Saturday Finances—The Perks of Getting Older

Yippee!  Good deals starting at age 50 

It's A Bargain To Be Older

From "The Financial Perks of Getting Older," by Kaitlin Pitsker, Kiplinger — 4 Apr 16

The good thing about getting an AARP card is
the wide variety of discounts

Lower car insurance rates
Experience counts for older drivers.  Allstate cuts rates up to 10% for most drivers 55 & older.  Geico & other insurers also provide discounts if you take a driving class.

Save more for retirement
At 50 & older, you can save more in your IRA & increase your annual contribution by $1,000 up to $6,500 (normally, the max is $5,500).  Hey, that's tax-free savings that can increase in value over time if you invest it wisely.  Good deal!

Travel Perks
Ooo, love these!  American, Southwest & United airlines offer passengers 65 & older discounted fares on some domestic flights.  

Amtrak offers travelers 62 & older 15% off of selected fares.  Greyhound also offers a 15% discount on selected fares, if you want to travel by coach.  

Best Western takes 10% off of its room rates for anyone 55 & older.  Marriott reduces the regular room rate by 15% for those 62 & older.  

It's worth it to shop around for the best room rates regardless of age because not all senior discounts will necessarily beat out certain other rate packages.  Be sure to check out AARP discounts when you're searching for room rates.  Many of the major hotel chains offer AARP discounts, but you have to look for the deals on the individual hotel websites.

Health Savings Account
If you are 55 or older, you can add an extra $1,000 to a health savings account in 2016.  That's in addition to the $3,350 limit for individuals, or $6,750 for families.  In order to qualify for an HSA (health savings account), you'll need an eligible high-deductible health insurance policy.

Tax Breaks
If you and your spouse are both 65, the standard deduction for 2016 is $15,100. Singles can claim a standard deduction of $7,850.  

If you OR your spouse is 65 or older, you can deduct eligible out-of-pocket medical expenses that exceed 7.5% of your adjusted gross income, rather than the 10% threshold for younger taxpayers.

Shopping Discounts
Kohl's offers a 15% discount on Wednesdays for shoppers 55 & older.  

For the annual $16 membership starting at 50 years old, AARP provides a wide variety of discounts, including those on hotels, restaurants & retailers.  AARP also offers deals on car-buying programs & auto insurance coverage.  

Public Transit
Most major cities (e.g. New York City, St. Louis & Washington, DC) offer riders 65 & older reduced-price tickets on public transit.

National Park Membership
Anyone 62 & older is eligible to purchase a lifetime pass from the U.S. National Park Service.  My dad had one of these.  This provides access to more than 2,000 national parks & recreation areas.  The senior pass can be purchased in the parks for $10.  $20, if you purchase online.  Can't beat that!

Education Discounts
Many public colleges and some private universities allow seniors to audit classes for free or at low tuition rates.  Check your local colleges & universities for discounts on online classes, as well.

I have blogged about this extremely handy automatic discount finder before, but if you missed it, here's the link to install the FREE app.  

Honey is a browser extension that automatically finds and applies coupon codes at check-out with a single click.

So, if you're shopping online, it pops up when you're ready to check out and searches any and all possible coupon code hits.

Wow, it's great.  

• it's • a gray • celebration •

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