From Due Payments:

In 2024, seniors will receive a 3.2% hike in Social Security payments, but the cost of living has gone up by 10.5%. The loss of benefits and increased tax obligations are making it harder for seniors to make ends meet. The key to overcoming this crisis is smart budgeting and money management. Utilizing a 70/30 rule, creating a budget, exploring senior discounts, downsizing, utilizing preventive healthcare services, and paying off debt are all strategies seniors can use to stay financially independent.

Understanding the financial struggles of seniors in 2024, budgeting is essential for financial survival. Seniors can budget by exploring senior discounts, downsizing, utilizing preventive healthcare services, paying off debt, and considering a reverse mortgage. Evaluating retirement income and exploring insurance policies can also provide financial relief. Keeping these tips in mind can help seniors tackle financial challenges and maintain independence.



Read more: Financial Tips For Seniors To Thrive On A Budget In 2024