slobo / Getty Images
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Trusted by
Millions of Readers
Ah, Costco! Land of the massive amounts of toilet paper and giant muffins! The mega-retailer is known for its bulk shopping and major deals – so it makes sense that we should all take advantage. And the savings don’t have to slow down when you hit your golden years. In fact, retirees can use some specific strategies to maximize their savings at the popular wholesale store.
Here are 10 shopping strategies that can save retirees big money at Costco.
Shop at Off-Peak Times
“Shop early in the day and early in the week,” shared consumer analyst Julie Ramhold from DealNews. “These are when Costco warehouses seem to be less busy which means you can take your time shopping and be mindful of your purchases rather than just buying whatever to get out of a crowded store faster. If you can be more mindful of what you’re buying, you’re less likely to overspend in general.”
Hitting the store when it’s less crowded allows you to comparison shop, read labels carefully, and avoid impulse buys. Aim for weekday mornings if your schedule allows.
Check Out Travel Packages
Traveling during retirement is a great way to enjoy your newfound free time. Ramhold recommends checking out Costco’s travel packages before booking your next trip.
“As a retiree, you may have more time to travel, but before you hit the road, check out the travel packages offered by Costco. You can find great deals to both domestic and international destinations as well as excellent savings on things like rental cars, flights, and stays at all-inclusive resorts and cruises to make your trip even easier.”
Buy Prescription Eyewear
Purchasing new glasses can be pricey, but Costco offers some affordable options. “If you don’t have insurance, Costco eye exams are pretty affordable, but many Costco locations accept major vision insurance plans. However, it can vary based on your location so be sure to double-check before going this route. Once you have your eye exam taken care of, you can shop for eyeglasses at Costco to find high-quality frames at reasonable prices,” shared Ramhold.
She notes that Costco’s generous return policy extends to prescription eyewear too. “Costco’s 100% member satisfaction guarantee extends to prescription eyeglasses, so if you’re not happy with your new glasses you can return them to your local Costco for a repair, replacement, or refund.”
Get Hearing Aids
For retirees with hearing loss, Costco offers free hearing tests and well-priced hearing aids. Ramhold explains the process:
“You can schedule a hearing test at Costco to get started if you need to, and then once you know whether or not you need hearing aids, you can shop for them at Costco. Even better, the trained staff will help not just with the testing but also the fitting process and follow-up visits, so you won’t have to navigate the situation alone.”
Fill Prescriptions
Costco pharmacies consistently rank as one of the cheapest places to fill prescriptions. While you need a membership to buy most items at Costco, anyone can use the pharmacy. Even if you have insurance, it’s worth price-checking your medications here.
Get Seasonal Flu Shots
Costco offers flu shots at a competitive price, and you don’t need to be a member. Getting vaccinated early in flu season provides the best protection. Many insurance plans cover the full cost of flu shots too.
Free Tech Support for Electronics
Being a senior doesn’t automatically mean you’re not tech-savvy. But some seniors struggle with today’s newfangled technology. Buying electronics at Costco means you get access to free tech support. So if you’re lost trying to figure out your new phone or TV, Costco’s got you covered. Bonus points: Costco extends a manufacturer warranty for up to two years when you buy electronics there.
More From GOBankingRates
- I Earn Over $30K a Week in Semi-Passive Income on Amazon - Here's How
- 10 Cars That Outlast the Average Vehicle
- This is One of the Best Ways to Boost Your Retirement Savings in 2024
- Here's How to Add $200 to Your Wallet -- Just For Banking Like You Normally Would
FAQs
Average Monthly Retirement Income
According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.
What is a good monthly retirement income? ›
Average Monthly Retirement Income
According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.
Where to put your money after retirement? ›
One common rule of thumb suggests that people subtract their age from 110 to determine a percentage of their money to keep in stocks. Following that guideline, a 65-year-old retiree might aim for an asset allocation that's 45% stocks and 55% bonds, the latter being considered less risky.
How much do you need to retire comfortably? ›
By age 40, you should have accumulated three times your current income for retirement. By retirement age, it should be 10 to 12 times your income at that time to be reasonably confident that you'll have enough funds. Seamless transition — roughly 80% of your pre-retirement income.
How to save more for retirement? ›
Saving Matters!
- Start saving, keep saving, and stick to.
- Know your retirement needs. ...
- Contribute to your employer's retirement.
- Learn about your employer's pension plan. ...
- Consider basic investment principles. ...
- Don't touch your retirement savings. ...
- Ask your employer to start a plan. ...
- Put money into an Individual Retirement.
Retiring on a fixed income can seem daunting, but with some planning and commitment to a frugal lifestyle, it's possible to retire comfortably on $2,000 a month.
Is $4,000 a month enough to retire on? ›
The answer is yes, almost 1 in 3 retirees today are spending between $2,000 and $3,999 per month, implying that $4,000 is a good monthly income for a retiree.
Is $1500 a month enough to retire on? ›
While $1,500 might not be enough for non-housing retirement expenses for many people, it doesn't mean it's impossible to stick to this or other amounts, such as if you're already retired and don't have the ability to increase your budget.
How long will $400,000 last in retirement? ›
Safe Withdrawal Rate
Using our portfolio of $400,000 and the 4% withdrawal rate, you could withdraw $16,000 annually from your retirement accounts and expect your money to last for at least 30 years. If, say, your Social Security checks are $2,000 monthly, you'd have a combined annual income in retirement of $40,000.
How much does a $50,000 annuity pay per month? ›
A straight fixed annuity is the easiest type of annuity to calculate a payment from. This is because fixed annuities work like bonds. If you use $50,000 to buy a fixed annuity paying 5% per year, for example, you'll earn $2,500 annually or about $208.33 per month.
Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.
What is the $1000 a month rule for retirement? ›
The $1,000-a-month retirement rule says that you should save $240,000 for every $1,000 of monthly income you'll need in retirement. So, if you anticipate a $4,000 monthly budget when you retire, you should save $960,000 ($240,000 * 4).
How long will $200,000 last in retirement? ›
Assuming you'll live to be 85 and won't want to work after retiring, you can anticipate a need for 20 years of income. If you're able to retire with $200,000 at 65, that will equate to $10,000 a year, or approximately $833 a month.
What happens if you have no retirement savings? ›
Many retirees with little to no savings rely solely on Social Security as their main source of income. You can claim Social Security benefits as early as age 62, but your benefit amount will depend on when you start filing for the benefit. You get less than your full benefit if you file before your full retirement age.
At what age do most people retire? ›
The average retirement age in U.S. is 64 years old, with the average retirement age across all states spanning from 61 to 67 years old. The Social Security Act sets the minimum age to retire at 65 to receive full retirement benefits, although the minimum retirement age will continue to rise.
Is saving $100 a month for retirement good? ›
Your Retirement Savings If You Save $100 a Month in a 401(k)
If you're age 25 and have 40 years to save until retirement, depositing $100 a month into a savings account earning the current average U.S. interest rate of 0.42% APY would get you to just $52,367 in retirement savings — not great.
Can you live on 3000 a month in retirement? ›
That means that even if you're not one of those lucky few who have $1 million or more socked away, you can still retire well, so long as you keep your monthly budget under $3,000 a month.
Is $6000 a month a good retirement income? ›
With $6,000 a month, you have more money than the average retiree—Americans aged 65 and older generally spend roughly $4,000 a month—and therefore more options on where to live.
Is $10,000 a month a good retirement income? ›
In a world in which the average monthly Social Security benefit is just over $1,792, it may seem like a pipe dream to live off $10,000 per month in retirement. But the truth is that with some preparation, dedication and resolve, many Americans can reach this impressive level of retirement income.
Is $5000 a month a good pension? ›
To maintain your lifestyle in retirement, most financial planners recommend aiming to replace 80% of your pre-retirement income. For example, if you earned $75,000 per year ($6,250 per month) before retirement, you should aim to have a post-retirement income of $60,000 per year ($5,000 per month).
