Each dollar matters when you’re managing a fixed income in retirement. That’s why it’s wise for seniors to take advantage of every savings opportunity available. Fortunately, there is a range of discounts and entitlements designed for those over the age of 65 and some starting as young as 50, that can help you save.
Let’s go through these senior-specific discounts you should take advantage of if you aren’t already.
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Social Security Benefits
This one may seem obvious, but it’s important to understand when you can start claiming benefits, especially if you need additional income earlier in retirement. Not everyone is eligible for Social Security, but those who are, can collect full retirement benefits at age 67. However, you can choose to collect reduced benefits as early as age 62. Even if you never worked, you may still be eligible for spousal benefits.
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Supplemental Security Income (SSI)
Supplemental Security Income is a government benefit program administered by the Social Security Administration for people over 65 who have limited income and resources. Eligible participants receive a monthly benefit amount and, in some cases, medical assistance through the program.
Medicare Savings Programs
Health insurance is expensive. Once you reach age 65, you are eligible for Medicare. Although Medicare helps cover most health-related care costs, it isn’t entirely free. To help pay for Medicare, there are Medicare savings programs available, including the Qualified Medicare Beneficiary Program, Specified Low-Income Medicare Beneficiary (SLMB) Program and Qualified Individual (QI) Program.
Catch-Up Contributions
If you plan to live off a fixed income in retirement, chances are you are actively saving for your retirement through common savings accounts like a 401(k) or IRA. Individuals aged 50 or older can make additional contributions above the regular limits to their retirement savings accounts, known as catch-up contributions.
For 2025, the regular annual employee contribution limit for a 401(k) is $23,500. However, those over the age of 50 can make an additional contribution of $7,500 and employees between the ages of 60 and 63 are eligible for an even higher limit of $11,250.
Property Tax Exemptions
Many seniors may own their house outright but still need to cover costs like yearly property taxes, which can be expensive depending on where you live. Some states offer property tax exemptions to eligible seniors to help pay for these taxes, so check if your state has one before you pay your next bill.
Income Tax Deductions and Credits
The tax code also has some benefits for seniors that you may overlook if you prepare your own tax return. There is a higher standard deduction for taxpayers over the age of 65, a tax credit for the elderly and disabled and a lower threshold for deducting medical expenses as an itemized deduction, to name a few. Not to mention, seniors may have their tax returns prepared and filed for free through the IRS’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
Shopping, Travel and Entertainment Discounts
Many retailers, attractions and hotels offer senior discounts, such as a percentage off or free admission. Some even extend these savings opportunities to individuals as young as 50. Always remember to ask if there’s a senior discount and don’t forget your ID in case they ask.
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This article originally appeared on GOBankingRates.com: Seniors: If You Aren’t Claiming These 7 Entitlements, You’re Losing Money
