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Even those retirees who managed to save and invest well may find themselves retiring with a significantly diminished income from their working days.
The average retired couple’s income varies from state to state, according to GOBankingRates, but can be as low as an annual mean of $23,466 (in Indiana) to $40,129 (in Maryland), but it’s generally not a lot. Thus, many retirees find themselves in need of cutting expenses significantly in retirement.
What are the stores with the lowest prices and best deals where retirees should be shopping at the most?
Warehouse Clubs
Some of the biggest savings come in places that focus on bulk shopping, such as Costco or Sam’s Club. By buying items in bulk, you cut down not only on the cost of the items themselves, but on trips to the store, which can add up in gas, too. So long as you’re buying items that you can store well, so nothing goes to waste, savings can add up fast.
Additionally, these stores often offer other perks with membership, such as discounts on pharmacy prescriptions, insurance and more.
Small Over Big
Trae Bodge, smart shopping expert at TrueTrae, recommended that you opt for shopping smaller stores or companies over big ones whenever you have a chance. And this extends not only to places you buy your groceries, home goods or clothing, but some of the companies that service your bills.
For example, she said, there’s a good chance you are overpaying for your wireless service. That’s because “the big providers capture you with buzzy deals and promotions and then you fall into a trap where they continue with that provider once the rates have returned to normal.”
She said her own family saved money by switching to a smaller plan offered through Mint Mobile.
Used Versus New
If you’re retired or heading into retirement, start buying some items used, Bodge insisted. “There are so many platforms that offer gently used and inspected items at a fraction of the cost of new. A good example of this is camera equipment at MPB.com. If you’re interested in getting back into photography (beyond your phone), you can buy a camera and lenses that are carefully inspected at about 30% off retail price. Think along these lines for clothing and accessories, furniture, laptops and more.”
Sites like Poshmark, ThredUp and eBay also offer a variety of gently loved and even new personal and home goods for less.
Dollar Stores and Big-Box Stores
If you’re a department store shopper, it might be time to move on, Bodge insisted. “Department stores have beautiful things, but you can often find comparable items at big-box stores like Target.”
Better yet, if you need something small for the home, chances are you can find it at a dollar store, like Dollar General.
“If you haven’t been to a Dollar General in a while, you’ll be surprised to find that they carry many of the things you need from the brands you know and love — some as low as a dollar — and they have a range of quality products from their store brands as well.”
Stores With Loyalty Programs
Stores that have loyalty programs for their members often add up to bigger savings. This can include everything from pharmacies to grocery stores to home good stores. Whether you get discounts on products with your rewards card, or cash back, or both, these kinds of programs incentivize regular shopping.