How to Prepare for Retirement as a Low Income Senior

The 2007-2008 financial crisis, now called the Great Recession, is fading from the minds of Americans, but many households are still feeling its effects. People reaching retirement age thought they were set until financial markets crashed, wiping out much of their retirement funds. Many have recovered, but for others, the timing was disastrous.

Some individuals, for any number of reasons, reach retirement age without enough of a nest egg and now find themselves low on money. If you or a loved one does not have enough money to meet basic needs, you need to know about programs that can help. At the same time, when the most immediate needs have been filled, it also makes sense to stand back and think about the next steps.

KEY TAKEAWAYS

  • Low-income seniors have a number of financial options available to help in retirement.
  • In addition to Medicare and Social Security, food stamps, Medicaid, and SSI are available to those who qualify.
  • Low-income seniors can sometimes find help with job training, housing, tax relief, and legal services.
  • Many of the programs available to seniors are at the state and local level.
  • Growing vegetables and cooking meals at home can help substantially lower grocery bills.

The Programs You Know 

You’re probably familiar with a number of programs that certainly help low-income retirees.

Social Security 

Throughout your working years, you paid into Social Security. The average retiree receives about $1,404 in benefits as of 2018. If your spouse passed away or you’re disabled, you may…

This article was sourced from investopedia.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.