7 Financial Resources for Older Adults to Navigate Retirement with ConfidenceAll articles
As we approach our golden years, financial stability becomes an increasingly important aspect of our well-being.
Retirement, healthcare, and unexpected expenses can all place significant strain on our finances. Thankfully, there are numerous resources available to help older adults navigate these challenges and ensure a comfortable and secure future.
In this article, we’ll explore some key financial resources to support older Americans in their retirement years.
7 Financial Resources for Older Americans
1. Social Security Benefits
One of the cornerstone financial resources for older adults in the United States is Social Security. This federal program serves as a financial lifeline for those who have contributed to the system throughout their working years and provides a steady income to retired or disabled individuals.
One of the primary ways Social Security supports older Americans is through monthly benefit payments. These payments are based on an individual’s earnings history and the age at which they choose to start receiving benefits.
To maximize your benefits, it’s essential to understand when and how to apply, as well as the factors that can impact the amount you receive. Visit SSA.gov to learn how to prepare and apply for Social Security benefits.
2. Medicare and Medicaid
Healthcare expenses can be a significant concern for older adults, and access to affordable and comprehensive healthcare is essential for maintaining well-being in retirement.
In the United States, two government programs, Medicare and Medicaid, play a significant role in providing health coverage to older Americans. Medicare is a federal health insurance program available to individuals aged 65 and older, covering hospital stays, doctor visits and prescription drugs. Medicaid, on the other hand, is a joint federal and state program designed to help low-income individuals of all ages with medical costs.
Understanding the eligibility criteria and coverage options of both programs can greatly alleviate healthcare-related financial stress. Visit the Medicare website to discover coverage options in your area and visit the Medicaid website to learn more about how to apply for coverage.
3. Pension Plans and Retirement Accounts
For those fortunate enough to have employer-sponsored pension plans or retirement accounts, it’s crucial to familiarize yourself with the details of your plan. Know when you can start withdrawing funds and the options available for distribution.
Additionally, consider seeking advice from a financial advisor to make informed decisions about managing your retirement savings. Our Apple Financial Services advisors are always ready to discuss your options in retirement and how to make the most of your savings. Reach out today to take control of your financial future during retirement.
4. Elderly Assistance Programs
Across the country, there are various government and non-profit organizations that offer assistance specifically for older adults. These programs can help retirees cover a range of expenses like housing, utilities, food and transportation.
Research local and national resources to discover what programs are available in your area. Here are a few organizations and programs designed to assist older people across Northern Virginia:
- Senior Services of Alexandria
- Fairfax County Programs and Services for Older Adults
- Virginia Division for Aging Services
- Virginia Insurance Counseling & Assistance Program
- Loudoun County Programs & Activities for Adults 55+
5. Fraud Prevention Resources
Older adults have spent a lifetime working hard and saving to be able to relax in retirement. It’s precisely because of this that they are most vulnerable to financial exploitation.
In 2022, elder financial fraud and abuse was estimated to cost victims as much as $3.1 billion. Teaching older adults about potential financial scams is critical to safeguarding their hard-earned savings and financial well-being.
Older adults are often targeted by scammers who employ sophisticated tactics to exploit their trust and lack of familiarity with modern financial technologies. By teaching older adults about potential scams, we empower them to recognize warning signs, make informed financial decisions and protect themselves from falling victim to fraudsters.
The Consumer Financial Protection Bureau (CFPB) has excellent educational resources about protecting older adults from fraud and financial exploitation. Visit their site to learn more about the latest scams and how to protect your loved ones from fraud.
6. Estate Planning Resources
No one wants to think about what will happen after they’ve passed, but planning your estate is an essential way to safeguard your loved ones, provide peace of mind and ensure your wishes are honored.
As individuals enter their retirement years, having a well-thought-out estate plan becomes increasingly important. Estate planning allows older adults to clearly articulate their wishes regarding the distribution of their assets after their passing. By creating a will or trust, individuals can ensure that their possessions, property and financial accounts are distributed according to their preferences.
Apple Financial Services has partnered with Trust & Will to help our members create their estate plans customized to fit their needs, their life and their legacy. Visit our site to learn more about Trust & Will and how to plan your estate.
7. Financial Education and Counseling
At Apple FCU, we recognize the importance of financial literacy for older adults, which is why we offer tailored resources to help support our members as they navigate the challenges of retirement.
We’ve partnered with BALANCE to provide our members with free access to expertly crafted financial education and resources to help with money matters. BALANCE can also assist with confidential, no-cost financial counseling services to help you develop a sensible budget for managing spending and debt.
You can also check out our Make Your Dollars Make Sense blog to read more articles about budgeting, savings, retirement planning and more!
Remember, it’s never too late to take control of your financial future, and there are resources available to help you every step of the way.
By familiarizing yourself with the resources available and seeking professional advice when needed, you can navigate your golden years with confidence and peace of mind.