August 3rd, 2017
Aging can take a toll on the best of us. But if we don’t manage our finances correctly, aging may feel like we’re riding on a highway – with nothing but tolls.
Though we all may try to plan for our so-called “golden years,” things like inflation, low-wage jobs, health issues, or recent financial crises can all serve to drag down our financial future. Perhaps the following retirement “reality checks” can help you to survive the lean Social Security years.
Since many senior households have housing costs exceeding 30% of their household income, it’s important to know that there are a variety of affordable senior housing options, including Public Housing, Multi-family Subsidized Houses, and Housing Voucher Programs.
If it sometimes seems like you’re taking more pills than you ever thought you would … it’s because many seniors do. And prescriptions are expensive. The Pharmaceutical Assistance Contract for the Elderly (PACE) Program can help here.
It’s hard enough making ends meet, but having to prepare – and moreover pay – all those taxes is an extra drain on a senior. The IRS has Tax Counseling for the Elderly (TCE) Programs that offer free tax help to qualifying seniors.
If you are receiving Social Security alone, you should consider applying for Supplemental Security Income (SSI), a federal benefit available to those 65 and older, the disabled and the blind who have limited income and resources. The average monthly benefit: $710 for an individual, $1,066 for a couple.