Understanding what personal and community resources are available to older adults helps when managing finances and making financial plans.
Personal financial resources can include:
- Assets, such as a home, property, vehicles, valuables, investments, savings and cash
- Income, such as pensions, retirement accounts and Social Security
- Additional income from rental property, a reverse mortgage or other sources
- Insurance, such as health, home, life and long-term care insurance
Additional resources that help older adults meet needs and reduce expenses can include:
- Paratransit or non-emergency medical transportation
- Meals at senior and community centers or meal delivery programs
- Supplemental Nutrition Assistance Program (SNAP)
- Heating and energy assistance
- Volunteer help with house cleaning, shopping, transportation or yardwork
- Legal aid
- Funding or other help with home repairs or modifications that make housing more accessible
- State and federal housing assistance, like the Supportive Housing for the Elderly Program (Section 202)
Local Aging and Disability Resource Centers or Aging Units, Senior Centers or Area Agencies on Aging can provide information about resources for older adults in the area.
Resources help cover debts and expenses, which often include:
- Loans such as mortgages, home equity loans or credit card bills
- Housing costs like rent, condo fees, or long-term care expenses
- Household expenses include utilities, food, clothes and transportation
- Health and care costs, including prescription drugs, medical co-pays, devices and paid helpers
Tracking resources and expenses over time can show if each category is increasing, decreasing or holding steady. This information can be used to make or update financial plans.