5 Bills That Get Cheaper After You Turn 60
For the most part, bills are the same no matter your age – until you get to around 60 years old.
That doesn’t mean your bills will automatically drop as soon as you hit that threshold, but you may start qualifying for discounts and programs that can help lower some of your regular expenses.
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Here are some bills that could get cheaper when you turn 60.
1. Property Taxes
Some states, counties and city agencies offer senior property tax exemptions, which reduce the amount homeowners ages 61 to 65 and older pay in taxes on properties they own, according to The Mortgage Reports.
They work by reducing your home's taxable value. Some areas do a percentage reduction, while others offer a flat dollar exemption. How much you save on your taxes depends on where you live and your home’s value.
Also, your state, county or city agency won’t notify you whether you qualify. Homeowners are required to figure out whether they’re eligible and request the deduction. You can typically find the eligibility requirements, as well as the deadline for filing, forms and instructions, on the state or agency’s website.
2. Car Insurance
Car insurance premiums change as you age. Data from Progressive shows that auto insurance costs for drivers in their 50s and 60s are typically lower than for any other age group. However, costs in most states tend to start increasing at age 75.
Several states have government-mandated auto insurance discounts for older drivers. Discounts are typically available to seniors who enroll in and complete state-approved driving courses. According to Progressive, AARP, AAA and The National Safety Council (NSC) are organizations that provide these classes.
3. Homeowner's Insurance
Some homeowner's insurance providers offer lower rates to older homeowners. For example, AARP members ages 50 and older can access the AARP Home Insurance Program from The Hartford, where eligible members can save up to 20% on home insurance when they bundle their home and auto policies.
4. Utilities
Depending on where you live, your utility bills could get cheaper as you get older. Some cities and utility companies offer senior discounts on your electricity, water, sewer and garbage expenses, although income requirements may apply.
For instance, Columbus, Ohio, offers qualifying customers a 30% discount on water and/or power usage charges, according to the city's website. Eligible customers ages 60 and older may also have their service charges waived. Mesa, Arizona, also gives qualifying residents ages 60 and older a 30% discount on the water service portion of their utility bill.
5. Phone
Some companies, like T-Mobile, offer discounted plans for customers ages 55 and older. The carrier’s Essentials Choice 55+ plan costs $45 per month for one line or $60 for two lines, and only the primary account holder needs to meet the age requirement. Verizon also offers a 55 and up discount to eligible new customers in Florida.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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