Posted on: 15 June 2016
If you are struggling to keep financially solvent after retiring, you are not alone. Many senior citizens are finding that the cost of living increases over the years has exceeded what they had planned on. You may be having trouble with medical bills and prescriptions, or perhaps are still trying to pay off some debts you acquired while raising a family. You do not have to go through this alone, and there is help available. Here are just a few things the local financial guidance center can help you with.
When old debt is part of the problem, a counselor at the center can help you consolidate it all into one monthly bill. The amount you pay to the one lender will be less that the total you were paying to each lender individually. The counselor will also work with each creditor individually to make sure your credit rating will remain in good standing while you are working to pay off all the debt.
Budget and Investing
A financial counselor will also help you find ways to budget your income so that you may be able to invest a bit of it. This will allow you to have more money in the future so you can avoid more financial worries. While you may start out small and have to reinvest all the net gains for a few years, eventually you will have additional income to spend while still reinvesting some of the profits.
The counselor will also help with strategies concerning your mortgage, or creating annuities. You may be advised to take out a reverse mortgage on your home. This will allow you to live there the rest of your life without having to make any mortgage payments. If you own the house free and clear already, the reverse mortgage will give you money to take care of it, making any necessary repairs, and may also provide you with the extra money you need monthly to keep things from getting behind. An annuity can be created to ensure that you do not spend all your savings or other assets at once; your finances will be carefully planned and you will receive what you need monthly, plus a little, but cannot overspend in a way that would leave you without money at some point in the future.
Do not struggle and stress over finances even if you have a limited income. Financial guidance centers are there to help you enjoy your golden years without having to worry about money. Contact a local center or click here for more info.Share