If you’re a senior in the United States, odds are you’re living on a fixed income. This transition can be challenging for retiree individuals, especially when you have little in the savings department.
There’s no cause for alarm, though. You can cut costs, save, and live a comfortable life by following these practical tips.
6 Ways You Can Save Money As a Senior Citizen
There are several ways seniors can save money, even on fixed income. Consider the tips outlined below.
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Revisit Your Medicare Coverage
As your needs change, your Medicare coverage ought to adjust as well. A Medicare package that doesn’t match these changes can lead to unexpected out-of-pocket costs and more expenses in the long run.
Talking to a Medicare broker can help you figure out the best package for you at no cost.
You can find a broker using the form on The National Council of Aging’s site. Or you can visit Medicare.org for an online quote. Another alternative is speaking with an agent via phone by calling 1-888-815-3313.
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Go Over Your Insurance Policies
Aside from revisiting your Medicare coverage, you should also revisit your insurance coverage and policies. Like Medicare, these are also subject to change as your needs change.
It would help if you reviewed all your coverage plans, like your insurance and prescription drug coverage, with a professional to be sure the plans you’re registered on still work for you and cater to your present needs. You’d be surprised how much you can save by tweaking some of your current insurance policies.
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Take Advantage of Senior Discounts
There are numerous discount plans available to senior citizens. Several private and public entities have plans that allow senior citizens to patronize them at reduced cost.
For example, the National Park Service offers an annual senior pass for $20 and a lifetime pass for $80. This pass allows you and your party entry into all the national parks at no cost. It also offers additional activities like kayaking and camping at a discounted fee.
Depending on your age and location, there are also discounts available for transportation and other government services.
Lastly, you should check out private enterprises and businesses around you. All you have to do is ask!
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Take Vacations During the Off-Season
As an older adult, one of the benefits you enjoy is having more free time on your hands. Many seniors love to travel during this time, but the cost can be a concern.
The good news is that you can save money on your trips by planning your vacations during the off-season. Air tickets, hotel bookings, and carpools are generally cheaper during certain times of the year. For instance, you can expect to pay less if you travel in February than during summer.
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Join a Membership Association
Joining an association like the American Seniors Association or the American Association of Retired Persons can also help you save money. These associations partner with businesses offering members discounts on services rendered or goods bought.
For example, an AARP membership can fetch you discounts on trips, transportation, groceries, and various other services.
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Apply for the Medicare Silver Sneakers Program
The Silver Sneakers program allows Medicare members 64 years and above to work out for free. Eligible members are granted access to over 160,000 gyms across the country. It also comes with thousands of free workout videos for those who wish to work out from home.
In Conclusion
Your retirement years don’t have to be boring or financially challenging. By implementing the tips above, you can manage your finances effectively and still enjoy your favorite activities.