Life happens, face it, getting old happens. Have you prepared for your older years, you know, the golden years, those wonderful retirement years? Are you prepared or will you end up like the millions of individuals who are solely living on Social Security and living on the edge, leaving them to struggle every single month, year after year.
How is it that the majority of older people get into poverty levels and end up depending only on Social Security benefits? Perhaps they make stupid decisions, the wrong choices, perhaps they don’t take the time to check things out and to think about consequences, they don’t learn from their mistakes, or maybe they have the notion that retirement is way off in the
future and they have plenty of time ( yet we know that time flies by super fast).
For most it is due to low paying jobs through their working years, other reasons include, enormous bills, unexpected expenses, pension plans, investments drastically changing, retirement funds being cut, downsized or completely wiped out, and perhaps the biggest issue is due to lack of knowledge when it comes to saving and planning things out for retirement years.
Retirement and Social Security facts you need to know:
- Of the 48 million individuals who receive social security benefits it is estimated to be approximately over 10 million people who rely solely on Social Security income
- That comes out to an average of 1 out of 4 people, who are age 65 and older. Are you in this category?
- Statistics tell us that three out of five people going into retirement years have no retirement savings to fall back on, leaving them with no option but to survive solely on a meager amount.
- Over 53 percent of people in the workforce have no type of pension.
- Many retirees are turning to other options such as moving in with family members, setting up residence with others in the same situation to share expenses.
- Many seniors lose their homes and have no option but to use subsidized housing that takes a percentage of their monthly income. They get help from and take advantage of local food pantries, free health clinics, and local charities, to help supplement their income
- What most older people fail to take into consideration is higher medical bills and unexpected expenses and repairs.
Money issues that people just like yourself are dealing with:
- People have a real issue when it comes to facing reality with handling money
- People are embarrassed or ashamed of their debt issues, of their poor management money
- They are intimidated with the issue of explaining their financial situation to an advisor, their banker, even their family. They do not realize that getting financial advise can lead to a healthier retirement and preventive money problems
- People literally lack the knowledge of budgeting and handling their own financial money issues
- People lack planning for retirement skills
Living totally on Social Security and living on the edge
should not be happening
What is your future looking like?
One little bump in the road can cause a serious major setback, pushing people into a poverty status that forces them to seek help anyway they can.
For most retirees, living on the edge forces them into reality of outliving any type of retirement money. Struggling with the never ending fight of stretching that small amount of social security benefit each month.
WHAT if you:
commit time each week and planned out your retirement years
learn to handle your own money the proper way.
find ways to eliminate expenses
learn to make plans
learn as much as you can on how to get the most out of your social security benefit, what is best for you
set your own budget plan for now and in the future
keep informed as to what is going on in the world
find ways to keep yourself young and your brain sharp
find extra sources of passive income
Living totally on Social Security and living on the edge can be avoided. It is up to you. Get past the status of being broke, struggling and not knowing how you will make it month after month. Make changes, plan, and enjoy life!
Never Stop Learning…..Angela