Personal Finance for Seniors - the slumping economy is affecting retired and the elderly

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 and the elderly more than any other demographic.
Citing a study by the AARP, elderly Americans are filing for bankruptcy in record numbers.

Among Americans 50 and older:
• 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 participating by delivering meals - you can see the impact. Higher gas prices make it more expensive to deliver meals, higher food prices make it more expensive to prepare meals.

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

Prepare for the future and know your financial options - two things anyone can do to ensure an enjoyable life after retirement.

• 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 the "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. You may be able to find a less expensive policy and sell your existing policy!


In times like these - with tougher times on the horizon - having a solid understanding of your financial fitness and your options is critical.

Look for this article series to review the latest news on finance issues facing seniors and to provide helpful websites and tips as well.

Questions and comments are welcome and encouraged.

To learn more about your financial options, subscribe to the "Financial Fitness for Seniors" newsletter and get a free and instant Life Insurance Settlement estimate - contact chrisc@thelifesettlementnetwork.com or visit http://www.thelifesettlementnetwork.com.

Providing information on Life Settlements , free and instant Life Insurance Settlement estimates, and services for submitting polices to multiple funding sources - we eliminate the middle-men and drive down the transactional costs associated with receiving a top offer for your Life Insurance policy.