Senior citizens mostly have no income and have to rely on social security and savings to get by. As such, during this time of life, it’s important to find savings to help you afford your lifestyle. Senior citizens who want to save money should take advantage of the many discounts available to them.
Retailers, restaurant chains, travel agencies, credit lenders and insurance companies, as well as other businesses, offer deals for senior citizens on their products and services. We have looked at the best discounts and created a list that will allow you to save money during retirement.
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Government Programs for Senior Citizens
If you are struggling with paying for your medication, mortgage or groceries, there are several government programs that can help you with your finances, provided that you are eligible. The American Association of Retired Persons (AARP) can help seniors find and qualify for several benefits programs that will help seniors cover the costs of everyday expenses.
The National Council of Aging has a search tool called BenefitsCheckUp that lets seniors look for benefit programs to help them pay for health insurance, medication, mortgage, home utilities and food. There are also programs for veterans and for seniors who can be eligible for tax relief.
Senior Discounts on Car Insurance
Senior drivers may pay less on car insurance than younger drivers. An agency will review each applicant based on their insurability risk, which is usually lower for seniors due to a lower mileage rate (how much they drive) and because of their experience at the wheel. To get the best discounts, seniors must have a good driving record (no accidents in the last two years).
You can find car insurance deals by actively comparing online car insurance quotes. By comparing different plans and their rates, senior citizens will be able to find an affordable option. It is always recommended to look around at multiple options before settling with a policy.
Go Solar and Save More Energy
The Residential Renewable Energy Tax Credit is a government program that offers homeowners a 30% rebate to install solar panels for small residential energy consumption or/and water heating. The program will also cover small wind-turbines that provide renewable energy.
Solar powered energy systems have become cheaper in the last few years and have been proven to be a more efficient energy source, cost-wise. The Tax Credit encourages homeowners to go green by covering a part of the costs of the solar-based energy installation.
Senior Discounts for Eating Out
There are plenty of restaurants that offer senior discounts. It is important to be aware of these offers as restaurant staff may not always inform you about their current deals.
Some of the best senior deals at restaurants are:
- Applebee’s 10-15% off for 60 + depending on the location; may require Golden Apple Card
- Arby’s 10% off for seniors over 55 years old
- A&W 10% senior discount (can vary based on location)
- Bob’s Big Boy Discount varies by location (60+)
- Burger King Senior Discount 10% off for 60+, plus additional discounts on coffee and soft drinks
- Bubba Gump Shrimp Company 10% off for AARP Members; 10% military discount
- Captain D’s Seafood: “Happy Wednesday Offer” Choice of 8 meals and a drink for $4.99 or less for 62+
- Carrabba’s Italian Grill 10% off entire meal for AARP Members (not valid at Kirby and Woodway locations in Houston, TX)
- Carrows Restaurants The Golden 55 Menu offer discounted breakfast, lunch & dinner for those 55+
- Chili’s Restaurants Senior Discounts 10% senior discount for 55+
- IHOP Discounts on senior menu items for 55+
- Krispy Kreme 10% off for 55+
- Landry’s Seafood 10% off for AARP members (50+)
- McCormick & Schmick’s 10% off for AARP members (50+)
- McDonald’s Senior discounts on coffee (55+)
- Mrs. Field’s 10% off (60+); varies by location
- The Oceanaire Seafood Room AARP members save 10%
- Outback Steakhouse AARP members save 10%
- Old Country Buffet Daily discounts for seniors (55+)
- The Old Spaghetti Factory Discounts on senior menu items
Since many of these discounts are available at certain locations only, it is best to call your local restaurant and ask if they have senior offers before heading out to eat. You can save a lot on food by eating at places that offer discounts for senior citizens.
Senior Discounts for Traveling
When you are retired, you have a lot of time on your hands, so traveling to all the places on your bucket list is a great opportunity. As a senior, you can find discounts for plane tickets and hotels.
Airlines like American Airlines, Southwest and United offer excellent discounts for seniors who are 65 and older.
Hotel chains also offer discounts for senior travelers. Some of the most advantageous are:
- Clarion Hotels (10% off on advanced reservation for AARP members)
- Comfort Inn (10% off on advanced reservation for AARP members)
- Marriott SeniorDiscount (15% off for over 62 year olds)
- Wyndham Hotels (up to 20% for AARP and AMAC members)
As a senior, you can find great discounts from all types of businesses. You can eat out for less, travel for less and even enroll in government programs that will help you lower your utility bills and house expenses.
As a last tip, remember your credit cards and associated rewards programs, which should have accumulated a lot of points. Retirement is the best time to start spending your reward points and get even better deals on travel, groceries and other purchases.
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