The key to maximizing Social Security is knowing the best age to claim benefits, spousal rights, and tax effects. Read more on what Retirement Genius has to say.
The key to maximizing Social Security is knowing the best age to claim benefits, spousal rights, and tax effects. Read more on what Retirement Genius has to say.
What kind of income can a person expect from an annuity? The answer will differ for everyone, read more about what Retirement Genius says to U.S. News and World Report.
Aging vibrantly is about living your best life, having the physical and mental health to enjoy it, and the many perks that come with it. Membership organizations and businesses across the country open up a new world of benefits and discounts to seniors at places they may visit frequently. Taking advantage of these opportunities can be both smart and enjoyable for those looking to stretch their dollars, stay healthy, or indulge in the perks of fine dining and travel.
Here’s a guide to just some of the numerous senior discounts that await you, including what they are, the types of businesses and organizations that offer them, and how you can qualify.
Senior discounts are a great way to maintain your budget and enjoy the benefits that come with being an older adult. Taking advantage of them may even reduce your retirement costs and free up funds for other activities. Discounts are found across a wide spectrum of things like dining, entertainment, travel, and even groceries from popular stores and other organizations. Finding out if the places you visit regularly offer senior discounts is a smart way to save money without changing your lifestyle.
Some senior discounts are based solely on age, with eligibility often starting at the age of 50. An individual must be 65 to officially claim Medicare and Social Security benefits, but many senior discounts and perks start much earlier. If you enroll in an AARP or Association of Mature American Citizens (AMAC) membership on your 50th birthday, you’ll have a head start on cashing in on senior discounts. Not all membership organizations provide discounts based on age, such as AAA, but membership in these organizations is a smart investment because the value from the benefits and discounts is so high compared to the low cost of annual dues.
For other discounts, age requirements vary based on the company, organization, and location and range anywhere from 50 to 65, but some places aren’t strict with their age requirements. If you’re not sure about your eligibility, it never hurts to ask. Not all businesses advertise their discounts for older adults, so simply asking before your purchase can go a long way. Don’t forget to bring your senior citizen ID card when you go shopping, as some places may ask before applying any promotions.
Some discounts are only available on specific dates or times, while others last all year long, so always double check in advance about the availability before making purchase decisions. To maximize your savings and make the most out of your purchase—no matter how small or large—make sure to use restaurant, grocery store, retail, and all other discounts. Remain mindful that discount policies change, at both the national and local level, from time to time. We recommend asking about applicability beforehand so there aren’t any surprises.
As the birthdays keep coming in retirement make sure you take advantage of some fantastic freebies to celebrate another rotation around the sun! Here are some of the most popular birthday FREEBIES – but remember to bring your ID and double check if you need to be a club or rewards member to qualify.
Remember to sign up for these programs or download any necessary apps in advance to ensure you receive your birthday rewards!
Restaurants are an easy place to snag a senior discount, from senior menus to early dinner discounts. A lot of chain restaurants are independently owned, so discounts or promotions tend to vary by location, and can include percent or fixed discounts on meal purchases, specially discounted items, and other perks. If your favorite restaurant doesn’t offer a senior discount, see if you can enroll in their free membership rewards program so you can earn free food, coupons, and discounted meals.
Shopping at a grocery store that offers a senior discount is a savvy way to save money and trim your spending. While some major retailers have discontinued the days of senior discounts, several still offer savings for older shoppers.
Several airlines, car rental companies, and other transportation services offer discounts for seniors traveling to select destinations. Several hotels, motels, and inns also offer senior discounts to continue the fun that comes with traveling. Be sure to call ahead or check the company’s website for the most up-to-date information before completing your booking.
Airlines:
Rail and Bus:
Car Rental:
Overnight Accommodations
Heading out to a night at the movies or planning a trip to a theme park with the grandkids? Make sure you check ahead of time if you can save at theaters, theme parks, and other entertainment venues.
Many retailers offer senior discounts older shoppers can use on certain days of the month. Those dates are typically announced in sale flyers, newsletters, and other forms of advertising.
As these lists show, there’s a world of senior discounts out there for you. It can literally pay to ask about savings opportunities wherever you go, including larger chain establishments and smaller mom-and-pop stores. Don’t assume senior discounts will be applied automatically or be offered to you if you appear to be eligible, as workers don’t want to risk offending customers. Many communities publish special senior discount cards or other types of savings programs in weekly newsletters, so if your favorite restaurant, grocery store, or pharmacy publishes one, you should consider signing up.
Amazon does not currently offer a senior discount, however there are several ways that seniors can save money on Amazon purchases:
Uber does not currently offer a senior discount, but there are ways that seniors can save money on Uber rides:
Lowe’s does not offer a formal senior discount, although this may vary based on location. Other ways that seniors can save money at Lowe’s include:
Life Settlements
People purchase life insurance policies to provide financial security for their family or protect a business venture. Over time, those circumstances may change, as children grow or you retire and sell your business, so life insurance policies no longer serve their intended purpose.
Many policyholders tap into cash-value life insurance for a number of reasons, but mainly to build a cushion for their retirement. Also known as permanent life insurance, cash-value life insurance policies provide both a death benefit and a cash-value accumulation during the policyholder’s lifetime. Selling a policy that is no longer needed, or that you can no longer comfortably afford, can provide you with the cash to live your life more enjoyable, and cash in with senior discounts.
Reverse Mortgage
Homeowners with little to no remaining mortgage balance that are age 62 or older can qualify to take a HUD backed Home Equity Conversion Mortgage (HECM) loan against the home in the form of a lump sum, monthly income or a line of credit. To qualify the home must still be the primary residence and the loan must be paid back with interest and fees after the homeowner dies (typically through the sale of the property).
Living and enjoying life in your later years doesn’t have to break the bank. It never hurts to ask questions when you’re shopping, especially if potential savings are on the line. By knowing what’s available to you, you can better plan your retirement spending and make the most out of your hard-earned money. Senior discounts help ease the stress that comes with transitioning into retirement, and have the bonus of making you feel like a valued customer.
Senior discounts are a clever way to get the most out of your retirement funds, but there are also ways to boost your income in retirement. The experts at Retirement Genius can talk you through your options including senior discounts, life settlements, reverse mortgages, annuities, and more. Contact the experts at Retirement Genius today to start discussing your retirement plan.
Does it make sense to put money into short-term or long-term CD’s? Read more about what Retirement Genius said to CBS News Money Watch for seniors.
AI has become a tangible force propelling the life insurance industry into a new era. Read the full article moderated by Retirement Genius in Aspire Magazine.
Seniors face many financial concerns ranging from maintaining their lifestyle to the fear of running out of money. Find out what Retirement Genius has to say.
Passing on an inheritance to your children can be a complex planning journey. There are many considerations to take when determining if, how, and when to leave money for your loved ones. From considering family dynamics and parenting values to understanding the financial and tax implications of inheritance planning, it’s essential to examine your decisions carefully.
As you undergo your inheritance planning journey, we’ve included some key considerations you should keep in mind as you navigate inheritance funds. By understanding your options — and taking the time to make informed decisions — you can provide for your children and loved ones in the best way possible.
While your instincts may be to take care of your children first, it’s important to make sure that you’ve taken care of your own financial needs so that you can live comfortably after you stop working. After all, in order to take care of those around you, you must first take care of your needs.
Your financial planner can help you create a long-term plan that accounts for inflation over time and includes an estimated savings target for living expenses, income for travel, healthcare, unexpected medical costs, long-term care, and more.
After you have a better idea of your own needs, you can evaluate how much is left to give your children — and potentially grandchildren — an inheritance.
One of the most complicated decisions you may make when inheritance planning is deciding when to pass on your inheritance to your loved ones. There are benefits and disadvantages to each timeframe, so take time to determine which route works best for your family dynamics and personal values.
While it’s common for children to be granted access to an inheritance after the passing of a parent, an inheritance can also be given during one’s lifetime. There are several reasons why a parent may want to provide inheritance payments to their children while they’re still living. One reason is that it can provide financial support for their children during their lifetime. The potential drawbacks of passing on an inheritance during the parent’s lifetime includes depleting the parent’s retirement savings and children relying on parents for financial support into adulthood.
Another route parents may take is to provide inheritance money over time with a trust. An inheritance trust is a popular option that offers a great deal of flexibility with the inheritance funds. Often, parents decide they want to provide wealth to their children after reaching a certain milestone — like completing college, getting married, buying a home, etc. — and that milestone is reached while the parent is still living. Giving an inheritance while still living can allow the parent to see the impact their gift has on their children’s lives and enjoy the fulfillment of providing for them.
It’s very common for an inheritance from parents to be given to their loved ones after death. When parents pass on an inheritance after death, it leaves a lasting legacy for their children, and it gives parents more control over how their assets are used and distributed. This can be important if there are concerns about their children’s financial responsibility or other estate planning tasks that need to be considered.
Over the next three decades, as Baby Boomers age, up to $70 trillion in wealth will transfer to their heirs, estates, and charities. To make the most of this wealth transfer, it’s crucial to know how to minimize taxes and maximize the value of assets. Simply having wills and trusts isn’t enough to ensure a smooth transfer. You also need to understand how to handle retirement accounts like IRAs, make the most of gifting and estate tax limits, use specialty trusts, and manage insurance and annuity payouts to pass on as much wealth as possible to your beneficiaries rather than giving it all to the IRS. Here are some smart wealth transfer strategies for you to consider alongside a trusted financial advisor.
While there’s no federal inheritance tax — and only a handful of states have an inheritance tax — there are inherited assets that are eligible for taxation. When stocks, bonds, real estate, and retirement accounts are passed along to heirs, they may be eligible for favorable tax treatment called a step-up in basis. A step-up in basis adjusts the asset’s value when it’s passed on after the parent’s death, reducing the taxes owed by the heir.
Inheritance decisions can be complex — and emotional — so consider working with a financial advisor who can assist with inheritance planning. Not only will they be able to provide years of expertise when creating your individualized inheritance plan, but they can help simplify a complex process of navigating financial strategies and tax laws to maximize your inheritance strategy.
With more than $70 trillion transferring from Boomer parents to their heirs, it’s more important than ever to align with a financial advisor about your inheritance plan for your loved ones. Start creating peace of mind today by developing tomorrow’s child inheritance plan. Get in touch with Retirement Genius for more tips on navigating the complex world of retirement.
Staying active as we age is one of the greatest ways to preserve mobility and maintain vitality. Not only does regular exercise offer incredible benefits to seniors — including enhancing physical strength to boosting mental well-being — but it can also keeps chronic medical conditions at bay.
In this guide, you’ll learn different senior exercises specifically designed for senior health and well-being. However, before engaging in any of these activities it’s important to consult with your primary healthcare provider. Check in with them to make sure you’re following the correct safety precautions and ask about personalized exercise recommendations to ensure you’re exercising in a safe way.
Ready to explore some of the best exercises tailored for adults in their golden years? Let’s go!
First, let’s take a moment to recognize the benefits of daily movement in older adults. Engaging in regular physical activity offers a tangible way to enhance your overall quality of life. Whether you’re an avid traveler in retirement or you simply love enjoying time with the grandkids, staying on top of your physical health can enable you to do the things you love. Here are some of the top benefits daily exercise provides for adults over the age of 60:
While there are countless benefits to exercising as you age, the reality is that creating — and sticking with — a daily exercise routine can be challenging for people at all ages. To create a sustainable and enjoyable exercise regimen in retirement, follow these easy-to-implement tips.
1. Set realistic goals.
Begin with clear and achievable goals that align with your fitness level and aspirations. Whether it’s walking a certain distance, performing a specific number of repetitions, or participating in a class consistently, setting realistic goals will keep you motivated and prevent overexertion.
2. Find activities you enjoy.
Finding movement you genuinely enjoy increases the likelihood that you’ll stick with it. Whether it’s dancing, swimming, gardening, or practicing yoga, choose activities that bring you joy, making your fitness journey more fulfilling.
3. Prioritize consistency over intensity.
It’s better to engage in moderate activity regularly rather than occasional intense workouts. Aim for 30 minutes of moderate movement every day.
4. Listen to your body.
Pay attention to how your body responds to exercise. If a movement is too difficult, modify the exercise to your current abilities. If you experience pain, dizziness, or discomfort, stop and rest. Pushing through pain can lead to injuries, so it’s important to know your limits and respect them.
5. Rest and recover.
Allow your body adequate time for recovery between workouts. Rest is essential for muscle repair and overall well-being. Overtraining can lead to burnout and injuries, so remember to strike a balance.
Now that you understand the benefits of exercise and how to design a sustainable exercise routine, it’s time to decide what type of exercise you’d like to do. While activities using exercise equipment for seniors can be great, it’s important to find equipment-free activities as well. Let’s explore some of the most beneficial exercises for seniors that can be tailored to your individual fitness levels and preferences:
This holistic practice focuses on gentle movements, deep breathing, and mindfulness. It offers a range of benefits for retirees, including improved flexibility, balance, and stress reduction. Yoga postures can be modified to accommodate various mobility levels, making it an excellent choice for those seeking a low-impact, yet effective exercise routine.
Water-based activities — such as swimming, water aerobics, and aqua jogging — are highly recommended for seniors. The buoyancy of water reduces impact on joints while providing resistance for muscle strengthening. Water exercises are particularly advantageous for individuals with joint pain or limited mobility, as the water’s supportive nature enhances range of motion.
Pilates focuses on core strength, stability, and flexibility. It involves controlled movements that target the deep muscles of the abdomen and back. Pilates exercises can be adapted to accommodate various fitness levels, making it an effective option for seniors looking to improve posture, alignment, and overall body strength.
Walking is one of the simplest yet most effective forms of exercise for seniors. It promotes cardiovascular health, strengthens leg muscles, and aids in weight management. Depending on your fitness level, you can choose between a leisurely stroll, brisk walk, or even light jogging. If you’re looking for a more adventurous option, consider hiking on nature trails to engage both body and mind.
Senior chair exercises can be an excellent option for folks with limited mobility or balance concerns. A low impact exercise for seniors is typically performed while seated or while using a sturdy chair for support. Chair exercises encompass a wide range of movements that help maintain muscle tone and flexibility.
Here are a few chair exercises to try out:
*Remember to perform these exercises in a controlled manner and within your comfort zone. If you experience any pain or discomfort, stop the exercise and consult your healthcare provider before continuing.
Exercise offers numerous benefits for seniors — but there are safety risks to be aware of. Safety should always be a top priority when engaging in physical activity, especially as we age. Here are some potential risks that seniors may face while exercising and how to exercise safely:
No matter your age, exercise remains one of the best ways to preserve your physical health, longevity, and mental clarity. Remember, this journey to better health is not about progress, not perfection. Every step you take toward a healthier lifestyle is a victory, and with consistency and care, you can maintain your vitality and enjoy the golden years to the fullest. Retirement Genius is here to cheer you on every step of the way — and answer any questions you may have about during retirement. So, lace up your sneakers and get ready to start running the marathon of your golden years. Your health and well-being will thank you.
Historically, retirement evoked dreams of moving to a sunshine state, regularly playing golf, and relaxing. While some of those dreams may still apply to today’s seniors, the concept of retirement has evolved in the past few decades. A retirement plan full of leisure has transformed into an active lifestyle of pursuing passions, meaningful engagement with loved ones, and activities that are most important to the person retiring.
While people may have a unique vision for their retirement, there’s one thing everyone has in common: the need to plan ahead to make those dreams come true. While retirement can be an exciting life milestone to look forward to, it is important to ensure you have the proper arrangements in place ahead of time. Luckily, there are a variety of strategies that can help seniors with retirement planning. We’ve pulled together five helpful tips on navigating how to prepare for retirement.
When planning for retirement, it’s never too early to start a roadmap. Whether you’re green in your career or nearing the end, there are always steps you can take toward a secure retirement. Here’s a look at things to consider when retiring:
There are so many considerations to make when getting ready for retirement — from estimating your living expenses to guessing your life expectancy, it’s impossible to predict the future. However, these five planning tips are a surefire way to develop a retirement plan that accounts for the good, the bad, and even the unexpected.
While creating retirement goals is a great first step in retirement planning, it’s essential to revisit your retirement goals as you progress in your career. Your salary may fluctuate throughout your career, and life has twists and turns along the way that impact how much you can save for retirement. It’s important to keep your retirement goals fluid to account for any gains or losses you experience as you save for retirement.
Take stock of your savings every year and determine if your current financial trajectory aligns with your retirement goals. If not, you may want to work with your financial planner to make adjustments to your savings strategy.
It may feel overwhelming to anticipate what your budget needs might be in retirement. Helpful tools, like online retirement calculators, can help you create a directional spending plan based on the age you wish to retire and how much you plan to save. Another valuable tip when developing a realistic spending plan is to create a list of needs by retirement stage:
By breaking retirement down into stages, it becomes more manageable to anticipate what your income and spending patterns may be.
You may have calculated exactly how much money you will need in retirement for you to live off once you stop working. But it’s important to remember that there will be factors outside of your control — like inflation, unforeseen medical costs, or a major home upgrade to accommodate changes in health — that can quickly deplete your retirement savings. Because of this, always save more money than you think you’ll need so you’ll have a cushion for unexpected life events.
You may wonder: what types of income can you use in retirement to support yourself? A major element of retirement planning is making informed investment decisions. Your investment choices can significantly impact your retirement income and overall financial security. Here are some key strategies to consider alongside your financial planner:
Retirement planning can be an arduous process, so it is a good idea to consult a financial advisor who specializes in retirement planning. They can assess your unique financial situation and goals to create a retirement plan tailored to your needs. The retirement plans financial advisors create for clients can include:
Most importantly, your financial advisor understands that life can be unpredictable. They can help you adapt your retirement plan when unexpected events occur, like health issues or changes in your family situation.
If you don’t already have a financial planner in your corner, take the time to interview potential advisors and select one that you’re confident will help you secure a fulfilling retirement.
As you craft a tailored retirement plan, you may have questions ruminating in your mind. You’re not alone. Here are some of the most common questions people have about retirement planning.
Technically, you can retire at any age. However, there are some drawbacks to retiring too early, such as running out of money or having to cover healthcare costs until you qualify for Medicare. Here are some considerations to make as you decide the ideal age to retire:
Remember: everyone is running their own retirement race. Some may have the financial means to retire by age 45, while it may take someone else twenty more years of working. The name of the game is to avoid comparing your retirement plans to someone else’s and stay laser-focused on your retirement goals.
Social Security is funded through payroll tax deductions, so from the first paycheck you receive in your life until your last, you are paying into the system. How much you pay into the system will determine how much you will receive in monthly Social Security benefits. The longer you work and/or the more you make—the higher benefit you will receive in the future. Here are some additional ways Social Security can impact your retirement plans:
1. Social Security is designed to supplement — not fund — your retirement income.
Social Security was never intended to be the sole source of income during retirement. It can certainly provide a steady stream of reliable income to help cover some of your living expenses during your golden years.
2. Timing matters.
The age at which you start claiming Social Security benefits can significantly impact your monthly payments. The longer you can wait to receive these benefits, the more you’ll receive every month. Consider your financial needs and goals when deciding when to start receiving benefits.
3. Factor in spousal benefits.
Married individuals may have options to maximize Social Security benefits through spousal claiming strategies. Consult with a financial advisor to explore these possibilities.
4. Understand tax implications.
Depending on your total income — and whether you decide to go back to work after you retire — your Social Security benefits may be subject to taxation. Work with a tax or financial advisor to help you plan ahead.
The short answer is: yes. Working longer means accumulating more income, which can be used for retirement savings. This can also help you delay your Social Security benefit for longer, which means you will end up receiving a higher monthly payout.
While delaying retirement can have several advantages, it may not be realistic for everyone. You’ll want to consider your health and whether or not it’s wise to keep working past the typical retirement age — especially if you work in a more physically demanding environment.
As you design your roadmap to retirement, remember that life can be unpredictable, and your plans should be adaptable to whatever lies ahead. Get your financial planner on board as early as possible to help you design a flexible retirement strategy that can flex as life changes in your golden years. At Retirement Genius, we’re here to provide support, resources, and smart financial strategies that help with planning for retirement. Reach out if you have questions about retirement planning. We’d be happy to share the resources we have with you. Remember: with the right planning and guidance, you can look forward to a retirement that’s not only financially secure but also fulfilling and enjoyable.
Long-term care can be expensive, so how can you afford it? Life settlements can provide cash when you need it for any expense that comes your way.
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