Video

Financial Lives Episode 1: When Fixed Incomes Fall Short

Pay for your medication or buy dinner? Many older adults living on fixed incomes have to make daily trade-offs like these, even if they’re able to supplement their steady paychecks or Social Security checks. This episode provides a glimpse into life on a fixed income, where constant budgeting doesn’t guarantee you can afford basics like groceries. Explore the realities of life for those who have officially retired and others who are still working and struggling to afford life in their later years.

Explore the struggle to make ends meet for older adults living on a fixed income.

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Episode Participants

Wilson F, 73
Eutaw, AL

Living on a fixed income is quite difficult for Wilson, a 20-year resident of government housing in rural Alabama. Without a car, the 73-year-old has to rely on nonprofit services to get the groceries and medical care he needs. His favorite days are spent with friends barbecuing and watching a game.

Joyce G, 61
Las Vegas, NV

Joyce lives in a bustling, tight-knit household with her son, daughter-in-law, brother and five grandchildren. The avid cook and hostess is working on becoming a rideshare driver in order to afford her blood pressure medication and put savings away for her own car.

Verner R, 74
Chicago, IL

Verner, a self-published author and former public television talk show host has had to focus on “stretching a dollar.” Even with a higher degree and award recognition for her show, she found it difficult to save her income as a single-mother raising four children.

Howard S, 81
Skokie, IL

Howard, a retired mail carrier, lives with his two adult sons, including his youngest son, a 42-year-old with mental and physical disabilities. While his home is paid off, increasing taxes and an extra life insurance policy that will help his son when he’s gone, means he has little leftover from his pension each month.