Learn How You Can Save, Borrow and Plan During Retirement
If you are retired, saving money can feel like an uphill battle, especially since companies do not always make it easy for seniors to save. In fact, once you become a senior, car insurance rates start going up, along with rates for health care and other services. However, there are options if you want to build more financial security for yourself and your loved ones.
As a senior, it is important to find any opportunity you can to save money. Fortunately, there are plenty of opportunitiess if you know where to look. Read on to learn about secured loans, final expense life insurance and other important topics seniors need to know about.
As people get older, their car insurance rates start to fall. That is, until they turn 65. Then, the opposite starts to happen. Senior car insurance rates are usually higher than average because insurance companies believe senior drivers are more likely to get into accidents.
Auto insurance for seniors, however, does not have to stay expensive. There are things you can do if you want to lower your insurance rates.
For example, some insurers offer discounts on car insurance for seniors who enroll in an accredited traffic safety course. These courses may be defensive driving courses for seniors or just regular driving safety courses open to anyone.
Additionally, you may be able to find senior car insurance discounts through companies like AARP, which partner with insurers to offer the best car insurance for seniors possible.
A great way for seniors to get a discount with insurance companies is by taking driving classes. You can start by taking some driving tests. Retaking a driving test may be nerve-wracking, especially if you were not expecting to retake it.
However, you can prepare yourself for the exam by studying your state’s driving handbook and even taking a class. Many state DMVs suggest that you enroll in a driver’s training class for seniors if you need to brush up on your skills.
DMVs that make this suggestion often list approved programs on their websites. For example, the Massachusetts Registry of Motor Vehicles funds safe driving workshops throughout the state. These courses are free and approximately one hour long. Other states may refer you to third-party providers that charge a fee.
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