I imagine the best thing about being a senior citizen is all the discounts: cheaper movie tickets, free coffee at McDonald's (do they still do this?), and whatever else your AARP membership gets you.
So, sure, you might have chronic lower back pain, a new knee (or two), and enough pairs of reading glasses for every member of your book club, but there are benefits to getting older too. Like being much wiser than kids these days. Hopefully, being the savvy life veteran that you are, you've managed to pay off your debt and are living the dream as a debt-free human being.
But regardless of your current financial situation, it's important to take advantage of the benefits that come your way, especially if you're navigating your finances in the world of retirement savings and pensions. In honor of World Senior Citizen's Day (Aug.21), here's a look at three financial resources for seniors.
Medicaid and Medicare
If you relied on your job for medical benefits (insert universal health care PSA here), you may need to tap into government programs like Medicaid or Medicare to make sure you're covered as a senior citizen. Medicaid provides health coverage for low-income seniors, while Medicare provides health care for those 65 and over, regardless of income, and people under 65 with a qualifying disability. Many seniors are "dually eligible" for Medicaid and Medicare.
Retirement Jobs
Retiring from your career doesn't necessarily mean you're completely ready to retire from the workforce. That's where Retirement Jobs comes in. The company helps anyone over 50 (so you don't even have to really be a senior citizen) find jobs and avoid age bias in the workplace. While the service is free for job seekers, there's also a paid premium membership that gives seniors access to resume critiques, weekly webinars and exclusive guides.
IRS Credit for the Elderly or the Disabled
You never want to miss out on free money: Pass go and collect $200, amirite?
Like the child tax credit, which many parents may be benefiting from now with the Biden administration's expansion of the program to include monthly payments through the end of 2021, the program allows eligible taxpayers to receive a credit if they meet certain requirements.
People 65 and older or retired and on permanent and disability who also received taxable disability income that tax year can receive a credit with an adjusted gross income or the total nontaxable Social Security, pensions annuities, or disability income within certain limits. The credit for those eligible is between $3,750 and $7,500.
Now if only there was a "single, childless millennial who doesn't live with their parents" tax credit.
Press Release Service by Newswire.com
Original Source: 3 Financial Resources for Senior Citizens
