Five Money-Saving Resources for Seniors

Many individuals and families have been hurt by recent events in the economy and job market and a lot of those hurt has been the older segment of our society. Many of these "seniors" have had to quit working earlier than planned due to job loss and being unable to find other employment and have perhaps been somewhat unprepared for their premature reduction in income. Others hurt by the poor economy are those who have already been receiving Social Security benefits but who are struggling with the increase in housing costs, as well as in food, gas, medical, and other living expenses. In many cases, seniors aren't aware of what is available to them in financial assistance and help. The following are a few money saving tips that may help seniors cope with day-to-day expenses.

Senior Discounts

Many stores, restaurants, and other businesses offer senior discounts. Usually somewhere around 10%, some businesses offer the discount only on certain days of the week. Even some Goodwill stores give a 10% discount on a specified day. It is important to ask because the discount is not always advertised and sales and wait staff do not always remember to inform the customer of its availability.

"Senior" does not always mean one has to be 65 to qualify for discounts; in most cases, 55 is considered senior and, occasionally, the age of 50 will qualify an individual for a discount. Such is the case with stores like Banana Republic and Kmart. Ever think you’d hear those two retailers listed in the same sentence? 

Travel

Don’t forget to check for senior discounts on travel too. Choice Hotels (which includes Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban, Econo Lodge, Rhodeway Inn) offer senior discounts starting at age 50.  Many other hotels and motels offer senior discounts as well, maybe not starting at age 50, though. In some cases, a membership in AARP is required.

Airlines and car rental agencies usually offer a senior discount but it is important to compare their senior rate with their lowest available rate. In some cases, the senior rate is not the most economical.

Utilities and Other Expenses

You’ve paid taxes all of your life. It’s time to reap the benefits. Programs, such as the Low-Income Home Energy Assistance Program (LIHEAP), will help qualifying seniors with utility bills. To find out who qualifies, go to www.acf.hhs.gov/programs/ocs/liheap. 

At a local level, many other service providers offer senior discounts and/or programs. Some phone companies have a discounted rate for anyone who meets certain financial criteria. In some cases, the customer has to be receiving some other form of government assistance, such as EBT or Medicaid. They reason that if your income is low enough to qualify for government benefits, you probably need energy assistance as well. Other service providers, such as garbage collection, may also offer discounts. 

Property Taxes

Property taxes may be discounted if a senior meets certain income requirements. If a senior qualifies for reduced property taxes, their tax-assessed value may also be "frozen," which would prevent any future increase in tax payments. Such programs keep seniors in their homes longer. Even as property values skyrocket around them, seniors can depend upon a tax bill that will not vary more than a few percentage points. 

Some states and municipalities have rules about how much higher taxes can climb from one year to the next as well. Since property taxes are managed at a town or county level, the requirements and benefits may vary. To find out if they qualify for any tax breaks, seniors should contact their local tax assessor's office.

Nutritional Assistance

Food assistance is important too and there is nothing to be ashamed of in applying for food stamps. According to the United State Department of Agriculture (USDA), they help one in four people get access to nutritional food. About 8 percent of those who receive food stamps are elderly, but only 1 in three eligible elderly persons apply for food stamps. Gaining access to nutritious food is an important part of living your golden years to the fullest. For more information about food stamp programs, visit http://www.aoa.gov/AoARoot/Elders_Families/index.aspx.

Jessica Bosari is an Internet copywriter and blogger for various publications and her own blog. You can read more of Jessica's work here.