4 Financial Perks for Retirees

Once you hit retirement, you will hopefully have fewer things on your plate to worry about. However, managing your finances should still be at the top of your mind. Fortunately, if you are at the age of retirement, you can take advantage of some financial benefits that are not available to younger folks. We’ll look at four of those benefits below.

1. Discounts for Seniors. Many places offer special discounts for people in their 50s or older. This is common at restaurants or with recreational activities. Even for travel fees like hotel rooms, bus tickets, or airfare, some places offer special senior prices. These discounts may not be advertised, so it never hurts to ask for yourself.  

2. Government Assistance. The Social Security Administration provides monthly financial assistance to those over the age of 62. There is an option to receive a higher amount of financial support if you wait until you’re 70. How much you receive depends on several things, including the length of your career and what you earned.  

3. Benefits for Veterans. The Veterans Administration (VA) has a program called the Non-Service Connected Pension program that helps former active-duty military personnel with their expenses.  There are specific qualifications about serving during wartime as well as financial restrictions, but if you are eligible, you could get over $1,000 per month, and maybe more.  

4. Life Insurance. If you have a life insurance policy, it can be converted to help provide you with long-term care. There are companies that will buy your life insurance policy and then place the money in a FDIC-insured account for you. Each month, the funds will be released with no tax, so you have extra money to cover your expenses.

These perks will help you save money, so you have the resources to enjoy retirement to the fullest. If you have questions about your finances or need guidance, call today. AMJ Bookkeeping has the financial expertise to help you through any season.

SOURCE

https://www.lifecareservices-seniorliving.com/blog/financial-benefits-for-seniors/