Poverty Increasing Among Seniors
The effects of poverty can be devastating for many seniors. These are usually individuals who have worked their whole lives, preparing for retirement. Unfortunately, when this time came, these seniors were forced to live on a limited income. This can often result in poverty and financial instability and insecurity. There are many reasons for senior poverty, but it can be prevented by taking the right actions. Below is some information that can be beneficial to seniors.
1. More seniors are experiencing poverty because they are living longer. In addition, many 401(k) plans are now being replaced by company pensions. The Social security benefits are diminishing and medical costs are rising. These all contribute to senior poverty.
2. Credit card debt, medical expenses and financial losses can cause a senior to experience financial insecurity.
3. The recession has taken a toll on seniors who are already living on limited income. This has led to reduced incomes, a decline in consumer wealth and increased poverty.
4. One way senior can prevent poverty is to battle credit card debt. This can be a challenge, especially for seniors who do not have the option of taking a long time to pay down debt. However, it is possible to negotiate better terms and seek credit counseling.
Source: Updatefrom.com
Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.
