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

key person (1)
Facebook (2)
Beneficiary (1)
Financial (4)
Retirement (10)
Legacy (1)
instant decision (1)
advanced markets (1)
Brokers Alliance Open (1)
Annuity Concepts (12)
consumer marketing (3)
Breast Cancer Awareness Month (4)
Variable Annuities (1)
MYGA (9)
Life Insurance Trends (19)
PIA (2)
business owners (3)
Mobile App (1)
Deferred Fixed Annuities (1)
Retirement Planning (23)
final expense (1)
E-App (1)
Life Insurance Brokers (6)
Life Insurance Evaluation (8)
Universal Life Insurance (2)
Required Minimum Distribution (1)
resources (1)
Healthy Living (1)
IUL (12)
Retirement Strategy (4)
Pitch (1)
term life (8)
Brokers (2)
PPC (2)
leads (6)
Additional Earning (1)
Income Planning Academy (1)
Media (2)
trends (1)
private pension funding (1)
permanent life insurance (1)
Life Insurance Check Up (6)
Benefits (1)
life 101 (2)
Life Quotes (3)
Charity (2)
underwriting (1)
Advice (1)
Sales (22)
Clients (2)
networking (1)
Generation Y (1)
Baby Boomers (1)
social security (1)
Marketing (12)
FIA (1)
Cash Value (1)
march madness (1)
Life Insurance Update Show (9)
sales kit (1)
injury (1)
Donation (1)
IRA (1)
Long-Term Care Awareness Month (1)
Webinar (1)
Leaderboard (1)
Legacy Planning (1)
presentations (1)
Prospecting (4)
funeral (1)
Premium Finance (4)
RMD (1)
Growth Opportunity (1)
Protection (1)
review (2)
training (2)
advanced planning (2)
gul (2)
Social Optimization (3)
2019 (1)
Waste Management Open (1)
Star Wars (1)
earning opportunities (1)
Tips (3)
Sales Concepts (12)
hiring (6)
illness (1)
Roth (1)
non-med (3)
rates (1)
Best Rates (1)
Social Media (8)
Gift (1)
selling (1)
Investments (2)
Financial Legacy (6)
Charitable Giving (3)
Video On-Demand (1)
Training Event (1)
Long Term Care (3)
term (6)
industry trends (1)
products (5)
Market Exposure (1)
Retirement Investment (4)
Life Insurance Broker (15)
Alternatives (4)
Indexed Annuity (3)
Health Care (1)
end of year (1)
Interest Rates (1)
living benefits (6)
case studies (2)
business planning (5)
Alternative Investments (2)
Income (1)
Brand Values (1)
Annuity Update Show (11)
Life Insurance Awareness Month (6)
sales presentations (1)
Gender Gap (1)
Insurance (21)
premium deposit account (1)
Production (1)
Tax Benefits (2)
Executive Bonus Arrangement (1)
business solutions (3)
Financial Planning (20)
business (1)
Looking Forward, Giving Back (1)
Brokers Alliance (8)
estate planning (2)
Annuities (29)
Millennials (6)
Content Building (2)
Life Insurance (84)
Fixed Annuities (8)
DOL (2)
Breast Cancer Research (1)
Immediate Fixed Annuities (1)
Death Benefit (2)

Tag Cloud

AlternativesBest Ratesindustry trendshiringtermCash ValueBeneficiary2019Income Planning AcademyBrokers Alliance OpenInvestmentsresourcesLife InsuranceLeaderboardPitchproductsadvanced marketsUniversal Life InsuranceMobile AppsellingFIAillnessHealthy LivingtraininginjuryRetirementLife Insurance Awareness MonthTax BenefitsAnnuitiesLife Insurance Trendsearning opportunitiesLong Term CareDOLMillennialsIULDeath BenefitRequired Minimum DistributionMYGAIncomeinstant decisionGrowth OpportunityRetirement Planningpermanent life insuranceGender GapSales ConceptsPPCSalesInsuranceProtectionpremium deposit accountIRAbusiness solutionsExecutive Bonus Arrangementbusinessestate planningLife Quotesmarch madnessPIABaby BoomersSocial Optimizationterm lifeProductionFinancial Planningbusiness planningFinancialreviewSocial MediaAnnuity Conceptssales kitGiftend of yearTipsBenefitsRothDonationAnnuity Update Showkey personnetworkingWaste Management OpenLegacyBreast Cancer Researchliving benefitsIndexed Annuitycase studiesconsumer marketingVariable AnnuitiesMarket ExposureLooking Forward, Giving BackRetirement InvestmentFinancial Legacysales presentationsWebinarLife Insurance EvaluationBrokers AllianceVideo On-DemandBreast Cancer Awareness MonthgulMarketingLong-Term Care Awareness MonthFacebookPremium FinanceFixed AnnuitiespresentationsAlternative InvestmentsratesBrand Valuesbusiness ownerslife 101Clientsnon-medImmediate Fixed AnnuitiesStar WarstrendsRMDTraining EventLegacy Planningleadsfinal expenseLife Insurance Check UpfuneralLife Insurance BrokerCharitable GivingCharitysocial securityAdditional EarningLife Insurance Update ShowBrokersAdviceHealth CareGeneration Yadvanced planningInterest RatesLife Insurance BrokersMediaProspectingContent Buildingprivate pension fundingE-AppDeferred Fixed AnnuitiesRetirement Strategyunderwriting