7 Ways Costco Helps Retirees Stick To a Budget
Written by
Jordan Rosenfeld
Edited by
Amber Barkley
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For retirees, managing finances effectively is crucial for maintaining a comfortable lifestyle, especially when living on a fixed income. Shopping at Costco, known for its bulk products and wholesale prices, can be a smart strategy for retirees looking to stretch their budgets.
Read on to discover the various ways that shopping at Costco can assist retirees in sticking to their budget and maximizing their retirement savings.
Bulk Purchases Reduce Costs
It’s not hard to see that Costco started its life as a restaurant and business supply company — the kinds of places that need to buy in bulk. But eventually, families figured out that they could also save a lot of money by buying in bulk for everything from paper goods to food.
Retirees may not need to use many products, but a lot of bulk options can be stored, whether shelf-stable dry goods, paper items and cleaning supplies or freezable foods. By buying in bulk, not only will retirees save overall on costs, they can limit their gas use by shopping less often.
Access to Affordable Medications
Costco is more than just a place to buy food and home goods — it’s also an excellent pharmacy, with prices on some items that are up to 80% cheaper for members than traditional pharmacies.
Retirees are often entering the ages when health issues increase, as does the likelihood of needing to take more medications. Costco also offers some generic options on brand name medications, making it easier to save.
Virtual Doctor Appointments
Costco has seriously entered the healthcare game now, offering telehealth appointments with doctors through Sesame for just $29 per month. This can offer an alternative or a supplement for hardly any additional money for retirees who have to keep healthcare costs low. Plus, it saves time and gas.
Discounted Gas Prices
Not only does Costco offer its own gas stations, with prices typically lower than other local gas stations, you can sign up for their gas rewards program and earn 4% back on qualifying purchases, up to $7,000 back for your first year. Thereafter it’s 1% cash back.
It also comes with discounts on restaurants, travel and other Costco purchases.
Affordable Eyewear and Hearing Aids
In addition to other healthcare, Costco also offers competitively priced eyewear and hearing aids. Older adults are likely to experience changes in vision and hearing as they enter retirement, and these kinds of prescriptions can really add up.
Additionally, you can see Costco optometrists and audiologists at affordable prices.
Low-Cost Organic and Healthy Food Options
While healthcare professionals emphasize the importance of healthy eating, they don’t always talk about how expensive it can be to eat the highest quality food. Costco makes it a lot easier for retirees to do so, with affordable options on everything from fresh produce to lean meats and much more.
Exclusive Member Deals and Discounts
By now it’s clear that Costco is much more than just a place to buy bulk cereal and paper towels. In addition to all kinds of excellent products for less, members get access to exclusive member deals and discounts on services and products ranging from travel to insurance and healthcare — all things that can be especially costly in retirement, otherwise.
If you continue to shop only for what you really need, and take advantage of Costco’s cheapest services, this membership can help retirees stay well under budget on critical items.
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