Alleviating 4 Common Health and Aging Stressors for Seniors

Aging is a natural part of life, but it brings on so many changes that it can be stress-inducing. How do you prepare for retirement and beyond? Here, we’ll go over four common stressors seniors and retirees are faced with and how to cope:  

Retirement Savings

An estimated 25% of Americans don’t have any retirement savings, and social security benefits won’t suffice to cover their expenses in their golden years. Whatever your situation is, consulting with a financial planner or advisor may help ease some of your concerns. If you started a little nest egg early on in your career, check out how much you’ve earned in compound interest. Add your employer’s 401(k) contribution, and see where you stand financially. You may also be eligible to receive a pension, so check with HR or your former employer what benefits you or your spouse are entitled to. Downsizing and moving into a smaller home will also help you save money after you retire.       


Some seniors dislike the idea of moving into a retirement community or a nursing home, whereas for others, the cost of such facilities is just too prohibitive. If you’re still fairly independent, aging in place may be the most practical and economical solution for you. Just make sure the inside and the outside of your house are safe to navigate, and plan for contingencies with large doorways that allow for wheelchair access, handrails and grab bars in the bathroom, and secure rugs to prevent falls. Install motion sensor lights outside the perimeter of your house as well as in dark hallways and stairways inside your home. Keep your front yard clear of debris, and make sure your house number is clearly visible from the street in case you need to call emergency services.      

Health Insurance

Navigating the healthcare and insurance waters in the US isn’t for the faint of heart. For most seniors, Medicare usually offers the best benefits at the cheapest price. And if you are low-income, Medicaid is a popular free or low-cost option. When comparing insurance plans, weigh the pros and cons and pick the one that best suits your situation. Pros include no or low deductibles, free preventive care, affordable generic options for medication, and a large network of doctors and medical facilities accepting your plan. Cons would be high deductibles and a narrow network of providers, which would make it harder to see the specialists you need and to get second opinions.     

Physical and Cognitive Health

Heart disease, visual changes, hearing impairment, and chronic illnesses become more prevalent as people age. Bones become more brittle, and reaction times get slower. All these changes can be scary, but with a regular fitness or exercise routine, you can stay strong, keep your balance and improve both your posture and your outlook on life. Make time to exercise your brain as well with crossword puzzles, word searches, and other activities that engage your mind. Make walking part of your daily routine and stay active within your community to avoid social isolation. If you have diabetes, strive to eat healthier and get regular checkups to screen for and prevent diseases.

Whether you age in place or you move into a retirement community, staying active will help you remain healthy. Make the best decisions for yourself by consulting with advisors and weighing the pros and cons before you make a move. And stay connected with other seniors who share your interests to make the most of your retirement!

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How to Thrive in Retirement on a Fixed Income

Retirement means freedom from a full-time job and time to pursue the activities and relationships you love the most. Many retirees enter their golden years on a fixed income and still successfully manage their funds so they can live well. With a bit of tweaking with your finances, you too can thrive in retirement.

Create a Budget

Budgeting is easier since you know how much money comes in each month. First, add up all your income sources to come up with your total income. Next, subtract your fixed expenses, such as rent/mortgage, insurance, car payments, groceries, and utilities, to discover how much discretionary spending remains. Then, budget out how you plan to use this extra money.

Meet With a Financial Planner

A meeting with a financial planner maximizes your retirement money by providing a realistic financial analysis of your funds and creating spending strategies. This professional gives you goals and a roadmap so you can still do the activities you enjoy and live within your budget.

Pay Off Card Card Debt

A recent survey shows 79% of senior adults are in debt, with credit card debt listed as the most common. Paying just the minimum amount due each month usually isn’t enough to cover the interest you accrue. Make a plan to eliminate this debt through a low-interest personal loan, a zero-interest balance transfer to another card, or commit to using your extra monthly funds to pay the cards until you are debt-free.

Downsize to a Smaller Home

Another way to boost your retirement income is to downsize to a smaller home. You may be able to buy a smaller house with cash and eliminate the expense of a mortgage. Plus, maintenance and taxes will be lower to add even more money to your discretionary spending budget line. Selling your home is especially advantageous if you move to an area with a lower cost of living, which allows you to keep more of your home sale profits.

Use Discounts and Coupons

Little savings may not seem like much at the time, but they add up to give you extra cash in retirement. Clip coupons to save money on everyday items and shop on days when stores double those coupons. Search for available senior discounts online to save on travel, restaurant meals, retail stores, and cell phone service.

Start a Freelancing Business

A great way to beef up your bank account is by doing freelance work part-time. Choose a field you’re passionate about and are skilled in, such as writing, interior design, photography, accounting, catering, or consulting. Many jobs can even be done from a home office.

Before you launch your new venture, you need to decide on a business structure. Forming a limited liability company offers you many advantages, including less paperwork, lower taxes, and protection of your personal finances should you face a future legal challenge. Each state has its own LLC regulations, so first, check the rules about forming an LLC in your state before filing. Then, you can file the paperwork yourself or use an online formation service to save on the higher fees typically charged by a lawyer.

Following these tips helps you keep your spending under control in retirement and brings in some extra funds to boost your bank account. That allows you to relax and enjoy your golden years.

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How to Have Success Flipping Houses in Your Golden Years

According to data, about 46% of seniors intend to work part-time, and 18% intend to work full-time beyond the age of 70. Some seniors choose to continue working to supplement their income. Others, pursue work as a way to stay busy or pursue a passion. Whatever the reason, flipping houses can be a viable income opportunity for many seniors.

Set Up Your Business

You can start buying and selling houses and report the income on your personal income tax return. However, it is better to establish a business that is separate from yourself. Steps you must take include choosing a business name, creating a business plan, creating a marketing plan, and choosing a business structure. Many business owners choose to form their businesses as limited liability companies because of the tax advantages and protection for their personal assets. Simplify the process of getting an LLC by working with a formation service.

Find the Right Property

Once you have your business ready to go, find the right property to flip. Work with a local real estate agent who will be knowledgeable about local homes and help you identify properties that are good investments.

Consider working with wholesalers who specialize in finding rehab properties and then working with house flippers to make the sale. Working with a wholesaler may cost you more money upfront, but the time you save identifying properties can save you money in the long run.

Obtain Financing

Because house flipping often involves purchasing homes that need significant repairs or upgrades, the cost to buy these homes is usually higher than a house you plan to live in. Unfortunately, getting financing is also more difficult because banks view homes that are going to be flipped as riskier investments. Some may not be willing to loan money to an inexperienced flipper at all. Others charge higher fees and interest rates.

Many flippers utilize hard money loans. These are short-term loans that are based on the value of the home after repairs are made. Taking out a hard money loan provides you with some extra money to cover the cost of renovations and other expenses.

Make the Right Renovations

The way most house flippers make money is to purchase a home that is being sold for a lower purchase price because it needs repairs or renovations. The flipper fixes up the house and then sells it for a higher price. To make money, you must choose renovations that increase the value of the home by more than they cost. 

Study other homes for sale in the area and make note of the features the homes that sell the fastest have. Focus on improving the home’s curb appeal:

  • Wash the siding
  • Paint the trim
  • Make cosmetic repairs
  • Replace exterior hardware
  • Install outdoor lighting
  • Add an outdoor range hood if there’s an outdoor kitchen
  • Plant flowers and plants
  • Add shutters

Sell Your House

Once you have the home spruced up, it is time to sell. Enlist your real estate agent’s help. If you need to make a quick sale, consider a real estate auction. Explore home prices in your area to get an idea how much you can make from a sale. 

If you have an interest in buying and selling property and you are willing to take the risk, flipping houses can be a good way to make money in your retirement years. Register your business, find the right property, get financing, make upgrades buyers love, and then sell your home. Once you get the hang of it, flipping homes can be profitable and fun.

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