Many people would think that by the time a they reach retirement age their house is paid off, they have no bills, they have excess money in the bank, their health is good, and they are always traveling and spending money on the desires of life and not just the necessities.
Life for the senior is, for the most part, a difficult and challenging part of the ‘Golden Years’. Retirement is not like it was years ago due in part to economic changes. Retirement for many seniors these days is not fun and nothing as they dreamed.
First of all, if any household needed a monthly financial budget, it is the senior. Many are not in the financial position that they dreamed of being before retirement. There are many seniors with mortgages, car payments on older model cars, health problems, scores of medication costs, and much more, and no different than the rest of the working class America, other than the senior is working with much less money.
When a person retires, they cut their income in half from the very first month. Pensions, for the most part, are nonexistent. Wonderfully paid company insurance plans are no longer. If a senior does not have a nice nest egg at retirement, several thousand dollars it will be a difficult time for them. Most seniors these days live check by check.
When a senior spouse passes away the surviving spouse receives full Social Security on the one who receives the bigger check, plus 70% of the deceased spouse’s income, thus, this senior household’s income once again takes a hit. As you can see, a senior does need a financial budget, they could not balance finances without a good budget, especially if a car loan and mortgage enter into this equation.
Many seniors are finding that they do not have enough funds to meet their monthly expenses and soon get into trouble with possibly losing their home and harassing credit collection calls if the situation continues. Many seniors discover at age 62 years that they never will retire because they do not have enough money.
Many people in their Golden Years do not know that there is help in the way of organizations such as LASPD, based in Chicago, Illinois. This group of pro-bono attorneys are caring, understanding, willing to educate clients, and works with the senior populace, and people with disabilities who are in tight financial straights. When there is no place to turn, household budgets are not working, and seniors, and the disabled need real help, this is one of the many places to turn.
This group helps seniors with monthly budgets, consolidations, (the group does not loan money), harassing collection companies, and have been known to bring unworthy credit collectors to their knees with a lawsuit for continuing to harass a senior.
Seniors need to know that their Social Security is forfeiture-free, meaning no creditor can touch their monthly check. The only creditors who can collect off your Social Security Check are Federal student loans and the IRS. Also, know that a collection company who is trying to collect on a bad debt can still sue and place a lean on your home.