For retirees, managing finances effectively is crucial for maintaining a comfortable lifestyle, especially when living on a fixed income means making every dollar count.
That’s where shopping at Costco comes in. Known for its bulk products and wholesale prices, this mega-retailer and discount warehouse can be a smart strategy for retirees looking to stretch their budgets and maximize their savings.
From affordable groceries to discounted prescriptions, here are seven ways Costco helps retirees stick to a budget and enjoy more financial freedom.
1. Bulk Purchases Reduce Costs
It’s not hard to see that Costco started its life as a restaurant and business supply company, as it’s the kind of place that thrives on buying in bulk. When it comes to how retirees can save money at Costco, many savvy seniors have formed some retirement budgeting strategies.
Retirees may not need to use many products, but a lot of bulk options can be stored, whether shelf-stable dry goods, paper items, cleaning supplies or freezable foods. By buying in bulk, not only will retirees save overall on costs, but they can also limit their gas use by shopping less often.
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2. Access to Affordable Medications
Costco membership benefits for retirees continue, as it is more than just a place to buy food and home goods — it’s also an excellent pharmacy, with prices on some items that are up to 80% cheaper for members than traditional pharmacies.
Retirees are often entering the ages when health issues increase, as does the likelihood of needing to take more medications. Costco also offers some generic options on brand-name medications, making it easier to save.
3. Virtual Doctor Appointments
Costco has seriously entered the healthcare game now, offering telehealth appointments with doctors through Sesame for just $29 per month.
This can offer an alternative or a supplement for hardly any additional money for retirees who have to keep healthcare costs low. Plus, it saves time and gas.
4. Discounted Gas Prices
Costco savings tips for retirees are endless, as not only does it offer its own gas stations, with prices typically lower than other local gas stations, but you can also sign up for its gas rewards program and earn 4% back on qualifying purchases, up to $7,000 back for your first year. Thereafter, it’s 1% cash back.
It also comes with discounts on restaurants, travel and other Costco purchases. This makes it extremely budget-friendly for seniors.
5. Affordable Eyewear and Hearing Aids
In addition to other healthcare services, Costco also offers competitively priced eyewear and hearing aids. Older adults are likely to experience changes in vision and hearing as they enter retirement, and these kinds of prescriptions can really add up.
Additionally, you can see Costco optometrists and audiologists at affordable prices.
6. Low-Cost Organic and Healthy Food Options
While healthcare professionals emphasize the importance of healthy eating, they don’t always talk about how expensive it can be to eat the highest quality food. Costco makes it a lot easier for retirees to do so, with affordable options on everything from fresh produce to lean meats and much more.
7. Exclusive Member Deals and Discounts
By now, it’s clear that Costco is much more than just a place to buy bulk cereal and paper towels. In addition to all kinds of excellent products for less, members get access to exclusive member deals and discounts on services and products ranging from travel to insurance and healthcare — all things that can be especially costly in retirement, otherwise.
If you continue to shop only for what you really need and take advantage of Costco’s cheapest services, this membership can help retirees stay well under budget on critical items.
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This article originally appeared on GOBankingRates.com: 7 Smart Ways Costco Helps Retirees Save Money and Stick to a Budget
