At AARP The Magazine, older Americans are treated as clueless about saving money

CLUCK, CLUCK: The December 2018/January 2019 issue of AARP The Magazine offered older Americans a lot of advice about their finances and how to save money. But one of the suggestions -- renting chickens and a coop for "really fresh eggs" -- was laughable, wouldn't save you money and would likely be barred by health ordinances.

By VICTOR E. SASSON
EDITOR

HACKENSACK, N.J. -- Judging from the endless stream of articles about money -- how to save it, how to invest it and how to keep it -- the editors of AARP publications must think their older readers are brain dead.

An article about money appears in just about every bimonthly issue of AARP The Magazine and AARP Bulletin, a tabloid issued 11 times a year.

Both are sent free to members of AARP, a U.S.-based interest group whose stated mission is "to empower people to choose how they live as they age."

Rent chickens?

In  the December 2018/January 2019 issue of the magazine, three pages are devoted to saving money, including an article called "Rent, Don't Buy!"

Readers are urged to "live it up and keep costs down by leasing" instead of buying a 19-foot RV, camping gear, a telephoto camera lens (when going on a safari), chickens and a coop, and jewelry "for your special event."

I crave the creature comforts of a hotel room -- not to mention the free buffet breakfast that comes with many of them -- and would never rent an RV for $1,300 a week or buy one and get eaten alive by insects at campgrounds.

Karen Cheney, whose byline is on the article, says you'd spend $16 on 4 dozen organic, cage-free eggs from a store, and $240 on 2 egg-laying hens, feed and gear for 4 weeks, but get about a dozen "really fresh eggs" each week.

Well, you can buy 2 dozen organic eggs at Costco Wholesale for $5.99 or 4 dozen for $11.98 so neither of her options passes the smell test.

Save thousands?

In a second article, Allan Roth outlines 8 ways you can "save thousands without being a Scrooge!"

Roth, identified as a financial planner for more than 20 years, discusses purchasing a car, picking good credit cards and uncovering a "hotel bargain," among other suggestions, but I believe I can save more money.

What really galls me is his selfish car-buying advice, which ignores many reasonably priced gas-electric hybrids and all-electric cars that can save older Americans money on fuel, help ease climate change and cut premature deaths from auto emissions.

"I take the time to shop for a good, small, modest sedan -- say, for $30,000 -- and drive it for a decade, more or less," Roth says. 

"It depreciates less than a $75,000 luxury sedan, I pay less sales tax, and my insurance is cheaper."

But in New Jersey and other states, you'll pay no sales tax when you purchase an EV or get other incentives, and you'll receive federal tax credits on many models, too.

The Nissan Leaf, Chevy Bolt EV and other moderately priced all-electric cars are ideal for the limited driving many older Americans do.

Cash-back credit cards

Roth urges readers to use "credit cards such as mine, which charge no annual fee and pay 2 percent cash back," so "you'll get $180 more a year" (after spending $1,500 a month) than with a 1 percent cash back card. 

I also have a 2% cash-back card, but use other cards that pay more cash back, including the Costco Anywhere Visa Card, which gives you 4% back on gasoline, 3% back on restaurant meals, and 2% back on purchases at Costco Wholesale warehouses and Costco.com.

There is no annual fee, but a Costco membership costs $60 a year -- which you'll get back many times over.

I have a friend who uses the card "for everything" and who received $1,100 cash back after one year. I received $450 cash back this year.

The Costco Anywhere Visa Card also has no foreign- currency exchange fee (usually 3%) when you are traveling outside the United States, and charging hotels, meals and other expenses in Canadian dollars, euros or other currencies.

6% back on groceries

And the Blue Cash Preferred Card from American Express gives you 6% back on groceries from ShopRite, Aldi and other supermarkets (but not on food bought at warehouse stores like Costco).

At my level of spending at supermarkets, the annual fee of $95 reduces my cash back to 5% -- still higher than any other cash-back card.

Hotel bargains?

Roth claims he uncovers "hotel bargains" by using BetterBidding and other sites, but ignores joining a hotel loyalty program that allows you to turn spending into points for your next vacation, getting free hotel nights or reduced rates.

For example, as a member of the Hyatt loyalty program, I'm guaranteed the lowest rates in Hyatt Regency, Hyatt House and Hyatt Place hotels, and receive a free night each year.

Both Hyatt House and Hyatt Place offer free buffet breakfasts of fresh fruit, juice, cereal, pancakes, eggs and made-to-order omelets.

As relatively new members of the loyalty program, my wife and I received two free nights at the Park Hyatt in Manhattan, where the average daily rate is $675 a night, after we spent $1,000 on the Hyatt Credit Card.

Read: A luxury hotel, dinner at Per Se

 and other superlatives

BIG REWARDS? I'm skeptical about much of the advice on saving money offered by Allan Roth, a financial planner.

BUGS ARE FREE: Renting a 19-foot RV  -- a "home on wheels" --had me thinking about being eaten alive by mosquitos at campsites, and missing the free buffet breakfast that comes with many hotel rooms.