There are a lot of things that you worry about as you grow older. Losing friends as they age, your own health issues, incurring debt, and more. In this article, we will talk about one that a lot of seniors face: freeing up cash when you are in a bind. As we get older, things can happen that affect your ability to live in a financially secure situation in your old age. We have provided three great ideas to help get you out of a bind and free up some cash.
Sell some unneeded belongings and cut down on expenditure
If you can stand to part with some of your possessions, it may be worthwhile to sell some things that you do not need. Perhaps you have some knick-knacks that can fetch a pretty penny, or you have subscriptions to magazines that you never read. These kinds of thing are often the first to go, and for good reason.
It may not be easy to part with certain things, but if they aren’t “must-keep” items, they’re not worth having to suffer through serious financial strain.
In the same vein, we can cut down on unnecessary costs. It may be nice to go out to eat, but it’s something that we can all stand to cut back on. You can also skip going to the movies, or if you are someone who likes to buy movies on video, waiting a few months can get you the movies for less.
It can be a pain to have to change your lifestyle, but it will ultimately reward you once you have got the debt off of your shoulders.
Look into social plans intended for this very situation
There are a lot of programs specifically tailored to the help and protect seniors dealing with issues ranging from money, health, housing, and more. The social programs that are available for you depends on where you live, so it’s important that you look up this information.
As an example, in the state of Oregon, a senior who is disabled (either physically or mentally) can apply for such services. These services can vary from in-home support to long-term care to independent living.
To find more information about your state’s social programs for seniors, be sure to search USA.gov.
Set up a life settlement
When you need a large amount of cash free at once, the best alternative may be to set up a life settlement. In this situation, you surrender your life insurance policy for up to 8 times the amount of money you would get if you just surrender the policy. This can be life-saving when the debt you need to take care of is major.
It isn’t easy to deal with financial hardship at a time in life when you thought you would have it easy. We hope these tips will help you have it just a little easier.