Solving the most common financial challenges facing seniors

Two seniors sitting together

Seniors face unique financial challenges. Anyone approaching or in retirement needs to be prepared for the inevitable shifts in income and spending that come with such a major life change.

If you are 50 and older, it’s important to understand these potential challenges, so you can work on a plan to overcome them. Fortunately, MMI offers key services uniquely suited to address these senior-specific challenges.

Budget  Services Icon

Challenge: Your income and expenses no longer match up

Will your retirement savings be enough to support you through your senior years? Once you hit retirement, will you be able to continue living as you were, or will you need to make substantial changes to your lifestyle and spending habits?

Having an unbalanced budget may not impact you right away, but over time, if you consistently spend more than you can actually afford, you may find yourself in a tight financial situation.

Solution: Free budget counseling from MMI

Following retirement, you probably want to stay independent for as long as possible. That can become difficult on a fixed income, especially if you don’t take the time to create a new budget.

That’s where we can help. Budget counseling is a great way to get confidential, expert advice on spending. If you’re unsure what you can afford or what changes you need to make, we can help you put everything into perspective, with suggested resources to help you cut expenses. No matter what stage you’re in – if you’re currently retired or just looking ahead, trying to prepare for what comes next – this impartial, one-on-one counseling can be a life-changer.

Try our online counseling experience | Call 866.889.9347 to speak to a counselor | Learn more about budget counseling from MMI 

Debt & Budget Counseling Icon

Challenge: You don’t want to carry credit card debt into retirement

If you enter retirement with a tight budget and a lot of credit card debt, you can be putting a lot of unnecessary financial stress on yourself. Those debt payments can make it difficult to find the money for more enjoyable things. They can also threaten your ability to pay for necessities, like food, utilities, and medications.

Solution: Use a debt management plan to repay your debts

A debt management plan (or DMP) is a great alternative to settlement and other debt consolidation options. It combines your unsecured debts into a single payment designed to fit your budget. Most credit accounts are eligible for significant interest rate reductions, which help you repay debt faster and save money in the process.

Key features

  • Budget-friendly single monthly payment
  • Reduced interest rates on most accounts
  • No credit requirements
  • Debts paid in full, usually in 3-5 years
  • Ongoing support from MMI team members

If you want to shed your debt before beginning your retirement, a debt management plan may be the best option for you.

Complete an online budget assessment | Call 866.889.9347 to see if a DMP is right for you | Learn more about debt management plans from MMI 

Reverse Mortgage Counseling Icon

Challenge: You don’t have enough saved to support you throughout retirement

It’s one of the biggest fears we all face – what if we don’t have enough money saved for retirement? Once we’ve stopped working, how will we find the income necessary to make ends meet?

There may be a number of solutions that are right for you. One potential solution is to explore a possible reverse mortgage.

Solution: Learn about the pros and cons of borrowing against the equity in your home with reverse mortgage counseling from MMI

Under the right circumstances, a reverse mortgage (also known as a home equity conversion mortgage, or HECM) can be used to help supplement income by drawing from the equity in your home. It can be a great option for seniors in retirement who need an additional source of income, but there are crucial risks involved.

Reverse mortgage counseling from MMI can help you understand:

  • How a reverse mortgage works
  • The benefits and potential financial and tax implications
  • The associated costs and various payment options available

The program also provides the required certificate of completion for obtaining a reverse mortgage.

Call 866.889.9347 to schedule an appointment | Learn more about reverse mortgage counseling from MMI 

Foreclosure Prevention Counseling Icon

Challenge: You’re struggling to make your mortgage payments

No one wants to lose their home, especially as they approach retirement. Managing a monthly mortgage payment can be tricky, though, and you may already be worrying about whether or not you can maintain those payments into retirement.

Fortunately, there are options available, and the sooner you find the right option and take action, the better your chances of staying in your home throughout the years ahead.

Solution: Free foreclosure counseling from MMI

Foreclosure counseling is a great first step for anyone concerned about their mortgage. Our experts help consumers in all stages of delinquency find their best option. Together, we’ll review your situation and discuss your goals. Then we’ll provide you with a list of potential solutions that help you meet your goals, as well as next steps to get you started.

If you’re feeling any amount of anxiety about your ability to stay in your home, it’s worth your time to speak to a qualified counselor. The sooner you act, the more options you’ll have.

Call 866.889.9347 to speak with a foreclosure counselor | Learn more about foreclosure counseling from MMI 

Tagged in Seniors, Retirement, Debt strategies

Jesse Campbell is the Content Manager at MMI, focused on creating and delivering valuable educational materials that help families through everyday and extraordinary financial challenges.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.