Money Monitor: Seniors save by seeking age-based discounts

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Early Gen-Xers may find it uncomfortable to admit, but they have joined their parents in being old enough to claim senior discounts. The eldest members of the cohort born between 1965 and 1979 can save money by targeting their spending.

While most retailers only offer discounts to Canadians that reach the traditional age of retirement, some give customers a break long before age 65. Canadian Association of Retired Persons (CARP) members are eligible for discounts at an early age, including some stores, hotels and other businesses that don’t even have a minimum age.

The group recommends that members ask whether or not discounts are available because they aren’t always advertised. All it takes is having a government-issued identification card that provides proof of age such as a passport, driver’s licence or provincial health card. Senior discounts were introduced decades ago when hyperinflation and the low availability of private pension plans made it challenging for seniors on fixed incomes.

They have remained an option even though many of today’s seniors are well off, with lucrative pensions and hefty proceeds from skyrocketing real estate prices. David McVay of McVay and Associates, says retailers loathe to eliminate or reduce them out of fear of being targeted by powerful advocacy groups or paying a reputational price. (The Canadian Press)

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