Growing older certainly is nerve-racking. From salt and pepper hair to wrinkles on your skin—everything is new and scary, and your financial savviness is at its breaking point too.
However, a senior citizen can save more money than a young adult ever could. Here’s how:
Skitterphoto / Pixabay: How is your economic stability?
Disclose your real age, and you can get a discount off your next meal and even a percentage of your net retail purchases. Many libraries, movie theatres, and entertainment zones also provide senior citizens above a particular age, with a discount.
Many such concessions are not advertised and are bestowed upon folks who show evidence of their true age and request for a refund as well.
Former vice president of marketing for AARP Services Inc., Dave Austin, states that discounts and premiums are available in various venues and sectors and that a lot of cash could be saved if you are willing to partake!
Get a Handle on Safari Deals!
Travel guide companies, rental cars, public buses, and railways also offer great deals to senior citizens. AARP affiliates and citizens above a certain age are eligible to receive a 10% offcut on Amtrak Fares. That is not all; you could also get 5% off of Greyhound bus fares if you are above the age of 62.
The National Park Senior Lifetime Pass is given to elderly citizens—this is applicable to nearly 2,000 Communal Diversion Sites and Parks, and this lifetime membership is being sold for only $80-90 max!
Deductions on Tax?
Citizens at the age of 65 or above are eligible to receive tax deductions that young folks are not likely to receive. The definitive write-off is $1,300 if a spouse is above the age of 65, and a deduction of $2,600 is valid if both you and your spouse are senior citizens.
By 2020, however, this could increase to $1,650, but then again, each state is different, and the guidelines surrounding the matter also differ from state to state!
Social Security Bills
You can get enrolled for discounted social security payments as early as the age of 62. You could allege on the full amount at maturity, i.e., at the age of 66 or 67, as that is considered the “Full Retirement Age.”
If your settlement is delayed till you are 70, which is past the age of retirement, you can get compensation known as “Delayed Retirement Credits,” This can further boost your monthly credits!
Note: The figures surrounding the payment are subject to inflation.
Affordable Health Care
stevepb /Pixabay: Can you afford healthcare?
This is the most fundamental and vital part. You do not have to worry about not having enough funds for good quality health insurance because if you are 65 or older, you can sign up for Medicare. Pensioners do not have to pay anything for Retirement Plan-A with Medicare. Premium Plan B covers all visits to the hospital and all related medical services. You don’t have to worry about your bill, as it could be directly deducted from your social security bill. There is also a support plan that covers even prescription drugs!
Bergadder / Pixabay: Old age and financial stress
Older adults are the most valuable asset to the nation, and the American state has always provided retirees with great incentives. There are senior centers that offer a wide array of services for either a discounted price or even for free! Public parks, libraries welcome elderly citizens with open arms and provide annual/lifetime memberships for a meager amount!
Older citizens can take classes at college, and these are discounted as well. Now that is the benefit of being a senior citizen—there are no student loans, just concessions!