Upsides of turning 65
Aug 15th 2018, 1:50 pm
#31
Deep in the woods of CT
Joined: Feb 2010
Posts: 7,002
Re: Upsides of turning 65
Precisely -- and it is that area that always gets glossed over. In our town, you have to make application to request senior property tax exemption (and be subjected to a means test, but that's another story . . .), and the few wealthy people I know don't bother to apply. What isn't fair is that people's savings are taken into consideration when applying for the exemption (which is about $1,500 per annum, a drop in the ocean on taxes around here), so one can be living on a small fixed income, but because you have saved for your future and put some money away, you are penalized.
Grab any tax breaks you can find! You deserve anything you are eligible for! Unfortunately, trying to ensure that one is secure in later life can backfire in today's society. Like you we have been involved in charitable causes in our town, paid our taxes faithfully for decades, but now we are penalized for having done our best to save. (Other local towns offer a straight amount deduction on property taxes once residents reach 65, but not mine!)
I started this off in a light hearted manner, but also because I seriously worry how we will cope when we do both retire. In May I appealed our property taxes for this year mostly because of the storm damage that had happened to our home. At that time I was reminded about the 65 exemption.
We are not wealthy but we also don't live on the breadline. We have to spend a lot of money on healthcare even though we both have fairly good health insurance. Looking to the future a break on any of the ongoing never ending bills pleased me. One less thing to worry about. I don't feel I am cheating anyone out of a "burden". We have paid school taxes for the last 28 years, we have done a lot of fund raising for our school district when our kids were going to school here and we still do support many of their events.
Anymore perks I find for over 65's I guess will need to be vetted first before I accept them!
We are not wealthy but we also don't live on the breadline. We have to spend a lot of money on healthcare even though we both have fairly good health insurance. Looking to the future a break on any of the ongoing never ending bills pleased me. One less thing to worry about. I don't feel I am cheating anyone out of a "burden". We have paid school taxes for the last 28 years, we have done a lot of fund raising for our school district when our kids were going to school here and we still do support many of their events.
Anymore perks I find for over 65's I guess will need to be vetted first before I accept them!
Aug 15th 2018, 2:09 pm
#32
Stand-up Philosopher
Joined: Apr 2009
Location: Regina Saskatchewan
Posts: 16,344
Re: Upsides of turning 65
Next year I'll be 65 and then will no longer have to purchase a Saskatchewan fishing license.
Aug 15th 2018, 3:47 pm
#33
Under blue skies
Joined: Mar 2011
Location: East Anglia->New England
Posts: 3,624
Re: Upsides of turning 65
I started this off in a light hearted manner, but also because I seriously worry how we will cope when we do both retire. In May I appealed our property taxes for this year mostly because of the storm damage that had happened to our home. At that time I was reminded about the 65 exemption.
We are not wealthy but we also don't live on the breadline. We have to spend a lot of money on healthcare even though we both have fairly good health insurance. Looking to the future a break on any of the ongoing never ending bills pleased me. One less thing to worry about. I don't feel I am cheating anyone out of a "burden". We have paid school taxes for the last 28 years, we have done a lot of fund raising for our school district when our kids were going to school here and we still do support many of their events.
Anymore perks I find for over 65's I guess will need to be vetted first before I accept them!
We are not wealthy but we also don't live on the breadline. We have to spend a lot of money on healthcare even though we both have fairly good health insurance. Looking to the future a break on any of the ongoing never ending bills pleased me. One less thing to worry about. I don't feel I am cheating anyone out of a "burden". We have paid school taxes for the last 28 years, we have done a lot of fund raising for our school district when our kids were going to school here and we still do support many of their events.
Anymore perks I find for over 65's I guess will need to be vetted first before I accept them!
But I think I'll shut up now. I've done some research and see that this exemption is common here, in many US states. I'm glad that you have this tax relief, SM!
Aug 15th 2018, 4:25 pm
#34
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Upsides of turning 65
Aug 15th 2018, 4:47 pm
#35
Account Closed
Thread Starter
Joined: Oct 2003
Posts: 0
Re: Upsides of turning 65
I think I owe you an apology, Sugarmooma, for turning your light-hearted celebration of some of the upsides of turning 65 in a somewhat somber direction. My musing that the school tax exemption for over-65s made me feel weird was an expression of my own surprise at how such a policy strikes me. As a teacher of many years in both the US and the UK, and as a parent of adult children who attended public/state schools in both countries and who have not yet been able to step onto the property ladder in either country, I find myself surprised that the confluence of these two life events, owning a home (stead) and turning 65, can result in this particular exemption in this particular country.
But I think I'll shut up now. I've done some research and see that this exemption is common here, in many US states. I'm glad that you have this tax relief, SM!
But I think I'll shut up now. I've done some research and see that this exemption is common here, in many US states. I'm glad that you have this tax relief, SM!
Aug 25th 2018, 12:13 pm
#37
In the pink
Joined: Oct 2006
Location: USA
Posts: 3,324
Re: Upsides of turning 65
So the other half turned 65 last Sunday. On Monday I turned in the over 65 exemption form for paying school taxes, it will make a big difference on our yearly property tax bill. On Tuesday we received his British pension approval letter. On Wednesday he got his Part A Medicare coverage. He has to have a surgical procedure tomorrow and will probably be an over night stay so hopefully the Medicare coverage will help with what his regular insurance doesnt cover.
So much form filling though! My turn next!
So much form filling though! My turn next!
Sep 6th 2018, 11:36 pm
#38
Account Closed
Thread Starter
Joined: Oct 2003
Posts: 0
Re: Upsides of turning 65
Oh, that made me feel bad. I got my British State Pension at age 60, one of the last to do so! It's not much, but it makes me smile when it lands in my bank account every 13 weeks (elected this type payment). Poor M will start receiving it when the pound is in the toilet though.
I will be in the group that has to wait until 66 to get mine. It keeps going up!
Sep 7th 2018, 1:09 am
#41
Account Closed
Joined: Jan 2006
Posts: 0
Re: Upsides of turning 65
That certainly sucks.
It is still 65 in Canada, but one can start claiming at 60 but they will reduce it 0.6% for each month you take it before 65, but if you wait until 70 to claim it, one can potentially get 42% more vs taking it at 65, if taken between 65 and 70 they increase it 0.7% for every month after 65.
Based on the male family history in my family, not sure I'll make it to 65, so may claim at 60 just so I can have some time in "retirement".
It is still 65 in Canada, but one can start claiming at 60 but they will reduce it 0.6% for each month you take it before 65, but if you wait until 70 to claim it, one can potentially get 42% more vs taking it at 65, if taken between 65 and 70 they increase it 0.7% for every month after 65.
Based on the male family history in my family, not sure I'll make it to 65, so may claim at 60 just so I can have some time in "retirement".
Sep 7th 2018, 2:45 am
#43
Account Closed
Thread Starter
Joined: Oct 2003
Posts: 0
Re: Upsides of turning 65
That certainly sucks.
It is still 65 in Canada, but one can start claiming at 60 but they will reduce it 0.6% for each month you take it before 65, but if you wait until 70 to claim it, one can potentially get 42% more vs taking it at 65, if taken between 65 and 70 they increase it 0.7% for every month after 65.
Based on the male family history in my family, not sure I'll make it to 65, so may claim at 60 just so I can have some time in "retirement".
It is still 65 in Canada, but one can start claiming at 60 but they will reduce it 0.6% for each month you take it before 65, but if you wait until 70 to claim it, one can potentially get 42% more vs taking it at 65, if taken between 65 and 70 they increase it 0.7% for every month after 65.
Based on the male family history in my family, not sure I'll make it to 65, so may claim at 60 just so I can have some time in "retirement".
M has proved his male family history wrong for dying young. He has now outlived his father and grandfather by more than 20 years. His father died at 42 and grandfather died at 45 ( he found this out when we were first married as he wasn't raised by his parents) He had a massive heart attack at 60 but has been chugging along doing what the doctors tell him and then also doing what they tell him not to do! He is determined we will still be riding trikes and motorcycles long after we retire and acting like kids. It is hard to keep up with him.
