Senior Citizens and Finances


December 2015

The world is in a global recession which affects not just the working people but senior citizens and their finances. The structures of societies around the world are shifting and with that, children are often coming home to live with parents - or parents are forced to live with children. It is not an easy time. From it there will develop both positive and negative results as people of all ages redefine their goals and relationships.

Culture dictates the care of parents when they grow older. Here in the US, where many seniors, who can afford to retire, and are healthy, they prefer to live on their own, and make their own choices independent of the children. It generally comes down to two factors: income and health.

With so many businesses failing, many are concerned about Social Security becoming bankrupt - not to mention changes in pensions and their 401k. This is forcing many senior citizens who do not have enough income to support themselves, back into the work force where they do not have needed skills, training and education, and will not get hired due to their age and health issues.

There are seniors who have started their own businesses, alone or with friends or family. This can be a rewarding time for those who are able, but for those who are disabled, it can lead to illness, high blood pressure, anxiety, fear, panic attacks, and death.

Many seniors have lent money to their children, or other family members, that has never been returned. That money could have been their life savings.




Housing

Earth changes are taking their toll on senior housing. Seniors in the news I shown to be displaced due to Earth changes such as wildfires and flooding.

Downsizing a home that has equity is a great way to go because seniors don't need a large home that is too expensive to maintain and the taxes too high. Equity from the home can be used to buy something smaller - the remaining Equity invested.

Secondary suite is an urban planning term for an additional separate dwelling unit on a property that would normally accommodate only one dwelling unit. A secondary suite is considered "secondary" or "accessory" to the primary residence on the parcel. It normally has its own entrance, kitchen, bathroom and living area.




Transportation

Most people need cars to get around. What do seniors do when their car is no longer functioning, they can't afford the insurance or repairs, they have no money to buy a new car, or get financing because they are not working?





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