Wallet Resources
Wallet Resources

The BEST Benefits When You Turn 64

As you approach retirement age, there are a variety of benefits that become available to you. Once you turn 64, in particular, there are a number of perks that can make your life easier and more enjoyable. Here are seven benefits that seniors can look forward to once they reach this milestone age:

  • Medicare eligibility One of the biggest benefits of turning 64 is becoming eligible for Medicare, the government health insurance program for seniors. At 64, you can enroll in Medicare Parts A and B, which cover hospital and medical expenses, respectively. Medicare can help you save money on healthcare costs and ensure that you have access to the medical care you need.
  • Social Security benefits You can begin to collect Social Security benefits at age 62, but if you wait until age 64, you can receive a larger monthly benefit. By waiting until your full retirement age (which is 66 or 67, depending on the year you were born), you can receive an even larger benefit. This can be an important source of income in retirement.
  • Senior discounts Many businesses offer senior discounts to those who are 65 and older, but some places extend those discounts to those as young as 55 or 60. At age 64, you may be eligible for discounts on things like groceries, transportation, entertainment, and more. Be sure to ask about senior discounts wherever you go.
  • Travel perks Many travel companies offer special deals and perks for seniors. For example, Amtrak offers discounts on train fares for passengers over 65, and many airlines offer reduced fares for seniors as well. You can also take advantage of discounts on hotel rooms, cruises, and other travel-related expenses.
  • Education opportunities If you're interested in continuing your education or learning new skills, you may be able to do so for free or at a reduced cost. Many colleges and universities offer tuition waivers or reduced rates for seniors, and some community centers and adult education programs offer free or low-cost classes for seniors as well.
  • Tax breaks As a senior, you may be eligible for certain tax breaks that can help you save money. For example, you may be able to claim a higher standard deduction on your income taxes, and some states offer property tax breaks for seniors. You may also be eligible for credits or deductions related to medical expenses or retirement savings.
  • Volunteer opportunities Many seniors find that volunteering is a fulfilling way to spend their time and give back to their communities. There are a variety of organizations that offer volunteer opportunities specifically for seniors, such as the Retired and Senior Volunteer Program (RSVP) and Senior Corps. Volunteering can help you stay active, meet new people, and make a positive impact in the world.

These are just a few of the benefits that seniors can look forward to once they turn 64. Whether you're interested in saving money, staying active, or giving back to your community, there are plenty of opportunities available to you. To learn more about these and other benefits for seniors, visit the National Council on Aging's website at ncoa.org.

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