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Financial Resources for Older Adults
Financing retirement and advanced age often presents an entirely different set of concerns, questions and important information for seniors and their loved ones. Many times, a person's income will become fixed based on earned pensions and benefits, while resources may begin to decline due to use.
Seniors can face a complex array of options for financing their golden years. These can include new income options other than employment, like Social Security benefits, company pensions, annuities, retirement accounts like a 401(k) or reverse mortgages. It also often becomes more important to monitor and protect resources like savings accounts, defined benefit plans, home equity and investments.
It is important for individuals to plan for retirement in advance. Programs like Social Security and pensions were not designed to be sole sources of support and individuals should consider other options for supplementing such support. In addition, many seniors planned for significantly shorter retirements than are common now. It is likely that increases in medical technology will further increase life expectancies and the quality of life in advanced age, so individuals may need to plan for a longer retirement than originally thought.
If you are in need of financial assistance, please note that our organization cannot provide any direct help. We can assist in applying for benefits to which you are entitled, but cannot provide any money for things like rent, utilities or food.
The topics below are designed to inform individuals about various types of financial resources available to seniors. These topics are not comprehensive nor are they an endorsement of any course of action.