How Seniors can Cope with Financial Stress

A little while back I received an email from a woman who had come across this blog and, specifically, had perused posts tagged with the word “retirement.” She wrote me that “a combination of my father being downsized in his 60s and my mother falling ill have combined to seriously affect their financial planning for retirement and has exacerbated their health problems. They have inspired me to write a guide for seniors and their families about the most common causes of financial stress, how it affects the person, and provide some coping strategies.” She provided a link to the guide she wrote and asked if I would consider posting it, along with an intro she wrote for it.

I said I would be glad to consider it and she wrote back with the following introduction, which I’m just pasting in, below. I’ve gone over the Guide she wrote and am providing her info here as a service to anyone considering or preparing for retirement, or for anyone who just might be interested in what to expect and, perhaps, how best to plan for one’s eventual exit from the workforce. What follows come from Ms. Jenny Holt.

PS – I will offer one observation. The site her link points to is called “Reverse Mortgage Alert”, which I have to admit raised a red flag for me. I’m not a fan of the concept, at least not as I’ve learned it is frequently practiced. However, after reading some of the info provided there, I do believe what they have to offer is useful information. They are not “pushing” reverse mortgages. Rather, they seem to be intent on providing useful information that anyone seeking to make a major investment move, especially with the home they’re living in, should take into account. If you have info that proves this wrong, I’d really appreciate hearing from you. Thanks.


With more limited access to financial services and often post-retirement, a money problem for seniors can be magnified more than for other age groups. While many have saved or invested in property and pensions, there are common causes of financial issues for the over 55s. These include:

  1. Job Loss/Reduction – 51%

  2. Healthcare – 29.5%

  3. Other – 21.6%

  4. Unpaid Taxes – 12.7%

  5. Divorce/separation – 8.2%

  6. Bankruptcy – 6.7%

  7. Foreclosure notices – 5.7%

The onset of stress can cause a range of emotional and physical problems which may exacerbate any health-related financial issues. These include insomnia, headaches, chest pains, anxiety, and depression.

However, it is more than possible to mitigate these issues. Of course, finding a solution to the financial problem in the first place is preferable. That being said, clearer and more focused decisions can be made with the right approach. Many seniors find stressful situations easier to cope with by combining a better diet with more exercise and meditation.

There is more to learn about this issue and more information can be found in the full Senior Financial Stress Coping Guide.

About Rick Ladd

Born in 1947, I was an officially retired pensioner, but in January of 2015 I returned to work as a contractor at Aerojet Rocketdyne. I remain intensely interested in, and fascinated by, Systems Thinking, Knowledge Management, Decision Intelligence, and Business in general. I am also conversant in such concepts as innovation and ideation, collaborative tools and strategies, crowd sourcing, and the use of social media to accomplish goals ranging from improving business processes to promoting small retail businesses. While "retired" I did a little bit of freelancing as an editor/proofreader, as well as some technical writing. There's lots more where that came from. Need some help? Perhaps another set of eyes? Contact me. The first one's free! ;0) View all posts by Rick Ladd

One response to “How Seniors can Cope with Financial Stress

  • Steve Ellwood

    Brief glance at this Rick, and it reminded me how pleased I am to live in Scotland, and to have worked for a British megacorp(BT) for 30 years.
    I retired early at 57 taking my pension at 58; low but liveable with, when your house is already paid off.
    Healthcare? Scottish National Health Service so… free
    Tax, taken at source from my pensions and our council tax (property tax) is manageable.
    Not tempted back into work yet, dabbling in political activity for Scottish independence and despairing of the Right in both my country and yours.
    Maintaining interest in KM and Security – keeping my CPD up to date…
    Not bored yet!

    Like

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