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The only airline I know of that routinely has senior fares is Southwest. On Southwest, senior fares are fully refundable, and they are less than regular fares. However, senior fares are definitely not as low as "Wanna Get A Way" fares.
I'll be interested in what other people post about other airlines and senior fares. I'm assuming that if you do trial bookings on each airline's web site, you will see whether there is a lower fare for seniors.
Why airline websites bother asking if you're over 65 is beyond me! (SWA may be the exception, although their other rates are typically lower than the senior rate.) I've never seen a special senior rate for the 2 carriers we fly most often- Conited and American.
I think they just ask to collect demographic data. I am a Executive Platnium on American for 15 years now and have never seen a discount for seniors greather than 5%. You can do much better booking travel packages through AAA or AARP in most cases.
There really is no incentive for the airlines to discount these fares to Seniors unless you are spending a lot of $$$ as a frequent flyer, and in that case, the last thing you want to do is get on another airplane.