It's been a challenging time for retirees. Inflation may be starting to cool, up just 3.2% year-over-year according to the latest CPI report. Yet for seniors, a sustained period of higher inflation has already put a significant amount of stress on the funds they need to see them through retirement.
In fact, financial strains are now pushing many potential retirees to work longer than planned. A 2022 study by the American Association of Retired Persons (AARP) found that 42% of adults age 50 and over are either working in retirement for financial reasons, or expect to do so.
With inflation and other financial demands looming large for the over-50 population, it's clear why senior discounts have become less of a fun perk, and more of an essential budgeting tool.
Yes, many major brands have senior discount days, and your local mom and pop restaurant probably offers the infamous “early bird special.” However, there are far more lucrative discounts that retirees can take advantage of right now. That's why today, we'll be taking a look at the best of the best senior discounts.
First and foremost, join AARP
If you're new to senior discounts, one of the best purchases you can make to save hundreds (or even thousands) each year is a membership to the American Association of Retired Persons, or AARP. The AARP is an organization dedicated to enhancing the quality of life for Americans as they age. The organization does this through advocacy, providing information, and services such as its membership.
This membership program costs just $12 for the first year, as of writing, and anyone age 50 or over can easily sign up for full membership online. What's more, benefits of the AARP program span across every type of purchase. Whether it's a 10% discount at Outback Steakhouse, up to $200 off a British Airways flight, or even discounts on insurance, there are numerous benefits members can use on just about a daily basis.
So, if there's only one senior discount you're prioritizing right now, it should certainly be adding the AARP membership to your roster for annual savings.
Cruise lines
Many seniors want to enjoy retirement by traveling, but that can be quite an expensive pastime - especially if you're considering a cruise, which can provide the excitement of travel in a comfortable living space.
Fortunately, many major cruise lines provide their own savings for those aged 55 and over. Carnival Cruises (CCL) offers exclusive savings for seniors, allowing them to choose the best price via a dedicated online calendar. Royal Caribbean (RCL) also offers senior pricing on selected sailings for those aged over 55 years.
Plus, AARP members can claim up to $100 cruise credits on more than 15 cruise lines when booking through Expedia.
Travel
If you're not the type to sail around the world, retirees can also gain access to discounts on travel by rail or air. As mentioned, British Airways provides discounts through the AARP membership on over 130 destinations. Yet there are even more discounts to claim.
Seniors 65 or over can receive a 10% discount on most rail fares from Amtrak. If traveling by bus, Greyhound also provides senior discounts to specific destinations for passengers 62 years or older.
Flight savings are another major benefit, with Delta Airlines (DAL) offering senior discounts for many flights. Seniors will just need to call in to see if the flight is eligible for a discounted fare. United Airlines (UAL) also provides discounted senior fares for those aged 65 years or over.
These are just a few examples - so when in doubt, or using another travel provider to book your reservation, always call ahead to see if you're eligible for discounts.
Internet providers
Internet costs in the U.S. are notoriously high, yet connectivity remains a necessity for tech-savvy retirees. Fortunately, there are more affordable internet plans available for seniors, and for those with fixed or low incomes.
For example, AT&T (T) offers senior plans starting at just $60 per month for a single line, or $80 for two lines. However, its plans for those aged 55 and over are restricted to Florida residents only for now. That being said, seniors can still receive a discount if they have an AARP membership.
Verizon (VZ) is another popular choice, and those aged 55 or over can claim an unlimited plan that offers calls, texts, and data for $60 per month for a single line, or $80 per month on two lines. Again, it's only available in Florida, and here seniors cannot claim a discount through an AARP membership.
For broader coverage, T-Mobile (TMUS) may be the best option. The package designed for those aged 55 and above offers three unlimited plans for talk, text, and data. These three tiered offerings start at $27.50 per line, $35 per line, and $45 per line, offering more options depending on which you choose. Unlike the others, this discount is available to seniors in all 50 states, Washington, D.C., and Puerto Rico.
Major life expenses
We've already seen how senior discounts can extend well beyond basic coupons. But there are major life expenses where seniors can also take advantage of crucial discounts. That's certainly true if holding an AARP membership, which provides savings on healthcare coverage - from vision care to in-home care. There are discounts on vehicle and property insurance, as well.
But if you're not an AARP member, there are other senior discounts to claim. This can include everything from low-cost dental care, to medical alert systems, and even home modifications.
Eldercare Locator is one tool seniors can use to find local programs offering affordable - or even free - options for major life expenses. In the case of home modifications, the company can put seniors in touch with their local Area Agencies on Aging (AAA). This program provides repair and modification funds from the Older Americans Act. This is just one option, though; Eldercare Locator offers many others.
No matter which discount you choose, whenever in doubt, simply ask. There are senior discounts available from many more vendors and service providers than you might expect, so don't miss out on a single dollar in savings.
