Even Young People Are Worried About Running Out of Money in Retirement. Are You?
It's reasonable to worry about running out of money in retirement, but a savvy withdrawal strategy can take care of that.
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Warehouse clubs are becoming increasingly popular as shoppers seek ways to reduce spending. The cost of groceries and everyday essentials have increased, so getting a deal by purchasing goods in bulk can feel like a win. But you’ll need to get a membership to shop at Costco or Sam’s Club.
Even seniors can benefit from a Sam’s Club membership. Here are a few reasons senior shoppers may want to consider adding a Sam’s Club card to their wallets.
1. Save on prescription drug costs
All Sam’s Club members can benefit from discounted prescription drug prices. Generic medications start at $4, and discounts are also available on brand-name drugs.
While you can’t combine health insurance or discount cards with Sam’s Club prescription savings, some senior shoppers may find they can keep more money in their checking accounts by filling their prescriptions at their local Sam’s Club pharmacy. If you’re curious if you can save by becoming a member, contact your local club to learn more about prescription drug pricing.
2. Stretch your fixed income further
Another reason older shoppers may benefit from a Sam’s Club membership is it can help them stretch their money further when purchasing groceries and household goods.
Many seniors live on fixed incomes, so they must be cautious to stay on budget when shopping. If you have the room to store bulk items and live near a Sam’s Club, the annual membership fee may be worth it because of the savings you can get by shopping here.
3. Spend less on travel
Retirees can save money on travel costs with their Sam’s Club perks. If you’re spending your retirement years traveling the country or abroad, a membership could help you stretch your vacation budget further. You can use your membership perks to save on hotels, rental cars, attractions, amusement parks, and more.
4. Get a deal on health expenses
Sam’s Club members can also save money on important health expenses. They can schedule free hearing tests at their local clubs and shop for hearing aid devices and accessories. Seniors can also use their Sam’s Club membership perks to get a discount on prescription glasses and frames. A Sam’s Club membership card is handy if you’re a senior who wants to save on healthcare expenses like this.
5. Save time and money with prepared meals
Sam’s Club sells prepared meals at a great price. While these dishes are sold in family-style portions, this could benefit many seniors. Instead of spending time cooking multiple meals a week, these meals can be used as a convenient meal-prep solution.
You can buy one or two meals for the week and portion them out for multiple meals. Doing this may help you save money on food costs and cut down on the time you spend cooking.
Consider your needs and shopping habits before joining
If you’re a senior trying to decide whether to invest in a Sam’s Club membership, consider your needs and shopping habits first. If you have a club nearby and room in your home to store bulk items and other essentials, joining may be worthwhile.
Before joining, make sure you can afford the $50 to $110 annual membership. Unfortunately, Sam’s Club doesn’t offer memberships at a discount for seniors. However, the warehouse club frequently runs membership specials for new members. So look for a deal before you join to avoid overpaying. For additional tips, check out our personal finance resources.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
