AARP and Definition of retiree – Depending on individual retirement plan or association affiliations, there are a number of private company programs in which a senior can participate at certain ages.
401(k), IRAs, and Roth IRAs
If you have an IRA or 401(k), there is a required minimum distribution that you must withdraw at age 70½. You must withdraw a certain amount of money on a regular basis based on a formula for a required minimum distribution (RMD). The amount of each person is calculated based on their age, the amount of savings and life expectancy. Failure to take the proper withdrawal amount could result in an excise penalty.
Age considered retired: 70.5
One of the first organizations to recognize seniors is the AARP. Member eligibility begins at age 50 and by joining this association; you receive discounts on various services such as travel, hotels, restaurants, car rentals, online merchants, etc. Membership with AARP also opens up many information resources, publications, webinars, and access to website articles. This organization is a powerful lobby for political and high-level issues.
American Association of Retired Persons is a USA based non-profit which aims at making seniors and the disabled better, by fighting poverty and educating the public. AARP issues a number of policy proposals to improve the way seniors are treat. Currently, the entire country is united in its concern about issues such as Alzheimer’s disease, homelessness, and dementia. TV ads, radio ads, and posters are constantly being used to promote AARP’s cause.
Every year, AARP receives over 8 million votes in the annual “Most Valuable Senior Citizen” award. During the first week of every month, 7-time Emmy Award Winner Bobby Kennedy Jr. will join hundreds of senior citizens and celebrities in this nationwide campaign to celebrate seniors and their everyday accomplishments. But AARP is not solely a business. As a nonprofit organization, AARP provides additional services to senior citizens such as financial planning, health care and access to community resources.
As the world watches, with increasing concern, the many battles raging over retirement benefits and human assistance programs, AARP, America’s oldest association for senior citizens, is fighting back. “It’s time to put all retirement incentives out to pasture: Social Security and Medicare,” AARP President and CEO Robert H. Stutzman writes in the Wall Street Journal. “Of all the retirement guarantees in society, the one that should be put on the chopping block is our promise to the elderly that they can’t count on government assistance.”
Car insurance companies
For auto insurance companies, the average age to be consider a senior is 65. This designation often comes with increased premiums, just like younger drivers. (A general tip is to shop around to determine when your auto insurance company designates a person as a senior.)
Average age considered retired: 70
- Retail stores and restaurants
- Denny’s has a 55+ menu only, and the AARP card will get you 15 percent off any item.
- Ross Stores offers a 10% discount every Tuesday to those over 55 years of age.
- Hertz offers a car rental program for people over 50 years of age with discounts of up to 35%.
- Amtrak offers a 15 percent discount on tickets for most train routes for people 62 and older.
- Marriott offer a 15 percent discount on room rates for seniors 62 and older.
- Southwest Airlines offers a discounted fare for travelers over 65 years of age. In addition to potential discounts, all senior travel tickets are fully refundable.
Seniors age range
Senior citizens can be define in many ways and at different ages, from the age of 50 and up. Take advantage of all the senior benefits that are available and prepare for important milestones ahead. There is no cut and dry definition of what makes an older person, but staying informed about available resources can improve quality of life while saving money. Life isn’t so bad when you’re older! You have the opportunity to take advantage of discounts galore.