www.the-review.com • Wednesday, May 6, 2009 • Page C11
Money-saving tips for seniors
By JASON ALDERMAN
Practical Money Skills for Life
Thanks to the rocky economy, most people’s retirement savings have taken a beating in the past year. In fact, many folks have been forced to postpone retirement because of their shrinking nest eggs. And, those who’ve already retired no doubt have noticed that their money doesn’t go as far because of increases in housing, food, utilities, prescription drugs and virtually everything else. Even optimistic economic observers don’t anticipate things will improve significantly any time soon, so it’s time to tighten the belt. Here are a few areas where retirees — and retirement wannabes — can stretch their dollars and reducing spending: Pay down debt. List your outstanding credit card and loan balances by interest rate and pay off those with the highest rates first, thereby lowering the amount of interest you pay overall. And always make at least the minimum payment on each account – on time – to prevent credit score damage that could increase your interest rates. Medical expenses. If your Medicare or other health insurance doesn’t cover a specific medical expense, ask the doctor’s office about discounts for paying in cash. Also, explore using generic drugs and see if your plan offers discounts for ordering several months’ worth of routine medications at once by mail. Insurance. To lower monthly premiums, consider raising deductable amounts on your auto and homeowner or renter’s insurance. Also, rates typically decrease when you reach age 50 or 55, especially if you take a defensive driving course, so be sure to ask. Government programs. Many government-sponsored benefits, grants and financial aid programs exist to help low-income families, seniors and others pay their bills, including:
■ LIHEAP the Low, Income Home Energy Assistance Program, which provides grants to help pay utility bills. To see if you qualify, go to www.acf.hhs.gov/programs/ocs/liheap. ■ Also, check with your water, garbage collection, telephone and television cable companies to see if they offer discounts for seniors, low-income families or the disabled. Rules vary, but you’ll likely be asked to provide proof of age, income or disability status in order to qualify. ■ SNAP the USDA’s Sup, plemental Nutrition Assistance Program (formerly known as food stamps), helps millions of lower-income Americans buy nutritious food each month. Visit www. fns.usda.gov/snap for qualification requirements. ■ Medicaid. Many uninsured people who aren’t yet eligible for Medicare can obtain medical coverage through state-administered Medicaid programs. To learn more, visit www.cms.hhs.
gov/MedicaidGenInfo. ■ Rental assistance for low-income families is available from several U.S. Department of Housing and Urban Development programs as well as other state and local agencies (see www. hud.gov/renting/index.cfm for details). ■ Go to www.usa.gov/Citizen/Topics/Benefits.shtml for a comprehensive overview of additional aid programs. Senior discounts. Before purchasing anything, ask if they offer senior discounts. Always ask at the beginning
of the transaction – waiting until you settle the bill may be too late. One precaution, however: Senior rates at airlines, hotels, car rental agencies and other travel-related businesses are not always the cheapest available, so check their websites or ask a phone representative for the lowest available rate before requesting the senior rate. Check your affiliations. Organizations like AARP , AAA and credit card issuers often offer member discounts on various items and attractions. Check their
websites or mailers regularly for new offers. Ensuring a worry-free retirement requires a lot of planning, both before and after you leave the workplace. Visa’s free personal financial management site, Practical Money Skills for Life (www. practicalmoneyskills.com/ retirement) contains many tools that can help. Jason Alderman directs Visa’s financial education programs. Sign up for his free monthly e-Newsletter at www.practicalmoneyskills. com/newsletter.
Goris Properties
LUXURY APARTMENTS
Special Rates for Seniors
330-823-1020
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$$ PAYING TOO MUCH FOR ASSISTED LIVING?
Senior Living Community
MOST IN ALLIANCE ARE!!!
As the only family run Independent Living with assistance facility in Alliance we like to keep things simple. That’s why our Assisted Living Apartments have various prices to choose from! All rooms are tastefully furnished and include laundry, cable, meals, lifeline and entertainment opportunities. Most rooms furnished with a microwave & refrigerator! Residents may also have therapies in the privacy of their room through our on-site Premier Therapy team. Nursing staff and aides available 24/7! Plan your respite stay for the holidays
The Inn
This building features the only Adult Day Care in Alliance
Hunter’s Run
This building features Hunter’s Run Pub. You just have to see it!
Fox Chase
This building has a 12 seat Movie Theater with 72” screen. Like the pub you just have to see it!
Just another example of OUR family taking care of YOUR family! Skilled Care Center available for short Term Therapy or Long Term Stay.
2350 Cherry Street Alliance, Ohio 44601 330-821-3939
We have Aging in Place programs to keep your family independent longer! Enhanced $10.95 PPD Premium $21.95 PPD Call for details 330-821-3939