Until Debt: Are we part: the golden age will damage

Does not appear overly dramatic, we are in a crisis. A true. “Over the past decade, he has been a sharp increase from 75 years of age and older-headed households in debt,” according to CNBC’s report. If you are 65-74 years old, according to SmartAsset, you have an average household debt of $ 108,700. In fact, Market Watch reported that, “Seniors now have more than household debt as a financial crisis.”

The good news is that we are living longer than ever, but the bad news is that many older people are economically insecure – at or below the federal poverty level ($ twenty-nine thousand four hundred twenty-five 250% annually, a living person). “These rising housing for seniors and the health care bill, adequate nutrition struggle, unable to obtain transportation, two minished savings and unemployment,” according to the National Committee on Aging (NCOA).

Are we ready to deal with an aging population these challenges? My answer: NO. But the situation is not hopeless. There are a lot of people at risk of strategic resources and can use it to help themselves out.

What can you do? Help those who need it.

National Commission on Aging and other direct predecessor programs to help in their economy. Some of these include:

  • Medical expenses: NCOA can help individuals learn how to navigate the health care system, and to understand the various options provided in different plans. In addition, it will help them find information on the cost of prescription drugs and related courses discount dental and hearing. These discount cards are available to everyone. I actually Benefits911 work, a company, a discount prescription card. What is the difference they impressed me is that not only can get a discount cardholders self-imposed, but some of the benefits transferred to the not-for-profit donation form.
  • Medisave: program can help eligible low-income and disabled individuals to pay health insurance premiums and related costs, including qualified Medicare beneficiaries of the scheme, designated for low-income Medicare beneficiaries of the scheme, eligible individual plans and qualified individuals with disabilities and work plan. In order to qualify for any of these, you have toThere are personal income of just over $ 1,000 per month in addition to other qualifications.
  • Food: NCOA can be connected qualifier against Supplemental Nutrition Assistance Program (SNAP), where they can find food and nutritional advice can the elderly in their specific position.
  • Prescription Assistance Program (immigration): Most pharmaceutical companies offer assistance programs for low-income people to the patient.
  • IRS help: high deductions and tax credits for the low income population by the IRS. You can refer to IRS publication 524 and 502 for more details.
  • rent relief: from several US Department of Housing and Urban Development program for low-income rental assistance to families.

Practical tips can help.

  • Shop once a week: make a detailed list and stick to it. This will help to limit impulse buying. You can let your friends to split some of the big box to purchase, such as paper products, and that will save money on goods and transport.
  • Everything is negotiable: If you have any outstanding debt, which may include credit cards, student loans or mortgage debt, you can call the bank and try to negotiate lower interest rates.
  • Click Library: books or not you load your deposit to readable device. These costs add up; your library will provide them free of charge.
  • By reducing calories: You can turn off the heat in unused rooms, has also been a programmable thermostat to ensure that the heat turned down, while you are sleeping.
  • Dump your home phone: there is no need to have a house phone, if you have a cell phone.
  • Whip out your discount card: places a lot of senior discounts offered; no matter where you ask.

You should not do.

Of course, your goal is to retireHugh as little debt possible, but if you find yourself in debt, do not panic, because panic may cause you to do something imprudent. For example, stay away from payday loans who can provide a quick fix for you. Payday loans are based on your personal checks, the lender deposits the future hold short-term cash loans. They initially seem like a way to get the cash shortage, but you will have to pay the financial costs and interest rates approaching 400% are not uncommon.

Do not take on more debt. I know you want to help your grandchildren with their college expenses, but assume the debt can really add to your financial problems. Remember, your grandchildren can borrow on their own university, you can not borrow retirement.

Just remember the words of Ogden Nash, “Some debts are fun when you get them, but none are fun when you begin to retire them.”