Gaining Financial Momentum at 60
Reaching age 60 presents several strategic financial opportunities that can significantly impact your retirement planning and budget. While full Social Security retirement benefits and Medicare are still a few years away for most, this milestone offers important new options.
AARP Membership and Perks
While eligibility begins at age 50, becoming a full member of AARP at 60 grants you full access to a wide array of discounts. These often include savings on:
- Travel: Hotels, car rentals, and select airlines offer reduced rates for AARP members.
- Retail: Numerous stores provide member discounts on specific days or for certain purchases.
- Insurance: AARP partners with various providers to offer discounted rates on health, home, and auto insurance policies, though some plans may have specific age restrictions.
- Dining: Many restaurants nationwide offer small discounts on meals, helping to stretch your food budget.
Social Security Survivors Benefits
For those who have lost a spouse or qualifying ex-spouse, age 60 marks a critical turning point. Widows, widowers, and surviving divorced spouses can begin collecting Social Security survivors benefits at age 60, or as early as age 50 if disabled. It's important to understand how claiming these benefits early will affect the final monthly payout compared to waiting until full retirement age. The decision depends on various personal financial factors and overall life expectancy.
Retirement Account Catch-Up Contributions
For those still in the workforce, age 50 is when you can begin making catch-up contributions to your retirement accounts, such as a 401(k) or IRA. If you haven't been maxing out your retirement savings, your 60s offer a final, potent decade to supercharge your nest egg. Taking full advantage of these higher contribution limits can significantly improve your financial security in retirement.
Unlocking a World of Discounts and Savings
Beyond the more formal programs, turning 60 opens the door to a wealth of everyday savings on goods and services. Many businesses recognize and reward older customers with exclusive discounts.
Dining and Entertainment
Look for senior discounts at local and national chains. Many restaurants offer special senior menus or a percentage off the total bill. Movie theaters often have discounted senior matinee prices. Museums, parks, and other cultural venues also frequently provide reduced admission for those over a certain age.
Travel and Leisure
Travel becomes more affordable with discounts on airfare, train tickets (like Amtrak), and bus services. Major hotel chains and rental car companies also participate, offering savings for travelers. A standout benefit for U.S. citizens and permanent residents aged 62 or older is the National Parks and Federal Recreational Lands Senior Pass, which offers a lifetime of access to parks for a one-time fee.
Comparison of Senior Pass vs. Regular Pass
| Feature | America the Beautiful Annual Pass | America the Beautiful Senior Pass |
|---|---|---|
| Cost | $80 per year | $80 for a lifetime |
| Age Requirement | None | 62+ |
| Included | Access to 2,000+ federal recreation sites | Access to 2,000+ federal recreation sites |
| Additional Discounts | None | 50% off of some additional fees (e.g., camping, swimming) |
Planning for the Future: Health and Housing
While Medicare doesn't start at 60 for most, this is the ideal time to start understanding your eligibility and options. At 60, you may qualify for state-run assistance programs designed to help with living expenses.
State and Local Assistance Programs
- SNAP (Supplemental Nutrition Assistance Program): Some states have specific rules allowing individuals aged 60 and over to qualify for food assistance programs based on income.
- HEAP (Home Energy Assistance Program): This federal program helps low-income individuals and families pay for heating and cooling costs, with older adults being a key demographic.
- Weatherization Assistance Program (WAP): This program assists with weatherizing homes to reduce energy bills.
The Road to Medicare
Medicare eligibility typically begins at 65. However, turning 60 is a good time to begin understanding your enrollment options and the different parts of Medicare (A, B, C, D) so you can make informed decisions when the time comes. This includes evaluating whether to enroll immediately upon eligibility or if delaying is a better option if you're still working.
Conclusion: Your Next Chapter Starts at 60
Turning 60 is not just another birthday; it's a financial and lifestyle milestone. By proactively exploring the wide range of benefits available—from deep discounts and valuable AARP perks to early access to survivors benefits—you can build a stronger financial foundation for your retirement years. It is a time to leverage your experience and new eligibility status to live more comfortably and enjoy all that this new decade has to offer. For more information on aging resources, visit the website of The National Council on Aging.
