It might be challenging for older folks to maintain a strict budget. Due to extended lifespans, many costs, especially medical expenses, have increased more quickly than expected.
An average, healthy 65-year-old couple retiring now would spend $662,156 on healthcare costs in retirement, according to Healthview Services’ 2021 Retirement Healthcare Costs Data Report.
The organizations, government initiatives, aid for independent living, and pet support listed below may be able to help if you or a loved one is having financial difficulties.
|Senior Advocacy Organizations|
|National Council on Aging|
|American Association of Retired Persons (AARP)|
|Administration for Community Living|
|National Association of Area Agencies on Aging|
|National Institute on Aging|
|Volunteers of America|
|Family Caregiver Alliance|
|Family Caregivers Online|
|Caregiver Action Network|
|National Family Caregiver Support Program|
|AARP – Caregiving Center|
|Meals on Wheels|
|Commodity Supplemental Food Program|
|Senior Farmers’ Market Nutrition Program|
|Senior Mental Health|
|Selfhelp’s Virtual Senior Center|
|Disaster Distress Hotline|
|Suicide Prevention Resource Center|
|National Suicide Prevention Lifeline|
|National Institute on Drug Abuse|
|American Psychological Association|
|Senior Legal Rights|
|Justice in Aging|
|Law for Seniors|
|Office for Victims of Crime – Crimes Against Older Adults|
|National Guardianship Association|
|MedlinePlus Advance Directives|
|National Center on Elder Abuse|
|National Aging in Place Council|
|Housing Choice Voucher Program|
|National Directory of Home Modification and Repair Resources|
|Village to Village Network|
|U.S. Department of Housing and Urban Development – Senior Citizens|
|Medicaid & Medicare|
|Medicare Rights Center|
|Social Security Administration – Medicare Benefits|
Senior Citizen Financial Planning
While numerous programs and services are available to help the elderly, a significant portion of your financial security still rests on how you manage your money and plan your expenditures.
The consensus is that, once they’ve finished working the 9 to 5, the average retiree requires between 70 and 80 percent of their pre-retirement income to maintain their standard of living. You should be comfortable between $35,000 and $40,000 if you made $50,000 per year while working, depending on how dedicated you are to being frugal.
Not just young people starting their lives and jobs, saving for their children’s college, and investing in retirement should engage in financial planning. Anyone who oversees a home budget should engage in financial planning to optimize its potential.
Many seniors struggle to make ends meet daily. You can more effectively get the assistance you require with these financial assistance programs, which cover general aid, housing, food, and more.