Finances

The average income of seniors is only $18,000 and mostly comes from seniors. This makes it very important to discuss early with our parents what resources they have to plan for their later years. Many people are unable to live on these limited means due to rising drug costs. See Prescription Assistance Programs. Often families will move mom into their home because she can no longer afford to be on her own. There is a wealth of subsidized services and housing in this directory to help them make their money go further. Call you local Senior Center for help as well.Some seniors have even found themselves in credit card debt. This only compounds the problem. Sometimes a cognitive impairment (early Alzheimer's) is what's causing them to tv shop or give their money freely and you might have to take over their finances. Bill payment companies are available to management their finances so that you don't have to get involved. Reverse Mortgages are now offer the option to use the equity in your home without paying it back until you sell it. (See Reverse Mortgage for more info).

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