Financial Tips for Low- to Mid- Income Seniors
Financial Tips for Low- to Mid- Income Seniors
One-third of households headed by an older adult has no money left over at the end of the month or is in debt after meeting essential expenses, according to the Institute on Assets and Social Policy. If you’re one of these seniors, it may seem impossible to ever feel financially secure or to put away a nest egg for emergencies. But there is a simple way to start making steps toward these goals, and you won’t have to do it alone.
Savvy Saving Seniors Program
Savvy Saving Seniors is a program developed by the National Council on Aging. Savvy Saving Seniors covers those on the mid- to lower-end of the economic scale from about the age of 50 on up. Specifically aimed at older adults who may lack economic security, the program provides a three-step guide, or toolkit, to build a solid financial foundation.Toolkit One features lots of free financial resources, Toolkit Two offers tips for avoiding scams that plague seniors, and Toolkit Three covers debit cards. The materials are presented as a training guide for a speaker to deliver to community members, but the guide is equally useful for an individual seeking advice.
Many Ways to Save
Seniors are asked to make a list of their expenses, including supplemental health insurance, life insurance, and prescription drug insurance. Check around to see if your insurance is the best deal for your current situation. Your State Health Insurance Assistance Program can help assess your current drug plan.Savings, even on necessary expenses, abound. Medicare enrollees may be entitled to more than $100 back on their Social Security check by using Medicare Savings Programs. Hundreds or even thousands of dollars can come off your property tax bill with help from local abate, work-off, or circuit rider programs.Many stores, including thrift stores, offer discounts to seniors on certain days of the week. Try and shop only on those days to save extra money.Federal and nationwide programs offer a range of benefits, depending on your income. Money to pay for food is available through SNAP. Find your local food bank on Feed America. The Volunteer Income Tax Assistance program offers free help with your return. The Low Income Energy Home Assistance Program subsidizes utility bills.You may qualify for other benefits. Find out by visiting Benefits Checkup. This wonderful resource takes your zip code and displays assistance programs for food, health, housing, medications, utilities, veterans, tax relief and more available locally. It’s easy and quick. If you don’t do anything else, check out this tool!
Top Budget Busters
Why does it seem like your money disappears every month? It’s always tricky to stretch a dollar, but your money may be prey to your own bad habits. The good news is, habits can be broken. Check to see if any of your money is disappearing in ways you can prevent:
- ATM and bank fees
- Misusing balance transfers
- Credit card balances
- Late payments
- Handouts to family members or friends
- Getting scammed
- Poor credit rating
- Buying fast food
If you still have questions or want to dig into financial literacy on a piecemeal basis, visit Bank of America’s Better Money Habits website. Developed in partnership with Khan Academy, the site is easy to navigate, and built to offer users as little, or as much, information as they want to consume in a sitting. While topics don’t target the senior community alone, most of them will apply to all ages. Information is presented in quick bites with accompanying graphics that make the site fun and engaging.Source: CSA Blog post: January 6, 2018Image courtesy of everydayplus at FreeDigitalPhotos.net