7 Monthly Subscriptions Frugal Retirees Say Are Worth Getting
According to a study by Allianz, 67% of Americans are more worried about running out of money during retirement than they are about dying. So, when it comes to spending, it's safe to say most retirees are naturally pretty frugal — even when it comes to subscriptions which notoriously drain one’s bank account via autopay and recurring costs. However, there are some subscriptions that even the most frugal retirees insist are worth it.
“What makes certain subscriptions worthwhile for frugal retirees aren’t necessarily those that provide special experiences,” said Evan Farr, certified elder law attorney and retirement planner at Farr Law Firm, P.C. “Rather they are the ones that can save money, make life easier or allow them to remain independent longer.”
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Here are seven subscriptions that frugal retirees say are worth getting, according to experts.
1. Gym Memberships
Cost: Varies
Farr stated gym memberships are crucial for maintaining strength and balance, preventing falls, receiving social interaction and getting out of the house.
2. Amazon Prime Memberships
Cost: $14.99 per month
At $14.99 per month or $139 per year, an Amazon Prime membership is worth it for retirees who no longer drive. Not only can Amazon Prime regularly deliver any and all household items, but it can reduce reliance on children and other family members in the process.
3. AARP Memberships
Cost: $15 for the first year; $20 per year after that
Consumer savings expert at MySavings.com, Melissa Cid, said AARP memberships can deliver year-round savings on travel, retailers, insurance, cell phone plans, vision exams and popular restaurants. If retirees regularly take advantage of the offers, the membership is well worth it.
4. Warehouse Memberships
Cost: Starting at $60 per year
Who doesn’t love Costco and Sam’s Club? Farr explained that the membership fee pays for itself in spades if retirees regularly purchase items at the warehouse that they would ordinarily buy elsewhere (i.e. prescriptions, hearing aids, batteries, paper goods, eye glasses, gas, rotisserie chicken, frozen foods, etcetera). However, if retirees are prone to impulse buys or just throwing things in their cart “because it’s a good deal,” the math won’t work out so well.
5. AAA Memberships
Cost: Starting at $45 per month
In addition to offering discounts on hotels, rental cars and cruises, AAA is a life saver for automobile owners who live far from children or other family members. Roadside service calls include towing, lock-out assistance, jump-starts, tire changes and fuel delivery. Farr stated that just one tow truck ride justifies the annual dues.
6. Walmart Plus Memberships
Cost: $98 per year; $12.95 per month
Cid explained this membership is one of the strongest values around if retirees already shop at Walmart regularly. Members receive free shipping (with no order minimums), free grocery delivery on eligible $35+ orders at the same price you’d pay in store, fuel savings, pharmacy perks and your choice of Peacock Premium or Paramount Plus at no extra cost.
7. Meal Delivery Services
Cost: Starting at $8.74 per meal
For retirees with mobility issues or those without the patience to cook, meal delivery services like Home Chef and Factor provide a variety of nutritious, quality food while eliminating the need to eat out — and that means eliminating expensive restaurants along the way.
Editor’s note: Pricing and availability are subject to change.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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