6 Easy Ways to Save Money After You Turn 50

From discounted meals to tax breaks, there's a slew of bargains you can enjoy after reaching the Big Five-O.

6 Easy Ways to Save Money After You Turn 50 Photo by Monkey Business Images / Shutterstock.com

Few of us look forward to the Big Five-O — but perhaps we should.

After all, 50 is the age when we can join AARP — for a mere $16 — and finally qualify for great discounts at countless stores, restaurants and elsewhere.

There are even a few price breaks that begin at age 50 for people who are not AARP members.

So, instead of sitting around wondering when all those wrinkles arrived — or where all that hair went — take advantage of the following types of price breaks you can enjoy after turning 50.

Remember: You’ve earned ’em.

1. Dining discounts

With age comes the ability to appreciate a fine meal. And you can save all over town as a card-carrying member of AARP.

Discounts include 10 percent off meals at about a dozen restaurants — such as Outback Steakhouse, Bonefish Grill and Carrabba’s Italian Grill. You’ll save 15 percent at Denny’s and SweetFrog Premium Frozen Yogurt.

Scrumptious savings abound for those ages 50 and over. Bon appétit!

2. Entertainment deals

You’ve worked hard during your half-century — now’s the time to start reaping rewards in the form of discounted entertainment.

For $9.50, AARP members can buy movie tickets online that are good at theaters of the Regal Entertainment Group. They can also save $3 on any size popcorn and drink combo at Regal Cinemas.

Members can also save on tickets for select shows and events through Ticketmaster. These discounts include:

  • Two-for-one tickets
  • Me + 3 (four-packs)
  • Select tickets for less than $40

3. Retail savings

AARP members can catch a price break at various national retailers.

Members who flash their card at Tanger Outlets, for example, get a coupon book with up to $1,000 in savings.

There are even discounts on monthly phone services and accessories from industry leaders. For example, you can get a 10 percent discount on the monthly service charge for qualified wireless plans from AT&T.

If you aren’t an AARP member and are a little older, you still will qualify for discounts from certain retailers. Kohl’s, for example, offers a senior discount to people age 60 and older. It’s worth 15 percent off and is available on Wednesdays.

4. Travel perks

Don’t put off that vacation you desperately need and deserve.

AARP makes it easier for you to get away by offering discounts at leading hotel chains. But that’s just the tip of the iceberg. Members can also save on flights, cruises and car rentals.

Meanwhile, nonmembers can still qualify for some of the discounts detailed in “10 Hotel Chains That Offer Discounted Rates to Retirees.” They’re available to folks as young as 50.

If you’re older, also check out “7 Great Travel Discounts That Begin at Age 62.” No AARP card is necessary for any of those discounts.

5. Automotive savings

Having an AARP membership pays off big time when it comes to wheels.

In addition to rental savings from companies like Avis Rent a Car and Budget Rent a Car, members can enjoy deals on automobile, motorcycle and RV insurance. There are even discounts for insurance for golf carts, among other types of vehicles.

Sounds like it’s time to hit the road!

6. Enhanced retirement tax breaks

Workers age 50 or older can reduce their next federal income tax bill by making catch-up contributions to retirement plans.

For example, for the 2018 tax year, workers age 50 or older can contribute an additional $6,000 to a 401(k), or an additional $1,000 to an individual retirement account (IRA).

Best of all, the money you contribute to a 401(k) or traditional IRA is tax-deferred, meaning you won’t have to pay taxes on the cash until you withdraw it in retirement. To learn more about the different types of plans, check out “Confused by Retirement Accounts? Roth, Regular IRAs and 401(k)s Made Simple.”

Do you know of other great price breaks that arrive with your 50th birthday? Share them in a comment below or on our Facebook page.

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