Well, that’s an interesting thought, because in reality no one can financially “thrive” or survive on the income they may receive from Social Security. It is unrealistic. But for many seniors, it is their only income and after Medicare and taxes are deducted, the amount left over is not very much.
This year 2019, saw a bump in the amount of funds seniors are entitled to via the COLA or “cost of living adjustment” and that in of itself is laughable. It comes out to be on the average $39.00 more each month. Essentially it does not make an impact on the cost of living and the monthly expenses that continue to increase.
Fuel, food, utilities, medical prescriptions, medical care, home maintenance, insurance premiums for homes and or medical coverage. And the list goes on. Plus there are always those unexpected expenses that appear when one can least afford them.
A solution for seniors would be to utilize funds from a government-insured reverse loan to cover the financial shortfalls, maybe eliminate a mortgage payment freeing up additional cash flow and not constantly worrying about how they are going to get through each month without running out of money.
If you were to do a survey of the senior community and asked each one of them, what is their biggest worry, it wouldn’t be health problems, but outliving their savings and having no money to take care of their lives.