The Struggle is Real
At a time when they should be enjoying the fruits of their labors, American senior citizens are struggling. In fact, many strain each month just to make ends meet, let alone celebrate their Golden Years.
According to the National Council on Aging, “Over 25 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.”
Southern California Snapshot
In Southern California, where Reverse Mortgage Certified is based, the situation is bleaker still.
“Poverty among seniors is not new, but has been exacerbated in recent years by a cyclone of factors, especially in California,” say Sacramento Bee reporters Claudia Buck and Phillip Reese, who go on to write, “Seniors statewide caught at the edge of poverty are mostly single; the large majority are women. They’re often minorities.”
Short Economic Stories
The stories about how each senior made it below the official poverty line vary:
- Some didn’t work long enough to qualify for Social Security.
- Others had jobs that didn’t provide a pension.
- Some made poor financial decisions or investments.
- Others fell victim to financial abuse.
- Still others saw their savings and retirement accounts depleted by the recession and earlier economic downturns.
- Many, especially those 85 and older, are simply living longer and contending with costly, chronic health conditions.
How to Save Money
Since many seniors have penny-pinched their entire lives, these hints may be familiar. But we provide them because we care about senior financial matters. In fact, Reverse Mortgage Certified exists to help senior citizens in the San Gabriel Valley, Los Angeles basin and North Orange County enjoy their Golden Years.
- Car Insurance. If you’ve been paying the same car insurance for several years, you may be eligible for a longevity discount. If not, you could potentially save by changing the deductibles or eliminating gap coverage if you have been making payments on your vehicle for two years or more.
- Clothing. If you aren’t a fan of thrift stores, consider checking out consignment shops. These stores sell gently used items at deep discounts. When it comes to laundry, you could save double digits each year by washing everything in cold water instead of warm or hot.
- Hair Styling & Mani/Pedi’s. Even on a budget, you can afford to pamper yourself if you do so at the local community college cosmetology program. Students supervised by licensed beauticians and manicurists, these readily available programs cost a fraction of similar services in regular salons.
- Physical Activity. Suspend your gym membership during the hot summer months and take your exercise outside. Walking is still considered the most safest way to exercise and it is free!
- Food. Skip meat once a week because vegetarian meals cost less. Throw away less produce by tossing plastic bags and wrapping fresh fruits and veggies in paper towels, which absorb moisture so produce stays fresh longer.
In truth, after a lifetime of hard work and sacrifice, we would love to help homeowners improve their financial situation by taking out a reverse mortgage. Wouldn’t you rather get a check each month rather than having to scrimp and save to pay the mortgage? If you own your own home, you may be eligible. If you have questions about how much reverse mortgage capital you might qualify for, contact Manny LaFosse, your certified reverse mortgage consultant.
About Reverse Mortgage Certified, #Manny4Reverse
Residents of Los Angeles County and North Orange County should look to the experts at Reverse Mortgage Certified for great rates and information about the reverse mortgage loans as well as several other available financial options. Call our senior hotline today to find out if a reverse mortgage may be right for you or for someone you love (855) 444-9798.