what benefits do you get at 55

What Benefits Do You Get at Age 55?

• Senior Discounts. Senior discounts are one of the major benefits that seniors aged 55 or older get. It's a known fact...
• Tax Deductions for Senior Citizens. There are extra tax breaks that senior citizens are entitled to once they attain the...
• Medical and Dental Expenses. Aging often comes with various health complications that can...

Full Answer

What are the benefits of turning 55?

Surprising Age 55 Benefits. The benefits accompanying that 55th birthday are many, and some of these benefits may surprise you. Advantages of becoming a “senior” can include perks in just about every area of life: finances, health, transportation and travel, everyday purchases, fun, and even education.

Can you receive Social Security at age 55?

You can start collecting Social Security at age 62, but you’ll get a smaller check each month. If you wait until your full retirement age, you’ll get your full benefit. Wait until age 70, and you’ll get even more — up to 8% per year more, depending on your year of birth.

Why to retire at 55?

To retire at 55 is a goal that many share. You still have your health, fitness and enthusiasm for life. Retiring at 55 allows you to do the things you always wanted to do, but not got round to. But do you know how much you need to retire at 55? What is a good pension pot at 55, and will it give you the retirement you want?

Can you retire at age 55?

The age of 55 has become a golden milestone in the world of pensions as it is when you can access your lifetime savings pot. But anyone dreaming of an early retirement at this age will need a significant amount saved to see them through the rest of their days.

Is 55 considered a senior citizen?

As such, being a senior citizen may be based on your age, but it is not a specific age. In general, however, once you turn 55 you start to enter the senior age demographic. By the time you are 65 you reach the most common age for retirement from your job.

What discounts can I get at age 55?

Amazon Prime: Offers a discounted membership to low income seniors. Kohl's: Offers a senior discount of 15% every Wednesday for customers 60 or older. Michaels: 10% off most purchases, including sales items, every day for those age 55 and older. Ross Stores: Features 10% off for seniors 55 and older every Tuesday.

What benefits do you get at 55 in Australia?

Age Pension and government benefitsAge Pension.Concession cards.Government loans.Health care benefits.Tax offsets.Low cost banking.Up next in Retirement income.

What to do after turning 55 years old?

Listen to your doctor, eat healthier, but most importantly, get moving and stay moving. You don't have to kill yourself with side bends or sit-ups. Go dancing, take a swim class, golf, do yoga (active adult communities have exercise classes), or go on a gentle hike at the park.

Can I collect Social Security at age 55?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

How much is Amazon Prime for seniors?

$119 per year (plus taxes) $5.99 per month with senior discount.

Can I get a Seniors Card at 55 in Australia?

In Australia, you're generally eligible to apply for a Seniors Card from your state or territory government once you turn 60 and are no longer working full time.

Should I take the early retirement package at 55?

If you accept an offer to retire early, say at around age 55, you could be giving up 10 years or more of saving for retirement. Less time to save means you will have fewer savings available during retirement. Example(s): John saves $700 a month in a tax-deferred retirement plan at a 7% annual return for 20 years.

Can you retire at 55 in Australia?

Most Australians will be able to access their super between the ages of 55 and 60 years (depending what year they were born), but that doesn't mean you'll need to retire from full-time work straight away.

What does it mean when you turn 55 years old?

Turning 55 is when many people and businesses consider you a senior citizen. At this age, it becomes easier to use your retirement savings to retire early or to cover any other financial needs.

Should I take a new job at 55?

Perhaps the best time to change up your career is when you're near its end. Close to one in five individuals aged 65 and over continues to punch the clock every day, according to the Pew Research Center.

Should you change jobs at 55?

A career change at 50 years old can increase your peace of mind, passion and activity levels. If your current career doesn't satisfy you, changing fields can provide new challenges and relationships that will boost your work satisfaction.

What are the benefits of being over 55?

Grocery store discounts and airline discounts too are some other perks of being 55. These are just some of the benefits of being over 55. There are so many more. So, you see, you don’t have to feel upset about turning 55. In fact, this is the perfect opportunity to make the most of your advanced years.

What are the benefits of turning 55?

Another benefit of turning 55 is you get to live in an active adult community. These are retirement communities that provide you various amenities and beautifully appointed homes where you can enjoy your golden years with people the same age as you.

Can I take college courses for free at 55?

Free or Discounted Continuing Education. Once you pass the age of 55, and wish to continue your education, you can consider taking credit-earning college courses for free. However, this benefit depends on your income.

Can I get insurance at 55?

At 55, most insurance companies may not consider giving you any insurance. However, once you are 55, you qualify for the AARP Driver Safety Course. This can earn you discounts on your annual premiums. Sometimes, in some states, this discount is mandatory by law.

What age can you get a senior discount?

Some businesses offer a senior discount at 65 years-old, while others set the minimum at 62, 55, or even as young as 50.

How to get 10% discount at Kroger?

Many stores (but not all) that are part of the Kroger family have a monthly “seniors day” for customers who are 55 or older. It’s typically the first Tuesday or Wednesday of each month, and you need a store loyalty card or account to get the 10% discount.

Do senior discounts take off the bill?

Most senior discounts that you qualify for are taken off the total bill in addition to any other savings you get . In other words, if you shop during a sale and use a coupon you’ll still get the discount on top of those other two savings strategies.

Does Denny's have a 55+ menu?

Many restaurants offer some kind of discount for seniors, but Denny’s does it a little differently. They have a special 55+ menu. Presumably these items cost less than they would if available to everyone. See the list below for more restaurant discounts.

Does Walgreens give 20% off?

Walgreens gives you 20% off most items every Tuesday if you’re 55 or older, and sometimes you can even get the deal at 50 if you have an AARP card. 15. Fly For Less. British Airways gives you a discount if you’re an AARP member and 55+. Currently you save $65 on economy tickets and $200 on business class.

How much does a lifetime senior pass cost?

National Parks and Federal Recreational Lands Pass. Once you turn 62, you can buy a lifetime Senior Pass for only $80. The pass gets you into more than 2,000 federal recreation sites, which makes this one of the best deals the government has ever offered. Bonus: spouses can tag along for free, even if they’re under age 62.

Why is turning 50 nifty?

AARP Memberships. Another reason why turning fifty is nifty: you can join the AARP and access huge discounts on insurance, airlines, hotels, and restaurants. For more information, click here. Free Colonoscopies. If you’re 50 or over and covered by Obamacare, your next colonoscopy should be free.

What age do you have to take IRA withdrawals?

Required Minimum Distributions. When you reach age 72 , you usually have to start taking mandatory withdrawals from your IRA, SIMPLE IRA, SEP IRA, or other tax-advantaged retirement plan (Roth IRAs don’t require withdrawals until after the owner’s death). There’s a complex formula for figuring out how much you must withdraw each year, which you can read about here. Warning: if you fail to cash out the required amount, the IRS imposes a very harsh 50 percent excise tax. In a sense, your 72nd birthday benefit is all about avoiding the government’s draconian penalty.

Do you have to pay taxes on HSA after 65?

However, once you reach age 65 you’re exempt from this penalty (note: even after turning age 65, you’ll continue to incur ordinary income taxes for any HSA spending on non-qualified medical expenses). To review the IRS’s explanation, click here. Senior Property Tax Exemptions.

What are the factors to consider when retiring at 55?

The three most vital factors in early retirement planning are how long you'll need income, healthcare costs, and how you're going to spend your time.

How long do you have to live to retire at 55?

Planning for Income. The average life expectancy is 78 years in the U.S. 1 If you retire at 55, you'll need your assets to generate income for at least two decades. If you want to have enough income, you'll need an accurate estimate of how much you plan to spend each year. Then, you'll need to compare that to your current sources ...

What age can you withdraw from a traditional IRA?

There are also fines and rules if you withdraw early from a traditional IRA or 401 (k) before age 59 1/2. If you retire at 55, you'll need to have other sources to tap into for a few years. If you make enough, you could set aside some savings to see you through those years. You could also use money from a Roth IRA, ...

What to do when thinking about early retirement?

When thinking about early retirement, give a lot of thought to what you want to do with your time and money. If you have expensive hobbies, think about those extra costs when planning. If you want to travel, decide whether to maintain a home or choose to rent, so you won't be tied down.

When do you start receiving Social Security?

Social Security benefits won’t start until at least age 62 in most cases. Taking them early means you'll receive a reduced amount. If you were born in 1960 or later, you won't receive your full Social Security benefits until age 67. 2.

How much does AARP save?

AARP members can now save $60 per year on select Health & Safety Packages. Verizon: The Verizon 55+ Unlimited Plan offers unlimited calls, texts, and data for $ 60 a month (single line only) or $80 per month for two lines ($40 per line). The Verizon 55+ plan is only available in Florida.

How much is the National Parks America the Beautiful Senior Pass?

National Parks America the Beautiful Senior Pass. $20 annual park pass or $80 lifetime park pass provides admittance to more than 2,000 recreation sites. 62+ years; must provide proof of age and residency or citizenship. A $10 fee applies to passes bought online or by mail.

How old do you have to be to get AARP?

For all other discounts, the minimum age requirements vary based on the company or location and can range from 50 to 65 years of age.

Do seniors get discounts?

Senior discounts are a fantastic way to maintain your budget and enjoy the benefits of being an older adult. Keep in mind, there is not a legal requirement to offer discounts to seniors, so it pays to ask before you buy. If you can think of it, there just might be a discount for it!

Does Consumer Cellular offer AARP discounts?

Consumer Cellular also offers discounts to AARP members, including a five percent discount on monthly service and usage charges and 30 percent on accessories. Jitterbug: Jitterbug service not only has some of the best no-contract prices, but they arguably have the best senior-friendly phones on the market.