Popular Senior Discounts Are Vanishing, but Expert Points to Valuable Alternatives

Senior discounts have evolved. While still offered by many retailers, these money-saving opportunities don’t necessarily look the same as in the past.

For example, across-the-board discounts at businesses like some restaurants, movie theaters and grocery stores — i.e., shoppers ages 55 and up save 5% every Wednesday — have largely disappeared. This can be problematic for those on a fixed income, relying on every penny to make ends meet.

Find Out: 6 Items Smart Seniors Are Hoarding From Sam's Club

Make Money: 7 Clever Ways Retirees Are Earning Up to $1K Per Month From Home

Senior Discounts Are Changing Shape

The good news is many retailers still offer plenty of ways for seniors to save. However, finding these discounts might require a little digging and a lot of flexibility.

“The senior discount is not really going away, it is just changing,” said Achim von Bodman, certified financial planner (CFP), senior tax manager at Watter CPA. “Now retailers are using programs on their apps and changing prices all the time.”

For example, some grocery stores now offer digital coupons instead of specific senior discount days, he said. Additionally, he said that some restaurants only offer discounts to AARP members and some movie theaters only offer senior pricing at certain times.

This is problematic for seniors in two ways, he said.

“They do not get the discount because of their age anymore and they are also the people who are least likely to be using the apps that give the discounts,” he said. “So the people who are good with technology are the ones who get the discounts now.”

Ultimately, he recommended checking with local retailers to find out about senior discounts, as they largely vary.

Getting the Most From Senior Discounts

Joining AARP is one of the best ways to get senior discounts, von Bodman said. As a member, you’ll receive automatic access to a wide variety of discounts.

For example, AARP members get 15% off dine-in and pickup orders at Denny’s, up to 35% off rental car base rates and other benefits at Avis and Budget and 15% off oil changes at Valvoline.

He also recommended downloading apps for your favorite business, as this is where you’ll find money-saving opportunities. Additionally, he said to inquire about senior discounts at checkout because they’re not always advertised.

“It is better to focus on the discounts you use all the time than trying to use every single program,” he said. “If you can get 5% off your groceries every week that is better than getting 15% off something you only buy twice a year.”

When living on a fixed income, consistent discounts are the biggest win, he said.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

More From MoneyLion:

• How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too

• Mark Cuban's $14,600 Case for Skipping Daily Coffee in Favor of Investing

• Claiming Social Security at Age 70 Boosts Your Check 24%—But There's a Big Catch

• Discover a Smarter Way to Keep Unexpected Expenses From Derailing Your Budget