There are a lot of complications and health disadvantages to getting older but there are also a lot benefits which are available to senior citizens that make up for it. In this article we will discuss the best benefits available and how you can take advantage of said benefits.
The biggest benefit that is available for every senior has to be lowered insurance premiums. This is very helpful seeing that most seniors live on a fixed income and as you get older the importance of health care increases.
Health Care Deductions
Another benefit is being able to deduct more from your health care premiums for taxes. Seniors get the best benefits with tax deductions, so when tax season comes, find out what benefits are out there. There’s a bunch of benefits when it comes to seniors & taxes so talk to your accountant about it.
Once you get to age 60 there are a bunch of tax exemptions that become available. Most of your income is actually exempt from taxes once you reach 60. Once you turn 80 even more tax exemptions open up, most of your income becomes tax free and if not then the taxes are very low.
Senior Citizen’s Saving Scheme
The SCSS is available to seniors over the age of 60. There are a few ways in which you can open an account, by going to the post office or by going to a bank. The way that SCSS works is all the money that you invest in your savings gains interest every year. Currently the interest rate is sitting at about 8%.
Normally when you apply for a passport, it has to be approved by the police first. Once you turn 60 though, you can get issued a passport first without having to wait for an extended period of time. This is very helpful seeing that most of the time there is a long wait period when you apply for passports.
Getting Approved For Loans
As you get older your chances of getting approved for loans goes way up. Especially once you turn the age of 60. This is because most elderly people have better credit and are on fixed incomes. Another benefit with loans is that the interest rates are often really low for senior citizens as well.
This can be very helpful for senior citizens looking for short term loans seeing that the lower interest rates will keep you saving money. If you’re looking for loans with low interest, go to your bank and see what options are available.
Senior Travel Discounts
There are also many discounts available for traveling. This includes train tickets, plane tickets and bus tickets. You would be surprised the amount of money that you can save by using these discounts. Some travel agencies even give rewards to seniors that use they’re services faithfully.
Watch Out For Scams
While there are many benefits out there for senior citizens to take advantage of, there are also a lot of scams out there as well. It’s best that you stay away from offers over the phone, internet and the like.