5 COMMON FINANCIAL STRUGGLES FOR SENIORS
Planning for and navigating retirement is the most pressing financial concern for older adults. While understanding how to budget and spend as
college years or other outstanding loans. Others turn to credit cards to defray a surprise cost like a medical emergency. If you’re in danger of falling behind on payments, contact your lenders before opening a new credit account. Reverse Mortgages Many seniors have reverse mortgages, which allow them to buy into home equity provided they repay it when the property is sold. In this mortgage structure, however, people still need to pay property taxes and homeowner’s insurance. These mortgages can end up being a trap for seniors, which is why Jean Setzfand, a senior vice president at AARP, refers to them as a last resort. Scams and Identity Theft Sadly, many identity thieves and cybercriminals target the elderly. While your credit report can be corrected after such an event, many seniors are unequipped to deal with the process. The
best defense is to check your statements often to ensure that any foul behavior is caught as early as possible. Confusion Regarding Fees Many seniors reported charges they didn’t understand to the CFPB. Often, they were signed up for subscriptions they didn’t use or weren’t sure how interest was being calculated. As with identity theft, monitoring your statements for unusual charges is the best way to avoid this source of stress. Loss of a Spouse The loss of a spouse presents challenges much greater than the financial burden, but that is often a major part of navigating the death of your partner. Accessing bank accounts and other assets can prove difficult, especially if it was the deceased who primarily managed the finances. Working with a financial planner or elder law attorney can help make this process less daunting.
you approach and enter retirement is crucial, it’s far from the only issue that seniors face. Last year, a report from the Consumer Financial Protection Bureau (CFPB) investigated the most commonly reported complaints the organization had received from adults age 62 and older. Aside from retirement savings, here are the five major issues reported by seniors. Debt The number of seniors and retirees with debt is at an all-time high. Many seniors carry excessive debt in order to ease the burden on their children and grandchildren. Some still have student debt from their
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Wolf Retirement is proud to sponsor Whitey’s Fish Camp 16th Annual Lighted Boat Parade . Join us on Saturday, Dec. 8; 6:30 p.m. for a beautiful scenic event celebrating the holiday season. There will be cash prizes, a silent auction, and a raffle with all proceeds benefiting the Safe Animal Shelter. Learn more about this event at WhiteysFishCamp.com . Celebrate We have 26 birthdays in December! Happy Birthday to Adam (Dec. 12) and to all our friends and family members celebrating this month. May your birthday be as wonderful as you are.
River City Live: Tuesday, 12/4 and 12/18; 11 a.m.–12 p.m. First Coast Living: Wednesday, 12/12 and 12/19; 11 a.m.–12 p.m.
All of our offices will be closed from Monday, Dec. 24, 2018, to Tuesday, Jan. 1, 2019. Have a merry Christmas and a happy new year! We’ll see you in 2019.
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