For many senior citizens, Social Security is the only source of income they can count on in retirement. However, as the cost of living continues to rise, more and more seniors are finding it difficult to make ends meet on Social Security alone. In this blog post, we'll take a look at how rising costs are impacting senior homeowners and what can be done to ease the financial burden.
Rising Costs of Living
One of the biggest challenges facing seniors today is the rising cost of living. According to the Bureau of Labor Statistics, the cost of housing, food, transportation, and healthcare have all gone up significantly over the past decade (Consumer prices up 9.1 percent over the year ended June 2022). This isn't just a short-term trend either; experts predict that costs will continue to rise in the years to come. As a result, seniors who rely solely on Social Security payments are being squeezed harder and harder financially.
The Effect on Senior Homeowners
For senior homeowners, the increased cost of living can be especially difficult to manage. In addition to higher costs for basic necessities, they also have to contend with property taxes, homeowner's insurance, and other required home maintenance expenses. All of these factors can add up quickly, leaving senior homeowners struggling to make ends meet.
What Can Be Done?
So what can be done to ease the financial burden on senior homeowners?
- One option is for family members or friends to help out with expenses if possible.
- Look into government assistance programs such as Medicaid or Supplemental Security Income (SSI).
- There are a number of organizations that provide financial assistance to seniors in need; your local Area Agency on Aging is a good place to start.
- Although it may not be easy, some seniors may need to consider moving to a less expensive home or even selling their home and downsizing to an apartment or condominium.
Taking action
Senior Homeowners can also evaluate their current Mortgage Loan and see what if anything can be done to make their Mortgage Loan easier to manage. Schedule a free consultation today!
