How to Talk to Seniors about Debt
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.
