Baby boomers dealing with debt can find financial help
Asking for a senior discount at the gym or the movies may be a nice perk for older consumers, but many struggling retirees oddly enough are leaving thousands of dollars in perks and benefits untouched. It's saved money that could create some economic stability in their lives.
Imagine this: More than $20 billion of available benefits are left on the table each year, according to consumer advocates. More than 4 million lower-income older adults could increase their annual budget by as much as 29% if they simply tapped into some benefits programs, according to the National Council on Aging and the National Association of Area Agencies on Aging.
A new You Gave -- Now Save guide is designed to help low-income older adults spot more information about prescription drug programs, the Senior Farmers' Market Nutrition Program, Medicaid and low-income energy assistance programs to fill financial gaps. The guide is online and at various Area Agency on Aging offices. Go to www.ncoa.org or www.n4a.org.
May is officially Older Americans Month and is a good time to discuss some challenges many seniors face when it comes to paying their bills. We like to think of retirement years as a relaxing time to take that special cruise or knock dreams off our bucket lists, but too many seniors need far more help with their finances.