America's rising costs of living, and living on a fixed income (or retirement fund) poses new restrictions for our elderly. In fact, epi.org says many of the almost 41 million seniors are one economic shock away from significant hardship. They may not have the same comfort of life that they’ve been used to their whole lives, as some of life's most basic necessities are too expensive. This results in worry about how they could adjust to this new quality of life.
Since most seniors that live off of their retirement fund are just above the poverty line, they don't always have extra money to spare. And they're usually at risk for being exploited by salesmen and women, TV ads, and the general sale of unnecessary goods, which doesn't help either. Many don't understand they can't give their credit card number to scam callers like Janice, who's calling on behalf of their heat bill and has a new, easy way to pay over the phone. In situations like this, they worry about the money they spend and their families worry about them being taken advantage of.
The best way to help alleviate the stress of both parties is to work with a financial advisor. Although it may cost a little, they make sure the money is spent wisely and is taken care of. If that isn't in the budget, a family member or friend could help out as well! It's just important that our seniors are taken care of and don't have to worry as much.
But, our seniors are also in danger of economic vulnerability if the social programs they rely on are changed. A lot of our elderly's spending is on health care, or out of pocket expenses. If the Medicare policies were to change so they had to rely more on out of pocket spending, many will fall below the poverty line. We need to advocate for our seniors so we know they can be well taken care of by the US.
For more information, check out the article linked below!