Financial Challenges
Seniors on a fixed income face numerous financial challenges such as unexpected medical costs, increases in property insurance, and the rising cost of living.
Many people set aside retirement funds for traveling, hobbies, personal interests, and enjoying meals out with friends.
The last thing you want is for those hard-earned dollars to be lost due to a lack of planning.
Healthcare Costs
US national healthcare expenditure reached $4.3 trillion in 2021, or $12,914 per person, and is estimated to reach $6.2 trillion by 2028, per the Centers for Medicare and Medicaid Services.
Cancer care is estimated to cost nearly $22 Billion each year including more than $16 Billion in patient out-of-pocket costs.
In 2021, health care and long-term care costs associated with Alzheimer’s and other dementias were $355 billion, making them some of the costliest conditions to society.
DO YOUR HOMEWORK
Make sure you have the right supplemental insurance for your specific needs.
PLAN AND PREVENT
Set up routine doctor visits and regular screenings so you can prevent disease and catch certain conditions early.
LONG-TERM
HEALTHCARE
If possible, plan for long-term care because this can be a source of major expense in your later years.
Cost of Living
Inflation has an impact on all Americans, especially seniors on a fixed income. When food and fuel prices go up, it can force seniors to cut back significantly on everyday items and activities many people take for granted.
Also, for those seniors who are not homeowners, rental prices these days can leave them scrambling for shelter. It can be scary for folks who don’t have ample retirement funds, and who have to rely on family and friends for assistance.
That is why state and local governments must consistently work to construct and secure affordable housing for residents of all ages and financial backgrounds.
There are some simple ways to save a few bucks here and there.
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Go to the park or walk in the mall instead of paying for a gym membership.
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Walking in nature and the proper exposure to sunshine and vitamin D can also improve your mental health, for free.
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Check out books and videos from your local library.
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Use coupons for discounts on groceries, meals, and other activities.
Property Insurance Increases
US national healthcare expenditure reached $4.3 trillion in 2021, or $12,914 per person, and is estimated to reach $6.2 trillion by 2028, per the Centers for Medicare and Medicaid Services.
Many states are seeing homeowners’ insurance increases like never before. Living along the coast is a retiree’s dream, but not practical for everyone.
Finding senior-friendly states with more stable property insurance rates might be a better choice for some folks. States like Florida and California are making it more challenging for the middle class to live a quality life. While lawmakers are routinely looking for ways to mitigate these costs, more work must be done.
In 2021, health care and long-term care costs associated with Alzheimer’s and other dementias were $355 billion, making them some of the costliest conditions to society.