Holiday Accounts

After the holidays it seems everyone is looking at their bank account and wondering about ways to save money. What can be done by older people and their families to relive a little of the post-holiday pressure?

Take the senior discount.

Grocery stores, movie theatres and restaurants often offer discounts to older people, if you are eligible, you should take advantage of it. Don’t hesitate to ask for this discount and check with theseniorlist.com before heading out. According to them there are over 100 places that offer generous deals to seniors. Keep in mind that local businesses may also offer deals, not just the large chains. Many offer to people as young as 55 and these small savings may add up to thousands of dollars over the course of a year.

Join AARP

The cost to join AARP is $16 a year and the membership can pay for itself quickly. To begin with, many businesses offer discounts to AARP cardholders.  Papa-John’s offers 25% off and Denny’s 20% discount. The organization offers free tax help, financial planning, estate-planning , insurance programs for members only, free webinars, travel discounts , discounted car rentals and hotel rooms not available to the general public.

Be a wise spender

Tax-advantaged accounts like 401(k)’s and IRA’s should be left alone for as long as possible to take advantage of tax free compounding.  Once these accounts are exhausted then it is time to tap into retirement accounts. Finding a trustworthy financial planner is imperative and following the tax advice is as well. When it comes to retirement accounts, know when to tap into what type of account can save thousands of dollars in taxes over the course of your retirement.

It is not news to anyone that a money woe is one of the leading causes of stress. Taking good care of your finances is important for emotional and physical wellbeing. Start 2016 off right by making a few changes and your future will look and feel brighter.

Happy New Year!

Photo courtesy of www.teacherspaceny.com.