How to Handle an Emergencies in Your Fifties

Your fifties are supposed to mark the start of your golden years, but there might not be anything lucky about this decade. Financial emergencies can happen at any age, and it’s more likely to happen to women over 55 than men of the same age. 

That’s according to a new study out of the University of Manchester, which shows the chances of facing an emergency increase when an older woman is divorced, separated, or earning a low income. 

Whether or not you fit the description doesn’t change the fact that an unexpected emergency can be hard to handle in any situation. If you’re struggling to handle an unexpected expense, here are some tips for you to try.

Emergency Fund Trumps Retirement Savings

With a plump retirement account stacked with savings, you may think it’s no big deal to withdraw a couple of hundred dollars to cover your emergency bill. However, there are unintended consequences to this plan.

• You may get hit with a large tax bill if you withdraw funds before you retire. 
• Taking out additional profits after you retire may reduce your future income.

An emergency fund is a much more forward-thinking solution to your immediate problem. Withdrawing from this account won’t interfere with your ability to pay essential bills in the future. 

Negotiate a Financing Plan

Unfortunately, not everyone is lucky enough to have an emergency fund. Short-term savings are at an all-time low thanks to the pandemic, and plenty of people don’t have any cash set aside for a rainy day.

If you don’t have enough savings to your name, talk to the company that sent you the bill. Most accounting departments are willing to work with you to find a payment plan that works for both parties. After all, they’d rather receive some money at a later date than no money at all.

Medical and dental practitioners often arrange financing plans for their patients, but don’t be afraid to ask about re-arranging your payments with a store, utility provider, or credit card company. 

Go Online for an Installment Loan

When you go online to borrow money, be sure to pay attention to a lender’s license. This accreditation lets you know where they are legally allowed to grant funds to people like you. 

It doesn’t get as specific as the city you call home. In the U.S., a license tends to extend to an entire state, so if you live in Texas, for example, you can borrow from any lender that’s licensed in the Lonestar State. 

Knowing this may change the way you search for online loans. While you may be able to check rates for lenders licensed all over the country — or even the world — you may only successfully complete an application for installment loans in Texas. 

When you open up your Internet search, try entering these words: Texas installment loans online. Narrowing down your location will increase the chances you find the right lender for your needs. 

It’s normal to fall on difficult times every once in a while. But if it happens when you’re a senior, recovery can feel like it’s impossible. Luckily, there are options available for women over 50. Slowly but surely, you can get back on your feet at any age. 

LivingBetter50 is a magazine for women over 50, offering an over 50 magazine free download for women with spirit!