According to a recent study from the Senior Economic Security Index, 1 in 3 senior households have no money left over after meeting essential expenses. Seniors experience financial problems primarily due to the cost of assisted living facilities, medical expenses, housing costs, and dwindling retirement funds. If you are a senior citizen that is in a tight money situation, or in the process of saving for your debt settlement, keep the following suggestions in mind.

Research organizations and government agencies
 
Many organizations assist the elderly in many aspects of their lives. The Administration on Aging (AOA), a division of the U.S. Department of Health and Human Services, helps seniors maintain their independence by offering coordinated home and community-based long-term care. Visit www.aoa.gov for more information. The American Association of Retired Persons (AARP) is the leading non-profit organization for people age 50 and older. Their web site offers a wealth of information to help the elderly population. Visit www.aarp.org to read about pertinent issues such as Medicare and Social Security.
 
Take advantage of discounts and special programs
 
Senior discounts are almost always available for expenses such as hotel rooms, plane tickets, and bus fare. You may also contact your utility company if you are having trouble paying your utility bills. Your state may offer special low-income programs for seniors.
 
For discounts on prescription drugs, contact the Partnership for Prescription Assistance (PPA). Eligible participants will usually receive low cost or free prescriptions. For more details, visit www.pparx.org or call 1-888-4PPA-NOW.
 
Beware of scams
 
The Office of Community Oriented Policing Services reports that the elderly population easily become victims of a number of schemes. Common financial crimes against the elderly usually involve home repairs, investments, telemarketing, false charitable contributions, sweepstakes, and lottery schemes. Seniors should be very wary about divulging financial information over the phone or online. If the deal sounds too good to be true, it probably is. You may file a complaint with the Federal Trade Commission (FTC) at www.ftc.gov if you feel you or someone you know has been a victim of a scam.
 
Take advantage of the recent stimulus. Older Americans may see some benefits as part of the American Recovery and Reinvestment Act of 2009. This legislation will offer a $250 economic recovery payment for individual older persons and $500 for couples. According to the web site for the Social Security Administration, recipients will not have to do anything. Funds will be delivered in the same method that they receive Social Security benefits. Retirees who do not receive Social Security may also qualify, but may have to file a tax return. Payments are expected to be disbursed in late May. Visit the Social Security Administration’s web site at www.ssa.gov/payment for more information.
 
The unemployed may also receive an extension and an increase in benefits as part of the American Recovery and Reinvestment Act. According to AARP, the number of unemployed aged 55 and older has risen 65% during the past twelve months.

Bill Loughborough is Founder and President of Credit Answers, one of the best debt settlement companies in America. Credit Answers specializes in debt management, credit card debt settlement, debt negotiation and avoiding bankruptcy. Credit Answers team of experts work to enable a new and fresh financial start for individuals with debt problems. We realize the importance of money in people’s lives and also the accompanied strain that debt can cause. Our team has helped thousands of clients across the nation.

Bill started Credit Answers in 2006 and has built it into one of the leading debt settlement / debt relief companies in the U.S. At Credit Answers we encourage our customers to Live Better Debt Free.

For More information please visit: www.creditanswers.com

Article Source:http://www.articlesbase.com/personal-finance-articles/living-longer-on-less-853064.html

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