Posts Tagged ‘ senior citizen financial issues ’

RESTRUCTURING EXPECTATIONS, A FINANCIAL REALITY

Feb 16th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Some of the hopes and dreams of having passed 70 are now coming face to face with some of the realities and abnormaIlites of our time. This was to have been the time when the focus shifted from caring for others and meeting the needs and demands of daily survival as prompted by familial obligations and “making a living.” It was supposed to have been an occasion when some of the long held dreams for retirement would begin coming together. What happened? Where and how and why did the signals start sending confusing information?

It happened when and as the social and cultural rules began to change. It happened when the old guidelines for choosing a profession or occupation shifted. It happened when the kids went off to school, but couldn’t nail down a responsible and productive job after graduation. It happened when income no longer kept up with expenses. It happened when owning a home was threatened and



Seniors: What Comes After I Shine My Shoes?

Jan 19th, 2011 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Getting ready for a special occasion always used to require shining my dress shoes. I don’t do that much anymore. What with the more casual universe in which we live and the availability of so many shoe styles that do not require shining and not going to so many special occasions, shoe shining is like so many things, just a practice from the past.

So, if and when I do find myself shining my shoes it must be for something that is special. Pulling out the polish and the brushes and the old well worn rags and the dressing for the soles and the buffing cloths sets me up to anticipate why I must be going to all this trouble. Here are some of the reasons that shoes get polished these days.

Going to a graduation: spiffing up for a graduation of a grandchild or someone special in your life. That is always cause for celebration and looking nice and feeling good and putting one’s best foot forward.



Senior Citizen Fraud Issues Updated

Oct 21st, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

SCJ just received a brochure from the United States Postal Service regarding their efforts to stop fraud perpetrated through the mail, online or on the telephone.  SCJ has written about fraud against senior citizens in the past, and this is now a good time to update the information based on the USPS publication. There are ‘warning [...]



Senior Finance: The Income Tax Inequity

Oct 13th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Forbes.com recently published its annual list of the 400 wealthiest Americans.  The total net worth of the top 10 wealthiest people in the United States is $270 billion; the last 15 on the list are worth $1 billion each.  Senior citizens will find this information interesting in view of the current issue in the country related to [...]



Financial Gains for Seniors with Health Care Reform

Aug 10th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

The new ACA (Affordable Care Act—the acronym for the health care reform bill) carries a promising mandate that could have very positive effects on how seniors are treated for a given disease or illness.  And that positive effect could result in billions of dollars of savings for senior citizens.  The ACA includes $1.1 billion that [...]



A New Approach to Senior Citizen Fraud and Scams

May 31st, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

New York City is taking a new approach to helping its senior citizens avoid financial fraud and scams.  A collaboration of several city departments created It’s My Money! an interactive game elders learn that helps them identify fraud and scams they might encounter in real life. The game can be played in group settings such [...]



Retirees: Some Options for Managing Credit Card Debt

May 22nd, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Senior citizens carry the fastest-growing credit card debt in the United States today.  The average balance increased 149% from 1995 to 2004 among retirees 65 and older.   That figure continues on the rise.  If you find your credit card debt worrisome, this article is for you. You can choose to go to a debt relief [...]



Receiving Less and Spending More: A Senior Citizen Dilemma

May 17th, 2010 | By Dr Jerry D Elrod | Category: Senior Moments Blog

A safe formula retirees are recommended to live with is to spend less as you advance in age. That’s a worthy idea, but one that seems difficult to fit into today’s economy. We are doing our best by reducing expenses to the bare minimum. We do not impulse buy nor do we splurge in our spending. Monthly necessary expenses are kept to the minimum, but there are still those items that resist reduction and adjustment. Many seniors are in this situation, and today we have the following suggestions to offer:

* Keep a careful accounting of monthly outgo. Attempt to winnow it down where you can; the winnowing always seems to cry out for more expense and less reduction of costs. Take a look at clothing, groceries utilities; for most of us, medical costs are not negotiable; prescriptions and over-the-counter products are generally necessary. Look at any