Your parents’ retirement funds have run out. Home repairs, rising utilities, and tax increases have drained their 401k and savings. They’re living on their Social Security income now, and you’re worried. It’s understandable to be worried. It’s also common for seniors to discover the money they’d saved doesn’t go as far as they thought.
Now that their bank accounts have dwindled, you don’t know what to do. Use these tips to help them stay financially sound.
Start by cutting expenses. If they own a car but use public transportation all the time, sell the car and drop the car insurance. If they get the newspaper but only read the news online, subscribe to the online paper and give up the print version.
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