Senior Financial Help
August 3rd, 2017
Aging can take a toll on the best of us. But if we dont manage our finances correctly, aging may feel like were 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.
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Housing Expenses
Since many senior households have housing costs exceeding 30% of their household income, its important to know that there are a variety of affordable senior housing options, including Public Housing, Multi-family Subsidized Houses, and Housing Voucher Programs.
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Prescription Drugs
If it sometimes seems like youre taking more pills than you ever thought you would its because many seniors do. And prescriptions are expensive. The Pharmaceutical Assistance Contract for the Elderly (PACE) Program can help here.
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Taxes
Its 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.
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Extra Security for Your Social Security
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.