The Financial Plight of Single Seniors

Financial stress feels different, depending on your age. When you are young, you worry about providing necessities for your young children, or you motivate yourself with daydreams of providing financial stability for the children you will have in the future. Relief might come in the form of a new job, or of money inherited from an elderly family member. When you are over 60, though, the future seems less bright. You are simply staring down old age with your resources dwindling; your ability to work is limited, and even if you are healthy enough to work and have the motivation to do so, finding a job is as least as difficult late in life as it was when you were younger. The bad news is that millions of American seniors face a financially precarious retirement, especially the seniors who have the least amount of family support. The good news is that retirees are eligible for bankruptcy protection and other forms of debt relief. If you are retired and struggling with debt, and you do not have family members nearby to help you financially or to assist with daily care, contact a Florida bankruptcy and retirement lawyer.

Meet Florida’s Lonely, Financially Vulnerable Elders

According to a recent article on the Moneywise website, 22 million Americans fit the definition of “solo agers.” This means that they are over 65, they live alone, they do not have children, and they do not have any close relatives, such as siblings, nieces, or nephews, that live nearby. Solo agers are in a vulnerable financial position, because one Social Security check must cover all the bills. Married people can often rely on their spouses as caregivers, and if they need help from a home health aide, then they only need one home health aide for both spouses. Living alone on their modest income is their only choice, unless they want their reality to be like the movie Shut Up, Little Man, about Ray and Peter, two retirees who lived as roommates out of economic necessity, even though they could not stand each other; they would argue every night, to the amusement of their neighbors on the opposite side of the paper-thin walls of their apartment building.

You Are Never Too Old for Debt Relief

Debt collections are not above aggressively suing seniors for repayment of debts that, on a fixed income, they have little hope of repaying. In the worst-case scenario, Medicaid and other creditors can gobble up your entire estate during probate, so that your friends or extended family members do not even get to inherit what little property you own. Fortunately, a debt relief lawyer can help you pursue options like debt settlement outside of court. You also have the right to file for bankruptcy protection, provided that enough time has passed since your last bankruptcy filing.

Work With a Debt Lawyer About Getting Debt Relief Late in Life

A South Florida debt lawyer can help you get debt relief if you are on a fixed income.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

Source:

moneywise.com/retirement/more-than-22-million-older-americans-live-alone-are-unmarried-and-dont-have-kids-but-theyre-struggling-with-rising-costs