Once you retire…it can be hard to make ends meet. Let’s face it, unless you planned ahead for retirement, you’re probably living pretty close on the wire. Seniors often have a hard time paying all of their monthly bills and finding disposable income to pay for new ones.
Here are a few tips on how you can talk to seniors about debt.
1. Communication – It’s important to talk to your elderly family members about debt before a problem arises. Then if you notice that a problem has occurred, open up those lines of communication again. When speaking to them about debt, it’s important to not be condescending about the situation. Instead, offer help and encouragement to find productive solutions to the problem.
2. Budget – Sit down with your loved ones and help them to create a budget that they can understand. When setting up a budget, lay it out in black & white and preferably on paper. While some seniors are versed in computer technology, many are not. Setting up a budget should include a list of current debts and payments towards those debts.
3. State & Government Programs – There are many local, state, and federal programs set up to help seniors with all sorts of different things. If they qualify, they can get help with meals, housing, transportation, medical & dental needs, etc. These programs are out there, you just need to find them. For instance, there is more here about OAS payments for those who live in Canada.
4. Ask for Help – If your loved one is still having a hard time getting their basic needs met and their bills paid, don’t be afraid to ask for help from other family members and friends. Every dollar counts and if you have family members around, ask them to help!
5. Financial Advisers – In some instances you may need to contact a professional to help understand your loved one’s current financial situation and to come up with a plan to deal with it. Looking for help? Contact the local office of aging or your area’s local senior center for advisement and services offered.
This is a very important topic. It can be very difficult to deal with debt at any age. These are good guidelines.
I do think the important thing is to know that there are places to go for assistance. I know the senior center and the libraries in my area have free seminars that are helpful when budgeting.
It’s certainly true that older relatives should know they can discuss any debt issues with you, but unless you suspect there may be memory problems or problems dealing with money in general, I think specifics might not be on the table. I know if relatives tried to butt in to my finances, I’d be a little offended, lol. It’s definitely a delicate issue, even between parents and adult children. But I definitely agree that they need to be aware they can discuss it with you.
These are great suggestions. Our senior center helps those that need help. I wish more people would talk way before they retire. Some of my family is still working into their 70’s because they did not plan and save.
This is an important topic. One of the biggest debts can be life insurance and medical. So many seniors get ‘just enough’ they do not qualify for programs but not enough to live on. I agree too hat being on paper helps. Computers are all fine and good but many do not gt i nor want to.
I am the senior at 70 years old. I do not have any debt. My house is paid for. I am grateful to my younger self who put as much as possible into my retirement fund.