February 12, 2025 • 23 mins
Income Opportunities for Older Adults
Introduction:
This document summarizes key information regarding income opportunities and available benefits for older adults, drawing from various sources including AARP Foundation, Shopify, Upwork, and Senior Services of America. The sources highlight a landscape where older adults can leverage their skills and experience for financial security, engagement, and well-being.
Main Themes:
- Economic Empowerment through Work:
- AARP Foundation: Focuses on workforce assistance and financial resilience for older adults, emphasizing the need for updated skills in the digital economy.
- Shopify: Highlights the concept of "side hustles" for retirees, offering diverse options for income generation and continued engagement.
- Upwork: Presents a marketplace connecting freelancers with clients across various fields, providing flexible work opportunities.
- Digital Literacy and Skills Training:
- AARP Foundation: A crucial aspect is the emphasis on digital skills training, particularly for women and people of color, to help older adults thrive in today’s economy. The AARP Foundation, in collaboration with Older Adults Technology Services (OATS) from AARP, will provide programs and services that offer foundational online workplace skills, online job readiness and networking tools, and learning tools for aspiring entrepreneurs.
- The document notes programs to provide training in skills like "how to use video conferencing, information security, and office productivity software," as well as "social media marketing, crowdfunding, mobile payment services, and graphic design."
- Diverse Income Streams & Self-Employment:
- Shopify: Retirement doesn't need to be the end of paid work. Side hustles are presented as viable options offering both financial security and personal fulfillment.
- AARP Foundation: Encourages exploring self-employment options, noting that many older adults have skills and talents that can translate into independent work. The document specifically names the "Work for Yourself@50+" program designed to "help older adults explore options for self-employment," as well as " becoming an independent contractor, freelancer or gig worker."
- Financial Security and Savings:
- AARP Foundation: Focuses on helping individuals save a portion of their earnings and provides tax-aide programs to help older adults protect their income. Saving is viewed as an important way to build "financial resilience."
- Senior Services of America: Lists government benefits like Social Security and Medicare programs, and also highlights additional financial benefits such as discounts, tax deductions, and retirement account limits.
- Benefits Beyond Financial Gain:
- Shopify: Emphasizes that side hustles not only provide supplemental income, but also offer opportunities for continued engagement, social interaction, and personal growth.
- Senior Services of America: Points out that benefits programs can help seniors to live healthier, more financially secure lives.
- Shopify points out the benefits of side hustles such as "staying active, connecting with others, and feeling a sense of fulfillment and purpose."
- Navigating Social Security & Retirement Benefits:
- Shopify: Advises retirees to understand how side hustle earnings might affect Social Security benefits, specifically mentioning that if you haven’t reached full retirement age an
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back everyone .
We're diving into somethingtoday.
I bet a lot of you are thinkingabout income and benefits for
older adults.
Speaker 2 (00:07):
Yeah, it's a big one.
Speaker 1 (00:07):
It is, and we've got some great sources to dig
through from the AARP Foundation, shopify and Senior Services of
America.
So we'll be covering sidehustles, government programs and
just smart money moves ingeneral.
Sounds good, I figure you'reall probably wondering how to
make your money really work foryou.
You know, in this point in lifeyeah, that makes sense.
And it can be overwhelming.
(00:28):
To be honest, there's a ton ofinfo out there, right?
So that's what we're here for,and this deep dive will break it
all down, find the good stuffand hopefully get you thinking
about some options you might nothave even considered.
Speaker 2 (00:39):
Awesome.
Speaker 1 (00:40):
Now to help us make sense of it all, we've got our
expert here who really knows thefinancial world.
What trends are you seeing Likehow are folks approaching
retirement these days?
Speaker 2 (00:50):
Well, it's definitely not like how our grandparents
did it.
We're seeing people move awayfrom that, like slow down and
relax idea of retirement.
A lot of older adults want tostay active.
Maybe you make some extra moneyand they're realizing there's a
lot of support out there.
You just got to know where tofind it.
Speaker 1 (01:05):
So true, it's not just about pensions and savings
anymore.
The AARP Foundation articledigs into this.
You know workforce programs andbuilding financial resilience
and all that.
One thing that jumped out at mewas this Googleorg gave a $10
million grant for digital skillstraining, specifically for
older adults.
Speaker 2 (01:25):
Wow.
Speaker 1 (01:26):
What do you think about that?
Speaker 2 (01:28):
That's huge and it shows you how important tech
skills are these days.
Speaker 1 (01:31):
Yeah.
Speaker 2 (01:32):
It's not just for young people anymore, you know.
Even for retirees these skillsare crucial if you want to work
Totally.
This grants trying to helppeople catch up, especially
women and people of color, whomight not have had the same
opportunities tech-wise earlieron.
Speaker 1 (01:48):
That makes a lot of sense.
I mean, think about it even foryou listening.
How comfortable are you withvideo calls, online marketing,
that kind of stuff, right?
Maybe brushing up on thoseskills could open up some side
hustle options for you.
Something to think about.
Speaker 2 (02:01):
Definitely.
Speaker 1 (02:02):
Now the AARP article also mentions their Senior
Community Service EmploymentProgram.
Speaker 2 (02:06):
Oh yeah.
Speaker 1 (02:07):
Or SCSEP for those 55 and older who are unemployed
right now.
And what's cool is it focuseson work-based training.
Is that becoming more common?
Speaker 2 (02:15):
Oh yeah, for sure.
It's not like the old dayswhere you just get a resume and
good luck.
Speaker 1 (02:18):
Right.
Speaker 2 (02:19):
Programs like SCSEP, they get that the job market's
different now.
They're giving people hands-ontraining, often for remote work,
which is huge these days.
Speaker 1 (02:27):
Totally and even if you're not unemployed but
thinking about changing careers.
They've got this back-to-work50-plus program.
Seems like it's got a lot ofgood resources to help you
navigate this whole new jobmarket, which can be kind of
scary.
Speaker 2 (02:40):
Yeah, the job market now is so different than even a
few years ago.
Speaker 1 (02:44):
Right.
Speaker 2 (02:44):
Remote work, the gig economy, freelancing it's a
whole different ballgame.
Speaker 1 (02:48):
Speaking of the gig economy, the Shopify article
really dives into side hustleideas, especially for retirees.
Some are pretty standard, youknow retail delivery gigs.
Speaker 2 (03:09):
But they talk about some cool ones too, especially
if you're looking for somethingcreative or like uses your
specific skills.
What were some of the ones thatstood out to you?
I was honestly impressed withhow many different ideas they
had.
Yeah, like, if you're acreative person, they mentioned
selling handmade stuff online,photography oh nice, even
turning your gardening skillsinto a business.
And then, for people withprofessional backgrounds,
there's things like consulting,teaching, bookkeeping.
Speaker 1 (03:25):
Oh yeah, good point, those skills are always in
demand.
Speaker 2 (03:27):
Exactly.
Speaker 1 (03:28):
That consulting one is interesting to me, basically
getting paid to share your yearsof experience.
But does it always work out?
Are there any downsides tothink about before you jump into
that?
Speaker 2 (03:38):
Well, it's a great question.
It can be really profitable.
But it's not magic, right?
You need to be comfortable withmarketing yourself, finding
clients and managing projects.
You kind of have to beentrepreneurial.
You know it's not for everyone.
Speaker 1 (03:52):
That's a good point.
It's not just about theknowledge.
You've got to hustle too.
So what about someone who wantssomething more low-key, less
pressure, you know?
Speaker 2 (04:01):
Let me think Well, shopify talks about things like
pet sitting and house sitting.
Oh yeah, let me think.
Well, Shopify talks aboutthings like pet sitting and
house sitting.
Oh yeah, those are perfect ifyou love animals or maybe just
being in different places, andthere's always demand,
especially when people aretraveling.
Speaker 1 (04:11):
Those are classic for a reason Set your own schedule,
be your own boss and maybe getsome exercise walking all those
dogs.
Speaker 2 (04:16):
Exactly.
Speaker 1 (04:17):
But let's say you're someone who's really good with
tech.
The article mentions virtualassistants and online tutoring.
Those seem like they'd beperfect for a tech-savvy retiree
right.
Speaker 2 (04:27):
Totally, and the best part is you can do it from
anywhere with an internetconnection.
Speaker 1 (04:31):
True.
Speaker 2 (04:32):
Virtual assistants can do all sorts of things for
businesses scheduling, email,social media, you name it.
Speaker 1 (04:37):
Wow.
Speaker 2 (04:37):
And online tutoring is booming.
There are so many platforms forit now.
If you know a subject, well,there are people out there who
want to learn from you.
Speaker 1 (04:47):
It for it now.
If you know a subject well,there are people out there who
want to learn from you.
It sounds like there'ssomething for everyone in this
whole side hustle world, butShopify does warn about the
impact on Social Securitybenefits.
That's something you have to becareful about before you jump
in right.
Speaker 2 (04:53):
Absolutely.
There are limits to how muchyou can earn before it affects
your benefits and taxes.
Of course, Always a good ideato talk to a financial advisor
or check out the Social Securitywebsite you, just so you know
the rules great advice.
Speaker 1 (05:05):
Better to be safe than sorry.
Now let's switch gears a bitand talk about government
programs for older adults.
The senior services of Americaarticle lists a bunch of
benefits for people over 65 yeah, a lot of good stuff in there
it does.
We can't talk about thiswithout talking about Medicare
right?
Basically, health insurance forthose 65 and older people find
it confusing, but it's not thatbad once you break it down right
(05:28):
yeah, it seems more complicatedthan it is it's funny Medicare
can seem like this big mystery,even though most of us will
probably need it eventually,uh-huh.
Can you walk us through thebasics, like what are the key
things people need to understand?
Speaker 2 (05:39):
okay, so Medicare has different parts.
Part a is for hospital staysgot it part B is for doctor
visits and outpatient care.
Speaker 1 (05:46):
Okay.
Speaker 2 (05:46):
And then Part D helps with prescription drug costs.
You can choose the basic partsor there's Medicare Advantage,
which is through privateinsurance companies.
Those often have extra benefitslike dental or vision.
Speaker 1 (05:58):
So there are choices, which makes sense but also
makes it more complicated, Iguess.
Speaker 2 (06:02):
Yeah.
Speaker 1 (06:02):
I imagine it can feel pretty overwhelming if you're
trying to figure out the bestoption.
Speaker 2 (06:06):
Definitely.
That's why it's so important todo your research and compare
plans.
The Medicare website has a tonof info and you can talk to a
counselor at a senior center oryour area agency on aging.
They can help you figure outwhat's right for you.
Speaker 1 (06:18):
Good to know, it's nice to know there are resources
out there to help peoplethrough all this, out there to
help people through all this.
Now, besides Medicare, whatother government programs should
people know about?
Speaker 2 (06:26):
Well, there's Social Security retirement benefits.
Most people know about that one.
Speaker 1 (06:29):
Right.
Speaker 2 (06:30):
But there are also these lesser known ones like
Medicare savings programs.
Those can help with some of theMedicare cost if your income is
low enough.
Speaker 1 (06:37):
Oh, interesting.
And for homeowners there's thereverse mortgage program which
lets you use your home equity toboost your income income.
That reverse mortgage programis something I haven't heard
much about.
Is it usually a good option ordoesn't depend on your situation
?
Speaker 2 (06:49):
hmm, it can be good, but you have to know the risks
and benefits before you decideanything.
Basically, it's a loan thatuses your house as collateral.
Okay, you don't make monthlypayments, but you pay it back
with interest when you sell thehouse, move out for good or pass
away makes sense.
Speaker 1 (07:04):
It's not a decision to take lightly Now.
The article also mentions somefinancial perks that people
often miss, like seniordiscounts, travel deals, tax
deductions.
It seems like there's somehidden gems out there.
Speaker 2 (07:15):
Absolutely.
There are all sorts ofdiscounts for seniors.
You just have to look for them.
Some are easy to find, like atrestaurants or stores, but some
are harder, like for travel orentertainment restaurants or
stores, but some are harder,like for travel or entertainment
.
Speaker 1 (07:25):
So how do you?
Speaker 2 (07:26):
find those hidden gems.
Any tips for our listeners.
First off, just ask when youbuy something or book something,
ask if there are any seniordiscounts.
Speaker 1 (07:30):
Good idea.
Speaker 2 (07:31):
You'd be surprised how many places have them, even
if they don't advertise it.
Speaker 1 (07:34):
It never hurts to ask what about online?
Are there any websites or appsfor senior discounts?
Speaker 2 (07:39):
Tons.
There are websites and appsthat collect all the discounts
and deals.
Aarp is a great one, Also theSenior List and
SeniorDiscountscom.
You can search by category orlocation and some even have
printable coupons or codes youcan use online.
Speaker 1 (07:53):
So convenient.
It's like having your owndiscount hunter.
Now about those tax deductions.
The article says seniors canoften get deductions that lower
their taxes.
Are there?
Speaker 2 (08:03):
any specific ones we should know about.
One big one is the higherstandard deduction for federal
income taxes.
It's a set amount you candeduct from your taxable income
and it's a lot bigger for people65 and older.
That can lower your tax billright away.
Speaker 1 (08:14):
That's an easy way to save some money.
Are there any other deductionsjust for seniors?
Speaker 2 (08:18):
Yeah, there are a few .
If you have a lot of medicalexpenses, you might be able to
deduct some of those.
Okay, there are also deductionsfor donations to charities and,
depending on where you live,you might be able to deduct
property taxes and other stuff.
Speaker 1 (08:29):
It sounds like taxes can be pretty complicated.
Is it worth getting aprofessional to help with all
that?
Speaker 2 (08:34):
It can be, especially if your finances are
complicated.
A good tax person can make sureyou're getting all the
deductions you can and thatyou're doing things right.
They can.
Speaker 1 (08:44):
Good point.
Tax laws are always changing.
It's good to have an expert.
Now, before we finish up thispart of our deep dive, let's
talk about veterans benefits.
The article mentions thisprogram called Aid and
Attendance, which sounds prettyhelpful for those who qualify.
Speaker 2 (08:57):
It is.
Aid and Attendance gives extrafinancial help to veterans and
their surviving spouses who needhelp with daily stuff like
bathing, dressing, eating,getting around the house.
Speaker 1 (09:07):
So it's financial support for people who need help
with basic things because ofage or disability.
Speaker 2 (09:13):
Exactly, and it can really improve their quality of
life.
Speaker 1 (09:15):
Yeah.
Speaker 2 (09:16):
This benefit can help pay for in-home care, assisted
living, even nursing homes.
Speaker 1 (09:20):
That's awesome.
It's so important that veteranshave access to these resources,
especially as they get olderand might need more help.
Now I know we've covered a tonof stuff already side hustles,
government programs, discounts,tax deductions yeah, we have,
it's a lot, but I think the maintakeaway is that there are a
lot of opportunities andresources out there for older
adults.
Speaker 2 (09:38):
Absolutely.
It's all about being informed,being proactive and knowing
where to find help.
Speaker 1 (09:44):
Now you said earlier that this new generation of
retirees isn't just looking forfinancial security.
They want fulfillment andpurpose too.
Speaker 2 (09:51):
Right.
Speaker 1 (09:51):
What advice would you give someone who's trying to
find that balance, you know,financial stability and a
meaningful life in retirement?
Speaker 2 (09:59):
That's a great question.
A lot of people struggle withthat.
Speaker 1 (10:01):
Yeah, I bet.
Speaker 2 (10:02):
It's important to remember that retirement isn't
the end.
It's just a new phase.
Speaker 1 (10:06):
That's a good way to put it.
Speaker 2 (10:07):
And like any change, you need to do some soul
searching and planning.
Speaker 1 (10:10):
So where do you even start with that soul searching?
What are some things to thinkabout.
Speaker 2 (10:14):
I think it starts with figuring out what you're
passionate about.
You know what brings you joy,what gives you energy.
Once you know that, you canstart finding ways to include
those things in your retirement,whether it's a part-time job,
volunteering, a hobby or justspending time with people you
love.
Speaker 1 (10:29):
That makes a lot of sense.
It's about finding what makesyou happy and making that a
priority, but you also have tobe realistic about things like
money, right?
Speaker 2 (10:37):
Totally.
Financial security is superimportant, yeah, but it doesn't
have to be everything.
The great thing aboutretirement is you have more
flexibility and freedom tocreate a lifestyle that matches
your values and goals.
Speaker 1 (10:50):
So it's about finding that balance, chasing your
dreams and making sure you'refinancially okay.
Speaker 2 (10:54):
Exactly, and that balance is going to be different
for everyone.
There's no right or wronganswer.
Speaker 1 (11:04):
It's about making a plan that feels right and
fulfilling for you.
I love that Retirement isdifferent for everyone.
It's not one size fits all.
It's about figuring out who youare and building a life that
brings you joy and purpose.
Right Now, before we wrap upthis deep dive, let's go back to
those digital skills.
Speaker 2 (11:17):
Sure, even if you're not trying to start a whole tech
career.
Knowing the basics can open upso many doors Totally.
These days, being comfortablewith technology isn't just a
bonus, it's essential.
Whether you're handling yourfinances online, connecting with
people on social media or justkeeping up with the news, you
need those skills.
Speaker 1 (11:36):
So for someone who's not that great with tech, how
can they learn?
Are there resources for olderadults specifically?
Speaker 2 (11:43):
Oh yeah, there are tons.
A lot of libraries and seniorcenters offer free computer
classes.
Speaker 1 (11:47):
That's great.
Speaker 2 (11:48):
A lot of libraries and senior centers offer free
computer classes.
That's great, and there areonline tutorials and courses
that can teach you anything frombasic computer skills to more
advanced things like socialmedia marketing or web design.
Speaker 1 (11:56):
Wow, it's amazing how easy it is to learn now,
especially online.
You can learn anything fromhome.
Speaking of online, we shouldmention that all the articles
and resources we've talked abouttoday are linked in the show
notes.
Speaker 2 (12:07):
Yes, definitely check those out.
So if you want to learn moreabout any of these topics, head
over there and please reach outto us if you have any questions
or thoughts we love hearing fromyou.
Speaker 1 (12:14):
Absolutely, we're always here to help you create a
fulfilling and financiallysecure retirement.
Now I know we've already talkedabout a lot, but I want to hear
more about these lesser knowngovernment programs you
mentioned.
What else is out there besidesSocial Security and Medicare
that people might not know about?
Speaker 2 (12:29):
So the Senior Services of America article
talks about a few hidden gems.
For instance, Medicare savingsprograms can be really helpful
for people who are havingtrouble paying for health care.
They could help with premiums,deductibles, even copayments,
depending on your income andsituation.
Definitely worth seeing ifyou're eligible.
Speaker 1 (12:44):
That's good to know.
I think a lot of people assumethey won't qualify for those
kinds of programs, but it'salways worth checking right.
Speaker 2 (12:50):
Oh, absolutely, you never know.
And speaking of pleasantsurprises, the article also
mentions the reverse mortgageprogram.
It's for homeowners and itbasically lets you turn your
home equity into cash.
Could be a good way to boostyour retirement income.
Speaker 1 (13:02):
That sounds interesting, but I imagine there
are some downsides too.
Speaker 2 (13:06):
Yeah, you got to understand the details before
you do anything.
A reverse mortgage is a loanand even though you don't have
to make monthly payments, theamount you owe plus interest
keeps adding up.
You usually pay it back whenyou sell the house, move out for
good or pass away.
Speaker 1 (13:19):
So it could be helpful for some people, but you
really need to think about thepros and cons.
Definitely, it's a conversationto have with a financial
advisor.
Now let's talk about somethinga little more fun senior
discounts.
Speaker 2 (13:30):
Okay.
Speaker 1 (13:30):
I'm always amazed by how many places offer discounts
to older adults, but they don'talways tell you about them.
Do you have any tips for ourlisteners on how to find those
deals?
Speaker 2 (13:38):
Honestly, the best thing to do is just ask.
Don't be afraid to ask aboutsenior discounts when you're
buying something or making areservation, right, you'd be
surprised how often places willgive you a discount, even if
it's not advertised.
Speaker 1 (13:49):
Like a secret code Senior discount, please.
But what about when you'reshopping online or looking for
travel deals?
Are there any tricks forfinding discounts in the digital
world?
Speaker 2 (13:57):
There are.
There are tons of websites andapps that are all about senior
discounts.
Aarp is a great one, as is theSenior List and
SeniorDiscountcom.
You can search by category,location or even just type in
what you're looking for to finddeals on all kinds of things
groceries, restaurants, travel,entertainment.
Speaker 1 (14:14):
Wow, that's super helpful.
It's like having a personaldiscount finder.
Now let's wrap up by going backto one of the most important
things we talked about.
Financial security isn't justabout having a lot of savings.
It's about knowing whatresources are out there and
being proactive, about makingthe most of your benefits.
Speaker 2 (14:29):
I couldn't agree more .
It's about taking charge ofyour finances and making smart
choices that match what you wantin life.
Speaker 1 (14:36):
Exactly.
It's about feeling empoweredand knowing where to go for help
when you need it.
And remember we've onlyscratched the surface here.
Make sure to check out the shownotes for links to all the
articles and resources we talkedabout and please reach out to
us if you have any questions orcomments.
Speaker 2 (14:51):
We love hearing from you.
Your thoughts and feedback helpus make the show better.
Speaker 1 (14:54):
Absolutely, and until next time, keep exploring, keep
learning and keep diving deeperinto the things that matter
most to you.
Speaker 2 (15:01):
Right.
It's about being informed,being proactive and knowing
where to find help.
Speaker 1 (15:05):
Now you said earlier that this new generation of
retirees isn't just looking forfinancial security.
They want fulfillment andpurpose too.
Right.
What advice would you givesomeone who's trying to find
that balance, you know,financial stability and a
meaningful life in retirement?
Speaker 2 (15:21):
That's a great question.
A lot of people struggle withthat.
Speaker 1 (15:23):
Yeah, I bet.
Speaker 2 (15:24):
It's important to remember that retirement isn't
the end.
It's just a new phase.
Speaker 1 (15:28):
That's a good way to put it.
Speaker 2 (15:30):
And like any change, you need to do some soul
searching and planning.
Speaker 1 (15:33):
So where do you even start with that soul searching?
What are some things to thinkabout.
Speaker 2 (15:37):
I think it starts with figuring out what you're
passionate about, what bringsyou joy, what gives you energy.
Once you know that, you canstart finding ways to include
those things in your retirement,whether it's a part-time job,
volunteering, a hobby or justspending time with people you
love.
Speaker 1 (15:52):
That makes a lot of sense.
It's about finding what makesyou happy and making that a
priority, but you also have tobe realistic about things like
money, right?
Speaker 2 (15:58):
Totally.
Financial security is superimportant.
Speaker 1 (16:00):
Yeah.
Speaker 2 (16:01):
But it doesn't have to be everything.
The great thing aboutretirement is you have more
flexibility and freedom tocreate a lifestyle that matches
your values and goals.
Speaker 1 (16:11):
So it's about finding that balance, chasing your
dreams and making sure you'refinancially okay.
Speaker 2 (16:15):
Exactly, and that balance is going to be different
for everyone.
There's no right or wronganswer.
It's about making a plan thatfeels right and fulfilling for
you.
Speaker 1 (16:24):
I love that Retirement is different for
everyone.
It's not one size fits all.
It's about figuring out who youare and building a life that
brings you joy and purpose.
Right Now, before we wrap upthis deep dive, let's go back to
those digital skills.
Sure, even if you're not tryingto start a whole tech career,
knowing the with technologyisn't just a bonus, it's
essential.
Speaker 2 (16:49):
Whether you're handling your finances online,
connecting with people on socialmedia or just you beeping up
with the news, you need thoseskills.
Speaker 1 (16:56):
So for someone who's not that great with tech, how
can they learn?
Are there resources for olderadults specifically?
Speaker 2 (17:03):
Oh, yeah, there are tons A lot of libraries and
senior centers offer freecomputer classes.
Speaker 1 (17:07):
That's great.
Speaker 2 (17:08):
And there are online tutorials and courses that can
teach you anything from basiccomputer skills to more advanced
things like social mediamarketing or web design.
Speaker 1 (17:17):
Wow, it's amazing how easy it is to learn now,
especially online.
You can learn anything fromhome.
Speaking of online, we shouldmention that all the articles
and resources we've talked abouttoday are linked in the show
notes.
Speaker 2 (17:27):
Yes, definitely check those out.
Speaker 1 (17:28):
So if you want to learn more about any of these
topics, head over there.
Speaker 2 (17:31):
And please reach out to us if you have any questions
or thoughts.
We love hearing from you.
Speaker 1 (17:34):
Absolutely.
We're always here to help youcreate a fulfilling and
financially secure retirement.
Now I know we've already talkedabout a lot, but I want to hear
more about these lesser-knowngovernment programs.
You mentioned what?
Speaker 2 (17:48):
else is out there besides Social Security and
Medicare that people might notknow about.
So the Senior Services ofAmerica article talks about a
few hidden gems.
For instance, Medicare savingsprograms can be really helpful
for people who are havingtrouble paying for health care.
They can help with premiums,deductibles, even copayments,
depending on your income andsituation.
Definitely worth seeing ifyou're eligible.
Speaker 1 (18:03):
That's good to know.
I think a lot of people assumethey won't qualify for those
kinds of programs, but it'salways worth checking right.
Speaker 2 (18:09):
Oh, absolutely, you never know.
And speaking of pleasantsurprises, the article also
mentions the reverse mortgageprogram.
It's for homeowners and itbasically lets you turn your
home equity into cash.
Could be a good way to boostyour retirement income.
Speaker 1 (18:22):
That sounds interesting, but I imagine there
are some downsides too.
Speaker 2 (18:25):
Yeah, you've got to understand the details before
you do anything.
A reverse mortgage is a loanand, even though you don't have
to make monthly payments, theamount you owe plus interest
keeps adding up.
Speaker 1 (18:38):
You usually pay it back when you sell the house,
move out for good or pass away.
So it could be helpful for somepeople, but you really need to
think about the pros and cons.
It's a conversation to havewith a financial advisor.
Now let's talk about somethinga little more fun senior
discounts.
Speaker 2 (18:48):
Okay.
Speaker 1 (18:48):
I'm always amazed by how many places offer discounts
to older adults, but they don'talways tell you about them.
Do you have any tips for ourlisteners on how to find those
deals?
Speaker 2 (18:56):
Honestly, the best thing to do is just ask.
Don't be afraid to ask aboutsenior discounts when you're
buying something or making areservation.
Speaker 1 (19:02):
Right.
Speaker 2 (19:02):
You'd be surprised how often places will give you a
discount, even if it's notadvertised.
Speaker 1 (19:06):
Like a secret code Senior discount please.
Speaker 2 (19:16):
But what about when you're shopping online or
looking for travel deals?
Are there any tricks forfinding discounts in the digital
world?
There are.
There are tons of websites andapps that are all about senior
discounts.
Aarp is a great one, as is theSenior List and
SeniorDiscountscom.
You can search by category,location or even just type in
what you're looking for to finddeals on all kinds of things
Groceries, restaurants, travel,entertainment.
Speaker 1 (19:31):
Wow, that's super helpful.
It's like having a personaldiscount finder.
Now let's wrap up by going backto one of the most important
things we talked about.
Financial security isn't justabout having a lot of savings.
It's about knowing whatresources are out there and
being proactive, about makingthe most of your benefits.
Speaker 2 (19:46):
I couldn't agree more .
It's about taking charge ofyour finances and making smart
choices that match what you wantin life.
Speaker 1 (19:53):
Exactly.
It's about feeling empoweredand knowing where to go for help
when you need it.
And remember we've onlyscratched the surface here.
Make sure to check out the shownotes for links to all the
articles and resources we talkedabout and please reach out to
us if you have any questions orcomments.
Speaker 2 (20:07):
We love hearing from you.
Your thoughts and feedback helpus make the show better.
Speaker 1 (20:11):
Absolutely, and until next time, keep exploring, keep
learning and keep diving deeperinto the things that matter
most to you.
Speaker 2 (20:17):
Right.
It's about being informed,being proactive and knowing
where to find help.
Speaker 1 (20:22):
Now you said earlier that this new generation of
retirees isn't just looking forfinancial security.
They want fulfillment andpurpose too.
What advice would you givesomeone who's trying to find
that balance, you know,financial stability and a
meaningful life in retirement?
Speaker 2 (20:38):
That's a great question.
A lot of people struggle withthat.
Speaker 1 (20:40):
Yeah, I bet.
Speaker 2 (20:41):
It's important to remember that retirement isn't
the end.
It's just a new phase.
Speaker 1 (20:45):
That's a good way to put it.
Speaker 2 (20:46):
And like any change, you need to do some soul
searching and planning.
Speaker 1 (20:50):
So where do you even start with that soul searching?
What are some things to thinkabout.
Speaker 2 (20:54):
I think it starts with figuring out what you're
passionate about.
You know what brings you joy,what gives you energy.
Once you know that, you canstart finding ways to include
those things in your retirement,whether it's a part-time job,
volunteering, a hobby or justspending time with people you
love.
Speaker 1 (21:09):
That makes a lot of sense.
With people you love, thatmakes a lot of sense.
It's about finding what makesyou happy and making that a
priority.
But you also have to berealistic about things like
money right Totally.
Speaker 2 (21:17):
Financial security is super important.
Speaker 1 (21:18):
Yeah.
Speaker 2 (21:19):
But it doesn't have to be everything.
The great thing aboutretirement is you have more
flexibility and freedom tocreate a lifestyle that matches
your values and goals.
Speaker 1 (21:28):
So it's about finding that balance, chasing your
dreams and making sure you'refinancially OK.
Speaker 2 (21:33):
Exactly, and that balance is going to be different
for everyone.
There's no right or wronganswer.
It's about making a plan thatfeels right and fulfilling for
you.
Speaker 1 (21:42):
I love that Retirement is different for
everyone.
It's not one size fits all.
It's about figuring out who youare and building a life that
brings you joy, and purpose.
Right and building a life thatbrings you joy and purpose.
Right Now, before we wrap upthis deep dive, let's go back to
those digital skills.
Speaker 2 (21:55):
Sure.
Speaker 1 (21:55):
Even if you're not trying to start a whole tech
career, knowing the basics canopen up so many doors.
Speaker 2 (22:01):
Totally.
These days, being comfortablewith technology isn't just a
bonus.
It's essential.
Whether you're handling yourfinances online, connecting with
people on social media or justkeeping up with the news, you
need those skills.
Speaker 1 (22:14):
So for someone who is not that great with tech, how
can they learn?
Are there resources for olderadults specifically?
Speaker 2 (22:20):
Oh yeah, there are tons.
A lot of libraries and seniorcenters offer free computer
classes.
That's great, and there areonline tutorials and courses
that can teach you anything frombasic computer skills to more
advanced things like socialmedia marketing or web design.
Speaker 1 (22:35):
Wow, it's amazing how easy it is to learn now,
especially online.
You can learn anything fromhome Speeding of online.
We should mention that all thearticles and resources we've
talked about today are linked inthe show notes.
Speaker 2 (22:46):
Yes, definitely check those out.
Speaker 1 (22:47):
So if you want to learn more about any of these
topics, head over there.
Speaker 2 (22:50):
And please reach out to us if you have any questions
or thoughts.
We love hearing from you.
Speaker 1 (22:53):
Absolutely.
We're always here to help youcreate a fulfilling and
financially secure retirement.
So until next time, keepexploring, keep learning and
keep diving deeper into thethings that matter most to you.
Welcome back everyone .
We're diving into somethingtoday.
I bet a lot of you are thinkingabout income and benefits for
older adults.
Speaker 2 (00:07):
Yeah, it's a big one.
Speaker 1 (00:07):
It is, and we've got some great sources to dig
through from the AARP Foundation, shopify and Senior Services of
America.
So we'll be covering sidehustles, government programs and
just smart money moves ingeneral.
Sounds good, I figure you'reall probably wondering how to
make your money really work foryou.
You know, in this point in lifeyeah, that makes sense.
And it can be overwhelming.
(00:28):
To be honest, there's a ton ofinfo out there, right?
So that's what we're here for,and this deep dive will break it
all down, find the good stuffand hopefully get you thinking
about some options you might nothave even considered.
Speaker 2 (00:39):
Awesome.
Speaker 1 (00:40):
Now to help us make sense of it all, we've got our
expert here who really knows thefinancial world.
What trends are you seeing Likehow are folks approaching
retirement these days?
Speaker 2 (00:50):
Well, it's definitely not like how our grandparents
did it.
We're seeing people move awayfrom that, like slow down and
relax idea of retirement.
A lot of older adults want tostay active.
Maybe you make some extra moneyand they're realizing there's a
lot of support out there.
You just got to know where tofind it.
Speaker 1 (01:05):
So true, it's not just about pensions and savings
anymore.
The AARP Foundation articledigs into this.
You know workforce programs andbuilding financial resilience
and all that.
One thing that jumped out at mewas this Googleorg gave a $10
million grant for digital skillstraining, specifically for
older adults.
Speaker 2 (01:25):
Wow.
Speaker 1 (01:26):
What do you think about that?
Speaker 2 (01:28):
That's huge and it shows you how important tech
skills are these days.
Speaker 1 (01:31):
Yeah.
Speaker 2 (01:32):
It's not just for young people anymore, you know.
Even for retirees these skillsare crucial if you want to work
Totally.
This grants trying to helppeople catch up, especially
women and people of color, whomight not have had the same
opportunities tech-wise earlieron.
Speaker 1 (01:48):
That makes a lot of sense.
I mean, think about it even foryou listening.
How comfortable are you withvideo calls, online marketing,
that kind of stuff, right?
Maybe brushing up on thoseskills could open up some side
hustle options for you.
Something to think about.
Speaker 2 (02:01):
Definitely.
Speaker 1 (02:02):
Now the AARP article also mentions their Senior
Community Service EmploymentProgram.
Speaker 2 (02:06):
Oh yeah.
Speaker 1 (02:07):
Or SCSEP for those 55 and older who are unemployed
right now.
And what's cool is it focuseson work-based training.
Is that becoming more common?
Speaker 2 (02:15):
Oh yeah, for sure.
It's not like the old dayswhere you just get a resume and
good luck.
Speaker 1 (02:18):
Right.
Speaker 2 (02:19):
Programs like SCSEP, they get that the job market's
different now.
They're giving people hands-ontraining, often for remote work,
which is huge these days.
Speaker 1 (02:27):
Totally and even if you're not unemployed but
thinking about changing careers.
They've got this back-to-work50-plus program.
Seems like it's got a lot ofgood resources to help you
navigate this whole new jobmarket, which can be kind of
scary.
Speaker 2 (02:40):
Yeah, the job market now is so different than even a
few years ago.
Speaker 1 (02:44):
Right.
Speaker 2 (02:44):
Remote work, the gig economy, freelancing it's a
whole different ballgame.
Speaker 1 (02:48):
Speaking of the gig economy, the Shopify article
really dives into side hustleideas, especially for retirees.
Some are pretty standard, youknow retail delivery gigs.
Speaker 2 (03:09):
But they talk about some cool ones too, especially
if you're looking for somethingcreative or like uses your
specific skills.
What were some of the ones thatstood out to you?
I was honestly impressed withhow many different ideas they
had.
Yeah, like, if you're acreative person, they mentioned
selling handmade stuff online,photography oh nice, even
turning your gardening skillsinto a business.
And then, for people withprofessional backgrounds,
there's things like consulting,teaching, bookkeeping.
Speaker 1 (03:25):
Oh yeah, good point, those skills are always in
demand.
Speaker 2 (03:27):
Exactly.
Speaker 1 (03:28):
That consulting one is interesting to me, basically
getting paid to share your yearsof experience.
But does it always work out?
Are there any downsides tothink about before you jump into
that?
Speaker 2 (03:38):
Well, it's a great question.
It can be really profitable.
But it's not magic, right?
You need to be comfortable withmarketing yourself, finding
clients and managing projects.
You kind of have to beentrepreneurial.
You know it's not for everyone.
Speaker 1 (03:52):
That's a good point.
It's not just about theknowledge.
You've got to hustle too.
So what about someone who wantssomething more low-key, less
pressure, you know?
Speaker 2 (04:01):
Let me think Well, shopify talks about things like
pet sitting and house sitting.
Oh yeah, let me think.
Well, Shopify talks aboutthings like pet sitting and
house sitting.
Oh yeah, those are perfect ifyou love animals or maybe just
being in different places, andthere's always demand,
especially when people aretraveling.
Speaker 1 (04:11):
Those are classic for a reason Set your own schedule,
be your own boss and maybe getsome exercise walking all those
dogs.
Speaker 2 (04:16):
Exactly.
Speaker 1 (04:17):
But let's say you're someone who's really good with
tech.
The article mentions virtualassistants and online tutoring.
Those seem like they'd beperfect for a tech-savvy retiree
right.
Speaker 2 (04:27):
Totally, and the best part is you can do it from
anywhere with an internetconnection.
Speaker 1 (04:31):
True.
Speaker 2 (04:32):
Virtual assistants can do all sorts of things for
businesses scheduling, email,social media, you name it.
Speaker 1 (04:37):
Wow.
Speaker 2 (04:37):
And online tutoring is booming.
There are so many platforms forit now.
If you know a subject, well,there are people out there who
want to learn from you.
Speaker 1 (04:47):
It for it now.
If you know a subject well,there are people out there who
want to learn from you.
It sounds like there'ssomething for everyone in this
whole side hustle world, butShopify does warn about the
impact on Social Securitybenefits.
That's something you have to becareful about before you jump
in right.
Speaker 2 (04:53):
Absolutely.
There are limits to how muchyou can earn before it affects
your benefits and taxes.
Of course, Always a good ideato talk to a financial advisor
or check out the Social Securitywebsite you, just so you know
the rules great advice.
Speaker 1 (05:05):
Better to be safe than sorry.
Now let's switch gears a bitand talk about government
programs for older adults.
The senior services of Americaarticle lists a bunch of
benefits for people over 65 yeah, a lot of good stuff in there
it does.
We can't talk about thiswithout talking about Medicare
right?
Basically, health insurance forthose 65 and older people find
it confusing, but it's not thatbad once you break it down right
(05:28):
yeah, it seems more complicatedthan it is it's funny Medicare
can seem like this big mystery,even though most of us will
probably need it eventually,uh-huh.
Can you walk us through thebasics, like what are the key
things people need to understand?
Speaker 2 (05:39):
okay, so Medicare has different parts.
Part a is for hospital staysgot it part B is for doctor
visits and outpatient care.
Speaker 1 (05:46):
Okay.
Speaker 2 (05:46):
And then Part D helps with prescription drug costs.
You can choose the basic partsor there's Medicare Advantage,
which is through privateinsurance companies.
Those often have extra benefitslike dental or vision.
Speaker 1 (05:58):
So there are choices, which makes sense but also
makes it more complicated, Iguess.
Speaker 2 (06:02):
Yeah.
Speaker 1 (06:02):
I imagine it can feel pretty overwhelming if you're
trying to figure out the bestoption.
Speaker 2 (06:06):
Definitely.
That's why it's so important todo your research and compare
plans.
The Medicare website has a tonof info and you can talk to a
counselor at a senior center oryour area agency on aging.
They can help you figure outwhat's right for you.
Speaker 1 (06:18):
Good to know, it's nice to know there are resources
out there to help peoplethrough all this, out there to
help people through all this.
Now, besides Medicare, whatother government programs should
people know about?
Speaker 2 (06:26):
Well, there's Social Security retirement benefits.
Most people know about that one.
Speaker 1 (06:29):
Right.
Speaker 2 (06:30):
But there are also these lesser known ones like
Medicare savings programs.
Those can help with some of theMedicare cost if your income is
low enough.
Speaker 1 (06:37):
Oh, interesting.
And for homeowners there's thereverse mortgage program which
lets you use your home equity toboost your income income.
That reverse mortgage programis something I haven't heard
much about.
Is it usually a good option ordoesn't depend on your situation
?
Speaker 2 (06:49):
hmm, it can be good, but you have to know the risks
and benefits before you decideanything.
Basically, it's a loan thatuses your house as collateral.
Okay, you don't make monthlypayments, but you pay it back
with interest when you sell thehouse, move out for good or pass
away makes sense.
Speaker 1 (07:04):
It's not a decision to take lightly Now.
The article also mentions somefinancial perks that people
often miss, like seniordiscounts, travel deals, tax
deductions.
It seems like there's somehidden gems out there.
Speaker 2 (07:15):
Absolutely.
There are all sorts ofdiscounts for seniors.
You just have to look for them.
Some are easy to find, like atrestaurants or stores, but some
are harder, like for travel orentertainment restaurants or
stores, but some are harder,like for travel or entertainment
.
Speaker 1 (07:25):
So how do you?
Speaker 2 (07:26):
find those hidden gems.
Any tips for our listeners.
First off, just ask when youbuy something or book something,
ask if there are any seniordiscounts.
Speaker 1 (07:30):
Good idea.
Speaker 2 (07:31):
You'd be surprised how many places have them, even
if they don't advertise it.
Speaker 1 (07:34):
It never hurts to ask what about online?
Are there any websites or appsfor senior discounts?
Speaker 2 (07:39):
Tons.
There are websites and appsthat collect all the discounts
and deals.
Aarp is a great one, Also theSenior List and
SeniorDiscountscom.
You can search by category orlocation and some even have
printable coupons or codes youcan use online.
Speaker 1 (07:53):
So convenient.
It's like having your owndiscount hunter.
Now about those tax deductions.
The article says seniors canoften get deductions that lower
their taxes.
Are there?
Speaker 2 (08:03):
any specific ones we should know about.
One big one is the higherstandard deduction for federal
income taxes.
It's a set amount you candeduct from your taxable income
and it's a lot bigger for people65 and older.
That can lower your tax billright away.
Speaker 1 (08:14):
That's an easy way to save some money.
Are there any other deductionsjust for seniors?
Speaker 2 (08:18):
Yeah, there are a few .
If you have a lot of medicalexpenses, you might be able to
deduct some of those.
Okay, there are also deductionsfor donations to charities and,
depending on where you live,you might be able to deduct
property taxes and other stuff.
Speaker 1 (08:29):
It sounds like taxes can be pretty complicated.
Is it worth getting aprofessional to help with all
that?
Speaker 2 (08:34):
It can be, especially if your finances are
complicated.
A good tax person can make sureyou're getting all the
deductions you can and thatyou're doing things right.
They can.
Speaker 1 (08:44):
Good point.
Tax laws are always changing.
It's good to have an expert.
Now, before we finish up thispart of our deep dive, let's
talk about veterans benefits.
The article mentions thisprogram called Aid and
Attendance, which sounds prettyhelpful for those who qualify.
Speaker 2 (08:57):
It is.
Aid and Attendance gives extrafinancial help to veterans and
their surviving spouses who needhelp with daily stuff like
bathing, dressing, eating,getting around the house.
Speaker 1 (09:07):
So it's financial support for people who need help
with basic things because ofage or disability.
Speaker 2 (09:13):
Exactly, and it can really improve their quality of
life.
Speaker 1 (09:15):
Yeah.
Speaker 2 (09:16):
This benefit can help pay for in-home care, assisted
living, even nursing homes.
Speaker 1 (09:20):
That's awesome.
It's so important that veteranshave access to these resources,
especially as they get olderand might need more help.
Now I know we've covered a tonof stuff already side hustles,
government programs, discounts,tax deductions yeah, we have,
it's a lot, but I think the maintakeaway is that there are a
lot of opportunities andresources out there for older
adults.
Speaker 2 (09:38):
Absolutely.
It's all about being informed,being proactive and knowing
where to find help.
Speaker 1 (09:44):
Now you said earlier that this new generation of
retirees isn't just looking forfinancial security.
They want fulfillment andpurpose too.
Speaker 2 (09:51):
Right.
Speaker 1 (09:51):
What advice would you give someone who's trying to
find that balance, you know,financial stability and a
meaningful life in retirement?
Speaker 2 (09:59):
That's a great question.
A lot of people struggle withthat.
Speaker 1 (10:01):
Yeah, I bet.
Speaker 2 (10:02):
It's important to remember that retirement isn't
the end.
It's just a new phase.
Speaker 1 (10:06):
That's a good way to put it.
Speaker 2 (10:07):
And like any change, you need to do some soul
searching and planning.
Speaker 1 (10:10):
So where do you even start with that soul searching?
What are some things to thinkabout.
Speaker 2 (10:14):
I think it starts with figuring out what you're
passionate about.
You know what brings you joy,what gives you energy.
Once you know that, you canstart finding ways to include
those things in your retirement,whether it's a part-time job,
volunteering, a hobby or justspending time with people you
love.
Speaker 1 (10:29):
That makes a lot of sense.
It's about finding what makesyou happy and making that a
priority, but you also have tobe realistic about things like
money, right?
Speaker 2 (10:37):
Totally.
Financial security is superimportant, yeah, but it doesn't
have to be everything.
The great thing aboutretirement is you have more
flexibility and freedom tocreate a lifestyle that matches
your values and goals.
Speaker 1 (10:50):
So it's about finding that balance, chasing your
dreams and making sure you'refinancially okay.
Speaker 2 (10:54):
Exactly, and that balance is going to be different
for everyone.
There's no right or wronganswer.
Speaker 1 (11:04):
It's about making a plan that feels right and
fulfilling for you.
I love that Retirement isdifferent for everyone.
It's not one size fits all.
It's about figuring out who youare and building a life that
brings you joy and purpose.
Right Now, before we wrap upthis deep dive, let's go back to
those digital skills.
Speaker 2 (11:17):
Sure, even if you're not trying to start a whole tech
career.
Knowing the basics can open upso many doors Totally.
These days, being comfortablewith technology isn't just a
bonus, it's essential.
Whether you're handling yourfinances online, connecting with
people on social media or justkeeping up with the news, you
need those skills.
Speaker 1 (11:36):
So for someone who's not that great with tech, how
can they learn?
Are there resources for olderadults specifically?
Speaker 2 (11:43):
Oh yeah, there are tons.
A lot of libraries and seniorcenters offer free computer
classes.
Speaker 1 (11:47):
That's great.
Speaker 2 (11:48):
A lot of libraries and senior centers offer free
computer classes.
That's great, and there areonline tutorials and courses
that can teach you anything frombasic computer skills to more
advanced things like socialmedia marketing or web design.
Speaker 1 (11:56):
Wow, it's amazing how easy it is to learn now,
especially online.
You can learn anything fromhome.
Speaking of online, we shouldmention that all the articles
and resources we've talked abouttoday are linked in the show
notes.
Speaker 2 (12:07):
Yes, definitely check those out.
So if you want to learn moreabout any of these topics, head
over there and please reach outto us if you have any questions
or thoughts we love hearing fromyou.
Speaker 1 (12:14):
Absolutely, we're always here to help you create a
fulfilling and financiallysecure retirement.
Now I know we've already talkedabout a lot, but I want to hear
more about these lesser knowngovernment programs you
mentioned.
What else is out there besidesSocial Security and Medicare
that people might not know about?
Speaker 2 (12:29):
So the Senior Services of America article
talks about a few hidden gems.
For instance, Medicare savingsprograms can be really helpful
for people who are havingtrouble paying for health care.
They could help with premiums,deductibles, even copayments,
depending on your income andsituation.
Definitely worth seeing ifyou're eligible.
Speaker 1 (12:44):
That's good to know.
I think a lot of people assumethey won't qualify for those
kinds of programs, but it'salways worth checking right.
Speaker 2 (12:50):
Oh, absolutely, you never know.
And speaking of pleasantsurprises, the article also
mentions the reverse mortgageprogram.
It's for homeowners and itbasically lets you turn your
home equity into cash.
Could be a good way to boostyour retirement income.
Speaker 1 (13:02):
That sounds interesting, but I imagine there
are some downsides too.
Speaker 2 (13:06):
Yeah, you got to understand the details before
you do anything.
A reverse mortgage is a loanand even though you don't have
to make monthly payments, theamount you owe plus interest
keeps adding up.
You usually pay it back whenyou sell the house, move out for
good or pass away.
Speaker 1 (13:19):
So it could be helpful for some people, but you
really need to think about thepros and cons.
Definitely, it's a conversationto have with a financial
advisor.
Now let's talk about somethinga little more fun senior
discounts.
Speaker 2 (13:30):
Okay.
Speaker 1 (13:30):
I'm always amazed by how many places offer discounts
to older adults, but they don'talways tell you about them.
Do you have any tips for ourlisteners on how to find those
deals?
Speaker 2 (13:38):
Honestly, the best thing to do is just ask.
Don't be afraid to ask aboutsenior discounts when you're
buying something or making areservation, right, you'd be
surprised how often places willgive you a discount, even if
it's not advertised.
Speaker 1 (13:49):
Like a secret code Senior discount, please.
But what about when you'reshopping online or looking for
travel deals?
Are there any tricks forfinding discounts in the digital
world?
Speaker 2 (13:57):
There are.
There are tons of websites andapps that are all about senior
discounts.
Aarp is a great one, as is theSenior List and
SeniorDiscountcom.
You can search by category,location or even just type in
what you're looking for to finddeals on all kinds of things
groceries, restaurants, travel,entertainment.
Speaker 1 (14:14):
Wow, that's super helpful.
It's like having a personaldiscount finder.
Now let's wrap up by going backto one of the most important
things we talked about.
Financial security isn't justabout having a lot of savings.
It's about knowing whatresources are out there and
being proactive, about makingthe most of your benefits.
Speaker 2 (14:29):
I couldn't agree more .
It's about taking charge ofyour finances and making smart
choices that match what you wantin life.
Speaker 1 (14:36):
Exactly.
It's about feeling empoweredand knowing where to go for help
when you need it.
And remember we've onlyscratched the surface here.
Make sure to check out the shownotes for links to all the
articles and resources we talkedabout and please reach out to
us if you have any questions orcomments.
Speaker 2 (14:51):
We love hearing from you.
Your thoughts and feedback helpus make the show better.
Speaker 1 (14:54):
Absolutely, and until next time, keep exploring, keep
learning and keep diving deeperinto the things that matter
most to you.
Speaker 2 (15:01):
Right.
It's about being informed,being proactive and knowing
where to find help.
Speaker 1 (15:05):
Now you said earlier that this new generation of
retirees isn't just looking forfinancial security.
They want fulfillment andpurpose too.
Right.
What advice would you givesomeone who's trying to find
that balance, you know,financial stability and a
meaningful life in retirement?
Speaker 2 (15:21):
That's a great question.
A lot of people struggle withthat.
Speaker 1 (15:23):
Yeah, I bet.
Speaker 2 (15:24):
It's important to remember that retirement isn't
the end.
It's just a new phase.
Speaker 1 (15:28):
That's a good way to put it.
Speaker 2 (15:30):
And like any change, you need to do some soul
searching and planning.
Speaker 1 (15:33):
So where do you even start with that soul searching?
What are some things to thinkabout.
Speaker 2 (15:37):
I think it starts with figuring out what you're
passionate about, what bringsyou joy, what gives you energy.
Once you know that, you canstart finding ways to include
those things in your retirement,whether it's a part-time job,
volunteering, a hobby or justspending time with people you
love.
Speaker 1 (15:52):
That makes a lot of sense.
It's about finding what makesyou happy and making that a
priority, but you also have tobe realistic about things like
money, right?
Speaker 2 (15:58):
Totally.
Financial security is superimportant.
Speaker 1 (16:00):
Yeah.
Speaker 2 (16:01):
But it doesn't have to be everything.
The great thing aboutretirement is you have more
flexibility and freedom tocreate a lifestyle that matches
your values and goals.
Speaker 1 (16:11):
So it's about finding that balance, chasing your
dreams and making sure you'refinancially okay.
Speaker 2 (16:15):
Exactly, and that balance is going to be different
for everyone.
There's no right or wronganswer.
It's about making a plan thatfeels right and fulfilling for
you.
Speaker 1 (16:24):
I love that Retirement is different for
everyone.
It's not one size fits all.
It's about figuring out who youare and building a life that
brings you joy and purpose.
Right Now, before we wrap upthis deep dive, let's go back to
those digital skills.
Sure, even if you're not tryingto start a whole tech career,
knowing the with technologyisn't just a bonus, it's
essential.
Speaker 2 (16:49):
Whether you're handling your finances online,
connecting with people on socialmedia or just you beeping up
with the news, you need thoseskills.
Speaker 1 (16:56):
So for someone who's not that great with tech, how
can they learn?
Are there resources for olderadults specifically?
Speaker 2 (17:03):
Oh, yeah, there are tons A lot of libraries and
senior centers offer freecomputer classes.
Speaker 1 (17:07):
That's great.
Speaker 2 (17:08):
And there are online tutorials and courses that can
teach you anything from basiccomputer skills to more advanced
things like social mediamarketing or web design.
Speaker 1 (17:17):
Wow, it's amazing how easy it is to learn now,
especially online.
You can learn anything fromhome.
Speaking of online, we shouldmention that all the articles
and resources we've talked abouttoday are linked in the show
notes.
Speaker 2 (17:27):
Yes, definitely check those out.
Speaker 1 (17:28):
So if you want to learn more about any of these
topics, head over there.
Speaker 2 (17:31):
And please reach out to us if you have any questions
or thoughts.
We love hearing from you.
Speaker 1 (17:34):
Absolutely.
We're always here to help youcreate a fulfilling and
financially secure retirement.
Now I know we've already talkedabout a lot, but I want to hear
more about these lesser-knowngovernment programs.
You mentioned what?
Speaker 2 (17:48):
else is out there besides Social Security and
Medicare that people might notknow about.
So the Senior Services ofAmerica article talks about a
few hidden gems.
For instance, Medicare savingsprograms can be really helpful
for people who are havingtrouble paying for health care.
They can help with premiums,deductibles, even copayments,
depending on your income andsituation.
Definitely worth seeing ifyou're eligible.
Speaker 1 (18:03):
That's good to know.
I think a lot of people assumethey won't qualify for those
kinds of programs, but it'salways worth checking right.
Speaker 2 (18:09):
Oh, absolutely, you never know.
And speaking of pleasantsurprises, the article also
mentions the reverse mortgageprogram.
It's for homeowners and itbasically lets you turn your
home equity into cash.
Could be a good way to boostyour retirement income.
Speaker 1 (18:22):
That sounds interesting, but I imagine there
are some downsides too.
Speaker 2 (18:25):
Yeah, you've got to understand the details before
you do anything.
A reverse mortgage is a loanand, even though you don't have
to make monthly payments, theamount you owe plus interest
keeps adding up.
Speaker 1 (18:38):
You usually pay it back when you sell the house,
move out for good or pass away.
So it could be helpful for somepeople, but you really need to
think about the pros and cons.
It's a conversation to havewith a financial advisor.
Now let's talk about somethinga little more fun senior
discounts.
Speaker 2 (18:48):
Okay.
Speaker 1 (18:48):
I'm always amazed by how many places offer discounts
to older adults, but they don'talways tell you about them.
Do you have any tips for ourlisteners on how to find those
deals?
Speaker 2 (18:56):
Honestly, the best thing to do is just ask.
Don't be afraid to ask aboutsenior discounts when you're
buying something or making areservation.
Speaker 1 (19:02):
Right.
Speaker 2 (19:02):
You'd be surprised how often places will give you a
discount, even if it's notadvertised.
Speaker 1 (19:06):
Like a secret code Senior discount please.
Speaker 2 (19:16):
But what about when you're shopping online or
looking for travel deals?
Are there any tricks forfinding discounts in the digital
world?
There are.
There are tons of websites andapps that are all about senior
discounts.
Aarp is a great one, as is theSenior List and
SeniorDiscountscom.
You can search by category,location or even just type in
what you're looking for to finddeals on all kinds of things
Groceries, restaurants, travel,entertainment.
Speaker 1 (19:31):
Wow, that's super helpful.
It's like having a personaldiscount finder.
Now let's wrap up by going backto one of the most important
things we talked about.
Financial security isn't justabout having a lot of savings.
It's about knowing whatresources are out there and
being proactive, about makingthe most of your benefits.
Speaker 2 (19:46):
I couldn't agree more .
It's about taking charge ofyour finances and making smart
choices that match what you wantin life.
Speaker 1 (19:53):
Exactly.
It's about feeling empoweredand knowing where to go for help
when you need it.
And remember we've onlyscratched the surface here.
Make sure to check out the shownotes for links to all the
articles and resources we talkedabout and please reach out to
us if you have any questions orcomments.
Speaker 2 (20:07):
We love hearing from you.
Your thoughts and feedback helpus make the show better.
Speaker 1 (20:11):
Absolutely, and until next time, keep exploring, keep
learning and keep diving deeperinto the things that matter
most to you.
Speaker 2 (20:17):
Right.
It's about being informed,being proactive and knowing
where to find help.
Speaker 1 (20:22):
Now you said earlier that this new generation of
retirees isn't just looking forfinancial security.
They want fulfillment andpurpose too.
What advice would you givesomeone who's trying to find
that balance, you know,financial stability and a
meaningful life in retirement?
Speaker 2 (20:38):
That's a great question.
A lot of people struggle withthat.
Speaker 1 (20:40):
Yeah, I bet.
Speaker 2 (20:41):
It's important to remember that retirement isn't
the end.
It's just a new phase.
Speaker 1 (20:45):
That's a good way to put it.
Speaker 2 (20:46):
And like any change, you need to do some soul
searching and planning.
Speaker 1 (20:50):
So where do you even start with that soul searching?
What are some things to thinkabout.
Speaker 2 (20:54):
I think it starts with figuring out what you're
passionate about.
You know what brings you joy,what gives you energy.
Once you know that, you canstart finding ways to include
those things in your retirement,whether it's a part-time job,
volunteering, a hobby or justspending time with people you
love.
Speaker 1 (21:09):
That makes a lot of sense.
With people you love, thatmakes a lot of sense.
It's about finding what makesyou happy and making that a
priority.
But you also have to berealistic about things like
money right Totally.
Speaker 2 (21:17):
Financial security is super important.
Speaker 1 (21:18):
Yeah.
Speaker 2 (21:19):
But it doesn't have to be everything.
The great thing aboutretirement is you have more
flexibility and freedom tocreate a lifestyle that matches
your values and goals.
Speaker 1 (21:28):
So it's about finding that balance, chasing your
dreams and making sure you'refinancially OK.
Speaker 2 (21:33):
Exactly, and that balance is going to be different
for everyone.
There's no right or wronganswer.
It's about making a plan thatfeels right and fulfilling for
you.
Speaker 1 (21:42):
I love that Retirement is different for
everyone.
It's not one size fits all.
It's about figuring out who youare and building a life that
brings you joy, and purpose.
Right and building a life thatbrings you joy and purpose.
Right Now, before we wrap upthis deep dive, let's go back to
those digital skills.
Speaker 2 (21:55):
Sure.
Speaker 1 (21:55):
Even if you're not trying to start a whole tech
career, knowing the basics canopen up so many doors.
Speaker 2 (22:01):
Totally.
These days, being comfortablewith technology isn't just a
bonus.
It's essential.
Whether you're handling yourfinances online, connecting with
people on social media or justkeeping up with the news, you
need those skills.
Speaker 1 (22:14):
So for someone who is not that great with tech, how
can they learn?
Are there resources for olderadults specifically?
Speaker 2 (22:20):
Oh yeah, there are tons.
A lot of libraries and seniorcenters offer free computer
classes.
That's great, and there areonline tutorials and courses
that can teach you anything frombasic computer skills to more
advanced things like socialmedia marketing or web design.
Speaker 1 (22:35):
Wow, it's amazing how easy it is to learn now,
especially online.
You can learn anything fromhome Speeding of online.
We should mention that all thearticles and resources we've
talked about today are linked inthe show notes.
Speaker 2 (22:46):
Yes, definitely check those out.
Speaker 1 (22:47):
So if you want to learn more about any of these
topics, head over there.
Speaker 2 (22:50):
And please reach out to us if you have any questions
or thoughts.
We love hearing from you.
Speaker 1 (22:53):
Absolutely.
We're always here to help youcreate a fulfilling and
financially secure retirement.
So until next time, keepexploring, keep learning and
keep diving deeper into thethings that matter most to you.
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