4 financial tips to help seniors during the pandemic

Gwendolyn Teal

4 financial tips to help seniors during the pandemic
September 30
15:27 2021

By Gwendolyn Teal

It’s fall 2021 and many of us hoped that COVID-19 would be a bad memory by now. Unfortunately, it’s not behind us. Here we are a year and a half later still in the thick of this pandemic. 

Many of us have learned to navigate through this daily struggle of working from home, getting our children on a new routine, and adjusting our finances to new demands. However, for seniors, many of whom are on a fixed income, “wiggle room” is not a luxury that they have. 

Seniors are our most vulnerable population and often face considerable out-of-pocket costs for their health care. They have been targeted at unprecedented levels with identity theft, fraud, and numerous scams – all affecting their finances. 

The vaccine has made it possible recently for businesses to slowly resume and reopen to the public. Many seniors are ready and able to get back to work with everyone else. But a lot of seniors may find it difficult to compete or find jobs at a comparable wage. Some seniors worked to stay active, but a lot of seniors are a vital part of working families’ “villages” and use their income to help support themselves, their children, and grandchildren. 

So what help is available for our seniors? Here are some financial tips for seniors during the pandemic. 

1, Know what resources are available. Many local and state organizations have received special COVID-19 funds to help the community cope with the financial strain of the virus. Senior Financial Care is here to help seniors find resources and budget their money. 

2. Get in touch with a financial advisor or trusted counselor. Like everyone else, our mature neighbors likely suffered some financial losses during the pandemic. Chat with an advisor to see what changes could be made, if any, to accounts. It is important for those who haven’t started drawing Social Security to talk about the pros and cons of starting Social Security early. 

3, Regular credit report checks. Financial scams are at an all-time high and checking credit reports/scores and setting up alerts can be a safeguard if someone tries to open a credit account or loan in your name. 

4. Screen mail, email, and phone calls carefully. Financial scams are a reality and seniors are a prime target. These scams include fraudulent loan offerings and fake relief aid. Be careful who you give your personal information to and if something feels off, trust your gut.

Whatever the financial burdens are, it is our job at Senior Financial Care to be there for the part of the community that has poured so much into us. COVID-19 has taught us many lessons about the value of life, family, and friendship. Going to the grocery store, picking up a prescription, or cutting the grass for a senior may seem insignificant to you, but can mean the world to them. 

At Senior Financial Care, we are here to help find resources, budget, and financially educate seniors. If you have a family member, church member, or friend who may need help with their finances, tell them about our program. It is our privilege to serve them.

Gwendolyn Teal is a counselor and financial educator for Senior Financial Care, a part of Financial Pathways of the Piedmont.

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