Retirement is supposed to be a period of joy and relaxation for the senior citizens where they are able to travel, reflect and do whatever they like to do. But are they able to enjoy? Unfortunately for many Americans it is not, as more than a third of all working adults fail to save anything toward their retirement. And living without a steady income is tough and millions of retirees know the feeling. Social Security doesn’t come close to meeting all your financial needs. But some of the burden can be reduced by taking advantage of some of the discounts & perks for everyday saving. They’ll provide a little more freedom during your golden years.
- Groceries : – The average retired couple spends $283 a month on food at home, which isn’t much, but there are still ways to cut back these expenses. In addition to clipping coupons, you can also save by shopping on scheduled senior discount days. For example, Fred Meyer provides 10% off for shoppers over age 55 on the first Tuesday of every month. Other chains also provide similar deals.
2 Dining Out : – There are hundreds of restaurants that welcome seniors with daily deals, which can help you cut back on your spending. Check out the list of senior discounts in restaurants and take advantage of that.
- 3. Entertainment : – Thanks to AARP. members get access to discounted rates at places like Regal Entertainment Group movie theaters, premium RV sites and even Las Vegas show. Ask about senior rates to avail them.
4 Cars : – AARP’s auto-dealer network provides real-time online quotes and discounts on new and used cars. It also offers deductible and repair reimbursements. It’s good idea to review the Kelley Blue Book Value and negotiate the price aggressively. Buying a car on a retirement budget could be easier than you think.
5 Auto Registration : – You can further reduce your annual auto budget by cashing in on registration discounts and waivers. For example, in Pennsylvania, retirees who receive social security or other retirement benefits need pay only a $10 processing fee for vehicle registration. To learn the rules in your state, check out the National Conference of State Legislature’s full list of vehicle- registration fees and senior discounts.
- 6. Public Transit : – Retired city-dwellers have the benefit of access to public transportation, and the prices usually get better with age. For instance, the Chicago Transit Authority, which includes train and bus lines in the city and suburbs, provides free rides of illinois residents who are over 65 of age.
- 7. Travel : – Retirees spend more on travel than any other age group, to the tune of $11,077 a year. Although, the majority of senior citizens prefer familiar locations, but some of them travel abroad also. You don’t need to drain your bank account to make it happen. An AARP membership can secure you a week long trip from Seattle to Rome for $1,237 per person, including airfare and accommodations at a four-star hotel. You can contact hotels and airlines to ask about senior discounts and other details
- 8. Cell phone Service : – Staying connected is important. For customers age 65 and over, AT&T offers a monthly plan for %29.99 that includes 200 “anytime” minutes and 500 night and weekend minutes. Similarly, T-Mobile US offers customers age 55 and over , a no-contract plan for $50 a month.
- 9. Internet : – A research survey found that only 47% of seniors over age 65 had internet access. If this is due to high charges, sign up for FreedomPop.com’s free internet service and hot- spot router. For a one-time activation fees of $19.99, the company provides 500 MB of free data a month, which will get you about 21 hours of web- browsing time. It also offers service plans for as low as $9.99 a month for 1 GB of data.
- 10. Medication: – AARP’s discount program help you “save an average of 61% on FDA- approved generic, brand name, or specialty drugs, not covered by your current prescription insurance or Medicare Part D plan” to its members. Similarly, Rite Aid offers customers 15% or more off, and Costco members receive 2% to 40% off on medication expenses not covered by insurance.
- 11. Education : – State Universities and community colleges regularly provide tuition waivers to senior citizens to attend classes, and even to earn degrees. For instance, Indiana waives 50% of tuition costs for retired residents age 60 and over, up to 9 credit hours per semester. Choose a public college or university and talk to the office about state benefits for seniors.
- 12. Clothing : – If you check the details, you’ll find deals at hundreds of stores, including 10% off at Banana republic (age 62+), and 15% off at Kohl’s (Wednesday, age 60 and up). Similar discounts are available at many other stores also.
- 13. Home- Repairs : – Major home-repairs can badly dent your retirement budget, but you may be eligible for state and federal assistance. For instance, California, retirees over the age of 62 can receive free home weatherization and $3,000 in earthquake retrofitting protection. On the federal level, the U.S. Department of Agriculture(USDA) provides home-repair loans up to $20,000 and home- repair grants up to $7,500 for low income seniors in the same age brackets.
- 14. Taxes : – The Internal Revenue Service provides special rules and tax credits for seniors and retirees, including additional deductions for medical expenses, and tax credits for the elderly and disabled. Your senior status could also exempt you from paying taxes on property, social security benefits and retirement account income.
15. Insurance : – Protecting yourself is easier with senior insurance discounts. AARP partners with insurance companies to offer discounted rates on life, health, home and auto coverage.
CONCLUSION : –
Living on a retirement budget can be challenging, but there are ways to ease the burden. The above perks and discounts can be very helpful in reducing your expenses to some extent. Take advantage of these savings as they come..