Homeowners are often confused about the extra cash they have in their bank accounts. They often face difficulty in deciding between saving the extra cash for retirement or paying off their mortgages. More often than not, homeowners, especially the elder ones, ask questions like: Should I save my extra cash for retirement? Or do I need to pay off my mortgages? If you want our advice, the first one seems like a pretty sensible idea. If you save money for your retirement, you will not need to rely on anyone in your family and instead, manage and pay off your expenses by yourself.
Essential as it is to save for retirement, you need to look after other expenses as well. These include mortgages. Just because you are saving for retirement, this does not mean that you should skip on your mortgage payments. Instead, you need to develop a sensible division between the two and come up with a feasible balance so that neither one of them gets affected.
Financial Abuse of Elders is Growing Rapidly
As one ages without a solid financial foundation to fall back on, he is likely to face financial abuse in his post-retirement life. Although the government has taken certain measures to cope with this phenomenon, incidents of financial abuse among senior citizens are still happening.
When we look at statistical research findings, it's clear that the aforementioned government measures are quite ineffective. As a result, it is upon the individuals themselves to take responsibility and not let such grave incidents happen. In other words, if these seniors become financially literate and are able to set aside substantial retirement savings, they will not become victims of financial elder abuse.
However, if you are a retired senior and have no financial backup today, do not despair. There are certain steps that you can take to avoid financial abuse and live off your latter years in peace.
Income For Senior Retirees
Here are some of the easiest ways that you can follow (as an older adult) to make money. However, keep in mind these do not require hard labor. You can perform the following tasks from the comfort of your own home:
- Finding an easy hustle. Jobs in data entry, writing services, online recruitment, and other work-from-home jobs are prime examples of convenient income sources.
- Narrowing down your expenses by differentiating your needs and wants.
- Proper utilization of your health insurance.
- Availing rebates and financial perks that the government offers to older adults.
Notice that these are not hard labor or blue-collar jobs. Instead, these are some of the easiest ways that seniors can make money–while sitting in the comfort of their homes.