This is a guest article written by Karen Weeks who is a Senior Lifestyle blogger. She struggled to find a new sense of purpose after retirement which made way to learn a new skill and took a computer course. She then created ElderWellness.net as a resource for seniors who wish to keep their minds, bodies and spirits well.

It’s an unfortunate fact that some seniors find themselves struggling financially later in life. This could be due to unanticipated healthcare costs, the loss of a job or spouse, or other issues. This can be a tremendously stressful situation, particularly if you are retired or otherwise have a limited income stream or income generation sources.

Fortunately, there are some great options to get you back in the black, some of which are presented by Blogger News Network.

Meet with a Financial Coach

A qualified wealth coach can help you evaluate your finances and look for viable paths forward. This might include looking at your investment portfolio, your liquid assets, your retirement, and your pension or Social Security income. You may be entitled to different resources you are not aware of. Look for an advisor well versed in helping seniors manage their assets, as they can likely explain the pros and cons of different approaches based on your unique circumstances. Only seek advice from a vetted and reliable source, and make sure you get all advice and terms of engagement in writing.

Get Creative with Your Budget

Once you have a budget to work with, get creative, finding ways to work with what you have. For example, community and recreational centers offer numerous low-cost entertainment options. You might find selling your car and using ride-share services saves you money in the form of car payments, insurance and gas – and gives you door-to-door service. If you feel uncomfortable cutting back on gift-giving or dining out, look for ways to share experiences with friends and loved ones. For example, cook at home together and try new recipes while watching streamed movies, or attend a local theater performance. A reverse mortgage can also help you get more cash on hand.

Consider Downsizing

Many seniors opt to downsize to a smaller home because it’s often less expensive, and easier to maintain. If you own your home outright, or owe very little on the mortgage, selling your home and moving to a less expensive place can help you get out of financial trouble. To assess what your home is worth, consult a real estate professional who can help you calculate the equity in your home by subtracting the outstanding mortgage from the assessed value. This approach can help you pay down debt, reduce overall living expenses, and even make it easier to keep up with home maintenance and repair. Moving to a senior retirement community, or living with friends or family, can also help you reduce your expenditures and stay within your budget.

Remember that you don’t need to purchase a new home — you could take the money you get from the sale of your home and move into a new apartment. Sites like Apartment Life can help you find a space that fits your budget; for example, you can find one-bedroom apartments in Denver, CO for around $1,700 per month. Look around and see which places line up with how much you can afford, as well as your lifestyle.

Talk to Your Family

Many seniors don’t want to talk to their families about financial struggles, but family and friends can be advocates, helping you find and tap into different types of resources. If you find yourself becoming distressed or depressed about your situation, confide in your primary care provider, who can help you connect with a licensed mental health professional. This is especially important if you’re simultaneously dealing with chronic or acute health conditions. If you don’t have people you’re comfortable turning to, ask your doctor for a referral to a social worker who can help you navigate the best path forward.

Financial struggles are difficult, no matter what age they strike, but they can be particularly challenging for seniors, who may have limited options for generating new income. Reach out for help as needed. The US Department of Health and Human Services Division on Aging can direct you to appropriate resources in your state.

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