Retirement is hard to come by in today's economy, and even those who have managed to set something aside can see it quickly diminished due to health problems, unforeseen family issues, and even financial scams. Fortunately, there are protections in place to help ensure that older Americans don’t outlive their money, and to help them make ends meet if they do.
Escalating healthcare costs are something that everyone has to deal with in their later years, but planning for this time of life during your working years can help you live a healthy, high-quality life as you age. Long-term care insurance is inexpensive to purchase when you’re young, and will help to cover the cost of things like assisted living, home health care, and other services to make sure your daily needs are met. Medicaid and Medicare are there to fill in the gaps in health coverage for many older Americans, and are available to cover some long-term care costs as well.
The retirement puzzle has many pieces that you need to put into place, and home ownership is one of the most important ones. The investment that you’ve made in your home over the years can bring you peace of mind in retirement. If you find that you need some financial help during your later years, you will always have the option to sell your home or leverage the equity in your home.
Home equity, 401ks, IRAs, pensions, and all other types of financial resources all culminate to provide for your everyday living expenses throughout your retirement. Not everyone has access to these types of funds, however, which is why Social Security is in place. Whether Social Security is going to be used to supplement your retirement income, or it will be comprising the whole of your retirement income will be determined by what types of financial decisions you make to ensure you’ll be provided for.
You can start receiving Social Security benefits between the ages of 62 and 70, but your monthly payments will be higher the longer you wait to begin.
More information regarding the financial protections in place for older Americans can be found on the Consumer Finance Protection Bureau website.