1)
Life Insurance Trends (21)
Life Insurance Check Up (6)
agent resources (1)
Hybrid Products (1)
Executive Bonus Arrangement (1)
private pension funding (1)
sales kit (2)
gul (2)
march madness (1)
Tips (4)
Best Rates (1)
injury (1)
rates (1)
training (8)
underwriting (1)
term (5)
Deferred Fixed Annuities (1)
Brokers Alliance Open (1)
RMD (1)
resources (2)
Fixed Indexed Annuities (2)
Retirement Investment (3)
Immediate Fixed Annuities (1)
Social Optimization (3)
Brand Values (1)
sales presentations (2)
Retirement Strategy (4)
living benefits (7)
buy sell agreement (1)
Variable Annuities (1)
Health Care (2)
Media (2)
Quoting Tools (1)
presentations (2)
Annuity (2)
Annuities (34)
Premium Finance (5)
Alternatives (5)
business (1)
Leaderboard (1)
Annuity Update Show (11)
Roth (1)
industry trends (1)
FIA (1)
Income (1)
Legacy (1)
social security (1)
Retirement (12)
Mobile App (1)
Financial Planning (20)
business owners (4)
MYGA (10)
trends (1)
quoting (1)
funeral (1)
permanent life insurance (4)
Star Wars (1)
Long Term Care (4)
tools (2)
Life Insurance Awareness Month (6)
non-med (3)
IUL (13)
advanced markets (1)
selling (1)
case studies (3)
Indexed Annuity (3)
Insurance (21)
Long-Term Care Awareness Month (1)
hiring (6)
Baby Boomers (1)
Alternative Investments (2)
Benefits (1)
Life Insurance (91)
life insurance awareness (1)
term life (9)
Webinar (3)
Life Insurance Evaluation (8)
Advice (1)
earning opportunities (1)
Clients (2)
Social Media (8)

Tag Cloud

Giftsales kitBaby BoomersLife Insurance Awareness MonthSocial MediaHealthy LivingLeaderboardCharitable GivingIULAdvicenetworkingTax BenefitsAdditional EarningGeneration Ypremium deposit accountPitchAnnuity Conceptsliving benefitsRetirement StrategyRequired Minimum DistributiontermillnessWaste Management OpenhiringHybrid ProductsLife Insurance TrendsBrokersLooking Forward, Giving BacktrendsAlternative InvestmentsWebinarMediaMarket ExposureRMDindustry trendsanalysisHealth CareExecutive Bonus ArrangementUniversal Life InsuranceBenefitssellingAnnuity Update ShowLife QuotesLife Insurance BrokerFinancialbusiness ownersTraining Eventterm lifecase studiesCharityFinancial LegacyVariable AnnuitiesPPClife 101Life Insurance Check UpRetirement PlanningBrand ValuesBest RatesPremium FinanceinjuryLife Insurance Update Showend of yearlife happensSales ConceptsGender GapLife Insurance BrokersAsset-Based LTCE-Appsales presentationsFixed Indexed AnnuitiesMillennialsDonationDeferred Fixed AnnuitiesSalesLegacy Planninglife insurance quotesearning opportunitiesLong-Term Care Awareness MonthDeath Benefitlife insurance awarenessComplianceBrokers Alliance OpenMobile Appproductsadvanced planningBrokers AllianceTipsadvanced marketsProductionPIApresentationsRetirementtoolsconsumer marketingpermanent life insuranceresourcesnon-medImmediate Fixed Annuitieskey personLegacymarch madnessAlternativesleadsIncomeContent Buildinglife conceptsAnnuityFacebookInvestmentsFIAagent resourcesbuy sell agreementvirtual salesCash ValueBreast Cancer Research2019business planningquotingIndexed Annuitysocial securityStar WarsBeneficiaryRetirement ACEsavingsprivate pension fundingQuoting ToolsIndex Universal Lifeestate planningRetirement InvestmentIncome Planning AcademyVideo On-DemandSocial OptimizationClientsIRAProspectingFixed AnnuitiesreviewRothDOLInterest RatesMYGAAnnuitiesratesLife InsurancefuneralProduct UpdatesFinancial PlanningLong Term Carebusinessfinal expensebusiness solutionsCSOunderwritingProtectionBreast Cancer Awareness MonthLife Insurance EvaluationgultrainingInsurancePBRMarketing