Life as a senior citizen means there are many financial and health challenges you may face. Here are five of the most common financial issues seniors may be facing.
- Debt - Many seniors carry more debt into retirement years because they helped their children and grandchildren. “The move to a fixed income can make it more difficult for retirees to cope with debt payments,” said Director of Operations Mary O’Connor at the Senior Helpers Oak Brook Office. “Some seniors turn to credit cards to pay off debts including mortgages or student loans.”
- Reverse Mortgages - Seniors who fall behind on required property taxes and homeowner’s insurance are at risk of facing foreclosure and losing their homes. Even with a reverse mortgage, seniors still have to make these payments. Some experts believe only consider a reverse mortgage as a last resort.
- Recovering from scams or identify theft - Consumers should check their statements regularity to scan for unusual charges and catch early fraud. Look for unauthorized purchases on your credit card.
- Confusion over banking products and fees - Many times seniors spot subscriptions or services they don’t remember signing up for indicating they may have been enrolled in unwanted add-on services when opening an account. Other times they have a hard time understanding how interest charges work on their credit cards. Examine your statement regularly.
- Managing finances after the loss of a spouse - There are many challenges managing finances after the death of a spouse, especially if that spouse handled all the finances. Sometimes, the surviving spouse has difficulty providing the necessary documents needed to access their money.
These health issues can be overlooked, which can damage a senior’s health.
- The flu - As you age, the immune system often gets weaker making it more likely to catch an infectious disease and get sicker. Between 70 to 90 percent of flu related deaths occur among older adults. More than 80,000 died in 2017-2018-the highest total in 40 years.
- Heartburn - Chronic heartburn can damage the esophagus and lead to a dangerous infection. Some of the common drugs in the marketplace may not be safe for seniors. See a physician trained to treat older adults to get appropriate treatment.
- Mood Changes - Persistent mood changes can be worrisome for a senior. Isolation and inactivity can trigger depression. Bring this issue to your physician because it can also be a warning signal of cognitive decline.
- Trips and falls - This is a common but overlooked problem. A fall later in life can sometimes result in a fractured hip or other broken bones, forcing an older patient into weeks of inactivity during which they are in danger from blood clots, pneumonia and other complications.
“Retirement is supposed to be a period of joy and relaxation, but financial and health challenges are spoiling that dream. Too many seniors are facing issues they don’t know how to cope with,” added O’Connor. “Take the time now to make the necessary changes to improve your financial situation and your health.”
For information about arranging for a Free Assessment, call Senior Helpers at: 630-359-5775 or email Mary O’Connor at email@example.com.
More information about Senior Helpers is available on their website: www.seniorhelpers.com/il/des-plaines.