Seniors and the elderly often face financial challenges related to fixed incomes, rising healthcare costs, and managing retirement savings. Limited income sources, such as Social Security and pensions, can make it difficult to cover daily living expenses, let alone unexpected healthcare expenses or inflation.

Additionally, managing retirement savings becomes increasingly complex, as they need to balance drawing down their assets while ensuring they last throughout their retirement years. To address these issues, many seniors seek advice from financial advisors and rely on budgeting and careful financial planning to ensure their financial security in their later years.