Main financial resources for retirees
If you or someone you love participated retirement or is about to soon, it’s probably safe to bet that your two biggest concerns are health and money. The first is between you and your doctor. However, when it comes to navigating the complicated financial landscape of life beyond your earning years, you are not alone.
Below is a list of resources, tools, and organizations specifically designed for older Americans in need of financial advice. The list includes everything from housing and healthcare to debt and investing – and each resource was designed with older people in mind.
If you are a retiree facing financial uncertainty, keep reading.
Start with the HUD for most housing issues
The Department of Housing and Urban Development (HUD) plays a role in the lives of millions of retirees, and its information page for seniors organizes links to all relevant agency programs.
This is the place to go if you need help:
- Stay home : Here you will find information on reverse mortgages, rural housing loans, federal housing and housing advice.
- Find an apartment: This section provides links to programs for Affordable Rents, Social Housing, Rural Rental Assistance and Housing Choice Vouchers (Section 8)
- Stay safe: This category provides information on how HUD can help you fight housing discrimination and avoid reverse mortgage scams
Need help paying for utilities? Try LIHEAP
The Low-Income Home Energy Assistance Program (LIHEAP) is a federally funded initiative administered by your state. This is the first site retirees should visit if they are struggling to pay for their utilities. The program helps eligible people with the cost of heating and cooling their homes, and some seniors may even qualify for upgrades and improvements to make their homes more energy efficient.
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Need help paying for something else? Visit USA.gov
USA.gov is an official United States government website, and it maintains a page called Help With Bills, which offers retirees and other seniors an extensive database of links, contacts, and resources.
Visit the site if you are struggling with housing costs, medical bills, health insurance, prescription drugs, or landline or cell phone service.
The Securities and Exchange Commission (SEC) operates Investor.gov, a one-stop shop where seniors can learn about investing, research industry professionals, learn about scams, and access tools like quizzes and quizzes. calculators. The SEC devotes an entire section of the site to retirees and the issues most likely to affect their finances. This includes tips for avoiding fraud, managing investments in retirement, and finding and vetting financial professionals who specialize in helping seniors.
You’ll also find an up-to-date list of bulletins and alerts on all kinds of topics that impact retirees and their investments, including:
- Fixed income investments
- Target Date Retirement Funds
- Transfer of assets
The Consumer Financial Protection Bureau (CFPB) has a long list of resources for seniors under the general category of “financial security later in life.” This includes tools for choosing financial advisors, planning for reduced capacity and illness, managing pension payments, understanding advanced Social Security designation, and managing debt.
You should also visit the CFPB if you have questions about managing your finances following the death of a spouse. The CFPB’s Help For Surviving Spouses guide includes a financial checklist and advice on how to manage the crucial first steps. You’ll find out what documents you’ll need to proceed and where to go for help. You will also find spreadsheets for assets and invoices.
Senior Living’s “Guide to Finances” covers it all
It’s hard to imagine any site having a more comprehensive directory and database for retirement life issues than Senior Living – and the publication has a comprehensive resource called the Guide to Finances for the elderly, which covers just about every important topic.
The guide covers everything from planning for insurance and medical expenses to tax credits and deductions for seniors. If you asked the question, the answer is probably in the guide.
Visit AARP for state-specific benefits
AARP offers a variety of financial resources for retirees and other seniors, including a list of links for state financial assistance and other programs available to seniors specific to where they live. Each link leads to a PDF download of the Public Benefits Guide for all 50 states and the District of Columbia.
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