What to Do When Experiencing Financial Hardship as a Senior

More than 25 million seniors in this country are facing financial hardship, living at or below 250% of the national poverty level. Some must forego retirement entirely or work into their 70s and beyond. However, there are steps that seniors can take to remedy their financial situation. Some non-profits and other types of organizations help seniors with funds for housing, food, and healthcare. Also, complimentary or low cost debt counseling is often available. In extreme circumstances, a personal loan can provide funds for unplanned emergency expenses. It’s important for the senior and their support system to remain positive and solution-oriented, using all of the available options available to them.

Key Takeaways:

  • The National Council on Aging says over 25 million Americans over 60 are living at or below 250% of the poverty line
  • Low-income assistance programs are available, as well as nonprofits that will help seniors with what they need for housing, food, and healthcare
  • Debt counseling and personal loans assistance are also options for both paying down debt and smartly utilizing it to cover immediate expenses

“With so many older Americans facing economic hardship, there are steps that can be taken to recover from financial difficulties”

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