Sec. 7. "Senior citizen" means an Indiana resident who:
(1) is at least sixty (60) years of age;
(2) has graduated from high school or has received a:
(A) general equivalency degree; or
(B) state of Indiana general educational development (GED) diploma under IC 20-10.1-12.1 (before its repeal), IC 20-20-6 (before its repeal), or IC 22-4.1-18;
(3) is retired; and
(4) is not employed on a full-time basis.