There are very many financial challenges faced byolder adults in society. Most of it are because of the responsibilities that come with parenting as well as the obligations that they may have accrued allthrough their years. These and many others are therefore the reasons why older adults should make appoint to invest so that even after they retire or withdraw from active service, they will still be financially able. For 2020 supplements get a quote and enroll at https://www.medicaresupplementplans2020.com/
Reasons why seniors should invest
- Rising healthcare costs
Heading into retirement there is this belief or perception that insurance will take care of everything else. Not at all. Unfortunately, there are things that these covers do not take care of for you hence you will need to foot the bill on your own. For example, Medicare is a fix-all program for the elderly. It however does not cover all medical costs, and the out-of-pocket expenses for their medical care can be quite extensive.
Instead of enjoying your retirement years debt free, older adults are finding themselves waist deep in debt. In 2012 just a quarter of all homeowners over the age of 62 still had a mortgage payment.
- Feeling obligated to assist their adult kids
This may include helping your adult children pay their bills. There is no fault at all in seniors helping their children or family, but it is having serious implications on their remaining savings from those many years of service. It is also worth mentioning that 25% of that $16 billion in aforementioned student loan debt was taken out to support a child or dependent going to college.
- Social security problem
Research has shown that 52% of all aged couples counton Social Security for at least 50% of their income in retirement, while 47% ofunmarried seniors count on Social Security income for at least 90% of theirincome in retirement. This is a potentially big problem considering that the pensionbenefits show signs of burning out of its remaining cash reserves by 2033.
- An unfavorable job market
For seniors with little-to-no retirement savings, or those who are overly reliant on Social Security income, going back to work is an option worth considering. Unfortunately, the job environment for senior citizens is not very easy and accommodative. Although older workers are more likely to be retained by businesses, it takes older workers longer to find a job once unemployed, and in general, businesses are opting for younger employees that are willing to accept lower wages, further hurting the job prospects of seniors.