Additional Coverage:
- A boomer said he’s struggling to survive on Social Security after retiring early to care full-time for his wife (newsbreak.com)
Robert Papalia, 74, retired early to care for his wife, Marie. However, their monthly income of $5,000 is strained by medical bills and taxes.
Papalia retired in 2010, five years earlier than planned, to provide full-time care for Marie, who has diabetes and other health issues. Their medical expenses have put a significant dent in their finances.
Despite receiving Social Security and pension benefits, the couple struggles to make ends meet. They have reduced their expenses by switching to cheaper grocery stores and limiting takeout.
Papalia has also taken out a reverse mortgage on their home and uses multiple credit cards to manage their budget. He is considering getting a part-time job, but Marie’s condition requires constant care.
The couple is concerned about the future as their property taxes and other expenses continue to rise. They are living day-to-day, hoping that they can manage until something unexpected happens.