It sounds like you’re sharing a tough situation that a lot of retirees can identify with. Managing finances during retirement can be tricky, especially if unexpected expenses arise or if savings do not stretch as far as anticipated. Here are a few recommendations that might be helpful:
1. Check for benefits: Make sure to explore all potential sources of assistance. This may include applying for Social Security, looking into state and local assistance programs, or even looking into federal assistance such as SNAP (food stamps).
2. Budgeting: Evaluating monthly expenses and implementing a strict budget can help stretch existing funds. This may involve eliminating nonessential expenses.
3. Housing: Consider downsizing to a smaller, more affordable home, or moving into a state where the cost of living is lower.
4. Part-time work: If health allows, consider a part-time job. There’s no shame in supplementing retirement income, and many employers value the experience and work ethic that older adults bring.
5. Health Care: Look into Medicare and Medicaid options to help with health care expenses.
It’s important to keep in mind the goal is to have a sustainable lifestyle and enjoy the golden years. Speaking with a financial advisor or counselor who specializes in retirement planning can also be very beneficial. They can help tailor a plan that best suits her needs, and advise her on financial steps she can take to make her retirement years more comfortable.
