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11 Tips to Save Big In Retirement

Save big in retirement with these helpful tips. After a lifetime of hard work, retirement seems like a finish line that many seniors can’t wait to reach. But the absence of a steady income and the high costs of housing, healthcare, utilities, and food isn’t cutting it for many seniors. That’s why we have compiled some useful tips that help seniors save big in retirement without sacrificing the lifestyle that they had worked so hard for.

  1. Enjoy food out for a discount

Many restaurants offer senior discounts that help you save a lot of money when eating out. Applebees, Burger King, IHOP, Sonic, Wendy’s, Subway, Outback Steakhouse, and White Castle offer 10% discounts.

Denny’s and Golden Corral offer senior menus with discounted prices.

  1. Cut your mortgage payment or access Tax Free cash 

You could continue to own your home, pass on some equity, and get rid of your monthly mortgage payment.  Imagine being able to live life with a bit more financial security.  Use the financial tools only available to those over 62 to pay for home healthcare, long-term health care insurance or life insurance.

Many financial planners, and licensed professionals, now recommend the NEW Reverse Mortgage due to the recent improvements and protections put in place.  Richard Woodward is a Dallas Texas based licensed reverse mortgage expert with many happy past clients.  Let’s talk either face to face or over the phone.  Richard will analyze your situation and provide you either a reverse mortgage option or a traditional mortgage option, whichever works best for you.

  1. Save with property-tax benefits

Every state offers property-tax benefits for seniors. Some of those states even offer programs that cut property taxes completely. Also remember – The larger the homestead exemption, the lower the property tax. To ensure that you save with property-tax benefits contact your local township and make sure that you receive the senior discount.

Bonus for our older Dallas Texans.  Visit the Dallas Texas Central Appraisal District for instructions and application forms.  If you need additional help, call The Richard Woodward Mortgage Team at 214.945.1066

  1. Travel for Less

Before you buy a flight ticket, you should always compare the different airlines and check for senior discounts. Southwest Airlines, United Airlines, and American Airlines offer senior fares for selected destinations and other special deals for seniors age 65 and older.

  1. Buy in Bulk

Sometimes we forget how much money we can save by buying in bulk. Retailers offer much better deals on products such asBuying in bulk saves money detergent, toilet paper, paper towels, and other household products. Furthermore, buying in bulk also saves you trips to the grocery store.

  1. Check out health discounts for Seniors

Healthcare is very expensive, especially for people in retirement. Make sure you check out the wellness programs that RiteAid offers to seniors. With a RxFreeCard or as a member of AARP you can save on discounted prescriptions.

  1. Get a Life Insurance

Getting life insurance is very important to cover your family financially. A good life insurance policy helps cover childcare costs, mortgage and saves your loved ones from inheriting any of your debts. Reviews.com is a service that rates top insurance companies; you might want to get some quotes.  If you prefer, call me, I work with some of the best.

  1. Save money on groceries

Did you know that a lot of grocery stores offer discounts and special deals for seniors? American Discount Stores offer 10% off groceries every Monday to seniors age 62 and older. New Seasons offers 10% ever Wednesday to seniors age 65 and older and Fred Meyer offers a 10%-15% discount to seniors 55+ every first Tuesday of each month.

  1. Check for errors with your Social SecuritySocial Security card

Most of us assume that our yearly Social Security Statement is correct, but that’s not always true. Make sure that you check the numbers and report any mistakes to the SSA. Even a miscalculation of only one year could already affect your benefit for a lifetime.

  1. Make sure you have a senior cellphone plan

Many of the large phone companies offer special deals to senior citizens. For example, AT&T offers seniors age 65 and up phone plans for only $29.99 per month. But also Verizon Wireless offers special senior plans to customers who are above the age of 55.

T-Mobile recently announced an enhanced 2-line deal exclusively for people over 55.  Visit to learn more here.

  1. Save money on your auto insurance

If you pay over 63$ each month for your auto insurance, you should make sure that you are not overpaying. There are different auto insurance comparison tools that can help you get the best deal.

I was a State Farm insurance guy for many years until I started working directly with insurance brokers.  I left State Farm and have saved thousands of the course a few years.  Call me or check out my preferred insurance brokers on my local professional’s page here.


Ultimately, I love helping people save money.  As I enter retirement, I want to be able to take advantage of as many discounts as possible.

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Contact Us

Nexa Mortgage - Richard Woodward
7820 Hague Ct
Plano, TX 75025
Phone: (214) 945-1066

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Richard Woodward
Branch Manager
NMLS #217454
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Company State License#
AZMB - 0944059
NMLS# 1660690

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