Jan 23, 2024
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An elderly California couple was devastated when they were served an eviction notice in April 2023 for the home they’d been making regular payments on for two decades.
Ismael and Angelita Ramirez recently told Fox26 News in Fresno they had purchased their home back in 2003 with their son, who told them they didn’t need to include their name on the title.
"He told us [the person helping them] told him it wasn't necessary. And well, since we don't know English, that's where they lied to us," said Ismael, who speaks Spanish, as translated by Fox26 News.
The eviction notice reportedly stated that the owner of the home was selling the property and the couple said they later learned their son had transferred ownership to a woman who sent them the notice. Although the couple has tried to get legal help, they say lawyers have thus far refused the case once learning the property was in their son’s name.
“We thought, why did our boy do that to us if he knew the house was ours?" Ismael said.
Elder abuse impacts millions of Americans
The Ramirezes may have been victims of elder abuse — which is far more common than you’d think.
In fact, the National Council on Aging reports up to five million older Americans are affected each year, while victims of financial abuse are estimated to lose at least $36.5 billion a year.
The Ramirezes told Fox26 News they’ve since been displaced and their Social Security income isn’t enough to buy a new home or even afford rent.
"They left us with nothing," Ismael said.
While not every prospective retiree will face a situation this extreme, unexpected emergency costs are a common problem that can put a strain on your golden years.
Here are four ways you can reduce your stress and achieve financial security for your retirement:
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Take care of debt and grow your savings
When you ensure your debt is under control, you can set your mind at ease and enjoy your retirement.
Credible makes it easy to streamline your debt repayment at an affordable rate. Their online marketplace of vetted lenders provides personalized debt consolidation loan offers based on your needs. By consolidating your debt, you can pay it off quicker at one set rate without having to juggle multiple bills.
All you need to do is fill in some information about yourself, and Credible will provide you with a list of loan options to choose from so you can start tackling your debt.
While working to get debt-free, it’s important to make sure you’re saving money to fund your retirement dreams, too. And Acorns — an automated savings app — makes this simple.
With Acorns, you can save money when you spend on things you were bound to anyway. Each time you spend using a bank account linked to your Acorns app, they will automatically round up the price of your purchase and put the remaining change into a smart investment portfolio.
Sign up now and you'll get a $20 bonus investment.
Consult a financial advisor
Speaking to a financial advisor about managing your money can be extremely helpful — as long as you’re picking the right one.
To prevent being taken advantage of, you need to do your research. Look into your prospective advisor's credentials, experience and reviews, and make sure to ask them plenty of questions to assess whether they’re the right fit for you.
Luckily, WiserAdvisor — a financial advisor matching service — can tackle much of this work for you.
Using WiserAdvisor is simple. All you have to do is share some brief details, and in a few minutes, you’ll be matched with a range of vetted financial advisers. You can view their profiles, read up on their experience and book an initial consultation with them on the spot, 100% free of charge — with no obligation to hire.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Hedge your retirement savings against inflation
It can be intimidating to save for your retirement amid rising inflation and economic volatility. Putting your savings in a place where they can grow safely can be one of the best ways to ensure financial security for your retirement.
Gold is a great alternative to protect and grow your nest egg. Unlike the U.S. dollar, which has lost 87% of its purchasing power since 1971, gold’s purchasing power remains stable over time.
Rosland Capital can help you safeguard your nest egg by rolling over your retirement account into a gold IRA. This lets you combine the tax advantages of an IRA with the inflation-hedging properties of gold.
While inflation is increasing everyone’s expenses, precious metals won’t be affected — so a Gold IRA might be the best thing to preserve your retirement.
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