Low on Money?
Then What!
When Dan and I were first married, we put specific amounts of money in envelopes to pay the monthly bills. At age fifty, we got serious about saving money and had full-time jobs for ten years after retiring because we had the opportunity. Despite not having long-term care insurance, we saved money in a “just in case” fund.
Dan was in a memory care facility three years ago; the cost was between $12,000.00 and $14,000.00 per month. He was there for five months before dying from complications of COVID.
At the time, I didn’t know the specifics of our financial situation or how long we might need to handle the cost. As a precaution, I moved to a smaller apartment and began cutting expenses. Given the short duration of Dan’s stay, money was not an issue. I consider myself fortunate.
Economic insecurity can be a nightmare. Everyone needs to prepare.
The National Council on Aging website says
According to the latest U.S. Census Bureau Data, poverty increased among adults age 65 and older from 8.9% in 2020 to 10.3% in 2021. Roughly 1 in 3 older adults fit the "economically insecure" definition with incomes below 200% of the Federal Poverty Level (FPL).
Being Prepared
I’ve written articles offering tips on being better prepared for retirement or living on a low budget.
Not Prepared
Take Charge of America has suggestions.
Slash your budget.
Sell things you're not using.
Pause retirement savings.
Negotiate bills.
Call lenders for help.
Take on a side hustle -work performed for income supplementary to one's primary job.
I live in the San Francisco Bay Area; I found these resources. You may find similar ones in your area, as well.
Spark Point works with families to meet basic needs, increase income, build credit, increase savings, and reduce debt. Financial coaches work one-on-one with clients to recognize behavioral outcomes, set goals, brainstorm strategies, and set realistic action plans.
ElderHelpers are volunteers willing to help carry groceries, run errands, give rides, entertain, help with phone calls, write letters, read, do light cleaning, and cook.
The Department of Social Services provides a wealth of services.
A Senior Center is where older folks learn new skills, make friends, attend special events, and stay healthy. It may provide:
various educational, recreational, and health-related services for adults aged 50
case management
care planning
referrals to community services for seniors and their families
I offer this topic because having enough money - not worrying about the next meal or having a roof over one’s head- supports aging well. There are available options if or when you need them.
P.S. Thanks so much for reading Aging Well News! If you know someone who might enjoy this article, please forward it or share it below.
If you want to contribute to my work, consider donating to the Alzheimer's Association. This link takes you to their website. The choice is yours.
Economic insecurity can be a nightmare. Everyone needs to prepare.
Eye-watering facts, figures and implications. Thanks for sharing, Janice.