81-Year-Old Struggling on Just Social Security Asks For Help - Here's What Experts Say

Once retired, most people rely on a combination of senior benefits and your own retirement savings to stay afloat. But what happens if that combination goes awry and your retirement plan falls apart? If your already tight budget grows tighter as you age, what resources can you use to stretch your retirement savings further while you rebuild?

We asked financial experts for their professional advice on this exact situation, and while the responses here are specific to one story, any soon-to-be-retiree can benefit from the forward-looking counsel they offer here.

An 81-year-old living on Social Security only

The children of retirees often find themselves in the tough situation of trying to care for a parent whose retirement savings have crumbled. One Reddit user took to the internet for advice when they ran out of ideas for helping their struggling parent, an 81-year-old who lost his pension when the manufacturing company he worked for declared bankruptcy. Without his pension, this retiree has to make ends meet on a Social Security check of just $890 per month.

Other factors at play

The child writes that they pitch in $300 a month and their sibling contributes up to $400 a month, but their dad's prescriptions cost $230 a month on their own, and it's a stretch to make ends meet. Plus, their father keeps withdrawing from his $11,000 emergency savings fund, the roof is leaking, a reverse mortgage seems off the table, and the father can't be convinced to apply for assistance programs.

We wanted to know what financial professionals would advise in this situation, so we reached out to the experts for their clear-eyed takes.

Take advantage of free Medicare services to lower health care costs

Medicare can save patients money in more ways than most people realize, and its free preventative services can improve quality of life without out-of-pocket costs.

Whitney Stidom, vice president of consumer enablement at eHealth, said, "Recent research shows that 76% of Americans don't know or underestimate health care costs in retirement, and at the same time overlook benefits that could help offset those expenses. Things like preventive screenings covered at no cost, dental or vision benefits through Medicare Advantage, or quarterly over-the-counter allowances can add up to hundreds of dollars in value each year."

Compare Medicare plans

The parent in this Reddit story might not have the right Medicare plan for his current life circumstances. Stidom recommends "reviewing your Medicare plan annually and making sure you're taking full advantage of these benefits." According to her, this is "one of the simplest ways to keep more money in your pocket and avoid overpaying for care."

For instance, the child in the Reddit post said their father pays $230 a month for prescriptions, but that cost might be lower with a Medicare Advantage or Medicare Part D plan that offers better coverage for the specific medications the parent takes.

Prioritize affordable housing

According to Cody Schuiteboer, president and CEO of Best Interest Financial, downsizing as soon as possible can make the biggest difference: "One of our clients had been living alone in a paid-off home worth $320,000 in a high-expense area. By selling the property and relocating to somewhere cheaper, he received about $240,000 net. Making a conservative investment of that sum resulted in gaining about $800 monthly, doubling his income."

Schuiteboer also said retirees should consider selling their homes and finding a rental as a cheaper option. "Housing is typically the largest part of expenses," he said, "as well as assets that older Americans can use for additional income.

Reframe social assistance programs as benefits, not handouts

It can be hard to accept help after a lifetime of supporting yourself. But Michael Boggiano, a managing partner at Wealthcare Financial, told us that for this parent, "it's critical to reframe programs like Medicaid or Medicare Savings Programs not as 'handouts,' but as benefits he's earned after decades of work."

Explore every assistance option

There are likely more benefits to take advantage of than the Reddit user or their aging parent has realized. For instance, according to Boggiano, the parent in our Reddit story could benefit not just from SNAP but also Habitat for Humanity repair services or Section 504 home repair grants.

Schuiteboer also pointed out that this child's parent probably qualifies for Supplemental Security Income. "LIHEAP can help pay utilities," he said, and "depending on the state, they can receive between $150 and $250 monthly through SNAP."

A reverse mortgage might not be off the table

Reverse mortgages can be financially problematic for a variety of reasons, and they certainly aren't a one-size-fits-all budget solution. As Cliff Auerswald of All Reverse Mortgage, Inc. says, "I want to be straight about what a reverse mortgage does not fix here." Most importantly, "it does not address the ongoing $500 [a month] gap between income and expenses."

However, Auerswald emphasizes that it can handle "the big one-time costs like the roof and the furnace, and it creates a growing safety net for future emergencies." And the Reddit user might be wrong to say a reverse mortgage is off the table just because their father lives in a rural community. Per Auerswald, "There is no minimum home value on a HUD-insured HECM reverse mortgage, and rural properties are eligible as long as the home meets FHA standards and the appraiser can find comparable sales in the area."

Bottom line

Having a solid retirement plan is a good first step toward ensuring your retirement savings last the rest of your life, but as the parent in the Reddit story described above found out, even the best-laid plans can fall apart.

The advice in this piece can help you create wiggle room in your retirement budget if it falls apart, but creating comprehensive backup plans before you get close to retirement will give you a much better head start. Consider meeting with a retirement planner who can help you chart a retirement plan with solid alternatives well before your last day on the job.

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