Being a senior comes with a ton of perks
that allow you to save money and pad your retirement even further. Reaching a certain age makes you eligible for
many benefits that you can take advantage of.
Discounts on travel, hotels and food are but a few of the places you can
save if you’re willing to look. Here are
some of the best ways to save money as a senior:
While almost no one wants to claim the
senior discount, the reality is that it offers some pretty sweet rewards. So many businesses offer a senior discount,
from airlines to ground transportation.
United and American Airlines both offer discounts to seniors over the
age of 65. Greyhound and Amtrak are two
ground transportation options that offer discounts ranging from 5-15% for
Many hotels also offer the senior discount,
with Comfort Inn and Clarion offering up to a 10% discount for seniors over the
age of 60. All you have to do is book
your room in advance! Whether you’re
flying, traveling via train, or staying in a fancy hotel, your age can save you
The American Association for Retired
Persons offers many benefits exclusive to its members. Membership is available to anyone 50 or
older, and being an AARP member can qualify you for certain senior discounts
that you would otherwise need to be 60+ to receive. You can find the full list of benefits on
AARP’s website, which includes discounts at restaurants such as Outback
Steakhouse and pharmacies such as Walgreens.
AARP’s membership costs only $12 for the
first year, and multiple year terms are offered at discounted rates. It’s a small price to pay for how much money
you’ll save with an AARP membership.
Senior Social Security
62 is the age that citizen becomes eligible for partial Social Security benefits. However, by waiting until you turn 66 to start receiving monthly benefits, you’ll get the full benefit for the rest of your life. Taking your benefits early lets you collect benefits for a longer amount of time, but the benefits aren’t as high. If you end up living past 75, you’ll receive more benefits by waiting until 66. However, it’s impossible to predict life expectancy, so it’s up to you to decide which is the better option.
Medicare For Seniors
Medicare is a US health insurance program
for Americans 65 and up. There are four
parts of Medicare: Parts A-D. Part A is
Hospital Insurance, which applies to inpatient hospital stays. Part B is Medical Services Insurance, which
is optional and usually covers outpatient services. Part C allows Part A and B beneficiaries to
receive their benefits in another way, typically through the Medicare health
plan Medicare advantage. Part D covers
most prescription drugs.
Medicare doesn’t cover all medical costs, and it still contains premiums and deductibles like any other health insurance plan. However, it is often the cheapest option of health insurance for most seniors.
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