According to a study by the Employee Benefit Research Institute, close to 50 percent of households spent more money as retirees than as workers for the first two years after they’ve stopped working. That’s why it is vital for seniors to save a buck or two.
People can get discounts for seniors as early as 55 years old at some businesses. Taking advantage of such deductions and budgeting are ways seniors can save money. Below are seven excellent cost-saving measures seniors should consider for saving money and extending the life of their retirement savings.
Save by Shopping at Thrift Stores
Use these establishments as an affordable alternative to finding home goods, accessories, and clothing. Because you’re a member of the elder community, chances are you qualify for senior discounts. This means you can purchase items already at bargain prices for an even greater discount.
Look for Brand-New Health Care Coverage
Each year, from October 15 to December 7, Medicare has its Annual Enrollment Period. If you need to change your coverage, checking in with Medicare during that time could help keep you from paying unforeseen out-of-pocket fees. This may be a good time to review your health care costs. Taking a little time to review plans could mean savings for you.
Consider Changing Your Living Arrangements
Aging and life circumstances can create opportunities to change how and where you live. For example, if you are a single senior and have noticed your cost of living increasing, a few options to consider could involve moving into a community designed for senior living or welcoming a housemate into your home. Altering living arrangements could help when you find it becomes less affordable to keep up with grocery costs, home maintenance, transportation, and utilities.
Reduce Transportation Costs
Not everyone can live without a car, but there are ways car owners can save money. Think about carpooling with others or finding an insurance company with lower rates. If possible, moving into an area where it’s possible to walk to shopping and other errands will minimize reliance on a vehicle. Perhaps an area that offers public transportation will help cut down travel costs.
Save By Becoming a Discount Club Member
There are many discount clubs to choose from, but you want to pick one that saves you the most money. Your lifestyle, buying habits, and interests might match well with the membership benefits of ASA (The American Seniors Association). Also, look into The Seniors Coalition, or AARP. If you have an RV and frequently visit campgrounds, you may find park discounts beneficial. Look at Passport America, Good Sam Club, Escapees RV Club, or Camp Club USA, among others. Also, if you are a former federal worker, consider Retired Federal Employees Association or National Active.
Enjoy Perks of Senior Citizen Discounts
As an elder adult, you’ve earned entitlement to save with price deductions. Get in the routine of asking whether a business offers them or check for advertised discounts on a company’s website. Some places where you are likely to come across this cost-saving senior perk are at cable providers, retailers, travel and transportation services, restaurants, utility providers, supermarkets, and gyms.
See About Veterans Discounts
Sometimes a business that doesn’t provide a senior discount may offer a veterans discount. A restaurant, grocery store, or retailer may knock off a percentage of your purchase or give you something for free after showing your valid military ID. It never hurts to ask.