January
14, 2020, 10:24 AM
More
than 33% of Americans aged 65 and over do not have any money saved for
retirement. So senior citizens are getting creative to make ends meet financially,
with many getting roommates. In 2016, 70% more seniors lived with roommates
than a decade before.
Since
retiring about six years ago, Paul Covington has relied exclusively on social
security without any savings. The 81-year-old needed help paying his mortgage,
so Jim English moved in.
"We
signed an agreement," English said. "So this was more of a formal
process, which I liked a lot."
Covington
and English were matched through the New York Foundation
for Senior Citizens, a non-profit organization that facilitates living
arrangements for seniors in need.
Covington
said he was nervous about paying his mortgage at the time. While helping
Covington with that, English was able to save on his end as well..
"I'm
paying less than what I would if I was on my own by at least a few
hundred," English said.
After
five months of English contributing to the mortgage and utilities, Covington
was able to save $3,000.
Covington
said the extra money is "like a step into heaven."
"In
terms of being relieved of, you know, the economic pressure," Covington
said.
The
benefits also go beyond their bank accounts.
"I
think people should be more in contact," English said. "And something
like this, I think, would work for a lot of people. So I would recommend it
strongly."
CBS
News business analyst Jill Schlesinger said as arrangements like Congington and
English's become more common, it's important to watch out for scammers.
"Unless
you're working with an organization, you got to have your guard up a little
bit, right? So if you don't have an organization in your town... you want to do
a little bit of a background check," Schlesinger said. "You want to
have a contract or a lease. But, if possible, certainly use an organization to
match you."
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