8 Stores, Including Costco & Walmart, Where Retirees Can Take Advantage of All the Perks
Retirement is all about making your money work harder after you permanently punch out of your 9-to-5. However, your nest egg has some big bosses to compete with in the form of inflation, skyrocketing food costs and potentially dwindling Social Security benefits.
That’s why it’s important to find ways to save, even in America’s most popular stores, which offer valuable benefits that many seniors overlook. Here are Costco, Walmart, Amazon and a few other stores where retirees should be taking full advantage of every discount, reward, and money-saving opportunity available.
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1. Costco
Your Costco membership is almost as good as an AARP membership in your golden years, as it can amount to serious savings in a variety of categories. For example, you can save up to 80% on a wide variety of popular medications at the Costco Pharmacy, and that's just the beginning.
Business expert Andrey Meshcheryakov, Head of Ways to Win Practice at Recombinators, advises you to break down just how much you spend on memberships and if that is supported or offset by what you save when it comes ot your fixed income.
“Executive membership costs $65 more than Gold Star and returns 2% on eligible purchases, meaning the upgrade breaks even at approximately $3,250 in annual qualifying spending. Costco now also offers Executive members a monthly $10 SameDay or Instacart credit on an eligible order of at least $150, but that is valuable only for a retiree who would already place such an order,” he said.
2. Walmart
If you're an AARP member, you can get $40 off a Walmart+ annual membership. This comes with a variety of benefits, including free delivery from your Walmart store, free shipping with no order minimum, fuel discounts, a complimentary Paramount+ or Peacock subscription, free returns from home, 25% off every day at Burger King and more.
“At Walmart+, the $98 annual fee can be tested the same way: a retiree buying ten gallons of fuel each week would save about $52 annually at ten cents per gallon, leaving $46 that must be recovered through benefits they genuinely use, such as grocery delivery, pharmacy delivery or included streaming,” said Meshcheryakov.
Alternatively, if you're not an AARP member but receive Medicaid, SNAP, WIC or other qualifying forms of government assistance, you can get a Walmart+ membership for $6.47 per month or $49 per year.
3. Amazon
While Amazon doesn't technically offer a senior discount but if you receive any qualifying government assistance, you may be eligible for a discounted membership for Prime and pay just $6.99 per month. Some seniors also qualify for a reduced Prime Access subscription if they receive assistance from the following:
Supplemental Security Income (SSI)
Supplemental Nutrition Assistance Program (SNAP)
Medicaid
Direct Express Debit Card (DE)
Temporary Assistance for Needy Families (TANF)
National School Lunch Program (NSLP)
Low Income Home Energy Assistance Program (LIHEAP)
Women, Infants, and Children Program (WIC)
Tribal Assistance Eligibility Letter (TTANF)
Puerto Rico's Nutrition Assistance Program (NAP)
So is your Prime membership worth it? According to Meshcheryakov, it depends. “My practical recommendation is to perform a membership audit twice a year: count only benefits used during the previous six months, subtract the membership fee and eliminate overlapping programs.”
4. Target
Target Optical offers exclusive discounts to AARP members. This includes an extra 10% off contact lenses, 50% off additional pairs of prescription eyewear or sunglass purchases and an extra $10 off eyewear.
“No-fee benefits deserve priority – for example, an eligible Target Circle debit or credit card provides 5% off qualifying purchases without an annual fee. The best perk for a retiree is rarely the one with the longest list of benefits; it is the one that removes a recurring cost without encouraging a new one,” said Meshcheryakov.
5. CVS
CVS shoppers 60 and older are eligible for a variety of deals and offers just for older adults as part of the free ExtraCare program. You'll also get birthday rewards, 2% back in ExtraBucks Rewards on purchases and $4 off your first purchase after enrolling. Additionally, CVS offers no-cost vaccines with most Medicare plans.
“The most important point is that a perk is valuable only when it replaces an expense or activity the customer already has. Membership programs are designed to increase engagement, so counting every advertised benefit at face value can turn “saving” into additional spending,” said Meshcheryakov.
Senior Discount Honorable Mentions
Every little bit counts, so whether you are paying for memberships to subsidize your cost of living or just wanting to stretch out your retirement savings, here is a few more stores where you can save a buck or two just via a senior discount:
Kohl’s: Shoppers ages 60 and up receive a 15% discount on qualifying in-store purchases every Wednesday at Kohl's.
Michaels: Register for Michaels Rewards and receive a senior discount of 10% off your entire purchase (even sale items) online and in-store every day.
Walgreens: Those 55 years old and older can join myWalgreens for free and access exclusive senior savings. This includes a Seniors Day discount on the first Tuesday of each month. You can also use the code SENIOR20 online to receive 20% off select regular-priced items, according to Walgreens.
Jennifer Taylor contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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