From a young person’s perspective, our old folks are either enjoying their retirement or they are visiting their families across the country. But the truth is nowhere near this, as we face an age of global economic crisis that is affecting even our oldest population.
It’s a known fact that some elderly people are struggling to get by even on a daily basis. To add to this, the US Bureau of Labor made a chart showing that around 9 percent of 75-year-old Americans are working either full or part-time jobs. This reveals that they can’t rely on their life savings, their retirement checks, or even payday loan options to get by.
However, there is always a way to find more money and optimize your budget. And, we’re here to talk about that in this article. Let’s take a look at some of the best financial options available for people over 75.
Social Security Checks and Income
Even though the USA is a capitalism-oriented country, social security is definitely available for our oldest folks, ages 75 or older. Also, meeting all requirements for this kind of financial help is not that hard. Everyone who had their share of working in the country is entitled to social security.
But, this begs the question – What if inflation interferes?
Well, inflation will only affect the value of the income, not the amount. Therefore, special kinds of laws and regulations are set up in order to ensure a steady income with a reasonable value. That’s why Social Security is one of the best ways to be financially stable as a 75 or older person.
The Mortgage Is One Way
Most Americans are taking mortgage options for granted through their lifetime of working 9 to 5 jobs. As we all know, this is a fast and easy way of getting some money in order to invest or refinance something in your household. However, those who are not able to repay on time may be taken to court.
The first time reverse mortgage was mentioned was back in 1961, when homeowners were given an opportunity to ‘’share their home.’’ Nothing has changed much from that time; only that the numbers of mortgages increased through the years. And now, we have around 115,000 cases where home-equity conversion was present.
Even though this is an expensive way to boost your financial situation, giving one part of your home never stopped Americans from signing reverse mortgage deals. For some, this deal was even beneficial as the housing market rapidly increased, which made their mortgage an even better deal. But on the other hand, some were not that lucky as this can swing the other way in no time.
So, this type of finance is available to everyone who’s 55 or older. And, by the thoughts of many, this is a very risky business as it involves ‘’selling’’ your home, the only thing you can hold on to. Also, jail time can be given for failure to repay money owed.
Continue with Your Work
In case you didn’t know, there are plenty of jobs that are available for people over 75. Even though folks over 75 are not that agile or suitable to deliver high-quality results, they are still able to contribute to society.
For example, bookkeeping or customer service is one way to go. On the other hand, people over 75 can always find something suitable for their needs. Ensuring a bit more money gets on the table is a great way of dealing with home energy bills and other stuff that shortens the budget.
As the lifespan of an average person in America has risen in the last 50 years, it’s important to improvise, adapt, and overcome modern trends. Therefore, investing in stocks is one of the best ways to get some bucks on the side. Many people who are working in finance, or find themselves to be finance experts, recommend getting into the stock market with caution.
Investing in stocks is a great substitute in case you’re unable to meet your loan repayments, either for payday loans or installment loans.
This market is always changing and therefore you need to stay on top and be well-informed. So, what are good options here? Well, here are some that might seem like a good idea to you:
- Treasury Securities Investment
- Investing in Domestic Stocks
- International Stock Investment
Each of these investment options is backed up by low risk. However, the reward is not high; but it’s still something you can count on in order to get by. Also, you can always invest a bit more if you’re feeling that everything is going in the right direction.
But suppose you’re in an emergency and need quick cash. In that case, AdvanceSOS.com is a leading loan connection service provider that accepts your loan application and matches it with top payday lenders ready to lend you a small-dollar payday loan.
Government Support Programs
No matter the state, there is always some Government Support Program available for elderly folks. With a low income and expensive bills to cover, people over 75 are facing some really hard times. That’s why the government is focusing on giving suitable help.
One of the most popular and possibly the best program in this category is Supplementary Accommodation Benefit. This uniquely designed program is focused on providing great support to eligible seniors. In order to qualify for this program, an elderly person must have a low income and a medication prescription from a doctor.
Also, those that served their country in wars or the military are very welcome to get their hands on this program. This kind of support is rich with monetary help, food and grocery help, as well as free medication help.
As the healthcare system in America is not free, some elderly people can face health expenses that are quite high. That’s why there’s a special healthcare program that allows old people to have medical insurance that can cover their expenses.
This kind of financial option is not focused on providing money for your pockets, but rather on cutting expenses so some money can stay inside your home. Also, there are some medications that are free of any charge for people over 75. That’s considered a great financial boost.
All in all, both the healthcare program and government programs are excellent ways of saving up some money.