Senior citizens should enjoy the golden moment of living out their retirement years. After working so many decades, senior citizens should have some money saved to cover basic necessities such as food, shelter, and healthcare.
But what do seniors spend the most on? After reading the data from the Bureau of Labor Statistics it’s shown that housing is at the top of the expense list in dollar amount. Next, clothing, transportation spending, and funds contributed for pensions and Social Security decline as a seniors age increases. Lastly, healthcare spending also increases with age.
After spending a lifetime saving money, it can feel unsettling to begin pulling cash from accounts that were previously off-limits. Being frugal may seem like a virtue, but it doesn't come without faults. The most obvious problem is that it's difficult for seniors to enjoy retirement if they refuse to spend any of their money. The problems actually go deeper than simply not enjoying retirement. Based on industry research, seniors may delay preventive care or
in order to save money. Both can have a negative effect on senior health and well-being.
Here’s a great app that actually aides in helping seniors to manage their finances.
Golden is the first financial assistant for taking care of your parents — pay bills, find benefits, reduce expenses — secure and increase their income an average of 20%. Golden is the first product to win AARP’s Financial Innovation Award.
Evin Ollinger is CEO and co-founder of Golden, whose mobile app helps older people pay bills, manage medical expenses and protect themselves from fraud. He has been working on his app at Singularity University located at the NASA Ames Campus in Mountain View.