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being in debt on a fixed income

How To Get Out Of Debt On A Fixed Income-Learning To Adjust To Retirement

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Getting Into Debt


Most of us are in debt to some amount, this seems to be the American way. Probably the biggest reason many of us find ourselves in debt is because our income decreases as our living expenses increase, that is the way life most often works for people on a fixed income. Retirement is the most obvious situation we think of when we think of people on a fixed income, when we are working we do not think about how things will become after we retire. Many people underestimate how much money they will need to live comfortably on their retirement income, very few people today are going to experience high paying pensions and good medical insurance.


Medical Expenses


Isn’t it ironic how we have good medical insurance while we are working and many people rarely use it, but after you retire your health problems often increase and so do your medical expenses. Now with less coverage you must pay more out of your pocket every month for your prescriptions and medical expenses, with having blood work alone for many people this can add up to quite an expense. This does not cover special testing and your physician appointments, many people who are retired have appointments with several specialists which cost them money. Don’t forget about your over-the-counter expenses, these too have more likely increased since you quite working?


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Poor Money Management


Sometimes we become use to being able to buy the things we need and want without worry, often people use poor money management and get into debt before they realize it. It takes time to adjust to going from a higher income to a lower income, plus you have more expenses out of your pocket you did not have when you was working? Everyone who gets into debt trouble does not manage their money poorly, often they have no choice you need food and clothing plus medications with health problems.


Relationship Problems


Financial problems are the main reason for relationship conflicts, many times when debt becomes a problem a couple will start to argue and even divorce. Talk about unexpected expenses, divorce can really put you into debt  in a very short time. Besides putting you deeper in debt, divorce causes most people emotional health problems. This could add the expense of physician appointments and medications, it is hard to believe only a short time ago you had no debt and your life was a very good one?


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Many people after divorce even on a fixed income can develop addiction problems, the biggest addictions for people who are retired  are gambling and alcohol. This is even more true for retired divorced people, fixed income or not a person has to do something with so much free time being retired and many find unhealthy addictions. Many start hanging out at the casinos during their free time without spending an extreme amount of money, but as time goes by the spending and drinking becomes more severe and so does falling deeper in debt.


Elderly Benefits


Many elderly people will not take advantage of the benefits available for them, some are too proud to take what they call charity. Today things are very rough everyone, even more difficult for the elderly with our high economy. Some elderly folks are forced to do a reverse mortgage, at least this can prevent them from losing their home. Others might have to borrow from their life insurance policy, rent part of their home maybe to make ends meet?


What Else Can They Do?


Many people on fixed incomes gets to the point they must start selling their belongings they worked all their life for, this is very sad and often triggers depression for these people. Often they wait too long and their credit is very poor, so they can’t get any personal loans  or even debt consolidation loans from their bank. By now they are living on very little and there is no money for anything extra, many can’t even afford to buy their grandchildren Christmas and Birthday gifts.


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What Is On My Mind Today?


Anyone living on a fixed income today has it pretty rough, the government has many people believing once you retire medicare pays for all your medical expenses which is not true. Most people struggle at times with debt living on a fixed income, some lose their transportation because they can’t afford a vehicle any more. Some places have public transportation which is free for senior citizens, but many rural areas does not have public transportation for these people to get around. Some are lucky and have family living near them who helps them out, but today families are spread out and many times the family had to relocate for jobs.


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  • Jerry says:

    I can assure you that being in debt is not only the American way, but happens to most people all over the world. A lot of problems occurring during retirement can be prevented by careful planning, however, not many people look 20, 30, or 40 years ahead. You can also ask yourself how effective it would be, as so many unpredictable things can happen. 10 years ago, I realised, that my retirement fund would not be enough. It would have been for me, but then I married at a very late stage. At that time I just looked for other income streams, of which the internet offers a great variety of opportunities.

    • admin says:

      Thank You,

      I appreciate hearing you own personal experience with how you overcame your debt problems with finding a way to earn extra money online.


  • Liz says:

    I think we are in a time more than any other time in history that we really have to start thinking outside the box in terms of the way we handle money and the way we make money. It is just not enough to live on a fixed income for the rest of your life because things have changed, and I think in order to live in a comfortable way we need to be thinking of multiple streams of income on top of ways to live lightly also.

    • admin says:

      Thank You,

      Very good point Liz, the world has changed from when our grandparents were our age and managing our money more carefully is something we need to learn how to do more efficiently.


  • NemiraB says:

    Hello here. It is sad if everything goes down the drain as you wrote here. Do you have something to offer how to change this miserable situation?
    I think that always is a solution for the problem. I often remember the movie Golden GIrls. The bunch of women got together, lived under one roof and helped each other. In Denmark people live in communities where students live with seniors. Everybody benefits from it. Students got roof, seniors companionship. Of course not everybody lives like this but they have these options.
    It is a pity that in United States people must to think how to survive in the retirement years. Not everybody is lucky to be CEO of company.
    I heard that AARP helps seniors to navigate in this tricky world.
    I wish that more possibilities would be for seniors in their golden years.
    All the best, Nemira.

    • admin says:

      Thank You,

      Seniors do have it rough in their golden years, many are ill with many health problems and not enough money to get by comfortable


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