JANUARY ARTICLE: Tips For Managing Finances As We Age

Tips For Managing Finances As We Age

The start of a new year is an ideal time for older adults to evaluate their financial needs.

When it comes to managing your funds, creating a budget is essential. This will show you where your money is spent each month and give you more control over it. It is important to know how much of your money goes toward rent/mortgage, utilities, food, transportation, insurance, medical, and other expenses.

Start with compiling all your income sources such as Social Security, pension, savings, and investments. Remember to factor in any adjustments to your income, such as your Social Security benefit; you should receive an annual notification with the new amount for this particular benefit. Then, plan out your expenses. Be sure to review notices alerting you of cost increases for utilities, prescription programs, supplementary health insurance, and other premiums.

There are several ways to manage on a budget during retirement, or with a fixed income. Think of it as “smart spending” rather than “penny pinching” to stay positive. Aim to reduce or maintain expenses so your savings are invested and growing for as long as possible. Here are a few tips for stretching those dollars:

  • Seek out senior discounts at restaurants, retailers, and other venues. For example, many movie theaters offer a special “Senior Day” with discounted ticket prices.

  • Local libraries offer a variety of free or inexpensive events ranging from guest lectures and art classes to book clubs, yoga, and more. Interested in visiting a museum or zoo? Reserve a reduced-rate pass through your local library. You don’t need to visit the library to borrow many items. Many libraries offer ways to checkout, download, and stream eBooks, audiobooks, magazines, movies or music to your devices online. Your local librarian can advise and assist you.

  • Community programs help seniors save on transportation and food. For example, older adults may take advantage of reduced fares when they travel via Massachusetts Bay Transportation Authority (MBTA) bus, commuter rail, subway or ferry. Many Councils on Aging (COAs) offer Community Dining sites where nutritionally sound and satisfying meals are provided Monday through Friday. Community Dining enables older adults save money on food while providing an opportunity to socialize. For those unable to attend a Community Dining site or who are unable to prepare nutritious meals at home, home-delivered meals through Meals on Wheels (MOW) are available.
     

For older adults having difficulty managing their finances, the Money Management Program (MMP) at OCES can assist. Through this free program, OCES’ trained volunteers help older adults (in Plymouth County and surrounding towns) reconcile bank statements, pay bills, and create budgets. MMP volunteers provide confidential assistance and ensure that mortgage/rent, utilities, medical, food, and other bills are paid.

Ultimately, budgeting enables you to keep track of your spending as you age, which will help stretch your savings over the long term.

Older adults who would like to learn more about budget guidance and the Money Management Program at OCES are encouraged to call 508-584-1561.

Go back

Recent News

Grand Re-Opening of OCES Volunteer Center in Plymouth on March 20th

OCES Volunteer Center Grand Re-Opening at 204 South Meadow Road in Plymouth will be held Wednesday, March 20, 2024 from 10 a.m. – 12 p.m. Plymouth Area Chamber of Commerce will co-host the event with a ribbon cutting ceremony at 10:30 a.m.

Full Article

MARCH ARTICLE: March is Social Work Month

March is Social Work Month, a time for celebrating the important profession of social work.  According to the Bureau of Labor Statistics (BLS), social work is among the fastest growing professions in the United States. BLS projects that there will be almost 800,000 social workers in the United States by 2032, representing a seven percent rise over the decade.

 

Full Article

FEBRUARY ARTICLE: Celebrating 50 Years of Care and Collaboration

OCES is commemorating their “50 Years of Care and Collaboration” by highlighting others who are also striving to create a better community. We urge you to nominate a colleague or organization who deserves recognition.  

 

Full Article

New Logo and Website for OCES in Celebration of their 50th Year

(OCES), the largest provider of in-home and community-based services for older adults and people living with disabilities in Plymouth County and surrounding areas in Massachusetts, is Celebrating 50 Years of Care and Collaboration in 2024.

 

Full Article

Holiday Assistance Program Provides 300 Grocery Gift Cards to Individuals in Need

OCES fulfilled the food insecurity needs of hundreds in the community this holiday season through their Holiday Assistance Program.

OCES provided 300 grocery gift cards, valued at $100 each, to individuals in need throughout Brockton. This was supported by a generous grant from United Healthcare and funding from OCES’ Nutrition Department.

 

Full Article

JANUARY ARTICLE: Tips For Managing Finances As We Age

The start of a new year is an ideal time for older adults to evaluate their financial needs.

When it comes to managing your funds, creating a budget is essential. This will show you where your money is spent each month and give you more control over it. It is important to know how much of your money goes toward rent/mortgage, utilities, food, transportation, insurance, medical, and other expenses.

 

Full Article

Employees at OCES Launch “Gift Wreath” Program to Support Seniors in Need

‘Tis the season of giving and staff members at Old Colony Elder Services (OCES) aim to make the holidays a bit brighter for seniors most in need. The team presented holiday gifts to 60 senior consumers in OCES’ service area. OCES is a non-profit agency proudly serving older adults and individuals with disabilities throughout Plymouth County and surrounding towns.

 

Full Article

December ARTICLE: Loss/Grief. How to stay busy, importance of not being alone at the holidays

The holidays can be a very stressful time of year. For some, it can be a time of reflection of “days gone by”, which can bring about feelings of loneliness or sadness. Older adults and individuals who are grieving may be particularly vulnerable to these feelings. The holidays may become overwhelming. As a result, some may withdraw and avoid social interaction. Although avoidance is the path of least resistance, it’s important to maintain social connections.

 

Full Article

OCES Kicks Off #GivingTuesday to Raise Funds for Elder Mental Health Services

Old Colony Elder Services (OCES), the non-profit agency serving older adults and individuals with disabilities throughout Plymouth County and surrounding communities, has kicked off a #GivingTuesday campaign to support the expansion of the agency’s behavioral health services.

Full Article