How seniors can get out of poverty?
With the increasing advancements in the medical field, life expectancy has shown tremendous growth and of course this is a matter of pride across the world, however poverty is one of the factors that has faded the vibrancy of this achievement. Today, a considerable percentage of people are above the age of 65, with very bad finance condition. But, here in this article we will write on how seniors can get out of poverty by following some of the tricks.
Main causes of poverty
There are numerous causes for this plight but these are some to name a few.
- Increasing medical costs: Increase in chronic illness e.g. diabetes, cardiovascular diseases, dementia- which are quite prevalent among senior citizens,
- Lack of health insurance or increase in the premium of health insurances.
- Lack of budget can be the reason for the plight of financial condition.
- No savings or emergency funds.
- Spending much on housing.
- Lack of skills.
These are some of the reasons which contribute in increasing poverty but now we will tell you what are the things that you can do for the betterment of your finance conditions.
What you can do for the betterment of your financial condition?
- Housing options: once you attain the age of 65 or have retired, you can opt for the ‘public housing’ or you can also look for government subsidized housing schemes which can help you in maintaining a proper balance between your living your standards and your finance conditions.
- Delaying retirement: delaying retirement after full retirement age can help you in getting increased higher percentage of social security benefits.
- Health insurance policy: It can help you in managing medical costs. You should be wise in choosing the best premium for yourself; it depends on your needs. You can also look of subsidized health insurance schemes provided by the government- probably this would be the cheapest option that you can try.
- Savings: It is one of the most important requirements because it is the only source that can help you financially during emergency.
- Extra skills: after retirement you can look for some other works which require skills and this can help you in getting some extra cash in your hand. You can choose according to your interest.
- You can control your transportation and other expenses by choosing the best place that fulfils your need.
In this article we have shared how you can manage to get out of poverty or you can manage your finance for 2019 Medicare Supplement Plans found here without compromising your living standards. I hope, now you are acquaint with the things that you can do to have a happy life after the retirement age.