4 Common Financial Struggles That People Over 65 Are Facing
In more often than not, life after 65 usually revolves around retirement. However, this is not the only financial challenge that seniors are likely to face. There are some other financial struggles that seniors face. Here are some of the situations they usually face.
According to personal finance consultants, many people carry debt into retirement because they spend years helping their children, grandchildren and relatives. Some older adults also turn to credit cards when they face major financial shocks. Others also go into retirement while still paying off their student loans or mortgages. It becomes very hard to clear these debts because most of older adults live in fixed income. If you think that you may start falling behind on your payments, you should contact your lender and see whether they can adjust your loans.
- Difficulty recovering from identity theft or scam
Scammers and money launderers usually target seniors. And there are so many seniors who have fallen victims of scammers, or whose identities have been stolen. As an elderly person, you may have difficulties disputing unauthorized transactions or purchases on your credit card, and this is a one of the financial struggles many seniors are facing. You might also not know what steps you are supposed to take so that you can find a solution. According to personal finance experts, you should check your statements on a regular basis and scan them for any unusual charges or transactions and to realize fraud early enough.
- Difficulty managing finances after losing a spouse
The death of a spouse can sometimes create difficult financial challenges for surviving husband or wife. This is usually true in cases where the surviving spouse used not to manage the finances. In most cases, the surviving husband or wife faces challenges when it comes to accessing certain assets even after producing the needed documents. If you are facing difficulty accessing savings accounts and certain assets after the death of your spouse, you can consult a financial professional to help you out.
- Confusion over the banking fees and products
Most people who are over 65 sometimes find it hard to understand certain charges on their credit card and bank statements. Sometimes, seniors find services or subscriptions that they can’t remember signing up for. This is usually a clear indication that they could have been enrolled in some add-on services that they didn’t want at the time they were opening the account. Sometimes, you may also find it difficult to understand how the interested charges work. To avoid such struggles, get enrolled in a 2019 Medicare Supplement Plans ensure that you only subscribe to the add-ons you need and understand. Again, check regularly to ensure that your cards are working appropriately.