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INSIDE THIS ISSUE From the Desk of Paul Stano PAGE 1 Remembering Pearl Harbor PAGE 1 How to Slip and Fall the Right Way PAGE 2 The History of the 3 Wise Men PAGE 3 Take a Break PAGE 3 Holiday Roast Prime Rib PAGE 3 4 Common Financial Struggles for Seniors PAGE 4
4 COMMON FINANCIAL STRUGGLES FOR SENIORS
Whether You’re Retired or Not
Planning for and navigating 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 four major issues reported by seniors.
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.
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.
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 was the deceased who primarily managed the finances. Working with a financial planner or elder law attorney can help make this process less daunting.
DEBT
CONFUSION REGARDING FEES
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
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
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