Realizing your savings won't last as long as planned is frightening, but there are concrete steps to take rather than panicking.
Steps to consider
- Meet with a nonprofit credit counseling agency for an honest budget review
- Research benefits you may not have applied for (SNAP, utility assistance, Medicaid)
- Discuss downsizing or a reverse mortgage with a financial planner if you own your home
Your Area Agency on Aging can connect you with benefits counseling specifically for older adults, often at no cost.
This article is general information, not financial or legal advice. Rules, costs, and program details vary and change over time — confirm current specifics with a licensed financial advisor or elder law attorney before making a decision.