It’s no fun getting older: you suffer aches, pains, and maybe even the slow decline in vision, hearing and memory. But one thing that’s important to remember is that while these infirmities are natural to the process, what can be even more painful is growing poorer as you mature—a reality that’s becoming even more real for a growing portion of older Americans.
According to a recent Harris poll, 25 percent of baby boomers, spanning ages 46 to 65, appear to be headed for poverty in their later years. Why this dearth of money in maturity? The sad fact is that a quarter of this generation has simply no measurable personal savings or retirement at their disposal. And with no appreciable savings or retirement plan, options are few and far between to stay afloat. According to Social Security's 2010 statistics, men and women with no savings are likely to be among the 21% of married couples and 43% of unmarried persons aged 65 or older for whom Social Security is virtually their only source of income. And, as many people know, Social Security is far from being enough to live on as the average Social Security check is $1,177 or $14,124 a year. With he 2011 U.S. poverty level for a single person holding steady at $10,890, a reliance on Social Security alone leaves you only $270 a month better off than those living right at the poverty line.
So what are older Americans to do who find themselves ill prepared for the realities of retirement, aging, and the costs thereby? According to our friends at WalletPop, it’s never to late to begin saving. “If you have no savings, the best advice is to start saving right away. If you can put away $250 a month for 20 years and earn a modest 3% interest, you'll have about $83,000. That isn't a fortune, but it's a lot better than nothing. According to ImmediateAnnuities.com, if you spend $75,000 on an immediate annuity at 66, you'll get about $490 a month for life, which added to your Social Security, raises your income to more than $20,000 a year -- or nearly twice the poverty level.”
In light of these new financial requirements for a realistic retirement, if you are a Boomer siphoning from your savings to subsidize a job loss, consumer debt or medical costs, the time to consider other options is NOW.
For those who are out-of-work, disabled, or otherwise too elderly or infirm to supplement their income in traditional ways, one option is to look for programs that can help pull you out of poverty or lessen the burdens of an already beleaguered budget. Check out the National Council on Aging's website BenefitsCheckUp.org, where you can input information about you and your spouse’s financial situation. Once plugged in, the website can provide services which make living within these monetary limits a bit more manageable.
Another option? A personal bankruptcy can free up the money you need to avoid being left empty-handed in your all-important later years, covering medical bills, credit card debts, and even delaying the loss of a home or car. So, if you’re an older American who’s been affected by the economy, and are now considering new ways out from underneath ever-increasing debt, and get back on track, knowing a qualified bankruptcy attorney can also help you to conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost. The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Call toll free to +1-919-646-2654 TODAY.