For some, the thought of growing older brings worries about physical issues and the onset of less mobility. But you might not realize the financial advantages that come with age.
U.S. News & World Report has identified the financial perks that come with getting older. Some of these benefits may kick in as early as age 50, while others come into play around traditional retirement times in your 60s.
Most people are aware of the advantages that come with Social Security benefits and the health insurance provided by Medicare. Those still working past age 50 will find they can contribute more to their retirement accounts than younger workers while deferring paying income tax.
Seniors also get a break on income tax deductions. Once you reach age 65, the standard deduction is $1,350 more for an individual and $2,700 for a married couple.
Other key perks include senior discounts at stores, restaurants, and entertainment, travel deals, free college, and community senior services.
Even with the aches and pains, being older has advantages.
Council of Seniors Works for Stronger Social Security Benefits
More money in your pocket helps ease the pain of inflation. That’s just one reason why Council of Seniors is working hard to get Congress to pass The SAVE Benefits Act. We need this bill to strengthen the Social Security cost-of-living adjustment (COLA) that hasn’t kept up with inflation in recent years. Once passed, the $581 that should have been included will be reimbursed to seniors.
Sign our petition and get friends and neighbors to help too!
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