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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.

Transcript

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.

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