If you’re settling in for retirement, you can expect a lot of change.
Daily habits may shift with your new schedule and free time. Naturally, this includes spending habits. If you’re living on a fixed income, you’re probably hoping to save money wherever you can. Here are a few ways that you can save money by taking advantage of deals for older adults.
Finding Local Discounts
Sometimes, asking for a discount can feel awkward, even if you have good reasons. Nowadays, this isn’t as much of an issue. Whenever you’re thinking of traveling, booking a hotel, visiting a museum or checking out a new restaurant, do research online first.
All it takes is a quick search on Google or Bing to find the place and learn more about their current deals for seniors. Just don’t forget to bring ID to prove your age. Many stores offer discounts for people starting at age 55, but others don’t kick in until you’re 65 or older.
Feel free to refer to this updated list of senior discounts for details. Good luck!
Saving On Essentials
Groceries: Some grocery stores offer discount days for seniors that could save you roughly 10%-20% off your total bill. Larger chains are more likely to offer discounts and coupons than smaller chains. Before you go, make sure to write down a grocery list so you aren’t tempted by expensive, unhealthy snacks. Once you’re there, focus on the frozen fruits, meats and vegetables that tend to be less expensive and last longer.
Prescription Drugs: Plenty of nationwide drugstores and organizations offer discounts on prescription drugs. AARP, Rite Aid, Costco, CVS, Kmart, Walmart and smaller chains sometimes offer discounts tied to membership or a rewards card. Just be aware that these kinds of rewards points, coupons and deals are often time-sensitive.
Clothing: Plenty of popular clothing stores such as Banana Republic, Belk, Kohl’s, Ross and Goodwill offer occasional senior discount days that typically offer 10%-20% off. Specific dates, age qualifiers and regions vary widely, so double check online or call your local store before making a trip.
Utilities: Getting a discount on basic utilities could be easier than you think. It’s worthwhile to contact your utility providers or local government to see if you could get a discounted rate. Many cable companies and electric companies offer discounts for seniors living on a fixed income.
Transportation: Amtrak trains, Greyhound buses and various airlines offer slightly discounted fares for seniors. Nowadays, ride-sharing services such as Uber and Lyft are also becoming increasingly popular among seniors. Though discounts are sparse, Lyft in particular has a concierge service available through Lyft partners such as assisted-living communities.
Restaurants: Most restaurant deals will vary by location, but a few chains that offer consistent age-based discounts include Burger King, Chili’s, El Pollo Loco, Einstein’s Bagels, IHOP, Jack in the Box, KFC, Mrs. Fields and Taco Bell.
Movies: Most movie theaters offer discounted tickets for seniors. Most AMC theatres feature deep discounts on regular admission and discounts as high as 60% on Tuesdays Senior Days at specific locations. Look up theaters near you for more information.
National Parks: For $10, adults 62 and older can purchase a Senior Pass that grants lifetime access to over 2,000 federal national parks and recreational sites. Depending on the national parks near you, this pass could also entitle you to discounts on swimming or camping activities nearby.
Vacations: Cruise liners love senior citizens – and their discounts show it. Whether you’re booking a hotel or a cruise, be on the lookout for good deals. Those with an AARP card will be happy to know that many hotels offer a discount to card-carrying members, as well.
Realizing Your Retirement Dreams
Living on a fixed income can be tricky. Whether or not you’re working, you might be surprised to know that your home can help you out in retirement, too.
Adults 62 and older may qualify for a special type of loan called a reverse mortgage. Instead of making you pay every month like a traditional mortgage, the reverse mortgage pays you out of the equity in your home and allows you to repay it only once you leave the home as a primary residence.1
To learn what you could do to improve your financial situation, find out how the reverse mortgage works or speak with one of our Licensed Specialists at (800) 401-8114.
1Homeowner is still responsible for paying property taxes, homeowners insurance and maintenance expenses to avoid foreclosure.