When you think about threats facing the elderly, your first thought might be related to their health. Not so fast. Think again. Housing is one of their top concerns.

Keeping a roof over your head when you’re struggling can become an endless cycle. Seniors who use retirement money to pay for their home may regret that decision later on. Let’s say their health deteriorates or their savings deplete faster than they anticipated. No one wants to choose between their mortgage or their retirement.

What if you didn’t have to?

Over the past 20 years, employers have mostly eradicated traditional pensions, forcing workers to manage their retirement savings on their own. Many baby boomers didn’t save enough bucks, invested poorly or already depleted their retirement accounts.

How did it happen?

Seniors, like anyone else, may have lost their jobs or overspent on homes during the housing boom, thinking they could cash in later on down the road. Other may have made risky decisions to refinance their mortgages and pull cash out of their homes to pay for other things. Anything can happen to anyone.

What can seniors do to save?

Make a budget. This tip isn’t just for seniors. It’s for everyone. Make a list of your current obligations and see what you can cut out. Remember, every little bit helps. When assessing your prescription drug plans, reach out to your local doctor, so you know you’re making the right decision for your health.

Health insurance is your friend. You could be able to save money with Medicare’s Savings Programs. Each program has a different income and resource eligibility limit. For more information, seek out your local physician.

Try these odds and ends. Make a list and check it twice. Limit your shopping trips to once a week so you don’t overspend. Try bargaining for lower interest rates and see if you can refinance your mortgage. It doesn’t hurt to try.

Also, cut out your Starbucks fix and brew your coffee at home. And get your movies and books from the Library.

For information on real estate in Southwest Florida, contact Kim at (239)-214-1039.