Financial Lives Episode 4: A Shock to the System
Financial emergencies following a health scare are becoming increasingly common. Unexpected hospital stays or a sudden illness or injury can wipe out savings, leaving many people unable to afford day-to-day expenses. In some cases, medical issues can force people into early retirement, cutting off potential earnings for years to come. This episode provides a glimpse into life after medical shocks and the difficulties older adults face as they try to bounce back financially.
A look at how unexpected illness or injury can wipe out personal savings, leaving many people unable to afford day-to-day expenses.
Episode Participants
Stephanie B, 51
Leon, IL
Stephanie, a 51-year-old substitute teacher, prides herself on homeschooling her three children on their family farm in southern Iowa. She is a master of budgeting and stretching a dollar, especially when it comes to utilizing the produce from the garden.
Cathy W, 64
Wheeling, IL
For Cathy, retirement looks far different than the one she imagined. The mother of five adult children lives with her 26-year-old daughter and 7-year-old grandson. Most mornings and afternoons, Cathy takes care of her grandson before leaving for her own job as a caregiver five nights a week.
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.
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