Resources for Seniors
For many people, getting older means retiring and finally having the time to indulge in hobbies, family and travel. For many senior retirees, however, it also means having to keep a close watch on spending habits to avoid overextending themselves. After all, for anyone on a fixed income, spending too much one month could mean going without the next, making budgeting a main priority for many senior retirees.
Luckily, when it comes to saving money and building a financial safety net for themselves and their families, there are several opportunities seniors can take advantage of. From discounts on vehicle insurance to special rates on consumer goods, here are just a few of the main ways seniors stay healthy and save money during their golden years.
Senior Auto Discounts: Many things start getting more expensive after retirement. Unfortunately, car insurance is one of them. Even though insurance rates tend to fall as you get older, they start rising again in your 60s and 70s because insurance companies believe seniors pose a bigger risk on the road.
Fortunately, there are steps you can take to keep your car insurance rates as low as possible. Many insurance companies offer discounts for seniors who take a driver safety course. You may be able to take these classes in person or online, and most of them are pretty affordable. The classes will likely cover general driver safety as well as topics that relate specifically to senior.
Additionally, make sure to take advantage of other senior discounts that may be available to you. This includes discounts for restaurants, grocery stores, retail and even phone plans. Many of these discounts are available whether or not you are a member of organizations like AARP.
Medical Alert Systems: Emergency response systems like fall buttons, voice-activated alert devices and other monitoring aids are of vital importance to seniors. These devices get life-saving help to seniors who have fallen or are in need of emergency medical services and cannot make it to a phone. Some devices will only work when they are activated, usually with a button, while others have sensors that automatically detect falls.
Medical alert companies often offer discounts to seniors in order to encourage them to try or purchase their products. Discounts are usually either a percentage off from the price of the product or a promotional period where seniors can use the product for free, sometimes for as long as two months. While some of the discounts are only available to members of organizations like USAA and AARP, others are available for any interested senior.
Term Life Insurance Over 60: Also called “pure life insurance,” term life insurance is a policy that pays out a certain agreed-upon benefit to your beneficiary if you pass away. It is called “term” life insurance because it is only active for a certain amount of time or while you are paying the premium. Once the policy expires, you will need to start a new policy if you want to continue being covered.
This type of insurance is meant to help pay for final expenses and do not come with other benefits, such as allowing you to borrow against the policy as you might do with “whole” life insurance policies. However, they can be very beneficial if you want the peace of mind of knowing your dependents will be taken care of should anything happen.