4 Financial Benefits You Don’t Want to Miss If You’re a Senior Citizen!

1.Senior Discounts

I know you think your still young, but you may be able to get a discount on your next restaurant meal or retail purchase. Many museums, movie theaters and entertainment venues provide reduced admission prices to people who are above a certain age.

AARP negotiates discounts for members, who can join as early as age 50, often allowing you to start using senior discounts at a younger age. Discounts are sometimes available on necessities such as groceries and clothing. Not all senior discounts are publicized, and sometimes they are given only to those who request them and show proof of age.

“Discounts are available through a lot of different venues,” says Dave Austin, former vice president of marketing services for AARP Services Inc. “There’s a lot of money to be saved if you are willing to ask.”

SEE: Great Senior Discounts for 2022.

2.Free college

College costs are a major expense for young people. But retirees might be able to take classes for free or at a very low cost. Many public colleges and some private institutions provide senior citizen tuition waivers or allow older people to audit classes for free or a minimal cost on a space-available basis. And there are over 100 Osher Lifelong Learning Institutes on college campuses that offer affordable classes specifically for retirees.

3.Affordable Health Insurance

Retirees don’t need to worry about finding a job that provides health coverage or the sometimes high out-of-pocket costs of health insurance plans purchased through state health insurance exchanges. Once you turn age 65, you can sign up for Medicare.

Most retirees don’t pay anything for their Part A hospital insurance. The premium for Medicare Part B, which covers doctor’s visits and medical services, is $148.50 per month for most retirees in 2021 (although some beneficiaries pay more), which can be deducted from your Social Security check so you won’t get a bill. Retirees can fill in some of the co-payments and deductibles by purchasing a supplemental plan and get their prescription drugs covered through Medicare Part D.

4.Tax Deductions for Seniors

People age 65 and older are eligible for several extra tax deductions. Seniors are eligible to claim a bigger standard deduction than younger taxpayers. The standard deduction is $1,350 more for each spouse who is age 65 or older, or $2,700 if both members of a married couple meet the age requirement.

If you are above a specific age and sometimes below a certain income level, you might also qualify for property or school tax deferrals or exemptions. “You have to check your state, county or local city rules,” says Jackie Perlman, principal tax research analyst at the Tax Institute at H&R Block. “Every state is different, and sometimes the municipalities within the state are different.”

[ SEE: 10 Tax Breaks for People Over 50. ]