Planning for retirement can be simultaneously exciting and overwhelming. After working your entire life, you’re turning in fixed income that can include Social Security, potential pensions, dividends and interest based on the investment portfolio you’ve earned, if you own real estate and other resources, such as an employment retirement vehicle.
Regardless of your overall financial situation, receiving benefits can help you manage your financial net worth more wisely. As a certified financial planner, here are five retirement benefits you may not know you’re eligible for.
Having access to AARP can help a retiree more easily navigate issues that arise as a senior citizen. It offers discounts on everyday purchases.
Additionally, it’s a great resource for insurance and financial services, which can include auto, home and life insurance, Medicare supplement plans, wellness programs, social engagement and opportunities to stay on purpose through volunteering with trusted charities and supportive service organizations. It acts as a reliable information data bank.
For you: Amazon, Costco and 7 other store perks that retirees should cash in on
Try This: 5 Clever Ways Retirees Are Earning Up To $1K Per Month From Home
Many local, regional and national establishments offer significant discounts when you patronize their establishment. These benefits can be activated at the age of 50 and have an estimated 10% to 20% discount.
They require proof of age, AARP membership or travel to the facility at a certain time on a certain day of the week. Regardless of the criteria, that savings can help you manage your finances when you’re on a fixed income.
A retirement goal for many Golden Agers. The ability to pay less for everything from flights to hotels to car rentals allows you to finally travel the world. A prime example is the benefit for seniors to purchase a lifetime pass for $80 to more than 2,000 federal national parks in the United States.
Now that you are on a fixed income, your monthly revenue may be much less than what you earned. Many programs, such as SNAP (Supplemental Nutrition Assistance Program), LIHEAP (Low-Income Home Energy Assistance Program) and Weatherization Assistance programs are designed to help seniors address the need to subsidize expenses.
