Retirement Scenarios
As Mary has no assets and has been working “under the table” all her life, she may not have a strong Social Security record and may only be eligible for a limited amount of Social Security retirement benefits. She may still be qualified for Supplemental Security Income (SSI), a needs-based federal platform designed to help people with inadequate revenue and assets pay for their basic needs like food, clothing, and shelter (Hillier & Barrow, 2014). In terms of health care, Mary may be eligible for Medicaid, a combined federal-state initiative that offers well-being coverage to low-income persons, including those who are elderly (Coyle, 2023). Medicaid can help pay medical bills, but eligibility and benefits vary by state. To help with her housing expenses, Mary might qualify for housing aid initiatives such as the Section 8 Housing Choice Voucher Program, which supports low-income people in paying for their rental accommodation. Hire our assignment writing services in case your assignment is devastating you. Our team of experts is ready to help.
Additionally, she may qualify for food aid initiatives like the Supplemental Nutrition Assistance Program (SNAP), previously known as food stamps (Coyle, 2023). In addition, Mary needs to reach out to local non-profit organizations and government agencies for assistance in finding and applying for these programs. An experienced social worker or financial advisor can help her navigate these options.
Shirley is facing a difficult economic situation. With only $480 in Social Security benefits and no other sources of income, she will have a tight budget to cover her living expenses, including her mortgage payment of $830/month. The $5,000 in savings will help, but it will only last for a while, given the shortfall between her income and expenses. Shirley may need to consider finding part-time work to supplement her income, even if it means taking a job outside her comfort zone or skill set. She may also be eligible for government assistance programs such as the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps, or energy assistance programs to help with utilities (Coyle, 2023). She may also consider reaching out to a financial advisor to help her create a budget and explore options for reducing her expenses. For example, she could refinance her mortgage to a lower rate or find ways to cut back on other expenses. Additionally, she may want to consider selling her home and downsizing to a more affordable living arrangement. This can help her to reduce her monthly expenses and preserve her savings. Therefore, Shirley needs to take action as soon as possible to address her financial situation, as waiting until she turns 65 will not solve the problem and will only put her in a more precarious position.
Therefore, in both cases, Mary and Shirley face financial challenges in their retirement due to limited income and assets. Both of them may be eligible for government assistance programs to help with their basic needs, such as housing, food, and medical expenses (Coyle, 2023). However, they will still have to make difficult choices and potentially take action to supplement their income, such as finding part-time work or downsizing their living arrangements (Hillier & Barrow, 2014). Additionally, Mary and Shirley need to take a proactive approach to their financial situation by seeking resources and professional advice, creating a budget, and exploring options for reducing their expenses. Hence, by taking these steps, they can improve their financial stability in retirement and ensure that they can cover their basic needs.
References
Coyle, S. (2023). Financial Independence for Older Adults, Financial independence for older adults – Social Work Today magazine. Available at: https://www.socialworktoday.com/archive/Winter21p18.shtml (Accessed: February 10, 2023).
Hillier, S. M., & Barrow, G. M. (2014). Aging, the individual, and society. Cengage learning.
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Retirement Scenarios
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1. Mary is a 65-year-old divorced woman who has worked menial jobs all her life to support herself and her two daughters. All her work has been “under the table” such as housecleaning jobs or childcare positions. She has minimal education and no special skills. At 65 her health is poor and she no longer has the strength to continue to clean homes or watch after young children. She rents her home for $450/mo. and has no assets. What options are available to her for retirement? How will she pay her medical bills? How will she pay her rent and food?
2. Shirley is a 59 year old widow. When her husband died at age 66 he left her with a small savings of $5,000 and a home with a second mortgage. They had been living comfortably on his $900/month pension and Social Security benefits of $850/mo. His pension did not have survivor’s benefits. She has never held a job for longer than 6 years and is presently unemployed. As a widow, she is not eligible for Social Security until age 60, and then only $480 per month in benefits. When she turns 65 that amount will increase to $676. Her mortgage payment is $830/mo. What is her economic outlook?
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