Your Financial Opportunities at 60
For many, turning 60 marks a key milestone in financial planning, opening new doors for managing and accessing retirement funds. While Social Security can't be claimed at this age without early filing penalties (starting at 62), other financial strategies become available.
Retirement Account Access
While full retirement age for Social Security is typically 67 for those born after 1960, you gain new flexibility with your personal retirement savings. As of age 59½, you can begin withdrawing from qualified plans like 401(k)s and IRAs without the typical 10% early withdrawal penalty. This can provide a valuable bridge for those who retire or cut back on work in their early 60s. Catch-up contributions for retirement accounts also increase at age 50, allowing you to maximize your savings in the years leading up to 60.
Potential Government Assistance Programs
Several government programs begin considering applicants at age 60, often based on specific income requirements. These can help reduce the strain on your budget during retirement.
- Supplemental Nutrition Assistance Program (SNAP): Also known as food stamps, SNAP provides funds to low-income individuals and families to buy groceries. Eligibility rules are often more flexible for those aged 60 and over.
- Low Income Home Energy Assistance Program (LIHEAP): This federal program assists low-income households with their energy bills, which can be a significant expense. Being over 60 is a common eligibility criterion in many states.
- Senior Community Service Employment Program (SCSEP): For those looking to stay active in the workforce, SCSEP provides employment and training assistance for low-income workers aged 55 and older.
Unlocking Senior Discounts and Lifestyle Perks
Age 60 is a golden ticket for unlocking a wide array of discounts that can significantly stretch your budget. Many companies and services recognize this age as the start of senior status, offering reduced prices on everyday purchases and memorable experiences.
Everyday Senior Discounts
From your morning coffee to a night at the movies, senior discounts can add up quickly.
- Retail and Grocery Stores: Many national and local retailers offer a percentage off on specific days or for senior club members. Ask at the customer service desk.
- Restaurants: Numerous restaurants offer a senior menu or a percentage discount for customers over 60.
- Entertainment: Movie theaters, museums, concert venues, and local attractions often have reduced admission for seniors.
Travel and Transportation Deals
- Travel Discounts: Airlines, car rental companies, and hotel chains frequently offer special rates for seniors. AARP membership, available at 50, can unlock even more extensive travel discounts.
- Public Transit: Many cities and counties provide reduced fares on buses, subways, and other public transportation for older adults.
Healthcare Considerations at 60
While Medicare doesn't kick in until age 65, age 60 can still bring new healthcare planning needs. It's an excellent time to start understanding your future Medicare options. For those with limited income, Medicaid is a joint federal and state program that provides healthcare coverage and may become an option depending on your state's eligibility rules.
Benefits at 60 vs. Benefits at 65 and Beyond
To clarify what benefits do you get at 60 years old compared to later in retirement, the following table provides a comparison of key milestone ages.
| Benefit Area | At Age 60 | At Age 65 | At Age 70 |
|---|---|---|---|
| Retirement Accounts | Can make penalty-free withdrawals from 401(k) and IRA; eligible for catch-up contributions since age 50. | No change from age 60; still able to make penalty-free withdrawals. | Required Minimum Distributions (RMDs) must begin (as of 2025, for those turning 73), requiring you to take money out of retirement accounts. |
| Social Security | Not eligible for retirement benefits. | Eligible for standard Social Security benefits, or higher if you delay filing past 62. | Receive highest possible Social Security benefit amount by delaying until this age. |
| Health Coverage | May be eligible for Medicaid or state-specific programs based on income. Can apply for certain private plans. | Eligible for Medicare, including Part A (hospital) and Part B (medical). | Full Medicare coverage continues. |
| Senior Discounts | Widely available for retail, travel, and entertainment. | Often expands to more programs and services. | Often continues unchanged. |
| Assistance Programs | May qualify for SNAP and LIHEAP based on income. | Eligibility for many programs continues; potential for expanded healthcare assistance programs. | Continued eligibility for most programs based on financial status. |
Conclusion: Taking Control of Your Aging Journey
Age 60 is not just a number—it’s a powerful gateway to new opportunities and resources. By understanding what benefits do you get at 60 years old, you can proactively take control of your financial health, save money on everyday expenses, and prepare for a comfortable retirement. While some of the most significant government benefits like Medicare and full Social Security are still a few years away, the array of discounts, financial flexibilities, and assistance programs available at this stage is worth exploring. Take the time to research your options at both the state and local levels to maximize your benefits and secure a more stable future. For more information on federal programs, a great resource is the National Council on Aging's benefits page.
