Aging can be hard. While it’s a natural process that everyone has to go through, that new dusting of gray hairs is never a welcome sight. However, despite the negatives, there are also many perks to growing older. Research suggests that happiness increases with age in a U-shaped curve, indicating that you’re actually happier at 50 than you were at 30! And, if this isn’t enough, additional studies have shown that happiness continues to rise even after the age of 50. Alongside the psychological benefits, aging also comes with several financial advantages. So, if anything, life gets better as you age! Here are three financial benefits you can enjoy when you hit the big 50.
While adopting the label ‘senior’ may not be that appealing, it is highly beneficial. Not only does it entitle you to discounted menus at a variety of restaurants, but it also allows you to park, fly and stay in hotels for considerably lower prices. Some large companies that participate in this discount model include United Airlines, CVS and Hilton.
Growing older can mean a significant decrease in both your home and car insurance. As older individuals are considered more cautious and conscientious with their belongings, insurance companies calculate a lower risk for these members. As a result, companies will often prioritize and favor people in the 50+ age category.
However, despite a larger variety of low-cost options, it’s always important to thoroughly research your car insurance options. Go with a reputable company like The Hartford’s AARP Auto & Home Insurance, which calculates your car insurance based on your driving record, how much you drive and, most importantly, your age. They also offer different coverage levels and use a simple online quoting system, allowing you to find your perfect insurance easily.
Going to college can often be a massive financial burden. Not only do you have to pay for tuition, but you also have the added weight of overpriced accommodation and general living costs. But retirees and over 50s can now access many college courses for free or at a heavily discounted price. So, if you have a passion that you wish to pursue at the college level, now is the time! It may be beneficial to have a look at your local colleges and ask about their senior or retiree rates.
Many colleges may not outwardly advertise these senior discounts, but it’s always a good idea to phone up and ask before making any final decisions. Additionally, free retiree classes may be dependent on class capacity. Therefore, if you don’t know what you want to study, you may want to ask which classes have lower demand as those are the ones you’re more likely to be able to attend for free. Being a college student also has perks of its own, including student discounts on national brands and airlines.
While growing older may not seem that glamorous, it’s important to focus on the positives and continue living life to the fullest. Make sure you research what you’re entitled to as an older person and take advantage of all the financial and psychological benefits!