Why Senior Citizen Benefits Need To Be Augmented
Senior citizen benefits are available in limited amounts to senior citizens who have no other means of support, and this is a much needed fall back position for those who have no family, savings, or income. It is wise to avoid dependence on these if it is possible, and advance planning can avoid this in most cases, but it is comforting to know that at least there is some kind of safety net should everything else go wrong. There are thousands of retirees who simply don't have the arrangements in place to survive their old age in any degree of comfort.
Funding old age has one of the most pressing problems in Western society, as the numbers of retirees is increasing right at the same time as tax revenues are being massacred by the economic downturn. There is simply nowhere near enough money to go round for the governments to provide the revenue their campaigners would like them to. Anyone who wants to avoid severe austerity in their later years will need to make their own arrangements, so if it is not too late make sure you take the time for some serious financial planning. At the very least, try to get some insurance to defray funeral expenses for your heirs.
The Western government may not be able to pay out large sums of money to retirees, but they do make some tax concessions to people trying to save for retirement. They do this because they want to defray the expenses of paying seniors after they have retired. If you pay a part of your earnings into a tax free retirement plan, you can invest it in mutual funds or even directly in the stock or bond markets. As long as you keep your money in the overall plan, you switch it from one investment to another without penalty. You only pay taxes on your gains if you have to withdraw the money before you reach retirement age. It is best to take advantage of this government concession if you can.
As well as claiming senior citizen benefits most retirees are able to call upon a works pension of some kind. This can provide as little or as much money as you are able to invest into it. It makes obvious sense to carry out your investing through the tax free vehicles which are provided by the government, especially as these are not restrictive in the way they allow you to invest. Depending on state assistance alone will not give you any reasonable standard of living, so do everything you can to save more.
The senior citizen assistance plans which are available can never do more than simply provide a subsistence living for anyone who has no income of their own. Most countries have some kind of state pension plan, but the fall in the value of the currency due to inflation and the inevitable grown in numbers claiming these benefits means that there are strict limits on what they can provide. The situation is likely to get even worse in the future.
Discovering which senior citizen benefits will be available to you is not difficult, as the government has provided detailed information on the website. Even though they save money if you do not claim what you are entitled to, this is one situation where the government actually wants you to receive the money. They certainly do not want the scandal of seniors going hungry or being unable to afford a place to live, but the lives of many are only just above that level. The abiding lesson is that to have any quality of life, you need to look beyond senior citizen benefits.Written by Jan Carla.
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Capital Senior Living Corporation , one of the countrys largest operators of senior living communities, today announced that management will make a presentation regarding the Company at the Deutsche Bank 38th Annual Health Care Conference at the Westin Boston Waterfront Hotel in Boston, MA on Thursday, May 30, 2013, beginning at 3:30 p.m...
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