Seniors Gather at Restaurants for Meals in a Program Designed to Feed Social Lives, End Loneliness
A program that provides meals to seniors in New Hampshire is not only helping them combat loneliness, but also optimizing their long-term health. The Dine Out Program offers seniors an opportunity to socialize in restaurants, creating a sense of community and connection. Watch the AP video below to learn more:
Inadequate Social Security Checks Put Seniors at Risk
While Social Security checks are set to increase next year, many retirees, like 76-year-old Lou Scrivani, a former staffing company executive, find that the bump is insufficient to cover rising healthcare costs and inflation. The cost-of-living adjustment (COLA) of 3.2%, equivalent to an average of $50 extra per month for more than 66 million beneficiaries, falls short of meeting their basic needs.
The Senior Citizens League reports that the cost of essential items for older adults, particularly healthcare expenses, outpace the COLA increases. Scrivani explains that even with the COLA adjustment, he and his wife are unable to keep up with rising inflation rates.
Savings Depleted, Credit Card Debt on the Rise
According to The Senior Citizens League, a significant number of seniors are depleting retirement accounts and carrying credit card debt for longer periods of time. The League’s survey revealed that over a quarter of respondents had emptied a retirement account within the past year, while 45% had carried credit card debt for more than 90 days. This precarious financial state poses a major concern for seniors.
Rising Healthcare Costs and Uncertain Future
Seniors are left wondering if healthcare costs will ever become more affordable. While some measures to reduce costs are underway, such as price negotiations with pharmaceutical companies and the introduction of out-of-pocket spending caps, significant savings won’t be seen until several years from now. In the meantime, seniors are exploring alternative options, such as ordering medications from Canadian pharmacies at a fraction of the cost.
Planning Ahead for Financial Security
Financial experts emphasize the importance of planning ahead to ensure financial security in old age. Morgan D. Hill, CEO of Hill & Hill Financial, advises allocating a third of income towards medical costs. Seniors can also explore resources available to them, such as local assistance programs, Medicare and Medicaid help, and social services offices, to ease the financial burden.
Overall, the struggle with rising healthcare costs and inadequate support highlights the need for proactive financial planning and the development of comprehensive solutions to ensure the well-being of older adults.
