August 28, 2022
5 Ways a Senior Can Stretch Their Dollar on a Fixed Income
The estimated average Social Security retirement benefit will be just over $1,600 a month in 2022—a modest increase over previous years but barely at the level of recent inflation. Many seniors have their standard Medicare Part B premium taken out of their Social Security check too, so that number is even lower when you consider “take-home pay.”
So, for those who don’t have any other forms of income, any ways to save money are extremely important. Centers Health Care would like to share five ways to squeeze every penny.
- Check for Senior Discounts
Many restaurants (most fast-food ones) will offer discounts to those over the age of 60. These perks range from senior menus to free soft drinks or coffee to a blanket 10% or 20% discount. Membership cards from places like AARP and AAA also help.
- Buy in Bulk
You don’t need to pay for a membership to a place like Sam’s Club or Costco to do this. You can buy items in bulk at the grocery store by buying the highest quantity of tissues, paper towels, etc. You can also find bulk deals online.
- Check for Property Tax Discounts
All states have some level of property tax benefit for seniors if you own your home. Homestead exemptions can be larger for seniors, and some states will freeze tax increases once you hit a certain age.
- Home Warranty
If you’ve had your home for many years, one blanket expense through a home warranty may make more sense than opening yourself up to thousands of dollars’ worth of costly repairs for large items like refrigerators and heating and cooling systems.
- Check Your Cell Phone Carrier
A cell phone is almost a necessity these days, but even the major carriers offer senior discounts. You will also want to check your plan to make sure you’re not paying for features you don’t use. It also makes sense for some to buy a prepaid plan if they don’t use a cell phone that often.