Growing older has its advantages. As time passes, you get a little wiser. Especially when it comes to saving money. There are many ways for seniors to get cheap — and even free — services.
Some of these offers are available based on age or income while others are open to everyone — even those who have yet to reach their golden years.
1. Free checking accounts
Some banks offer checking accounts with special perks — such as free checks and no maintenance fees — just for retirees.
We detail several examples of accounts that are available at both traditional and online banks as well as credit unions in “6 Bank Accounts With Extra Perks for Older Customers.”
2. Free, expert advice on everything money-related
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3. Free tax help
Few of us enjoy tax time. Tax laws are complex, leading to headaches and worries for many people who take a DIY approach to filing.
If you’d prefer to avoid that worry during retirement, consider turning to the federal government’s free Tax Counseling for the Elderly (TCE) program.
It offers help for older taxpayers, particularly those age 60 and above, with specialized assistance on questions regarding pensions and other retirement-related issues.
4. Free search for investment help
There comes a time in life when it makes sense to get a second opinion.
Maybe you’ve been great at growing and managing your savings without help. But the more you have, the more attention your savings require and the more you lose by screwing up.
One Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt.
Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
They can also be there in case one day you’re not.
These days, there are free online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be offered a free consultation.
Nothing to lose, lots to potentially gain. If you have $100,000 or more in savings, Take a minute and check it out right now.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”
5. Free Medicare assistance
As with taxes — or, frankly, anything else attached to the federal government — Medicare can be overwhelmingly complicated.
If you are lost at sea trying to navigate this federal health insurance program primarily for seniors, consider turning to your State Health Insurance Assistance Program (SHIP).
As we detail in “14 Things That Are Free With Medicare,” SHIP offices provide complimentary health insurance benefit counseling for Medicare beneficiaries and their families or caregivers.
6. Free gold information
If you’ve got part of your savings in stocks or mutual funds — and you should — you’re well aware that what goes up can also go down; sometimes by a lot.
You can’t control the stock market or the world economy. But you can protect against uncertainty by having other forms of wealth.
One of the oldest and most common ways to diversify is with gold. It’s been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.
Don’t go overboard; experts recommend putting no more than about 10% – 15% of their long-term savings into the King Midas metal.
And keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Goldco is one company to consider. They offer just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.
Goldco has been around for more than a decade and has been recommended by celebrities like actor Chuck Norris and even former presidential candidate Ron Paul.
They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs.
You’ll even receive up to $10,000 in free silver on qualified purchases.
Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look? Click here right now and get a free information kit.
7. Free prescription drugs
Many seniors take a handful of prescription medications every day to keep disease at bay. The cost of such drugs can be high so every bit of savings helps.
Medicare Part D coverage and most Medicare Advantage plans cover some prescription drug costs for seniors. But if you don’t qualify for Medicare or are simply looking for more opportunities to cut drug costs, see if you’re eligible for any prescription assistance programs.
You can learn more about them through these organizations and websites:
8. Free long-term care quote
According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.
Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.
It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.
Plan now for a secure tomorrow. Get your fast, free quote today.
9. Free medical services
While Medicare Advantage plans can vary as to what they cover and what they cost, all plans must pay for certain medical services and other expenses. In fact, all plans must cover a number of services in full — meaning people on Medicare pay no additional cost for those services.
These “freebies” include annual wellness visits, flu shots and certain other vaccines, and screenings such as a colonoscopy, for example.
10. Free home protection quote
Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands to fix.
But you don’t have to worry. With a company called America's 1st Choice Home Club, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.
Stop worrying about household breakdowns, and get a free quote in 30 seconds.
11. Free food and drinks at restaurants
Scoring free food and beverages at restaurants can be tricky. Some restaurant chains offer senior freebies on a by-location basis. Others tend to be a bit tight-lipped about their price breaks.
We detail some in “29 Restaurant Chains That Offer Senior Discounts,” but the best way to discover these hidden freebies and discounts is to simply ask when you order.
Also, if you join a senior membership organization such as AARP, you’ll be entitled to a host of discounts at restaurants, among other places. Joining is not free, but the money you save from taking advantage of those discounts could easily exceed the cost of the membership.
12. Free reverse mortgage info
In today’s world, living on Social Security alone won’t cut it. If you want to maintain your current lifestyle, you’ll need a way to generate retirement income for life.
Fortunately, you have options. If you’re 62 or older, a reverse mortgage can help you enjoy your retirement, rather than simply endure it.
Here’s the concept: If you qualify, the reverse mortgage lender will pay off your house and give you a chunk of the proceeds to use any way you like — while you’re still living in your home. It remains your home; you’ll hold the title until you die or choose to move elsewhere, provided you keep making the property tax, homeowners insurance and maintenance payments.
Opt for a lump sum, scheduled payments or even a line of credit. Again, it’s your money, to be used in ways that make your retirement more enjoyable, comfortable and safe.
One company for free information and a quote is Longbridge Financial. You can get a free, no obligation quote in seconds. They’re A+ rated by the Better Business Bureau, a top-rated lender by Consumer Advocate and have a 5-star rating with Trustpilot.
You’ve no doubt wondered if a reverse mortgage could add to your retirement income. Why not take a few seconds and get a free Longbridge estimate and more info?
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