Financial Resources for Seniors

Regardless of their financial situation, seniors in the process of retiring must have access to retirement planning and benefits information to facilitate their retirement.

Financial resources such as Social Security spousal benefits are instrumental in providing retirees with the funds they need to retire comfortably, but seniors may not know all the resources available to them to not only assist them in retirement preparation but also retirement safekeeping. Seniors are a vulnerable population but may be hesitant to speak out about financial difficulties during retirement or stop saving as they age, assuming it would make little difference.

Seniors must understand the financial services and information offered to them that can help them escape financial trouble. Whether seniors are just beginning to consider their financial well-being as retirement approaches or are already confident that they are prepared, these resources are invaluable. From retirement saving tips and job recommendations to government assistance programs that are designed to help impoverished seniors, seniors have numerous ways to obtain financial stability.

Retirement Planning Information

These resources will include the types of retirement plans available and how seniors can learn to secure a financially stable retirement. From establishing a pension to evaluating how much money is needed for retirement, seniors will find the material they need here. Learning how to plan for retirement requires seniors to assess their current spending habits. Because the cost of living is increasing, seniors must prepare for retirement by saving more than enough money to ensure they will not face financial difficulties in future years. Retirement income planning tips and advice such as the following can help seniors save the right amount of money to support their desired lifestyle.

  • Keep saving and investing until you retire
  • Avoid withdrawing your retirement savings early
  • Think about having 70 percent of your pre-retirement salary in your savings

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In addition to retirement planning resources, seniors can find specific savings plans in which they can enroll to aid in their retirement saving. A list of the types of saving plans available to seniors is provided below:

  • 401(k) plan. This is an elective savings account that receives annual or monthly contributions for retirement.
  • Traditional IRA account. Individual Retirement Arrangements are private, tax-deductible savings accounts that can be invested.
  • Pension plan. Pensions provide fixed financial support to retirees based on employees’ earnings or the contributions made to the account.

In these planning resources, seniors can determine their eligibility for these retirement programs as well as the application process involved in applying for them. While some require seniors to be employed at companies offering these retirement services, others simply need them to complete a formal application request form and supply initial funds necessary to open the account. Seniors should consider all retirement plans carefully to decide which one(s) may be the most appropriate for their retirement needs.

How to Supplement Retirement Income

Seniors’ retirement plans may not be effective in funding their retirement. Additionally, plans like a 401k can have distribution regulations that prevent seniors from receiving money in a timely manner. If seniors find that their income from account distributions cannot support them effectively, they may choose to supplement their income in other ways. One way that seniors can supplement their income is by attaining jobs. Seniors can discover jobs for retirees that can be performed from home or that can accommodate busy schedules. A list of potential jobs for seniors is as follows:

  • Part-time jobs for seniors. Seniors can apply for temporary or part-time retail positions that may only serve to give them extra money and interact with coworkers.
  • Public service jobs. Working as a tour guide or athletic coach may be great for younger retirees hoping to inspire students and affect change in their communities.
  • Educational positions. Tutors and teacher’s aides have flexible work hours and work alongside qualified instructors to teach students of various ages.
  • Remote jobs. Jobs like freelancing, contracting and blogging are ideal for retirees who want complete control over their work hours and environments.

Seniors are encouraged to search for all types of jobs from entry-level to managerial positions. While some seniors may want to continue their prior work during retirement by entering a familiar workspace, others may choose to explore a new career path or incorporate their hobbies into their work. Because of this, the best jobs for retirees will differ based on their interests and work history.

Government Assistance Programs for Seniors

While retirement plans are meant to help seniors prepare for their future, they should not be the only resource seniors consider if they are struggling financially before or during retirement. Seniors hoping to supplement their income post-retirement can also learn about SSI benefits and how it complements social security income that they may already have. The supplemental security income program is funded by tax revenues and seeks to offer disabled seniors (65 years of age and older) who have little or no income. Despite its name, SSI and Social Security benefits are not the same, but they are not exclusive and may both be issued to seniors based on need. The program pays beneficiaries monthly benefits. The standard, federal benefit rate for individuals is $750 per month and $1,125 per month for couples, but these values are subject to change and vary depending on incomes, living arrangements and other household factors. Social Security benefits can be supplemented with SSI and other non-SSA benefits to help seniors achieve a livable wage.

Other programs such as the senior farmers market nutrition program and the commodity supplemental food program can provide retirees with much-needed resources that can help them support themselves and their families during retirement. These programs, and others, supply local farmers markets and food pantries with sustainable, healthy foods and helps allocate the food items to needy seniors. The diets promoted by these programs are USDA-approved and contribute to the improved health of many low-income seniors 60 years or age and older.

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