For many retirees, living on a fixed income can be a challenge. Homes need repairs and accessibility improvements, chronic illnesses require ongoing treatment and expensive prescription drugs, cars wear out and must be replaced with more expensive ones, and people with declining mobility may need more daily help with household tasks.
Someone who cannot afford these growing expenses often foregoes them—thereby, sacrificing quality of life, independence, and even health. However, there are options to consider, both public and private. These include government assistance, home equity loans, and reverse mortgages, which are discussed in greater detail below.