Senior Citizens and Finances
March 2009: The world is in a global recession which affects not just the working people but senior citizens and their finances. The structures of societies around the world are shifting and with that, children are often coming home to live with parents - or parents are forced to live with children. It is not an easy time. From it there will develop both positive and negative results as people of all ages redefine their goals and relationships.
Culture dictates the care of parents when they grow older. Here in the US, where many seniors, who can afford to retire, and are healthy, they prefer to live on their own, and make their own choices independent of the children. It generally comes down to two factors: income and health
With so many businesses failing, many are concerned about Social Security becoming bankrupt. Not to mention pensions and a 401k not worth very much these days. This is forcing many senior citizens who do not have enough income to support themselves, back into the work force where they do not have needed skills, training and education, and will not get hired due to their age and health issues. There are seniors who have started their own businesses, alone or with friends or family. This can be a rewarding time for those who are able, but for those who are disabled, it can lead to illness, high blood pressure, anxiety, fear, panic attacks, and death.
Many seniors have lent money to their children, or other family members, that has never been returned. That money could have been their life savings.
Housing
Many of my senior clients have sold larger homes, which are already paid for but the upkeep and property taxes have made it impossible to keep their homes. Now comes the next problem ... can a home be sold in this economy so they can move to less expensive dwellings, using the left-over equity as a buffer, to live on, or to invest often in another small investment property.
Secondary suite is an urban planning term for an additional separate dwelling unit on a property that would normally accommodate only one dwelling unit. A secondary suite is considered "secondary" or "accessory" to the primary residence on the parcel. It normally has its own entrance, kitchen, bathroom and living area.
Many seniors live in mobile home communities, and are being displaced because the property is becoming too valuable.
Tansportation: Most people need cars to get around. What do seniors do when their car is no longer functioning, they can't afford the insurance or repairs, they have no money to buy a new car, or get financing because they are not working?
Foreigners, or illegal aliens will have little or no benefits and will have to depend on others. Many are returning to their country of birth.
A soul, at any age, needs something to do, a goal, a passion, or it considers its karma complete and leaves, or gets sick as a cry for attention. I am finding that many seniors suffer from depression and take anti-depressants. The financial situations in the world today, will force, not only citizens, but people in all works of life, to question what life is all about and where the craziness in the world is taking us. Psychic abilities, long hidden in the background, will come to the fore as answers are sought and discovered.
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