Senior Citizens and Finances
Here is an important and recurring theme with many of my clients over age 62, 'Senior citizens who cannot afford to retire and do not wish to live with their children.' This is a growing problem in the US as people live longer, keep themselves healthier, but need more income.
Many people are concerned about Social Security becoming bankrupt. The baby boomers, born roughly between 1943-1963 will effectively use up all of the social security funds unless taxes are raised yet again.
Do you know that if you are in the 50% tax bracket, you work from January 1-July 1, for the government?
There are many senior citizens who do not have enough income to support themselves and are forced to work years after they burn out and should retire and have fun.
Many seniors did not have the opportunity to get an education beyond high school, if that. They compete in a job market with people who have more education and often better skills. Many seniors are not computer savy.
Many live alone, but not all. Money doesn't go as far as it used to and they worry about it all the time.
Many have lent money to their children, or other family members, that has never been returned. That money could have been their life savings.
Many lost income and security when the stock market 'tumbled' in 2001, or through other investments that failed.
Where do Seniors go, when they lose their job, and no one will hire them because of their age?
There are many seniors who are better skilled than younger people, but are down-sized because of age.
Healthy seniors seem to find part-time jobs that supplement income, but are generally not rewarding jobs, such as working as a Walmart Greeter.
Here in NYC many civil servants can retire after 20 years of service, or age 55. It is not uncommon for those who worked in the police department, and retire early, to take jobs as security guards, a job related to their former career.
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 of my senior clients have sold larger homes, which are already paid for but the upkeep and property taxes have made it impossible to keep their homes. They move to less expensive dwellings, using the left-over equity as a buffer, to live on, or to invest, often in another small investment property.
There is something called a Reverse Equity Loan for seniors, where you get a money paycheck from the bank, it's from equity from your property.
Sometimes children and parents do not want to live in the same house, but are comfortable living near each other, which has lead to the development of Granny Flats, temporary homes placed on their children's property which is only zoned for single-family dwellings. Granny Flats, which go by others names, such as Mother-in-law or Granny Huts.
There are also permanent Granny Flats
Many seniors live in mobile home communities, and are being displaced because the property is becoming too valuable. Where do they go?
A soul, at any age, needs something to do, a goal, a passion, or it considers its karma complete and leaves, or gets sick as a cry for attention.
I am finding that many seniors suffer from depression and take anti-depressants.
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, and they have no money to buy a new car, or get financing because they are not working?
Foreigners, or illegal aliens will have little or no benefits.
Most seniors have not had it easy in this lifetime as reality is an ongoing series of challenges. They should be able to retire and enjoy their remaining time here. Sadly, that is not always the case.
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