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Month: May 2016

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Seven Ways to Save with Senior Discounts

Seven Ways to Save with Senior Discounts

Many Americans are financially unprepared for retirement. According to the Economic Policy Institute’s latest study, nearly 50 percent of working-age families have nothing saved in retirement accounts, and the median amount for the rest is only $5,000. Whether this describes your personal financial situation or not, it makes sense to save money where you can. For those over the age of 55, senior discounts are one way to do so.

  1. Ask about senior discounts when shopping for clothing.

Kohl’s offers seniors age 55 and up a 15 percent discount on their purchases every Wednesday. Ross Stores offer seniors a 10 percent discount on Tuesdays. TJ Maxx, Goodwill and Salvation Army Thrift Stores also have senior discount days during the week.

  1. Ask about senior discounts at the gym.

Regular exercise can improve your immune system and cardiovascular function as well as help you maintain bone density and lower your risk of diabetes and dementia. SilverSneakers is a no-cost fitness benefit—providing access to fitness classes and equipment at more than 13,000 gym locations across the U.S.—available to seniors with Medicare and some other group health plans.

  1. Ask your utility companies about senior discounts.

Some utility providers offer discounted rates for senior customers based on age and income. Contact your gas, electric, water, sewer, phone, cable and Internet providers to find out if discounts are available and what you need to do to be eligible.

  1. Ask about senior discounts at the movie theater.

Most big movie theater chains offer senior discounts. For example, visit an AMC Theatre and you can get 30 percent off your ticket price every day. Regal Cinemas offer a 30 percent discount to seniors as well. Some Cinemark and Century Theaters extend 35 percent off to seniors.

  1. Ask about senior discounts at any National Park.

Whether you prefer to enjoy the great outdoors from the comfort of your car or like to hike, fish or camp, you can purchase aSenior Pass from the National Park Service for $10. You must be 62 years old or older, but the pass is good for the remainder of your lifetime at any federal recreation site or national park. At some locations, you’ll receive a 50 percent discount on amenity fees charged for facilities and services as well.

  1. Ask about senior discounts at the grocery store.

Stock your refrigerator on the first Wednesday of the month and you’ll receive 10 percent off from Kroger if you’re at least 60 years old. Publix offers 5 percent off to seniors 60 and older every Wednesday.

  1. Ask about senior discounts when traveling.

Many seniors choose to spend their golden years traveling, and they can save money while doing so. Most cruise lines offer discount rates to travelers who are 55 years old and older. If you prefer to journey by train, Amtrak offers seniors 62 years old and older a 15 percent discount. You can also find discounts on bus and plane travel.

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Aging’s Effects on Financial Decision Making

Aging’s Effects on Financial Decision Making

Graying hair, shrinking bones and weakening muscles are all natural side effects of the aging process. But did you know that your fluid intelligence—or ability to reason, identify patterns and solve problems—also declines as you get older? It’s true, and according to experts at the Center for Decision Sciences at Columbia University, this makes it difficult for anyone over the age of 60 to make sound financial decisions.

That’s startling information, especially if you’re trying to care for an aging parent and are approaching retirement yourself. Fortunately, learning to identify the earliest signs of financial decline can help you recognize and manage the situation before it deteriorates further. These signs include slowness completing financial tasks (such as figuring the tip at a restaurant or writing a check at the pharmacy), missing important details in financial documents, and confusion about basic financial concepts.

If you notice that your parents are exhibiting any of these signs or are having difficulty with basic arithmetic, forgetting to pay their bills, or engaging in risky spending or investment behaviors, it may be time to have a conversation about their money management plans. Some may be hesitant, fearing that accepting assistance is akin to surrendering their independence. However, you can assure them that even minimal support will be beneficial.

For example, simple tools such as automated bill payment can go a long way towards reducing the incidence of age-related financial errors. Help them set up a payment schedule with their bank online and they won’t need to remember to pay their mortgage, utilities or cable bills. Consolidating debts can also help, leaving your parents with fewer creditors to worry about.

You may also want to talk to your parents about signing a financial power of attorney. This legal document will enable you—or whomever your parents select as their agent—to manage their finances should they no longer be able to do so themselves. It can be set up so that it goes into effect as soon as they sign it (durable financial power of attorney) or when a doctor has certified that they are incapacitated (springing financial power of attorney).

They can choose to give their agent as much or as little power as they wish including the authority to pay their everyday expenses, handle their mortgage and real estate transactions, collect their Social Security and other government benefits, invest on their behalf, manage their retirement accounts, handle bank and other financial transactions, file and pay their taxes, and transfer property to a previously created trust. They can revoke a durable financial power of attorney at any time as long as they are mentally competent.

If you’d like to learn more about financial planning for retirement, money management after retirement, or how you can help your parents safeguard their future with a financial power of attorney, give us a call today.