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Getting older has its advantages, especially when it comes to your bank account. That’s because at a certain age, deals abound for everything from travel to education.
“When you reach 50-plus, you see all these discounts kick in,” says Trae Bodge, a shopping expert at TrueTrae.com. “You have to get over the fact that you need to show ID and ask.”
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It makes sense businesses would want to court this group. Slightly more than 34 percent of people in the U.S. are 50 and over, according to a Harvard University study. During the next 20 years, more than 27.7 million people will join this club.
Banks and insurance companies also covet older adults and offer them special perks.
In many cases, the older you are, the more you’ll save, but even people new to their 50s can score age-related deals. With that in mind, here are 11 examples of when your age pays.
1. Cheaper auto insurance
It’s true that as you age, your auto insurance premiums rise, but if you are in your 50s or 60s, you may see some of the best savings of your lifetime, according to data from Progressive. Drivers in their 50s and 60s tend to have lower rates because they have decades of experience and their vision is intact. Rates tend to rise again at age 75.
On top of that, older adults in many states are eligible for driver discounts if they enroll and complete state-sanctioned driving courses such as the ones offered by AARP, AAA and the National Safety Council (NSC). If you pass, it’s usually good for 10 percent off your liability insurance.
How to get the discount: Don’t wait to save. As soon as you turn 50, contact your insurance provider to inquire about the discount.
2. Travel deals
Many hotels offer senior travelers discounts on lodging. You can save at Choice Hotels, Best Western and IHG Hotels & Resorts to name a few. The same goes for flights. Airlines, including Delta and United, offer discounts for older adults, though they’re only available in certain markets.
How to get the discount: When booking your room or flight, inquire about discounts. Some hotels and airlines promote mature adult discounts on their websites.
3. Retail discounts
From clothing to haircuts, retailers offer discounts to their older patrons. Kohl’s has a 15 percent discount every Wednesday for its 60-plus customers. At Rite Aid, customers 65 and older can earn five times rewards points on the first Wednesday of every month. Pep Boys and Michaels offer people 55-plus a 10 percent discount with valid ID. If you are a member of a discount program such as AARP’s, you can get deals at retailers and service providers around the country. Supermarkets typically pick one day per week to extend a deal to their older shoppers. The discounts range from 5 percent to 10 percent off your grocery bill or select items.
How to get the discount: At some retailers, all you have to do is show valid ID; others require you to sign up to their rewards program. Rules for retailers can usually be found on their website. Ask at checkout to ensure you get the deal.
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