The costs of goods, food, and medical care are impacting everyone. But seniors, especially, have been struck because they are on fixed incomes. What to do?
Over one in three older households (34%) is cost-burdened, meaning they spend more than 30% of their income on housing. Alarmingly, 6.7 million seniors pay over 50% of their income on housing, making them severely cost-burdened.
- Healthcare & Food Assistance Cuts:
Recent budget legislation threatens to reduce Medicaid and SNAP benefits. Since Medicaid covers care for more than 7 million low-income seniors (including 3 in 5 nursing home residents), cuts would significantly raise out-of-pocket costs for healthcare and groceries. - Rising Everyday Expenses:
Seniors living on fixed incomes are struggling with higher grocery prices, housing instability, and changes in Medicare coverage. Many report stress from having to stretch limited Social Security checks to cover essentials.
If seniors own a home, even if they have a mortgage on it, they could be eligible for a reverse loan, pay off the loan they have at this time, eliminate mortgage payments, because reverse loans do not have required payments, and increase their cash flow and have a nest egg of cash reserves.
