Bankruptcy

Should Needy Seniors Be Given Help?

My time as a bankruptcy counselor allowed me to hear a lot of stories of what people were going through and how they got to the point of bankruptcy.

For the most part it was sad stories with people that were older and just didn’t have the money to support themselves so they had to use credit cards. I can understand that it’s going costs more to be older and there are unexpected things that happen and medical bills that can get expensive. But these people were living off of disability and social security.

I feel like when the sole income of someone is government programs they should be provided a class to help them with budgeting and to help decide the amount of money they need. That way people that need more money will get it and people that need less money won’t get it. Helping them to make a budget will help to give them a clear image of their budget and keep them from getting into credit cards because they need them to survive.

Yea I’m sure there are a lot of issues with a program like that but in the end I believe it would help a lot of people from getting to a point of no return. Getting into a lot of debt as a senior is damaging a lot more than just you pocket book. It’s a lot of stress on your body and mind. It’s definitely something seniors should not have to worry about since in all honesty they need more help than everyone else due to health issues and having the world change around them.

There are going to be a lot of retirees soon and there needs to be something out there to help them with life and there finances. Otherwise we could be in a lot of trouble real soon.

What do you think about something like this? Should people whose only income is from the government be given help on how to handle their finances? How should they be helped?

Comments (2)

  • It is hard to believe that you can work 40+ years and have no clue about how to handle your money! Should they receive training? Will it help? Some things like budgeting may be helpful. Will the change? Habits are hard to break unless you really want to.

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  • If we handed out money based on “need”, Social Security would be in great shape. After all, retirees could live in dorms with 4 to a room like students did when I went to college. With a government dining plan, they also wouldn’t need cars! And clothes could be gotten from Goodwill to save even more!

    I would prefer to create lower cost ways for seniors to live: roommate matching, financial classes, trading of services, etc. If it is OK for students to live like this, why not adults who didn’t save for their futures? This could lower costs greatly.

    In response to Krantcents, many seniors are widowed women who relied on their husbands to do everything financially. My parents are friends with one widow who didn’t even realize how much what you ordered at a restaurant (Red Lobster) affected your bill until the widow’s bill was 3x what my mother’s bill was.

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