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Financial Stress: 6 Strategies Seniors Can Use to Find Relief

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Thank you to our guest writer, Jim Vogel from eldersinaction.org for this article!

Photo by Unsplash

Financial stress is a never-ending problem that can lead to physical and mental health challenges for older adults. While research shows seniors aren’t the group most stressed by finances, they often have unique challenges when it comes to money. Mainly, they have fewer options for finding relief.

If you or a senior loved one is experiencing financial stress, there are some big and small ways to manage the situation. 

1. Get better healthcare and insurance rates.

Now is the time to shop around for your insurance options. You may be paying more than you should or for services you don’t need. Healthcare is a complicated system and can be challenging to navigate alone. You may find ways to save money by talking to an agent. 

We also recommend looking at the costs of other kinds of insurance, like life and homeowners insurance, to see if there are more affordable options out there.

2. Downsize.

The costs of maintaining a larger home can add up. If you’ve got sky-high utility bills and more space than you need, it may be time to consider downsizing. By selling your current home, you may be able to purchase a new home outright and use the remaining money to help fund your retirement. Take a look at this informative Guide to Downsizing for Retirement as you weigh your options. Before putting your home on the market, research how much you can expect to earn from a sale, and make sure you consult an experienced realtor in your area. 

3. Explore alternative transportation.

If you are a senior who is driving less and less, you might be able to save money by changing your transportation methods. If driving isn’t necessary, consider selling your car. This will not only give you quick cash on hand but also save you monthly car insurance payments, as well as routine car maintenance and upkeep. 

Senior support website Daily Caring notes that seniors have many transportation options — some can get everywhere they need to by bus or through a family member, while others take advantage of rideshares or senior-specific public transportation options.

4. Shop at secondhand stores.

Seniors can save a great deal of money by purchasing gently-used items at secondhand stores. There are many upper-end consignment stores that allow seniors to purchase high-quality clothes, furniture, appliances, kitchenware, and other household goods at even greater discounts. Be sure to look and see if there is a certain day or time of day where seniors can take advantage of additional discounts. There are even online secondhand options like Thred-Up and Poshmark. 

5. Take advantage of senior deals and discounts.

Many businesses offer seniors special deals and discounts to help make their goods and services more accessible and affordable. People over 65 can get anything from meals to groceries, entertainment to investments, at special rates and discounts. The Senior List provides one of the most comprehensive lists of senior deals and discounts. These deals can help you enjoy a quality of life that is fun and exciting without worrying excessively about costs.

6. Share meals with neighbors and friends.

Senior isolation can be a serious health condition for people over 65, especially those concerned with finances. They may go out less for fear of spending too much money. However, sharing meals with neighbors and friends can relieve both burdens. You’ll share the financial cost of cooking, while also spending quality, social time with loved ones. Even cooking together can be a social occasion. Seniors who share meals two or three times a week often report a social and financial benefit.

Any health issue can be exacerbated by financial stress and strain, which makes seniors particularly at risk. That’s why exploring these free or low-cost activities can help both the mind and body cope with financial hardships. 

If I can be of assistance to you, please feel free to reach out.

Author: Linda Raymond Realtor - William Raveis Real Estate

You want a home that is best suited to your current needs and desired lifestyle. But, you may be worried about the monumental stress of making it happen. I am here to ensure you can make your successful move with the best terms for you and the most seamless process. Understanding your priorities and dreams directs my custom approach. Creative marketing, market intelligence, high tech expertise, cutting-edge resources, effective communication and negotiation skills, and strong relationships are combined into my strategy for you. I have been helping clients like you make their moves for 17 years, and I am poised to do the same for you. More than 70 online client reviews say things like, "easy", "seamless", "fantastic experience", "never pressured", "expert guidance", "completely informed", and "perfect outcome". As a Luxury Property Specialist who has earned top production and customer service awards year after year from William Raveis and Five Star Professional awards from Connecticut Magazine, I am the expert guide you can trust and rely on when you are buying and selling your home. You've spent years building equity in your home and you want to capture every bit of it. You deserve the utopia of the perfect home and lifestyle that you've worked so hard to enjoy. You deserve to be well-informed and prepared. When you work with me, that's my #1 priority. What if you off-load all the complicated worrisome steps to me and coast through a seamless, collaborative, positive, (maybe even a bit fun!), experience with peace of mind while you achieve your goal of capturing your ROI in as few days as possible and moving to your new perfect home? Call Today --> 203-912-4440. We'll discuss your goals and timeline, how I work with clients, and next steps from there. Your castle. My mission. To your success! Linda Linda Raymond License # 0777359 William Raveis Real Estate LindaRaymond.raveis.com Linda.Raymond@raveis.com 203.912.4440

One thought on “Financial Stress: 6 Strategies Seniors Can Use to Find Relief

  1. Pingback: Ticket to Ride! | Linda Raymond Real Estate Blog, Fairfield, Westport & More

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