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 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.
3. $10,000 in free silver
One of the best ways to protect your savings is diversification. Have money in different types of investments: ideally ones that can go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.
But there’s one investment that thrives in this scenario: gold.
But 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?
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 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:
7. 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.
8. 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.
9. Don’t let home repairs drain your bank account
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 of dollars to keep up.
But you don’t have to worry. Luckily, with a home warranty company called American Home Shield, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
AHS protects your stuff no matter the age. Their plans cover up to 23 appliances and systems, and if they can’t repair it, they’ll replace it. That’s why American Home Shield is America’s top home warranty company with more than 17,000 contractors and two million members.
All over America, homeowners are choosing AHS for the savings, service and peace of mind that it delivers
10. 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.
11. Free, expert advice on everything money-related
What’s free and gives you tips to spend less, make more and avoid rip-offs? The Money Talks Newsletter. Every day we provide free tips and tricks that will make you richer. And it doesn’t cost a dime.
Our readers report saving an average of $941 with our simple, direct advice.
Click here to sign up. It only takes two seconds. And if you don’t like it, it only takes two seconds to unsubscribe. Don’t worry about spam: We never share your email address.
Try it. You’ll be glad you did!
12. Let your home pay for its improvements
Fixing up your home costs money. But don’t pay 20% interest by financing everything with credit cards. Instead, take advantage of much lower rates by borrowing against your home.
One of the most highly-rated lenders for home equity loans is Quicken Loans. They’ve eliminated most of the hoops you used to have to jump through, so it only takes a couple of minutes to see how much you can get..
Of course, if you’re having trouble making ends meet, be careful with this, or any type of loan. But if you’re gainfully employed, responsible and own a home, there’s no reason to pay ripoff rates.
Bonus: Are you 62+? Welcome to Charlie, banking built for you
Charlie is a financial technology company, not a bank. Banking services provided by Sutton Bank, Member FDIC.
You’ve been everything to everyone: the planner, the mentor, the teacher, the one to lean on. It’s time someone built a solution with just you in mind. It’s time for Charlie.
At Charlie, customers can access their Social Security payments early each month with no interest or fees.
All Charlie Accounts also come with a Charlie Visa* ® Debit card, which can be used at over 55,000 ATMs nationwide– fee free**! Your Charlie debit card is good wherever Visa ® * is accepted. You also earn 3% on deposits in your Charlie Account.
We know security and peace of mind is important, and that’s why Charlie is here to support you every step of the way. Charlie Accounts are insured up to $250,000 through their partner bank, Sutton Bank, Member FDIC. And if you ever need assistance, Charlie’s U.S.-based customer service team is available to answer any questions.
Having spent a lifetime of providing financial security and emotional support to others, now it’s your turn. Join Charlie today.
*The Charlie Visa® Debit Card is issued by Sutton Bank, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa, U.S.A. Inc. All other trademarks and service marks belong to their respective owners.
***One-time fees include out-of-network ATM fees and second replacement card fees. See cardholder agreement for full fee schedule.