Discover What Benefits Do You Get Once You Are 60

According to the Social Security Administration, you can begin receiving retirement benefits as early as age 62, but waiting until your full retirement age can significantly increase your monthly payment. Reaching age 60 is a major milestone that unlocks a new world of financial, health, and lifestyle advantages. Knowing what benefits do you get once you are 60 is crucial for maximizing your resources and ensuring a comfortable, secure retirement.

Quick Summary

Turning 60 provides access to a variety of benefits, including tax deductions, discounts on travel and retail, health insurance options, and government assistance programs for low-income seniors.

Key Points

• Tax Deductions: For tax years 2025-2028, eligible individuals 65+ can claim an additional $6,000 deduction on top of the standard senior deduction.

• Retirement Account Access: At age 59 1/2, you can withdraw from 401(k)s and IRAs without the 10% early withdrawal penalty.

• Pre-Medicare Health Insurance: Options for ages 60-64 include ACA Marketplace plans, COBRA, a spouse’s plan, Medicaid, or benefits from part-time work.

• Senior Discounts: Many retailers, restaurants, and travel companies offer discounts for individuals aged 55, 60, or 65 and older.

• National Park Passes: A lifetime pass for US National Parks and Federal Recreational Lands is available for purchase at age 62.

• Government Food and Energy Assistance: Low-income seniors can qualify for SNAP food assistance, LIHEAP utility help, and the Weatherization Assistance Program.

Financial Benefits and Tax Advantages

As you approach and pass the 60-year mark, you become eligible for several financial benefits and tax breaks designed to help manage your finances during retirement. A new $6,000 tax deduction was introduced for eligible individuals aged 65 and older for the 2025-2028 tax years, which can be stacked on top of the existing extra standard deduction. While Social Security retirement benefits can be claimed as early as 62, waiting until your full retirement age, typically 67 for those born in 1960 or later, results in a significantly higher monthly payout. Additionally, the 10% penalty for withdrawals from retirement accounts, like 401(k)s and IRAs, is waived for withdrawals made after age 59 1/2.

Government Assistance and Supplemental Income

Beyond standard retirement savings, government programs provide a safety net for seniors. For low-income individuals, the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps, has specific provisions for those 60 and older with higher resource limits. The Low-Income Home Energy Assistance Program (LIHEAP) helps with heating and cooling bills, while the Weatherization Assistance Program offers free home repairs to improve energy efficiency. Supplemental Security Income (SSI) provides monthly payments to seniors with limited income and resources. A free and confidential tool called BenefitsCheckUp can help seniors find programs they are eligible for in their area. The Senior Community Service Employment Program also offers job training and assistance for those aged 55 and older.

Accessing Health Insurance Before and After Medicare

While Medicare typically begins at age 65, those retiring or leaving their job between ages 60 and 64 need to plan for their health insurance coverage. Several options exist to bridge this crucial gap:

• Affordable Care Act (ACA) Marketplace Plans: These provide comprehensive health plans that cannot be denied for pre-existing conditions. Losing job-based insurance qualifies you for a Special Enrollment Period.
• COBRA Continuation Coverage: Allows you to continue your employer-sponsored plan for a limited time after retiring, though you must pay the full premium.
• Spouse's Employer-Sponsored Insurance: If your spouse is still working, joining their plan may be an option.
• Medicaid: Available for eligible individuals with low income, offering free or low-cost coverage. Eligibility varies by state.
• Part-Time Work with Health Benefits: Some employers offer health insurance to part-time staff.

Discounts on Travel, Retail, and Entertainment

Turning 60 opens the door to a wide array of discounts that can help stretch your retirement budget. Many companies offer special senior pricing, though the minimum age can vary (often starting at 55, 60, or 65).

Comparison of Common Senior Discounts

Category	Examples	Discount Details	Eligibility Age
Retail	Kohl's, Ross Stores, Michael's, Goodwill	10-25% off on specific days; AARP member discounts	Varies, typically 55+ or 60+
Dining	Denny's, IHOP, Chick-fil-A, Golden Corral	Special senior menus, percentage discounts, or free beverages	Varies, often 55+ or 60+
Travel	Amtrak, some airlines (e.g., British Airways, Air India), Carnival Cruises	5-25% off fares, special rates; many require AARP membership	Varies, often 60+ or 65+
National Parks	National Park Service	Annual or lifetime passes	Lifetime Pass at 62+; Annual Pass at 62+ for a lower cost

Conclusion

Reaching age 60 marks a new chapter filled with unique benefits and opportunities for financial savings and enhanced well-being. By proactively exploring options like early retirement account withdrawals, healthcare coverage bridging the gap to Medicare, and the many senior discounts available, you can maximize your resources. While Social Security and Medicare eligibility is tied to older ages, starting at 60 is the perfect time to strategize and position yourself to enjoy these advantages to the fullest. Understanding eligibility requirements, both for government programs and private company discounts, can make a significant difference in your financial planning and overall quality of life. The National Council on Aging is an excellent starting point to further explore specific programs and resources.

Frequently Asked Questions

Can I claim Social Security benefits at age 60?

No, you cannot claim Social Security retirement benefits at age 60. The earliest you can begin collecting Social Security is age 62, though your monthly benefit will be reduced. Waiting until your full retirement age (typically 67) will increase your payments.

What health insurance options are available before Medicare eligibility?

For early retirees between 60 and 64, options include Affordable Care Act (ACA) Marketplace plans, COBRA continuation coverage, joining a spouse’s plan, or applying for Medicaid if you meet the income requirements.

Are there tax benefits specifically for seniors at age 60?

Yes. While a new $6,000 deduction is for those 65 and older (for tax years 2025-2028), you can already withdraw from retirement accounts without a 10% penalty after age 59 1/2. Many states also offer property tax relief for seniors.

How can I find senior discounts available to me?

You can find discounts by checking websites like the National Council on Aging (NCOA) and AARP for comprehensive lists. When shopping or booking travel, it's always a good practice to ask directly if a senior discount is available, as they are not always advertised.

What kind of government assistance is available for low-income seniors?

For low-income seniors, programs such as Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), and the Low-Income Home Energy Assistance Program (LIHEAP) offer financial support, food assistance, and utility bill help.

Is an AARP membership worth it at age 60?

Yes, many seniors find an AARP membership valuable. While you don't have to be retired to join, it unlocks many benefits and discounts on travel, retail, and health services that can be used immediately.

What documentation is needed to apply for government benefits?

To apply for benefits, you typically need essential documents such as a valid photo ID, Social Security card, proof of income, recent tax returns, and records related to your housing and medical situation.