Planning for retirement can be exciting and overwhelming simultaneously. After working your entire life, you are transitioning from earned to a fixed income that may include Social Security, a potential pension, perhaps dividends and interest based on an investment portfolio you have amassed, passive income if you have real estate and other resources, such as an employment retirement vehicle.
Regardless of your overall financial status, having perks can help you to manage your financial net worth more prudently. As a certified financial planner, here are five retirement perks you may not know you qualify for.
Join AARP
Having access to AARP can help a retiree navigate more easily with matters that arise as a senior citizen. It provides discounts for everyday purchases.
In addition, it is a great resource for insurance and financial services, that may include access to auto, home and life insurance, Medicare Supplement Plans, wellness programs, social engagement and opportunities to remain on purpose through volunteerism with credible charity and supportive service organizations. It serves as a reliable information data bank.
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Restaurant, Grocery and Retail Discounts
Many local, regional and national establishments offer significant discounts when you are patronizing their establishment. These perks can be activated as early as the age 50 and can be an estimated 10% to 20% off.
They may require proof of age, an AARP membership or to travel to the establishment at a certain time on a specific day of the week. Regardless of the parameters, that savings can help you manage your finances now that you are on a fixed income.
Ability To Travel at a Discount
A retirement goal for many golden agers. The ability to pay a reduced cost on everything from flights to hotels to car rentals allow you to travel the world finally. One prime example is the benefit for seniors to purchase a lifetime pass for $80 to the over 2,000 federal national parks in the United States.
You May Be Eligible for Government and Utility Assistance
Now that you are on a fixed income, your monthly revenue can be significantly less than what you earned. Several programs, such as SNAP (Supplemental Nutrition Assistance Program), LIHEAP (Low-Income Home Energy Assistance Program) and Weatherization Assistance Programs are designed to help the elderly with addressing essentials to subsidize that expense.
Take Advantage of Health and Wellness Programs
Aging is a natural part of life. After all, reaching retirement is a wonderful milestone and it typically represents people who have attained a certain age. Once you have applied for Medicare, there are incentives through plans offered that include free gym membership.
They may also offer free or discounted dental care, if you qualify. Some colleges give you the opportunity to take classes for free or at a reduced tuition rate. Staying mentally and physically fit will provide a greater quality of life as you enjoy this newfound freedom because you aren’t reporting to work every day.
Final Take TO GO
So, there are many perks and benefits that are available as you begin your new journey in retirement. Be fiscally responsible and take advantage of the perks than help you manage your overall net worth successfully.
Make it a habit to ask if there are senior discounts available at the establishments you patronize. They are not always advertised prominently. Always carry proof of age. Embrace the compliment when the establishment wants to check your identification. It means you don’t look your age. Join AARP so that you can stay informed about all matters for the aging population and finally, become familiar with local senior centers and aging community agencies so that you are aware of what is available to you.
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This article originally appeared on GOBankingRates.com: I’m a Certified Financial Planner: Here are 5 Best Retirement Perks You May Not Know You Qualify for
