Money & Finance

Common Discounts Available to Senior Citizens

Today's seniors might cringe at the escalating costs of necessities such as prescription medication and even higher utility bills, and understandably so. However, savvy seniors can save by taking advantage of a host of discounts exclusive to the those over the age of 65.
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Seniors Using Internet Banking More Often

One of the fastest-growing users of online banking is the senior demographic. Why the increase? According to seniors, it's largely due to convenience.

A 2006 Harris Poll discovered that about 14 million seniors are now actively online. Whether they're using the Internet to e-mail friends and family, or engage in additional social interactions online, the numbers continue to climb.
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Job Opportunities Abound for Seniors

At one point in the 2008 Oscar-nominated film "Frost/Nixon," former President Richard Nixon, played by Frank Langella, says, "Retired people are the most bored people in the world." While some retirees might scoff at that remark, others no doubt agree there's an element of truth to it.

Perhaps boredom is one reason many seniors continue to work past retirement age. According to the Congressional Research Service (CRS), 47 percent of male seniors and 34 percent of female seniors were employed in 2007.
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Did You Know?

According to an AARP study, Americans 55 and older accounted for 23 percent of the more than one million Americans who filed for bankruptcy in 2007, representing a significant increase from 1991.
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Use Reverse Mortgages to Access Equity for Retirement

Reverse mortgages, also known as FHA Home Equity Conversion Mortgages (HECM) in the United States, are growing in popularity among the senior set. With this type of plan, homeowners who own their home outright or have a very small mortgage payment can actually receive cash from the home that doesn't require immediate payback. This money can be used for improvements, medical expenses or to supplement social security.
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Helping Seniors Cope with Recession-Related Financial Loss

During the global economic downturn in 2009, many people were forced to reassess their financial futures. While some weathered the storm better than others, few came out of the recession in better shape than they entered it.

Perhaps no group of people was more hurt than baby boomers or senior citizens. While some senior citizens were savvy enough to see the economic downturn coming and therefore minimize the damage done to their nest eggs, many more witnessed their retirement savings take a big hit.
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