When planning for Retirement most people spend a significant amount of their time thinking about all of the expenses that they will incur. While there will be clear expenses to face in retirement there are also several different financial benefits that you should take into consideration prior to planning for retirement. These five financial benefits which can only be taken advantage of in retirement could help anyone better prepare financially further in the golden years.

A primary financial advantage that most people are only able to take advantage of is Social Security. Social Security is a government sponsored retirement plan that helps ensure that senior citizens have the money that they need to support themselves. Most likely you have been paying into the system your entire working career. Once you turn 62 years old you can finally start to recoup some of the benefits.

If you save properly for retirement you could easily add hundreds of thousands of dollars or more in your retirement accounts. Unfortunately you are not able to access this money without paying a penalty until you turn about 63 years old. Once you reach this age you can finally withdraw this money and use it to either pay bills, pay off the mortgage or for any other reason you please.

Another benefit that you can receive when you are in retirement is federal disability. When on federal disability retirement individuals can receive a significant amount of extra money if they meet certain disability qualifications. These proceeds could be used to either partially or completely replace an income.

Another financial advantage that is generally preserved that people in retirement have is AARP. This is a national program but is designed to help improve the lives of senior citizens. Those that sign up for this program will be able to take advantage of significant discounts on consumer products, insurance and financial services, with a wide variety of other products and services.

Once you reach retirement age you will qualify for Medicare health insurance. Compared to private and other insurance options Medicare can be extremely affordable. This program helps when it comes to therapy, surgeries and prescription drugs. This can save an elderly person a lot of money each year.

In conclusion preparing financially for retirement can be a challenge. However there are financial benefits that you can receive once in retirement and it will help make it easier to prepare and live within your means.