5 Things Struggling Seniors Need to Know but Don’t
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Published 2022-11-16
Time Stamps
0:00 The 5 Things every Senior in Debt Should Know
1:02 Introduction to HELPS Nonprofit Law Firm and Attorney Eric Olsen
1:21 How many seniors are struggling financially?
1:47 Your retirement income is protected from garnishment, so you don’t need to pay bills instead of paying rent, buying food, and other necessities
3:30 Is there a limit to how much of a senior’s bank account is protected?
5:08 Some of a senior’s working income is protected from being garnished
5:33 Why seniors don’t know their bank accounts and income are protected
6:40 How to be protected from debt collectors harassing you
8:40 Where to find a free “cease and desist” letter
9:42 Why many seniors are judgement-proof
11:18 Struggling seniors need to understand their secured debt, like an auto loan, and what their rights are
13:18 Seniors have alternatives to transportation than owning a car
13:33 What seniors can do if you can’t afford your home
14:15 Creditors won’t take your personal property
15:27 Seniors need to take advantage of the benefits they enjoy that younger people don’t
15:55 Many states have laws that give seniors breaks on property taxes
16:45 Many veterans are entitled to a pension but don’t know it
17:18 How to avoid paying income taxes and student loans
19:36 Seniors should stop paying for services that they don’t need
21:43 How to contact the HELPS Nonprofit Law Firm for free legal help
Businesses and their debt collectors don't want struggling seniors to know how your income, bank accounts, and personal property are protected by federal and state laws. For example, did you know that most forms of retirement income, including Social Security, are protected from garnishment? Eric Olsen wants seniors to know their rights. In this video, Attorney Eric Olsen lists the five most important things that financially struggling seniors need to know, but don't. The former bankruptcy attorney explains how struggling seniors are protected from lawsuits, garnishments and debt collectors, and how his non-profit law firm could help you even further.
Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.
For more on why seniors shouldn't worry about old debts, watch • Why Seniors Shouldn't Worry about Old...
For more on how to deal with debt collectors, watch • Why Seniors Shouldn’t Worry about Deb...
To learn how seniors can avoid paying taxes, watch • How Seniors can Avoid Paying Taxes......
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Like to save money? Please watch: "The Best Senior Citizen Discounts"
• The Best Senior Citizen Discounts
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To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.
All Comments (21)
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Super helpful information. Thank you.
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IT IS AMAZING HOW MANY SENIORS ARE JUST $10 OR $20 TOO MUCH FOR ANY HELP LIKE FOOD STAMPS OR MEDICAID
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I pay $26.00 per month for life insurance. It is for $5,000.00 to pay for my burial. My car and house are paid for. Neither one is new or fancy but they serve the purpose. I turned off my internet service several years ago and haven’t had tv in 20 years. I do have a cell phone so I keep up with things that way. I don’t go to doctors so I don’t have medical or drug bills. I try to exercise by working outside and eat healthy so I don’t get sick. I just worked on a budget today so I could keep track of what I am spending a little better.
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I have been litterally in tears the last few days. Husband had died two years ago. I am part time employee at Kroger for just about 10 years now. Friends are of no help, so I am so glad I clicked on this video. Very helpful. We'll see how it goes. Thank you.
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MONEY is not our greatest worry at all. It is receiving high quality care...
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Number one message is watch out for scammers who are everywhere. It's terrifying the many ways you can lose money to scammers.
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My husband and I have been so worried about our debt as seniors. We are definitely struggling. We’ve been praying for guidance and this video has helped tremendously. ❤😊
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Thank you to you both, just when I had started to believe that I am now a liability and a burden to everyone you guys appeared and made me feel worthy, valued and appreciated. And I still have some precious rights. Thank you again.
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Thank you both for caring about struggling senior's!
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Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
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I noticed that these guys don't say, "If you get a call from an unknown number, DON'T ANSWER IT!" LOL
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I am 65 and have been avoiding filing for my social security because of taxes I owe. This video is very informative and it might save my life. Thank you so much
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These videos have a calming effect when you are stressing about debt. Thanks!
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If a senior is having trouble paying a debt, how on earth can they afford a lawyer?
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As a former 10-year employee of a collection agency in CA, one thing not mentioned here is if a judgment is rendered against you, the winning party can also file an Abstract of Judgment in any county where you own real estate. If the judgment is not paid, that Abstract will pop up through the escrow process when the owner of the property goes to sell it as a lien against the property. Of course every state is different and there may even be a way around that. Also, Writs of Execution are not issued by a Sheriff, but by the court that awarded the judgment. Otherwise, good information here. ty
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Understand what he is saying about the protections of your bank account. Never leave more than 2 x your social security in your account !
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I live very cheaply going to be 75 here wife died 20+years ago things don't always turn out the way you want them to be.. it's nice if you're lucky to make things work out that well
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Some of these things I already knew about, but I definitely didn't know about the debt repayment. Thank you both so very much for educating all of us seniors...it's a hard road to navigate alone sometimes...I was widowed almost 29 years ago now. My husband was in the military, hoping to make it a career...he almost made it, but Agent Orange, when he was stationed in Vietnam, made that impossible. He did manage to serve almost 18 years before being medically retired, after his second bout with cancer. He died at just 51, with his third & final bout. So much I've had to learn, since he passed away, but I think I've done pretty well so far, but I'm still learning too. I subbed your channel here too...I'm so glad it came up on my feed! Blessings to you both & to all seniors, as we all navigate our way through life.🙏♥
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As a recent retiree in debt...very insightful and helpful information.
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Thanks for this informative video. All seniors (and people over 50) should watch it .
