11 Deals and Perks You Become Eligible for After 50​

​4. Tax breaks

When you reach 50, there are several tax breaks aimed at you , including larger contributions to your IRA, employer-sponsored Health Savings Accounts (HSA) and 401(k)s. The breaks allow you to pay less in taxes and catch up on retirement savings if you have fallen behind.​​

For 2025, the standard contribution limit is $23,500 for employees who participate in 401(k) and 403(b) programs, most 457 retirement savings plans and the federal government’s Thrift Savings Plan. That’s up from $23,000 in 2024. If you are 50 or older, you can contribute an additional $7,500, for a total of $31,000. ​

The contribution limit for a traditional or Roth IRA is $7,000 for tax year 2025 and the catch-up contribution limit is $1,000, the same as for 2024. The catch-up contribution limit for a Savings Incentive Match Plan for Employees (SIMPLE IRA) plan is $3,500 for 2025, unchanged from 2024.​

For 2025, you can contribute up to $4,300 to your HSA if you have coverage for yourself under a high-deductible health plan (HDHP), or up to $8,550 for family coverage. The catch-up is an additional $1,000 if you're 55 or older.​

The standard deduction, which reduces your taxable income , also increases with age, in this case if you are 65 or older. You get an extra $2,000 deduction for tax year 2025. If you are married filing jointly and both are 65 or older, the standard deduction increases by $3,200. ​

How to get the discount: The onus is on you. Once you reach 50, try to contribute more to your retirement savings accounts to realize more tax savings. ​

​5. Penalty-free withdrawals

​Known in the world of taxes as the Rule of 55, this IRS provision lets workers 55 and older who leave their job take distributions from their employer-sponsored retirement plan without facing the 10 percent early withdrawal penalty . Outside that, you have to wait until 59½ to begin withdrawing from your retirement plan penalty-free — with some exceptions for hardship distributions . ​

How to get the discount: Not every company-sponsored retirement plan offers this provision. Check with your employer or plan sponsor before making any withdrawals. ​​

​6. Free transportation

Whether you live in a city or a more rural setting, there are state, local and nonprofit programs available to give older adults free transportation. For example, Project CART (Community Arranged Resident Transportation) in New York City offers free rides to residents 60 and older pretty much everywhere, including medical appointments and hospitals, senior centers, shopping centers, museums, places of worship, theaters and cultural events.​

Elder Helpers, one of the biggest volunteer networks in the country aimed at helping older adults, offers free rides courtesy of its more than 10,000 volunteers. ​

How to get the discount: Contact your area agency on aging to find free transportation nearby. These government agencies often take a lead role in coordinating transportation for older adults. Elder Helpers operates a website to match older adults with nearby volunteers. All the volunteers are vetted. ​

7. Low- and no-cost education

​From state colleges to private institutions, lots of free classes are available for older adults, whether you want to hone a skill or pick up a new one. Plus, you don’t have to worry about grades. Many colleges and universities will let you audit a class. ​

The age requirement varies from one institution to the next, but free courses are usually offered to people 55 and up. For instance, the California State University system provides free tuition for residents 60 and older. Older adults can enroll in regular-session, undergraduate-level courses. Pennsylvania State University operates a GO-60 program, which lets residents 60 and older take up to two undergraduate classes per semester for free. To be eligible, you must work less than 20 hours per week or be retired.​​

How to get the discount: The rules vary, which means you’ll have to do some research by calling the school or visiting its website. ​​

8. Workouts on the cheap

Depending on your Medicare plan, individuals 65 and older can get access to free gym memberships and online classes through the SilverSneakers plan. In addition, some gyms and fitness centers offer older adults cheaper membership rates and access to workout classes exclusively for older adults. AARP members can choose from thousands of gyms nationwide for $32 per month.

How to get the discount: Contact your health insurance provider to find out if SilverSneakers is covered, or check your eligibility online at SilverSneakers.com. If you are eligible, you can fill out the form online to receive and print your membership ID card to bring to participating gyms. ​

9. Mobile phone plan discounts

A number of wireless carriers offer discounts for older adults. If you are 55-plus, you can get two phone lines at $60 each per month with unlimited talk, text and data through T-Mobile’s Go5G Plus 55 plan. At Mint Mobile, adults 55 and over can get a 12-month unlimited plan for $25 per month plus a $300 upfront payment. AARP members can get two lines of unlimited talk, text and data with Consumer Cellular for $55 a month. ​

How to get the discount: When signing up for a plan, ask your wireless carrier for older adult discounts. If you already have a service and recently turned 55, ask for a discounted rate. ​

​10. Dining and entertainment deals

Many restaurants offer older customers buy-one-get-one-free deals or early bird specials, or they take a percentage off your bill. Some movie theater chains also offer discount days to older patrons, including at select Cinemark Theatres and Showcase Cinemas. ​

How to get the discount: Before you visit a restaurant or movie theater, check its website or call to see if there is a discount for older customers. Make sure to alert your server or ticket agent before you order or purchase admission, and check your bill or receipt to ensure the discount was applied. ​

11. Grocery store discounts

Grocery costs are rising, but many supermarkets across the country offer people over a certain age a percentage off their bill, typically picking one day per week or per month to extend a deal to their older shoppers. For example, Harris Teeter customers age 60 and older receive a 5 percent discount on Thursdays, Weis Markets shoppers 60-plus get 10 percent off certain Weis-branded products every Tuesday, and Fred Meyer customers 55 and older get 10 percent off select items on the first Tuesday of every month.

How to get the discount: Depending on the supermarket, you may need to sign up for the store's free loyalty program before you can claim the discount.