5 Common Financial Struggles for Seniors
WHETHER YOU’RE RETIRED OR NOT
Planning for and navigating through retirement is the most pressing financial concern for older adults. While understanding how to budget and spend as 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 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.
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.
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
Train Your
BRAIN!
Buttery Roasted Chestnuts
Inspired by Bon Appetit
INGREDIENTS
• 2 teaspoons kosher salt, or more to taste • Pinch of freshly ground nutmeg • Freshly ground black pepper, to taste
• 2 pounds fresh chestnuts, unpeeled • 2–3 sprigs rosemary • 1/2 cup unsalted butter, melted
DIRECTIONS
5. Pat dry and transfer to a medium bowl. Add rosemary, butter, salt, pepper, and nutmeg. Toss to coat and transfer to baking sheet. Arrange in a single layer. Gather the edges of the foil together, leaving an opening at the top. 6. Roast until peels curl up, about 30–45 minutes. 7. Transfer to a platter and serve while hot or warm.
1. Heat oven to 450 F. 2. Place a large sheet of foil on a rimmed baking sheet. 3. On a large, flat workspace, place chestnuts flat side down. Using a sharp knife, carve an X on the rounded side of each chestnut. 4. In a large bowl of hot water, soak chestnuts for 1 minute.
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