Though there can be downsides to getting older, there are many perks seniors and their Plano, TX, caregivers should know about. All those years of hard work finally pay off, which means seniors have access to numerous discounts, their retirement accounts, Social Security, and Medicare. Following are seven perks of reaching the golden years.
1. Social Security
Full-retirement payments require that the recipient reaches the age 66 or 67. Reduced payments can begin at age 62. Those that wait until age 70 receive even higher payments. The monthly payments last until death and are adjusted for inflation.
2. Travel Deals
Whether getting a hotel room or a rental car, many of the companies that provide these services give discounts to seniors over a particular age or to AARP members. The National Park Service provides a lifetime pass to anyone 62 or older for just $10. The pass provides access to over 2,000 locations across the U.S.
3. Relaxed Retirement Account Contribution
Those over 50 can contribute $6,000 more each year to a 401(k) than those under 50. Annual IRA contributions are also increased by $1,000 for the same age group.
4. Less Expensive Health Insurance
Medicare eligibility begins at age 65. Though Medicare doesn’t cover 100 percent of all costs, the insurance is quite comprehensive and comes at a low cost for seniors.
5. Penalty-Free Retirement Account Withdrawals
At age 59 ½, it’s acceptable to withdraw money from a 401(k) or IRA without paying the dreaded 10 percent early withdrawal penalty. Those fired from a job at age 55 or older can take penalty-free 401(k) withdrawals from the account associated with that particular job.
6. Tax Deductions
Beginning at age 65, seniors are eligible for a few extra tax deductions. The standard deduction is $1,550 greater. The deduction for each spouse is an additional $1,250. Depending on the state and city of residence, additional school tax and property tax exemptions or deferrals may also come into play.
7. Senior Services
Many communities provide free or low-cost transportation options for seniors. Local senior centers may offer discounted meals, entertainment options, or classes to boost elderly wellbeing.
In addition to these benefits, seniors can further their appreciation for the golden years with help from Home Care Assistance of Plano, TX. Our mission is to change the way the world ages by helping seniors perform daily tasks including meal preparation, physical exercise, housekeeping, and more. In doing so, we help seniors make the most of their golden years and boost overall wellbeing. Contact us at (214) 586-0120 today to learn more about how our services can help your senior loved one.