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Money & Rights

Coping with financial stress as a senior

As we approach our latter years and start to consider retirement, how in order our finances are starts to become a major worry for a lot of our seniors’ citizens. In fact, a survey conducted by Life Reimagined, found that in 1,026 adults over the age of 35, 50% were having to accept the fact that they will be retiring at a later age compared to their parents’ generation. This is in line with another survey found 49% are kept awake at night worrying about financial issues. Further researched by the American Progress suggests that around 3.4 million seniors in America who are 65 and above are living below the poverty line.

Why our seniors are facing such financial problems as they approach retirement is down to a number of reasons. Each financial situation is different but common worries are reported; such as a drop-in income and financial sources/options becoming more difficult to find or limiting. With age comes increased healthcare costs as health can deteriorate furthering compounding the issue. There are many options for seniors to reduce the potential financial hurdles they could come up against, with this guide providing some guidance and advice to help those approaching their retirement.

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