Getting older comes with plenty of issues, from health problems to other aches and pains. However, there are also plenty of benefits of getting older, including financial perks. Understanding the benefits can help you make the most of them and help you decide which to use to your advantage.
The Ability to Sell Your Life Insurance Policy
Life insurance is especially helpful for younger couples who have kids or a mortgage. But after the kids leave home, you have retired, and the mortgage is paid off, you may find you no longer need your life insurance policy. Selling your policy is a great way to get rid of a policy you no longer need, and selling it is a great idea if you are older than 65. If the policy is worth more than $100,000, selling it could net you some needed cash to help establish a nest egg.
More Tax Deductions
Depending on your area, you might be eligible for several tax deductions, such as the standard deduction. You may qualify for school or property tax deferrals. In some areas, you might get reductions on your property tax. Take some time to learn about the regulations in your state.
Services for Seniors
Do some research about your local community to determine whether you can get transportation to places like the grocery store or the doctor’s office. In some areas, those who are a certain age can get cheap or free transportation on the public transportation systems. If your town has a senior center, investigate the benefits it offers.
You might be able to take classes, get affordable meals, or just hang out with other people your age. They might host events for people who are your age, such as bingo nights or book clubs.
Depending on the area, you might even be able to take free higher education classes. Some institutions waive tuition for older members of the community, or they might allow you to sit in on classes for free. Check the online options as well.
The Ability to Get Senior Discounts
If you don’t mind telling a business how old you are, you can get discounts on everything from retail purchases to museums to restaurants. You can join the AARP as soon as you turn 50, and members of the AARP often get additional benefits negotiated by the organization. You could get discounts on everyday essentials, like clothing, household goods, and groceries. Of course, not every company makes these discounts public, so it is beneficial to ask around, even if you can’t find any information about a discount.
These discounts can also extend to travel, including rental cars and hotel rooms. Many companies providing these services offer discounts to those above the age threshold. You could get train fare for a 10 percent discount if you meet the threshold. The National Park Service offers lifetime passes to those over a certain age, and the cost of these passes is lower than if you were to pay admission to each of these parks.
