June 27, 2011
Financial Tips for Seniors
Find out about the wealth of resources available specifically to seniors--from tax assistance to help with healthcare costs and more.
Senior citizens know it's hard to live on a fixed income, especially when food, energy and healthcare costs keep rising. Here are a few tips for lowering your expenses:
Ask your doctor or pharmacist about patient drug assistance programs offered by most pharmaceutical companies.
Investigate special tax breaks for seniors, like a higher standard deduction if you don't itemize and a special tax credit for lower-income seniors. One place to look is the Tax Guide for Seniors at irs.gov.
The federal government also sponsors several programs for low-income seniors, including those that help pay for food, utilities, rent assistance, and more. Go to Benefits.gov to see if you qualify.
Bottom line: Many great resources exist for seniors: Take advantage and ease your financial worries.
- Think Twice Before Tapping Retirement Plans
- Taxes in Retirement
- Financial Help for Seniors
- Rethinking Retirement
Email to a friend