6 Easy Ways to Save Money After You Turn 50

© goodluz / shutterstock_623990804

By Melissa Neiman, Money Talks News

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 or the Association of Mature American Citizens (AMAC) — or both — and finally qualify for discounts at plenty of stores, restaurants and elsewhere.

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

© Blend Images/Getty Images Businessman paying the check at restaurant.

You can save while dining all over town as a card-carrying member of AMAC or especially AARP.

AMAC members enjoy discounts at a few chains.

The many dining discounts available to AARP members include 10% off meals at about a dozen restaurants — such as Outback Steakhouse, Bonefish Grill and Carrabba’s Italian Grill. With an AARP card, you’ll save 15% at Denny’s and Sweet Frog Premium Frozen Yogurt shops.

Other restaurants offer discounts even if you don’t belong to an organization. For example, some Chili’s locations offer price breaks for seniors.

Scrumptious savings abound for those ages 50 and over. Bon app├ętit!

2. Entertainment deals

© Scott Olson/Getty Images A theater employee gets popcorn for customers in the concession stand at a theater Neligh, Neb.

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

AARP members, for example, can save up to 20% when purchasing Regal ePremiere Tickets online. They can also save $3 on any size popcorn and drink combo at Regal Cinemas if they are also Regal Crown Club members.

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

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

AMAC members enjoy a variety of entertainment deals through MemberDeals.

3. Retail savings

© Richard Drury/Getty Images (c) Richard DruryGetty Images Man looking at jacket in clothes shop

AMAC members save at a few retailers, like Office Depot and Brooks Brothers.

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.

You don’t need any membership card to take advantage of “senior” discounts at retail stores, however.

4. Travel perks

© Lester Lefkowitz/Getty Images Worker checking wing as luggage rolls onto airplane

AARP and AMAC make 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 cruises and car rentals, for example.

Meanwhile, you don’t have to be an AARP or AMAC member to qualify for some of the discounts detailed in “9 Hotels That Give Price Breaks to Seniors.” They’re available to folks as young as 50.

Other travel discounts abound. For example, American Airlines offers discounted tickets on select international flights for passengers over the age of 65.

5. Automotive savings

© Troels Graugaard/Getty Images Mechanic repairing car

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.

AMAC members also enjoy rental savings from companies like Avis as well as savings on roadside assistance plans.

Sounds like it’s time to hit the road!

6. Enhanced retirement tax breaks

© Getty 401k statement

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

For example, for the 2019 tax year, workers who are 50 or older can contribute an additional $6,000 to a 401(k), or an additional $1,000 to an individual retirement account (IRA) in addition to their annual base contribution.

Best of all, the money you contribute to a traditional 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.

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Finance Magazine: 6 Easy Ways to Save Money After You Turn 50
6 Easy Ways to Save Money After You Turn 50
From discounted meals to tax breaks, a slew of bargains await after you reach the Big Five-O.
Finance Magazine
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