Living off a Pension: Understanding the Economy
With the current economic situation, money is a major problem for many people. It’s an even bigger concern for senior citizens. Whether it’s through savings or a pension, senior citizens are very limited and restricted with their income.
As such it’s important to know ways around the problem. Since gaining more income isn’t typically possible, elderly members of society should look to making their money stretch further. Those unable to live by themselves or afford a smaller property may find the likes of rental stair lifts a cheaper option when living with younger relatives.
For this purpose, here is a quick rundown of the economy and a possible major effect on pensioners:
It’s fair to say the economy hasn’t been reliable lately. With recent news that the property markets are dipping, even a house is becoming a limited investment. Whilst some say that the economy is improving, especially after some lucrative injection thanks to the recent Olympics, there is little proof to suggest that the various markets are healing; certainly not at any fast rate at least.
As such, senior citizens are hit just as hard as everyone else. Pensions still suffer from inflation, with the pound not being worth as much as it used to be. This means that various elderly citizens are finding their pension now does a lot less for them; the money simply doesn’t stretch that far.
Likewise, one could look at their living arrangements to find another area where cuts can be made. The main living expenses are rent and utility to bills, with shopping also being important. If you live by yourself, these are relatively low, but there’s nothing to indicate these prices will get any lower; there is a limit to how competitive the various utility companies can be.
There is also the option of moving in with another family member. This is a common occurrence currently, as it saves a lot of money. If you move into a house, for instance, you can add your pension or income to the house pool to increase the spendable money.
In terms of practicality, adapting to such a move isn’t a problem either. With the likes of Stannah stairlift rental in the UK, there are various affordable additions that can be made to any home. These rental options further reduce costs to smaller monthly instalments. Not everyone has the money aside to buy such a lift out right. Being able to make smaller payments each month makes living off a limited income much easier.
Likewise, these additions do not permanently disfigure the house, so there is no damage done to the value of the property. Whilst now is not the best time to sell, you should nonetheless be keeping your house in an ideal state to prepare for any shifts in the market in the future.