Top 5 Biggest Financial Challenges Senior Citizens Tend To Face

Top 5 Biggest Financial Challenges Senior Citizens Tend To Face

Majority of seniors across the globe continue to face a number of financial challenges as they grow older. We have discussed some of these challenges below.

  1. An unfavorable or hostile jobs market

People aged 65 years and older who have little or no retirement savings find the option of going back to work as a viable one. Sadly, the general job environment for elderly individuals is not that welcoming. First, most businesses prefer employing younger people who are willing and ready to accept low pay. Besides, unemployed or retired senior citizens usually take longer time to find jobs. All these hurt the job opportunities for seniors.

  • Debt

Most people enter their golden years buried in debt. Most senior citizens still have mortgage payment while some still owe student loans. With reduced income, it becomes very hard for elderly individuals to service loans and pay off their debts. Being in debt is one thing that is increasingly causing financial stress in many older adults. To break free from this challenge, draw a plan on how to pay off your debts and stick to that plan.

  • Increasing healthcare cost

As you age, you health also deteriorates, and your risk of getting injured or becoming ill increases significantly enroll in 2019 medicare advantage plans. For this reason, chances are that you will be developing health complications every now and then. This means that you will be seeking healthcare and you will have to pay for the services. It is unfortunate that Medicare and many other popular health insurance covers do not cover all health issues that seniors tend to have. The fact that seniors have to pay for their healthcare from their savings or earnings adds to the financial challenges that they are already facing.

  • Helping their adult children

Another financial challenge most senior citizens face is that despite their reduced income, some of them are still forced to help their adult children financially. Due to high rates of unemployment and underemployment in most countries, most middle aged adults are struggling to, or cannot pay all their bills, and they have to depend of their older parents to help.  

  • Fraud

Financial scammers see senior citizens as their easy targets. Unfortunately, most seniors do not know how to avoid falling victims of fraudsters. As a result, a huge number of older adults usually lose their savings and investments to fraudsters. To avoid being a victim, make sure that you are guarding your personal information with your life.