While going out to lunch today with my dad he was telling about things like a public transit pass he discovered that he could get which costs like $45 for the whole year. Basically, he was thinking of driving the car less now and public transit would be a good option. When he told me that price of the pass it sounded so ridiculously cheap. Of course, to qualify you have to be at a certain age and all while meeting certain income requirements.
That then got into the topic on how technically he didn’t make that much since he is retired and he actually kind of likes it that he doesn’t make over a certain amount. The reason being is that it qualifies him for a lot of benefits like these which works out well for him at this stage in his life. I guess making less money when you are older can be a good in general as you don’t have to worry about things like taxes as much. Like in this case too, there are a lot of benefits for you to take advantage of.
People might think I am a little strange in this sense, but I would actually still want to continue doing what I do even as I get older regardless of things like the taxes. I’d probably rather just give the excess income to like charity or something if I was specifically trying to reduce the income. Usually the real benefits to me anyways isn’t about getting discounts but rather the things I get to do and learn.
I know people often focus on things like tangible items that they want when they retire. As a result, we all save a ton and money to prepare for the days we can’t work. Hence, researching what kind of benefits you can get too once you reach that stage is an important part of your financial planning. I think it is important to focus on lifestyle too. That could then lead you to think of more ways to live such as generating residual income or learning skills in order to do things that are possible regardless of your age.
But in general, I guess this kind of shows that in a country like this anyways you usually have a ton of options and benefits at your disposal once you reach that retirement age or are classified in a certain type of income bracket. At the same time, most people probably aren’t even aware of what is available to them. Not a bad idea to research about these things beforehand.