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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.
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FAQs
Key takeaways. There is no one-size-fits-all plan when it comes to how much you'll need to retire, but there are a few common benchmarks. Some strategies call for having 10 to 12 times your final working year's salary or specific multiples of your annual income that increase as you age.
How much do you need to retire comfortably? ›
Key takeaways. There is no one-size-fits-all plan when it comes to how much you'll need to retire, but there are a few common benchmarks. Some strategies call for having 10 to 12 times your final working year's salary or specific multiples of your annual income that increase as you age.
What is a good retirement income? ›
After analyzing many scenarios, we found that 75% is a good starting point to consider for your income replacement rate. This means that if you make $100,000 shortly before retirement, you can start to plan using the ballpark expectation that you'll need about $75,000 a year to live on in retirement.
What is the average retirement savings? ›
The answer depends almost entirely on you, your habits now and your plans for later,” the financial services firm noted on its website. Data from the Federal Reserve's most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.
When to retire guide? ›
Guide for deciding when to retire
- Do you have a pension? ...
- Have you saved up any cash reserves? ...
- Are you considering early retirement? ...
- Will you have to take required minimum distributions (RMDs)? ...
- Will you work on a part-time basis after you retire? ...
- Do you have accrued vacation pay?
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).
What is the average Social Security check? ›
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.
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.
What is the average 401k balance for a 65 year old? ›
What is the average Social Security check at 62? ›
According to recently released data from the SSA's Office of the Actuary, just over 590,000 retired-worker beneficiaries were receiving $1,298.26 per month at age 62, as of December 2023. That compares to about 2.11 million aged 66 retired-worker beneficiaries who were taking home $1,739.92 per month.
The overall retirement savings for the wealthiest 1% stand at approximately $2.3 million.
How much do most Americans retire with? ›
Data from the Federal Reserve's most recent Survey of Consumer Finances (2022) indicates the median retirement savings account balance for all U.S. families stands at $87,000.
How much money does the average American have in their bank account? ›
According to the Federal Reserve's most recent Survey of Consumer Finances, the median savings account balance for all families was $8,000 in 2022. Savings account balances can vary greatly depending on income, age, education and race.
What is the best day of the month to retire? ›
As a general rule, the end of the month is good for those with pensions, as those often start on the first day of the month after retirement. In this scenario, retiring on the 31st means that you won't have a gap in pay.
What is the 3 rule in retirement? ›
Follow the 3% Rule for an Average Retirement
If you are fairly confident you won't run out of money, begin by withdrawing 3% of your portfolio annually. Adjust based on inflation but keep an eye on the market, as well.
At what age do you get 100% of your Social Security? ›
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
Can you retire $1.5 million comfortably? ›
A $1.5 million nest egg can be more than enough to retire on, but it depends entirely on how much money you plan on spending. The more income you expect to replace, the more you will need to draw down from your retirement account and the larger it will have to be.
Can I retire at 60 with 500k? ›
The short answer is yes, $500,000 is enough for many retirees. The question is how that will work out for you. With an income source like Social Security, modes spending, and a bit of good luck, this is feasible. And when two people in your household get Social Security or pension income, it's even easier.
Can I retire at 65 with 500k? ›
Yes, it is possible to retire comfortably on $500k. This amount allows for an annual withdrawal of $20,000 from the age of 60 to 85, covering 25 years. If $20,000 a year, or $1,667 a month, meets your lifestyle needs, then $500k is enough for your retirement.
