In a special report by MSNBC (a joint venture between Microsoft and NBC) titled “Economy hitting the elderly especially hard”, the author suggests that the slumping economy is affecting retired people and the elderly more than any other demographic group.

Citing a study by the AARP, elderly Americans are filing for bankruptcy in record numbers.

The AARP also found:

• 45 percent say food prices have caused a hardship for their budgets
• 39 percent think at least some foods will have to be rationed within a year
• 47 percent are shopping for food less frequently
• 41 percent are eating less meat
• 18 percent have started eliminating some meals

This is astounding! Now is the time to review and ensure your financial fitness!

A specific example of a service affected by the combination of higher fuel prices and higher food prices is the “Meals on Wheels” program. Whether you are a recipient of meals from this service or an active senior delivering meals, you can see the impact higher food and gas prices have in increasing the cost to both provide and deliver meals.

What can we do about this, other critical programs and our own well-being?

Knowing your financial options and preparing for the future are two things that all of us can do to make our senior years more comfortable, enjoyable and secure.

• Research and buy Long-term Care Insurance. This can be a much better option than assuming a reverse mortgage or family will be able to support you later in life.

Click here for an article on long-term care insurance by the AARP.

• Are you paying too much for Life Insurance?

Check out these two websites rated as “Best Quick Life Insurance Quotes” and “Best For Personalized Life Insurance” by Kiplinger magazine.

• Familiar with a Life Insurance Settlement?

Get an instant and free Life Settlement Estimate and then decide if it makes sense to continue paying premiums on your policy. It is not uncommon to find a less expensive policy and fund the new policy and long-term care insurance by selling an existing policy!

To learn more about Senior Life Insurance Settlements, talk with your CPA, Attorney or go to http://www.thelifesettlementnetwork.com/.

Watch for (or subscribe to) this weekly blog/article series for a review of the latest news on finance issues facing seniors and for helpful websites and tips.

Questions and comments are welcome and encouraged.

As if seniors were not already aware, aging can be expensive. In the June 9th, 2008 edition of BusinessWeek, page 11 presents some interesting data on just how much more seniors are spending than the “young” (25 – 34 year olds).

On average:

• Seniors spend more than 4x what the young do on Health Insurance
• Seniors spend almost 3x on Housing Upkeep
• Seniors spend more than 4x on Prescriptions

While seniors spend much less than the young on items such as mortgages, rent and alcohol – the article also cites assisted-living facility costs have risen 25% since 2004, and the annual costs of nursing homes have reached almost $80,000 annually!

Consequently, it is absolutely critical that seniors are aware of all of their financial options including reverse mortgages, long-term care insurance and selling unwanted life insurance policies in senior life settlement transactions.

While “borrowing” against a home in a reverse mortgage has provided many seniors additional funds for necessities, donations or fun; a lesser known and often better financial option is the selling of unwanted life insurance. Eligible seniors can sell their policies for up to 4 times the cash surrender value or more.
Contact your attorney, certified financial planner or CPA, or go to http://www.thelifesettlementnetwork.com/ to find the latest information on senior life settlements. A free life settlement calculator and no-obligation policy submittal tool are also provided.

Know your financial options – and offset the rising costs of a comfortable life.