Financial Products That Help Seniors with Little Retirement Savings

Have your parents, grandparents, or older loved ones expressed concern about the size of their savings? Are they worried that their savings won’t be sufficient due to inflation and the cost of living that seems to constantly increase? If so, here are a couple of tips that you can share with them to help them out with their retirement savings.

Mutual Funds

There are a few different kinds of mutual funds that people can choose from. Conservative growth mutual funds can be a big help for someone in retirement because they can provide returns. Of course, the ideal mutual funds will be able to keep up with market inflation while still providing customers with sizable returns and low risks. Some kinds of mutual funds are dividend-paying, which means that they provide the investors or customers with a steady source of income, as opposed to the constantly shifting status of stock investments. Most mutual funds also put priorities on preserving the customer’s assets and any other income that they may have since those will contribute significantly to their financial situation in retirement.

Reverse Mortgages

A reverse mortgage is something that has received more attention in the past few years, and for a good reason. It can be a huge blessing for someone in a financially unstable situation. Homeowners can use a reverse mortgage to draw on a portion of their home’s equity and convert it into cash. The cash can then be used to fund big life changes like downsizing or getting long-term help and care. For this reason, reverse mortgages are commonly used to pay assisted living expenses.

Medicare and Social Security

While your loved ones were working in their younger years, they probably had payments made to Social Security and Medicare. If so, this means that they should receive financial benefits from both Social Security and Medicare. There are certain sections of the Medicare benefits that are free of cost, and other sections that may depend on certain factors. While neither of these options will provide the majority of a loved one’s income, they will provide an extra financial boost.

So, if you or your loved ones are concerned about your financial future, act now to be able to enjoy a more peaceful future later. Start looking into these different options to see which of them would meet your financial needs and fit your lifestyle. Remember that these are just a few ways that people can receive financial help in their older years. There are many more options that can help you if you take the time to research them.

Read this next: Why You Should Take Out a Home Equity Loan

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