AARP Experts Say These Are the 21 Best Ways To Save in Retirement This Year
There’s a lot to look forward to in retirement — but maybe nothing as exciting as all the savings! AARP experts have compiled a compiled a list of practical ways for retirees to save money for the rest of 2024 and beyond. These tips cover various aspects of daily life, from home improvements and banking to travel and healthcare.
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Here are 21 of the best AARP money-saving ideas for retirees.
1. Add insulation to your attic.
The EPA estimates homeowners can save an average of 15% by sealing their homes and adding insulation in attics, floors over crawl spaces, and basements.
2. Check for banking deals.
Some banks offer 4-5% interest on savings accounts.
3. Use a robo-adviser for investing.
These programs can help manage your investments for fees typically 0.25 to 0.50% of the portfolio value, compared with 1% for a human adviser.
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4. Wait to buy sports tickets.
Prices for most regular season games usually drop as the event approaches.
5. Try outpatient surgery centers.
For example, the Medicare copay for cataract surgery is $363 at a surgical center versus $588 at a hospital.
6. Join a dental savings plan.
These plans offer discounts averaging 50% and typically cost about $150 per year.
7. Use free TV streaming services.
Options like Amazon Freevee, Pluto TV, Tubi, the Roku Channel and Crackle offer free shows and movies with ads.
8. Buy a refurbished phone.
Walmart was recently selling a new 128-gig iPhone 14 for $530 and a “restored” version for $423, saving $107.
9. Clean your dishwasher’s drain trap.
With typical use, clean the trap about once a month to prevent clogs and extend your dishwasher’s life.
10. Use dynamic pricing for electricity.
Running appliances at off-peak times can save $60 to $240 per year.
11. Compare insurance rates.
The overall insurance market is very competitive, so shop around for better deals.
12. Take a safe driving course.
This can lead to insurance discounts up to 25% on key coverage areas.
13. Use AARP member benefits.
These include discounts on prescriptions, vision care, and up to 35% off car rentals.
14. Consider hostels for travel.
Many now cater to older travelers and can be cheaper than other local accommodations.
15. Use cruise control on highways.
This can improve gas mileage by 15-30% percent on long and level stretches.
16. Pick up online purchases in-store.
This can help you avoid shipping fees on purchases below the average free-shipping threshold of $64.
17. Have a separate email for shopping.
Use this for retailer promotions to keep your main inbox clear.
18. Let leaves decompose naturally.
Skipping leaf removal could save you an average of $300 that landscapers would charge.
19. Lower your water heater temperature.
Setting it to 120 degrees instead of 140 could save you more than $400 a year.
20. Unplug unused devices.
This can save up to $100 per year on “standby” power use, according to the U.S. Department of Energy.
21. Pack your own airplane meals.
Bringing food from home can save about $25 per couple on a round trip.
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