Is Your Retired Relative Struggling to Make Ends Meet? Here's How to Get Help

Once retirement hits a person, it’s often common to feel overwhelmed with financial responsibilities. If one didn’t consider their retirement enough while they were working, a retiree may become helpless and burdened with a lot of financial problems.

Financial issues can cause stress and lead to health complications. That’s why it’s important to ensure your retired relative has enough funds for their needs. However, it should not be your responsibility to cover all their expenses with your salary alone. 

One of the best ways you can help them is to encourage them to apply for senior benefits and take advantage of discounts available at stores and with service providers. Here are some senior benefits and discounts that can help relieve financial stress.
 

Senior Discount

Your aged relative can save a lot of money if they shop or get services in companies that offer senior discounts. However, they have to be in their mid-50s or early 60s to enjoy deductions when watching movies, taking meals, visiting attraction sites, or traveling around the country. 

Your retired family member should check whether they're eligible to get deductions before buying anything or getting any services. It might also be advisable to carry personal documents to help the seniors prove they qualify for senior discounts.
 

Cash Assistant/Supplemental Income

Cash assistant/supplemental income will help solve some of your retired family member's financial problems. They can start getting financial assistance when they reach 62 years. However, their payment at this time will be significantly lower than what they could get if they apply for the program several years later.

For this reason, it might be advisable to postpone the application until attaining the age that will enable them to get better pay. Please be informed that the relevant authorities consider different factors before deciding the payment to offer each senior. 

They include the number of years they worked, the amount earned, and the duration of payments. Therefore, they should consider these factors when estimating the cash assistant/supplemental income they will get.
 

Financial Assistance for Veterans

Your retired relative should not be struggling to make ends meet if they're army veterans. They can get government help through the financial assistance for veterans program until they lose their lives. It will enable them to pay their hospital bills. 

They can also hire different service providers to take care of them and provide different services in their homes. However, your retired military officer needs to contact the government officials first to know whether they are among the former retired soldiers who can benefit from the program.
 

Insurance Policy Conversion

Does your aged relative require regular medical examination? Does their medication require a lot of money? Please don't sell your assets or get credit to pay for their medication. Instead, advise them to consider converting their insurance policy. 

It will help them pay for all the medical services they receive in different facilities for some time. Then, you only need to help them find a reputable company that will offer the best payment for their policy. 

You may also consider seeking professional help to enable you to know the coverage option that will enable your relative to get the best services.
 

Help around the House

Most senior citizens cannot perform some of the home chores. Therefore, they might consider hiring different service providers to undertake their duties. 

Unfortunately, they may not afford to pay for all the services they need if they have other financial obligations. In this case, they can contact the relevant agency, informing them that they need to hire service providers.

The agency will then dispatch a team of workers to clean, remove items, garden, or perform any other duties your retired citizen requires. It will cost them significantly less when they hire helpers through the agency, saving them a significant amount of money they can use on other projects.
 

The Bottom Line

Your retired family member may be at a higher risk of developing complicated medical conditions if their stress levels keep on rising. One of the ways to stop this problem is by advising them to apply for senior benefits available in their state. 

Then advise your retired relative on the importance of shopping or getting services in institutions that offer senior discounts. It will enable them to save a significant amount of money. 

Besides, applying for different programs will enable them to get quality services, ensuring that they live a comfortable retirement life.