Many seniors hold good health as their upmost priority during their golden years, thus, having a high-quality environment that allows them to relax and live comfortably is vital. While finances are a common trigger for stress, you or your loved ones deserve a carefree retirement lifestyle.
22% of Americans have retirement savings less than $5,000 and 15% have nothing saved at all. In addition, one in four seniors do not have more than $500 in their saving set aside for medical bills. According to Fidelity Investments, a financial services corporation, your savings should be eight times of your income by the time you turn 60 if you wish to retire by the age of 67. If you have not reached that number yet, you are not the only one who’s behind.
Many people seek senior living financial resources due to the inability to support themselves during retirement. If you or someone you know is going through financial struggles and can’t find a way to cope, read on to discover the different resources and financial help that you didn’t know were being offered
Personal Funds and Retirement Jobs
There are several retirement jobs on the market that can help you beat the age bias. If you are looking into earning personal funds, there are many websites out there that could help you find a job that could be meaningful for your retirement journey.
Social Security Pensions and Benefits
If you are 62 years old and above, you can apply for personal or spousal retirement benefits. Schedule and appointment in advance and visit your local Social Security office to get the help that you need.
Look into purchasing an annuity early as it helps build tax-deferred savings. Annuity payments provide periodic payments which cover your living costs and help you live a carefree life during your golden years. There are different types of annuities to choose from, thus, you should pick the annuity that will help you meet your retirement goals.
Veteran Pension Benefits
If you are a Veteran looking for financial assistance, you will be able to receive monthly payments if you meet a certain age or disability requirement, and if you possess an income and net worth within certain limits. You can also take a look at bridge loans, which can provide a temporary source of funds while you make the move to assisted living. TerraBella Senior Living also provides a savings program that offers veteran seniors 25% off the community fee and 5% off monthly market rental rates for life!
To find out more, contact us today or schedule a tour to visit our beautiful senior living community in Roswell, GA!