Maximize Savings with Retail and Dining Discounts
Once you reach age 55, a multitude of discounts become available from various retailers and restaurants. Many are unadvertised, so it is always wise to inquire whether a senior discount is offered, as this simple question can lead to significant savings. Eligibility varies, with some discounts starting at 55 and others at slightly later ages, so always carry identification to confirm your age.
Where to find retail discounts at 55
- Michaels: Customers age 55 or older get 10% off their entire purchase, including sale items, when they use their Michaels Rewards account.
- Ross Dress for Less: Shoppers age 55 and older can receive a 10% discount on Tuesdays.
- Walgreens: The first Tuesday of every month is Senior Day, where MyWalgreens members aged 55+ can receive 20% off eligible items both in-store and online.
- Fred Meyer: Adults age 55+ often receive 10% off select items on the first Tuesday of every month.
- Goodwill: Most Goodwill stores offer a weekly senior discount, with deals ranging from 10% to 30% depending on the specific location.
Restaurants with perks for those 55 and older
- Denny's: This chain offers a special 55+ menu featuring discounted prices and smaller portions. AARP members also receive a 15% discount on regular menu items.
- IHOP: Similar to Denny's, IHOP also provides a dedicated 55+ menu with special pricing on a variety of dishes.
- Chili's Grill & Bar: At many locations, customers aged 55 and up can get a 10% discount.
- Dairy Queen: Many participating locations offer a 10% discount for those aged 55 and older.
- Perkins Restaurant & Bakery: Another option with a specialized 55+ menu that helps reduce dining costs.
Unlocking Travel and Leisure Opportunities
Age 55 is often the entry point for discounted travel and leisure activities, making it easier to explore new places and enjoy entertainment for less. Many companies offer discounts for those 55+, while others begin at 50, particularly through organizations like AARP.
Car rentals and hotels
Major hotel and rental car companies frequently provide lower rates for those over 50 or 55. For instance, Best Western offers discounted room rates for guests who are 55 or older. Rental car companies like Hertz provide discounts of up to 20% for their Fifty Plus Program.
Cruises and entertainment
Cruise lines like Royal Caribbean offer exclusive senior pricing on select sailings for guests aged 55 and older. For entertainment, movie theater chains like AMC Theatres often have special senior pricing, typically for adults 60+. Always check the specific age requirements, as they can vary by location.
Understanding the Financial Side: The Rule of 55
One of the most significant financial perks available at age 55 is the IRS 'Rule of 55.' This provision allows individuals who leave their job in or after the calendar year they turn 55 to withdraw money from their current employer's 401(k) or 403(b) without paying the standard 10% early withdrawal penalty. This rule does not apply to IRAs and only covers the retirement account associated with the job you are leaving.
How the Rule of 55 works
To qualify for this penalty-free withdrawal, you must have been separated from service with your employer in or after the year you turn 55. It's an important consideration for early retirees or those who lose their job later in their career. However, regular income tax still applies to the withdrawal. For qualified public safety workers, this rule can be applied even earlier, starting in the year they turn 50.
Comparison of Age-Related Benefits
Eligibility for benefits varies, with some companies starting discounts at 50, others at 55, and many government programs beginning later. It is crucial to understand which benefits apply to your specific age.
| Benefit Type | Common Eligibility Age | Examples/Notes |
|---|---|---|
| AARP Membership | 18+ (most benefits 50+) | Access to many discounts on travel, dining, and more. Age restrictions may apply for some insurance products. |
| Retail Discounts | 50+, 55+, 60+ | Many stores start discounts at age 55, like Michaels and Ross. Others, like Kohl's, require you to be 60. |
| Travel Discounts | 50+, 55+, 60+, 62+ | Hertz offers a 50+ program, while cruise lines like Royal Caribbean offer deals for those 55+. |
| IRS Rule of 55 | 55+ (upon job separation) | Allows penalty-free 401(k) withdrawals from your current employer's plan if you leave your job in or after the year you turn 55. |
| Social Security | 62+ | The earliest age to start receiving reduced Social Security retirement benefits. |
| National Park Senior Pass | 62+ | Provides discounted or lifetime access to national parks and federal lands. |
Conclusion
Turning 55 marks a significant financial milestone, opening the door to a wide array of perks and benefits. From taking advantage of the IRS 'Rule of 55' for early retirement planning to securing discounts at your favorite retailers and restaurants, being proactive is key. By consistently asking for senior discounts and leveraging programs from organizations like AARP, you can enhance your purchasing power and make your savings go further. The benefits at age 55 serve as a strong foundation for a financially secure and rewarding future.
