Financial experts believe the current recession and inflation have been slow to ease up and come to an end due to four important reasons: 1) the disruption of supply chains because of the pandemic; 2) a shift in consumer demand toward durable goods; 3) a rise in commodity prices following the start of the war in Ukraine and; 4) the current Administration’s lack of leadership.
While these factors may not be issues people think about every day, they impact local economies just as much as they do the global economy. Because of the recent damages caused by hurricanes, the senior and retiree communities are among those that have felt the negative effects of the current financial climate the most.
How Seniors and Retirees Are Being Affected During the Current Recession and Inflation
In the current financial climate, seniors and retirees are at risk when unexpected financial challenges arise. Anything from mortgage payments to home improvements to car repairs can put extra financial stress on seniors and retirees that are on fixed incomes. Economic downturns also affect a person’s net worth and can negatively impact financial stability for years to come.
Unfortunately, seniors and retirees turn to high-interest, unprincipled financial lenders that force borrowers to agree to exorbitant rates that can take them years to pay back. And to make matters worse, many financial lenders consider the senior and retiree group high-risk and will reject loans based on credit scores and fixed incomes.
Periods of recession and inflation can also affect the health and well-being of seniors and retirees because of the rising costs of healthcare. The last few years show increased prices on prescription medication, transportation, and medical equipment. People dependent on any one, or a combination of these things, need to find supplementary income or financial assistance that social security benefits, healthcare plans or fixed incomes do not cover.
The burden and uncertainty of periods of recession and inflation force thousands of people throughout Florida to seek personal loans to stay afloat.
Seniors and Retirees Are Not the Only Ones Struggling; Active Workers Are Postponing Retirement
Older workers are also affected by rising unemployment rates, increasing numbers of home foreclosures, and housing and stock market declines. Many people are looking toward postponing their retirements because they simply do not have enough money saved up or cannot stretch their incomes to assuage the rising costs of necessary commodities because of inflation. Some people turn to their savings or draw from their retirement accounts, the latter of which comes with excessive fines and penalties.
Predatory lenders know that they can prey on innocent people who need cash fast during these times. The risk of emergency financing for medical reasons, home repairs, layoffs, and widespread unemployment puts them in vulnerable situations where they will take out high-interest quick loans to make ends meet. These loans often come with terms that make it difficult to pay back and on many occasions some people do not even qualify to get financial assistance at all.
BMG Offers Specialized Personal Loans to Help Ease the Burden Many Are Feeling
BMG Money has been changing the game of personal finance for over 13 years by assisting people in 41 states and Washington D.C. The company is committed to providing access to educational resources and emergency funds for those who need them the most. Its Loans for Retirees program is there to provide access to emergency loans ranging from $500 to $5000 and terms of up to 2 years that can be used for anything from home repairs, home improvement, and financial relief during these struggling times. It takes just a few minutes to apply, and applicants can receive money deposited to their bank accounts within 2 – 3 business days.
For more information about BMG Money or to apply for loans online, visit the company’s website www.bmgmoney.com. Client support is available Monday through Friday, 8:00 a.m. to 7:00 p.m. Eastern Standard Time at 800.316.8507. All loans offered are subject to eligibility, underwriting and approval. Terms and conditions apply.
OurSeniors.Net has been serving the senior and retiree communities throughout Florida since 2016 through our senior online and print magazine. We understand that Floridians living in different areas have different needs, so we have created six regional editions, including a bilingual senior publication for people living in Southeast Florida. We plan on expanding to other regions in the future and request your support by donating to our cause. Visit our website to learn more.
