Five Ways Seniors Can Save Money
The costs of living will always rise. Meanwhile, the amount of money that you make as an employee diminishes appreciably with advancing age. Full-time and semi-retired senior citizens make less than $23,000 a year. An elderly couple makes about $40,000. The disparate fixed-incomes of fully retired seniors aged between 70 and 75 is just under $20,000 a year.
What should be kept in mind that is that a senior citizen needs at least $40,000 a year to pay for their standard of living costs. An elderly couple needs at least $250,000 to pay for their medical expenses throughout retirement. That is a conservative estimate. No matter what age that you are, it always seems to be an expense just to live comfortably.
Advancing age does not only come with detriments however. For the practically minded, there are always ways to save. From elderly-centric discounts and benefits to realistically rearranging lifestyles, there are many ways to save money after age 65.
Apply For Senior Citizen Discounts
The best part of getting older is the availability of senior citizen discounts. Private companies and publicly funded initiatives enable discounts for senior citizens on a wide array of products and services. Like discounts for public transportation, pharmacies, businesses, movie theaters, fast-food restaurants, museums and national parks, retail stores, lodging, and countless more.
Access to some discounts may require AARP membership. You may even be able to gain senior citizen discounts at age 50, depending on the service. You may be about to save tens of dollars to a $1,000 annually by applying for as many senior citizen discounts, perks, and services as you can.
The cost of an average mortgage is anywhere between $250,000 to $300,000. That is not taking into account property taxes, utility payments, insurance payments, maintenance and repair fees, and so on. Owning a home requires time sacrifices and the ability to physically maintain it. Advancing age may render you unable to financially and/or physically maintain a house.
Downsizing is the act of minimizing your material belongings and selling a home. You can enlist the aid of realtors who specialize in downsizing. They can help you to sell your home, sort and sell your belongings, and plot your future. Like buying a smaller, more manageable home, or renting an apartment. You can save tens of thousands to hundreds of thousands of dollars downsizing, depending on your situation.
Free Tax Preparation Assistance
Since 1968, AARP has offered the free AARP Foundation Tax-Aide program. IRS-certified volunteers assist working-class senior citizens with their tax forms free of charge. You don’t even have to be an AARP member to qualify. You must be age 60 and over. Also, you will have to visit a mall, library, bank, or senior citizen center where such services are offered. Call 888-227-7669 or visit AARP’s official website for more information.
Term Life Insurance
Term life insurance offers life insurance coverage for a predetermined period of years. You can buy term life insurance coverage for 5-years, 15-years, or 30-years, for example. However, term life insurance only pays out to beneficiaries if you die within the predetermined years of coverage that you pay for. If you outlive the terms of coverage, your beneficiaries get nothing, and you must apply all over again. This form of coverage is very affordable, but risky.
Final Expense Life Insurance
This is a cheaper alternative to life insurance. Final expense life insurance is a coverage policy that pays for some end-of-life and all funeral related expenses. The application process can be completed over the phone in minutes and a medical exam isn’t required. You may qualify for coverage up to $20,000, or a little more, just enough to cover funeral expenses.
Old Age Isn’t the End of Saving Money
Take advantage of every senior citizen discount possible. Never be afraid to ask if you are unsure. Research life insurance policies that benefit the elderly. Downsize your life. There are many ways to save money as you get older. If you are open-minded about it, aging definitely has its benefits.