In 1935, President Franklin D. Roosevelt established the U. S. Social Security system and designated age 65 as the retirement age. Since then, that age has become the norm for quitting your job, relaxing, and enjoying the rewards of your hard work. To provide additional support to those over age 65, our government also offers tax breaks to older Americans. This article summarizes a few of the most important.
In 1935, President Franklin D. Roosevelt established the U. S. Social Security system and designated age 65 as the retirement age. Since then, that age has become the norm for quitting your job, relaxing, and enjoying the rewards of your hard work. To provide additional support to those over age 65, our government also offers tax breaks to older Americans. This article summarizes a few of the most important.
Are you approaching the big 6-5? Or maybe you’ve already crossed that threshold and wondering what perks come with this milestone birthday? Well, I’ve got some good news for you! Turning 65 isn’t just about getting older—it’s about unlocking a treasure trove of benefits and advantages that can significantly improve your quality of life
As someone who’s helped countless seniors navigate this transition, I can tell you that many people don’t realize just how many perks come with this age. From healthcare benefits to financial advantages and lifestyle perks, turning 65 opens doors to opportunities you might not have known existed
Let’s dive into the amazing advantages of being 65 that’ll make you actually look forward to this milestone!
Healthcare Advantages
Medicare Eligibility
One of the best things about turning 65 is that you can start getting Medicare. The federal health insurance program for seniors is designed to cover all of their medical needs and can save them a lot of money on medical bills.
Medicare consists of several parts:
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Medicare Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care. Most people don’t pay a premium for Part A if they or their spouse paid Medicare taxes while working.
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Part B of Medicare, which is medical insurance, pays for outpatient care, doctor visits, preventative services like vaccines, and other services that are medically necessary, like x-rays and lab tests. This requires a monthly premium based on your income.
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Medicare Part C (Medicare Advantage): These are private health plans approved by Medicare that combine Part A and B benefits, often including additional coverage like prescription drugs, dental, and vision.
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Medicare Part D (Prescription Drug Coverage): Helps cover prescription medication costs.
You can also purchase Medigap supplemental insurance to fill in the gaps that standard Medicare doesn’t cover. These policies are sold by private insurance companies and can help with expenses like copayments, coinsurance, and deductibles.
Medicare Savings Programs
If you have limited resources and income, you might qualify for Medicare Savings Programs that help pay for Medicare expenses. There are four main programs:
- Qualified Medicare Beneficiary Program: Helps pay Part A and B premiums, deductibles, coinsurance, and copayments.
- Specified Low-Income Medicare Beneficiary Program: Helps pay Part B premiums.
- Qualifying Individual Program: Also helps pay Part B premiums.
- Qualified Disabled & Working Individual Program: Helps pay Part A premiums only.
Financial Advantages
Tax Benefits
One of the most significant financial advantages of turning 65 is getting tax breaks! The IRS gives you an extra standard deduction just for being 65 or older.
For 2025, if you’re 65 or older, you get an additional standard deduction of:
- $2,000 if you’re single or file as head of household
- $1,600 if you’re married (filing jointly or separately)
A lot of states also have programs to lower property taxes and give seniors more tax breaks. For instance, Maryland lets people 65 or older get an extra $1,000 off their state tax return.
Social Security Benefits
While the full retirement age is now 66 or 67 (depending on when you were born), turning 65 is still a good time to review your Social Security strategy. If you haven’t claimed benefits yet, you might want to consider waiting until your full retirement age or even age 70 to maximize your monthly payment.
According to the Social Security Administration, a man who is 65 years old today can expect to live another 17 years, and a woman can expect to live another 20 years. Carefully planning your Social Security claim can make a big difference in how much you get over your lifetime.
Retirement Account Advantages
At 65, you’re past the age (50) when you can make catch-up contributions to retirement accounts. If you’re still working, take advantage of these higher contribution limits:
- You can contribute up to $26,000 to a 401(k) plan, which is $6,500 more than younger employees
- The maximum contribution to an IRA is $7,000 for individuals 50 and older
Insurance Policy Conversion
If you have life insurance policies, you might be able to convert them into a long-term care benefit. This can help pay for assisted living or long-term care costs. The funds are transferred as a deposit into an FDIC-insured account in your name and allocated tax-free to your care provider every month.
Senior Discounts and Perks
Retail and Restaurant Discounts
This is where being 65 gets really fun! Many businesses offer senior discounts starting at age 65:
- Grocery stores: Most major chains offer senior discount days
- Restaurants: Early-bird specials and discounts (Dunkin’, Chili’s, Red Lobster, Tim Hortons, Einstein Bros. Bagels, and Panera Bread all have rewards programs for seniors)
- Retail stores: Various discounts on shopping days
Travel Benefits
Traveling becomes more affordable at 65:
- Amtrak: 10% discount on most fares
- National Parks: $80 lifetime Senior Pass (the same cost as an annual pass for younger folks)
- State Parks: Many states offer discounts to those 65 and over
- Cruise lines: Senior discounts on various cruise packages
- Hotels and car rentals: Discounts for seniors or AARP members
Entertainment Discounts
- Movie theaters: Lower prices at many chains, including AMC
- Museums: Reduced admission fees
- Bowling alleys and other entertainment facilities: Age-based discounts
Housing and Community Benefits
Housing Assistance
Several housing programs are available for seniors, including:
- The Home Equity Conversion Mortgage (HECM) program for those 62 and older, which allows you to tap into your home equity without selling
- Various state-specific housing assistance programs
Community and Home Services
At 65, you might qualify for:
- Meal delivery services
- Transportation assistance
- Home safety modifications
- Adult daycare services
- Support for transitioning from nursing homes to community living
State-Specific Benefits
Benefits vary by state, so it’s worth checking what’s available in your area. For example:
Washington State
- Community Options Program Entry System Waiver (COPES)
- Tailored Support for Older Adults (TSOA)
Oregon
- Senior Health Insurance Benefits Assistance (SHIBA)
- Senior Farm Direct Nutrition Program
- Providence Elderplace (PACE)
Idaho
- Idaho Homemaker Services Program
- Medicaid Aged & Disabled Waiver
Veteran-Specific Benefits
If you’re a veteran who served during wartime, you might qualify for:
- VA Non-Service Connected Pension program
- Aid and Attendance program to help pay for costs if you’re living in your home, nursing home, assisted living, or independent living communities
Life Experience Advantages
Beyond the tangible financial and healthcare benefits, being 65 comes with other advantages:
Time Freedom
Many people retire around 65, giving them more time to pursue hobbies, travel, volunteer, or spend time with family.
Wisdom and Perspective
By 65, you’ve accumulated decades of life experience and wisdom that can bring a valuable perspective to your relationships and community.
Opportunity to Mentor
You can share your knowledge and skills with younger generations through mentoring or volunteering.
What to Do When You Turn 65
To make the most of these advantages, here are some actions to take:
- Familiarize yourself with Medicare and enroll during your Initial Enrollment Period
- Decide if you’ll retire or keep working
- Consider Medigap supplemental insurance
- Look into long-term care insurance (65 is usually the last time you can get a policy for a somewhat affordable rate)
- Plan your Social Security benefits claim
- Get your legal documents in order (will, power of attorney, advance medical directive)
- Make HSA changes if needed (you’ll need to stop making HSA contributions when you enroll in Medicare)
- Get a complete physical examination
- Have conversations with loved ones about your wishes
- Research senior discounts in your area
- Review your tax situation to take advantage of new deductions
- Check state-specific benefits available to you
Turning 65 is truly a milestone worth celebrating! With so many advantages available, from healthcare benefits to financial perks and discounts, this age brings many opportunities to enhance your quality of life.
I always tell my clients that the key is to be proactive about researching and claiming these benefits. Many seniors miss out simply because they don’t know what’s available to them. With a little research and planning, you can make your golden years truly golden!
Have you recently turned 65 or are approaching this milestone? What benefits are you most excited about? I’d love to hear your thoughts in the comments below!
Note: Benefits and programs may change over time. It’s always best to check with official sources for the most up-to-date information about eligibility requirements and application procedures.
Senior Exemptions for Property Taxes
Most property owners are provided with a homeowner exemption on their principal place of residence that is auto renewed every year. Â The good news is some states and counties offer additional benefits to seniors once they reach 65. Â These exemptions could include:
Property tax freezes if youâre 65 or older and stay within certain income thresholds.
Senior exemptions that reduce the equalized asset value of your principal residence.
It is important to make sure you get all of these benefits by checking with your county assessor’s office or website. Â Some exemptions require annual filing with the county while others only require a one-time filing and then automatically renew going forward.
Social Security Tax Exemption
Generally, 85% of your Social Security benefits are subject to tax. The amount of your benefits that may be taxed may be less, though, if your total income is less.
If you are single
- There is no tax on your Social Security income if your total income is less than $25,000. This includes your pension, Social Security, and any money you earn.
- And your total income is between $25,000 and $34,000, you only have to pay taxes on 20% of your Social Security retirement income.
If you are married filing jointly
- Since you make less than $32,000 a year, none of your Social Security income is taxed.
- As long as your total income is between $32,000 and $44,000, you will only be taxed on 20% of your Social Security income.
Before You Take Social Security at Age 65 – Watch This
FAQ
What’s so special about turning 65?
Turning 65 marks a new chapter of a person’s life. There are benefits that become available to you in this new chapter, most notably Medicare. Medicare is the government-sponsored program that entitles most adults age 65 or older to medical insurance.
What kind of benefits do you get when you turn 65?
Government Benefits for Seniors Over 65 Social Security Disability Insurance (SSDI), a federal disability insurance program. Supplemental Security Income (SSI), a federal cash assistance program for low-income people who are age 65 or older, blind, or disabled.
What happens to your body when you turn 65?
Your muscles, liver, kidney, and other organs may lose some of their cells. This process of muscle loss is called atrophy. Bones may lose some of their minerals and become less dense (a process that may lead to a condition called osteopenia in the early stages and osteoporosis in the later stages).
What do you get free at the age of 65?
Seniors can avail of discounted rail fares with the Senior Railcard and free bus travel with the National Bus Pass Scheme. Once you’ve reached state pension age, You can take advantage of unlimited access to free bus travel. In London, the Freedom Pass offers free access to tubes, trams, and other public transport.
What benefits does think 65 offer?
Find out about the many perks and benefits that people turning 65 can get, such as Medicare eligibility, Social Security benefits, senior discounts, tax breaks, and personalized help from Think 65. Turning 65 is a significant milestone that holds a host of benefits and opportunities for individuals entering their senior years.
What perks are available when you turn 65?
By exploring the various perks available, individuals can make the most of this milestone age and embrace the positive changes that come with entering the realm of senior citizenship. When individuals turn 65, they become eligible for Medicare, a vital healthcare program that offers essential coverage for various medical needs.
Will turning 65 make you slow down?
You will have to slow down in some ways when you turn 65, even if you don’t work full-time. This is because your body and mind are changing. This is a great time to make a bucket list and think about what you want the next decade or two of your life to look like. If at all possible, hold off on social security for a few years.
How does Social Security help seniors over 65?
There are many government programs and discounts available to seniors over 65 that are meant to improve their health and financial security. The Social Security Administration provides financial assistance to seniors through various programs, ensuring they have the resources needed to maintain their quality of life.
How does Medicare benefit seniors at 65?
This emphasizes the financial relief and accessibility to essential healthcare services that Medicare eligibility at 65 brings to seniors, contributing to improved health outcomes and reduced financial burdens.
Should I take Social Security at 65?
Americans may wonder whether there’s a good reason to take Social Security at 65, when the full retirement age for most Americans is now 66 or 67, or somewhere between. The full retirement age is when you can start claiming your full Social Security benefit, although it’s possible to start claiming a reduced benefit as early as age 62.