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 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.
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.
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.