Your retirement plan hinges on having enough money to tide you over for the rest of your life. Luckily, you aren't on your own when it comes to making every penny count.
Here are some senior-specific government programs and company discounts that can help you get ahead financially even after you leave the workforce. All you have to do is remember to take advantage of them.
Now Available: The Definitive Guide to Retirement Income
Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›
Medicare savings programs
Medicare savings programs can help you pay for Medicare Part A (hospital insurance) and Part B (health insurance) costs.
These programs also might help you pay for Part B premiums, and Part A and Part B deductibles, coinsurance, and copayments.
Most programs have income limits. They include:
- Qualifying Medicare Beneficiary (QMB) program
- Qualifying Individual (QI) program
- Specified Low-Income Medicare Beneficiary (SLMB) program
Supplemental Nutrition Assistance Program (SNAP)
The Supplemental Nutrition Assistance Program (SNAP) is a benefits program that helps members of low-income American households afford groceries.
SNAP eligibility requirements and application processes differ from state to state. To find out if you qualify for grocery assistance, check with your state's SNAP office.
Low-Income Home Energy Assistance Program (LIHEAP)
Paying for utilities can be a struggle when you're on a fixed income. Certain government programs — including the federally sponsored Low-Income Home Energy Assistance Program (LIHEAP) — may be available to help you pay for utilities such as gas and electricity.
Recent federal cutbacks mean it's not clear how much longer LIHEAP will be funded. So, keep an eye on developments.
Released: The Definitive Guide to Retirement Income (Sponsor)
Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn More Here ›
Weatherization Assistance Program (WAP)
Seniors also might be eligible for the Department of Energy's Weatherization Assistance Program (WAP).
With this program, certain low-income individuals can qualify for assistance weatherizing their homes, making the abodes more energy-efficient in an effort to reduce utility costs.
Other utility assistance programs
Depending on where you live, your state might offer a ratepayer-funded utilities program that helps low-income households afford utility bills.
Start by checking in with your utility company to find out if it advertises any assistance programs for customers. If you don't see anything, check in with your state government to see if other options might be available.
Property tax exemptions
If you're older — typically at least age 65 — you might be able to take advantage of a senior-specific property tax deduction in your state.
In fact, RetireGuide says at least 12 states currently offers seniors a break on property taxes:
- Alabama
- Alaska
- Florida
- Georgia
- Hawaii
- Mississippi
- New Hampshire
- New York
- South Carolina
- South Dakota
- Texas
- Washington
Banking perks
Some banks offer senior-specific perks such as free checking accounts, lower-cost safe-deposit boxes, free checks, and waived monthly fees.
Check in with your bank directly to find out about any senior discounts. If your current bank doesn't offer any such price breaks, retirement is a great time to start shopping around for a financial institution that better suits your needs.
Free tax filing
AARP offers a host of resources for seniors, including free tax-filing services every tax season.
Swing by an AARP tax clinic and work with an AARP volunteer to file your taxes at no cost.
The federal government also offers free tax preparation help to those who qualify through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
Meals on Wheels
Meals on Wheels is a nationwide service that delivers food to seniors.
The specific services your local Meals on Wheels partner offers will differ based on where you live. Many member programs make meals available on an income-based sliding scale for those who don't have many resources.
Earn $100 cash rewards bonus with this incredible card
The Wells Fargo Active Cash® Card (Rates and fees) has no annual fee and you can earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
Cardholders can also earn unlimited 2% cash rewards on purchases.
The best part? There's no annual fee.
Grocery store discounts
Plenty of popular grocery stores offer monthly (or even weekly) senior discount days.
For instance, individuals 55 and older qualify for a 10% discount on certain groceries at Fred Meyer on the first Tuesday of the month. And some Grocery Outlet stores offer 10% off for seniors every Tuesday of the month, although savings programs can differ from store to store.
Museum, gallery, and cultural event discounts
Many of the popular attractions and cultural centers in your city likely offer senior-specific perks.
Check with the nearest zoos, aquariums, theaters, and museums to find out about discounted senior pricing for annual memberships. Also, look for days when entry is free or discounted for seniors.
Bottom line
Saving a handful of cash here and there might not seem like a big deal. However, over time, the money you save with senior discounts adds up.
Putting that money toward something you care about — such as moving closer to your kids or booking your first cruise — will help boost the odds that you enjoy a long and happy stress-free retirement.
Up To 5% Cash Back
on Issuer's secure website Intro Offer
UNLIMITED CASHBACK MATCH: Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. Click Apply Now to view important rates and disclosures. Plus, receive a $200 statement credit when you spend $500 on purchases in your first 3 months of account opening
Annual Fee $0 Why we like it
The Discover it® Cash Back is ideal for anyone who loves flexible rewards options.
Cardholders can redeem their cash back for any amount.
Earn 5% cash back on rotating bonus categories up to the quarterly maximum when you activate, along with 1% cash back on all purchases.
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment.
Our partners do not influence how we rate products.
Subscribe Today
Learn how to make an extra $200
Get vetted side hustles and proven ways to earn extra cash sent to your inbox.
Add Us On Google