Senior Benefits: The Up-Side of Getting Older

August 21 marks Senior Citizens Day in the United States but with society’s evolving views on older age,  at what age are you officially a senior?

For the most part it’s a sliding scale, depending on the situation.  For example, U.S. seniors are eligible to receive full Social Security benefits at the age of 65 but can start early at 62 receiving partial benefits.  With so many Baby Boomers reaching retirement over the next 20 years, the full retirement age will gradually increase to 67 by 2027.

In Canada, seniors over 65 are usually eligible to receive Old Age Security pensions and can defer receiving pension payments until the age of 70 for an increased monthly amount.  Beyond 70, there is no benefit to deferring payment.

If you are looking for discounts, many restaurants, stores, theaters and insurance companies offer discounts for seniors over 50, 55 or 60.  It’s worth a few bucks to ask.

Did you know?

• Seniors over 62 can order a $10 lifetime pass for free admission to national parks and federal recreation sites
• Parks Canada also offer senior discounts
• Amtrak rail and Greyhound bus passengers are eligible for a discount over age 62
• Cell phone providers like Verizon offer older customers a discount plan
• Check with AARP or CARP for discounts on car rentals, groceries, hotels, air travel, flowers and shipping
• Seniors can receive up to 30 per cent movie theater tickets at age 60 and most U.S. locations have a larger discount on Tuesdays
• Many gyms and health clubs offer senior membership discounts, some beginning at age 55 but most by 62
• Hobby stores like Michael’s often offer a 10 per cent discount to seniors

For more information about senior discounts check with CARP or AARP or be sure to ask before you ring up your purchase, many business offer a senior discount but don’t necessarily advertise it widely.