It’s a well-documented fact that Baby Boomers are a driving force in the retail sector. Right now, 10,000 people in the U.S. turn 65 each day – a trend that is expected to hold through 2029.
According to research from Visa, Americans over age 60 will continue making a huge impact on consumer spending for the next decade, as Boomers are also deferring retirement, maintaining higher levels of debt, and shelling out more on travel and discretionary items than previous generations.
That doesn’t mean people of a certain age shouldn’t still hunt for bargains. And there are deals for seniors on everything from dining out and entertainment to shopping and travel.
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One of the best resources for finding senior discounts is The Senior List. This website gives older consumers the scoop on getting discounts at restaurants, grocery stores, home-improvement and other retail stores, hotels, car rentals, and even on prescription medication.
You’ll Probably Have to Ask
When shopping at brick-and-mortar stores, don’t just assume a senior discount will be offered; in most cases, older shoppers must request it. That’s because many stores train their employees not to assume customers’ ages in an attempt to avoid offending them.
Be Sure to Stay Disciplined
While scoring deals can give retirees a rush, it’s important that older consumers practice discipline when “stimulating the economy,” as my mother likes to refer to her (admittedly infrequent) shopping sprees. After leaving the workforce, retirees tend to have a lot more idle time on their hands. Some find themselves watching home-shopping network programs or surfing the web, where it’s easy to get sucked into making unnecessary purchases.
As we’ve discussed before, the first step to financial success (no matter what your age) is making – and sticking to – a budget. This becomes even more critical when living on a fixed income. To get an objective, no-obligation look at where you stand and how you may be able to improve with smart financial planning and investing, request a FREE Results In Advance Planning consultation today.