Financial Challenges Of The Elderly

Americans today are living longer. As a result, senior Americans are beginning to come to some uneasy conclusions about their financial well being, as well as their own personal retirement plans. Financial challenges of the the elderly appear more and more often and it is important that we address these issues head on.

As younger Americans, we worry about our parents in their older age, and their “golden years.” Unfortunately, the “Golden Years of Retirement” are more often becoming nightmares of cataclysmic proportion. To make matters worse, by the time someone reaches “senior citizen status” then the opportunities to correct errors, and make up for lost time.. are sadly often long gone.

In today’s post, I hope to share with you some helpful ideas so that you can help your parents in this part of their life. If you are an older American, don’t worry! I’ve included some helpful information to help give you resources that will help! Let’s dive in!

Problem #1. Not Enough Money

To begin with, Americans are living longer. While this is a blessing, it does come with it a few unforseen problems. For many Americans, the thought of living into their 80’s, 90’s or even into their 100’s seemed far fetched as early as 30 years ago.

Time moves unbelieveably quick the older you become! When I was younger, it seemed unlikely that I would live to be 70 or 80. Men in my family just didn’t do that. They all died! The problem is, as our society has evolved, our mindsets about health and wellness have as well! Thus, less Americans smoke, more Americans exercise, and the abilities of our modern medicine can work miracles.

However, if you were thinking you were going to die in your late 60’s to early 70’s.. and all of a sudden you find yourself extremely healthy at 70… nowhere near death.. you might not have enough money saved up to last you another 20 years! While it is nice to have a long life, it isn’t always nice if it isn’t healthy!

The average cost of assisted living in Tucson is $4044/month.

If you aren’t healthy, and you are 65 or older… and you need assisted living.. that can get expensive… fast.

This is why the financial challenges of the elderly are so dramatic. Just because a person is older doesn’t always mean that they can’t get around, or that they are near death. In fact, due to our medical advantages, it is common for elderly Americans to have a longer life, with assistance.

Problem #2. Difficult Job Market

For those who are senior Americans, and aren’t in need of much medical assistance to get around, or are active, the problems are still different. For many senior Americans, the job market can be difficult. As a matter of fact, in 2016, nearly 23% of the claims filed with the Equal Employment Opportunity Commission were based on age related discrimination claims.

For Senior Americans living longer, and running out of money, it can be difficult to obtain a job. Increasing skill requirements for even minimum wage jobs make training costly for any new employee. Retraining a senior American to do computerized skills is now becoming a difficult discussion amongst many employers. Ageism, is a real issue.

Problem #3. Debt, and Children

Many Senior Americans find themselves in debt. In fact, the average American aged over 65 has $31,000 in debt. This is over 2.5 times the amount it was in 2001. The long term effects of debt are and well known, and in the elderly, these effects are magnified. Couple this with children, and you now have a family issue.

Senior Americans many times have older children. Amongst the family, questions will arise with the children as to who will take care of their aging parents. It is good to have these discussions ahead of time to help make adjustments for everyone involved. Where your parents live in their “Golden Years” can have a dramatic effect on their quality of life, as well as yours.

Problem #4. Rising Healthcare Costs

Finally, and perhaps one of the more concerning matters that cause financial challenges for the elderly is rising healthcare costs. Although rising healthcare costs for seniors is not as fast as it was in previous years, the amounts that a retired couple has risen. It is estimated that a couple’s healthcare costs combined could be approximately $285,000. For senior American citizens, this amount can be devastating.

Fortunately, there are resources available for Tucson Seniors facing these issues. It isn’t uncommon for homeowners to sell their homes to help pay for care. Many times, people who are facing the “Retirement Cost Gap” are having to plan for the cost of care that is beyond the anticipated cost of regular retirement.

Selling Your Tucson Home Conveniently!

For some Tucson homeowners who are trying to address the financial challenges of the elderly in their lives, selling your Tucson home might be the right choice. KarlBuysHouses is an independent, veteran owned real estate brokerage designed to help simplify the home-selling process! For Tucson homeowners who have homes that are in need of serious updating, or repair, a direct sale to me at KarlBuysHouses might be just the right solution for you!

I buy homes in the Tucson area regardless of condition, or location. I prefer homes that need a lot of work, need a lot of repairs or updating, or those “hard to sell” situations. I am a local real estate Broker who also invests in the Tucson area, and if I can be of service to you, please call! I always pay all closing costs, there are no commissions, and you pick the day you want to close! It doesn’t get any easier!