They are referred to as the "golden years." It is suppose to be the time in a person's life when they can sit back and reap the benefits of all the hard work they did throughout the years. In retirement, seniors are suppose to feel secure about their finances. Hopefully, they have made ample arrangements for some form of monthly income and/or have some assets that will help sustain them through the years. In the best of cases, they have a "free and clear" home and no debt to worry about.
The Worst of Cases
Unfortunately, far too many people hit retirement age without the financially stability they need to retire. These unfortunate souls are often bogged down by debt, especially credit card debt, that creates ongoing problems. If they remain fully-functioning, they might have to continue working for as long as it takes to get out of debt. If they are beginning to lose their faculties, they could be forced into retirement while continuing to fight off creditors. It can be a horrifying experience that comes with few options.
Options for Seniors With Debt
Because most seniors are devoid an adequate stream of monthly income, many of the options for staving off debt problems are unavailable. When times get really bad, they can always resort to bankruptcy, but run the risk of eliminating any chance they might
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It is intended for individuals who still have a good credit score plus the monthly resources available to continue making payments on existing debt. For seniors, it's the qualifying for a debt consolidation loan that tends to get a little tricky. However, a retired person with any combination of a nice pension, social security and/or investment income coming in the door should have no problems qualifying for a loan. The main benefit seniors can derive from securing a debt consolidation loan is peace of mind from the fact they can continue meeting their debt obligations even in
If you seriously want to get out of debt, you will use this method in your debt repayment plan.
The concept of successful aging is also termed as super aging or optimal health, was coined by Rowe & Kahn in 1987. Fundamentally, successful aging elderly illustrates neither usual aging (a gradual decrease in biological and psychological functioning) nor pathological aging. Instead, it illustrates a form of aging connected to a reduced possibility of disability or diseases, increased physical and cognitive functioning, including autonomy maintained.
Kemp, B. J., & Mosqueda, L. A. (2005). Elder Financial Abuse: An Evaluation Framework and Supporting Evidence. Journal Of The American Geriatrics Society, 53(7), 1123-1127. doi:10.1111/j.l532-5415.2005.53353.x
Becoming older is a natural progression of life. Late adulthood is the period of life in every individual that follows the period of his or her life after he/she turns 60 years of age. Being active, eating healthy foods and handling stress have been shown to greatly improve the quality of life for senior citizens.
Many people have their own Golden Ages. It is like a dream that a person
stage (age 40 - 65), the late adulthood stage (age 60 - 85) and the late late
In today’s society, what was once said to be true and taken as fact regarding older people is no longer the whole story. As Laslett states, “At all times before the middle of the twentieth century and all over the globe the greater part of human life potential has been wasted, by people dying before their allotted time was up.” (1989a), and to a great extent a lot
People are living longer and not only in the United States but also around the world. As the population continues to grow for the older adults there are many opportunities as well as negative factors that an older American may experience. Since older Americans are living longer into their golden years and are in good health they are able to enjoy the benefits of growing well into their 80’s or 90’s and some even will make it the century mark.
Late adulthood is known as the period of life after middle adulthood, usually from around 65 years old to death (Santrock, 2013, p. 485). There are many varying stages of development and health in late adulthood, along with steady changing of life expectancy. Aging is a part of life, and with it comes changes in every area of living. Many diseases find late adulthood as an opportune time to affect people. Eventually, whether caused by disease or another reason, every individual dies. Death is unique to every person, and healthcare in America is changing to reflect that. This stage of life is a time when bodily processes and functions may be decreasing, but depending on lifestyle choices, death can come at different times.
The elderly person may have had to work paycheck to paycheck while they were in the workforce and might not have saved up enough money for retirement. Now that the elderly person is out of money, the family would now have to pay for any medical bills that the elderly person would accumulate. The family would also have to either take them into their home or try to find the money for a nursing home. All of these expenses would add up very quickly and would put a huge strain on any family relationships, but the stress would be even higher in a low income family
Retirement is one of the most important crossroads we face in life. It involves a fundamental change in lifestyle, one that calls for a totally new outlook on how we approach each day. All our lives we have been conditioned to think in terms of saving for our retirement years. Society has created this mystique about this time in our lives when we magically transform into different people with different lives when really we are the same people with different day to day lives. According to Medina, (2012) planning for retirement isn’t a "walk in the park" because for many people, debts are high while income is low.
Since they are older, they develop more health problems that cause them to use the health care system more.
This article was written by (Fealy Gerard et al 2012) a national Centre for the protection of older people. As financial abuse grow so did it take several forms of mistreatment including physical, sexual, psychological, neglect and discriminatory. Although increase attention directed toward older abuse, but financial abuse remain difficult and it is very poorly to understand. It has been mounting concern among advocacy groups, Social worker and health service provider and others that financial abuse of older people is a problem in the society. Financial abuse of older people did not come into common now; it has been since late 1970s.
How are people managing to have income while they are retired? Social security seems to be getting smaller and smaller, Medicare is covering less and less, so how can you be sure that when you retire you will receive enough income to live on and cover your medical expenses? One way that many people are financing their retirement plans is by investing in a life annuity. The individual contributes during their working life when they have steady income to this fund.
Irritating injuries and irksome illnesses certainly keep the retiree limited while he retires. Ambition to travel, go out and do things lowers when the health is low. Having bad health makes retirees not enjoy the full benefits of retirement. One is supposed to enjoy what is earned and shouldnt have any complications during retirement. In essence, retiring young seems to be the way to go.