According to The Free Dictionary, a senior citizen is anyone over the age of 60, or in some cases, over the age of 65. Once a person reaches the 60 years old, they typically retire from the workplace, making them a senior citizen.
The Social Security Administration considers adults born after 1937 to be of retirement age when they turn 62. Those born after 1960 are able to claim retirement benefits at age 67. Individuals can file for Medicare benefits to help with health care costs when they are 65 years old. Many restaurants, hotels and events offer a senior citizen discount, but each has its own age requirement, and some are as low as 55 years old.Learn More
Individuals who withdraw money from a 401(k) account prior to age 59 1/2 must pay a 10 percent penalty in most cases. In addition to the penalty, individuals must pay federal income tax on the amount withdrawn.Full Answer >
Participants in 401(k) savings plans are permitted to withdraw some or all of their balance if they meet requirements related to age, ability to work or financial hardship. According to the IRS, administrators of 401(k) plans are generally obligated to obtain consent from plan participants, and sometimes their spouses, before withdrawals may be made.Full Answer >
According to MarketWatch, a 2012 study shows that by age 65, the average worker at a large employer must save 11 times her salary, after Social Security, to have enough money to sustain her through retirement. This amount allows for spending 85 percent of her pre-retirement salary annually during retirement.Full Answer >
According to the Internal Revenue Service, anyone who has enough taxable income is required to file an income tax return, even senior citizens. Older taxpayers, however, do have a slightly higher threshold for filing.Full Answer >