New Online Tool Helps Older Adults Manage Their Finances

National Council on Aging created Budget CheckUp with funding from Bank of America

ARLINGTON, Va., Feb. 2, 2023 /PRNewswire/ -- The National Council on Aging (NCOA), the national voice for every person's right to age well, has launched Budget CheckUp, a free online tool that gives older adults practical tips on how to create a monthly budget and manage their money. A grant from the Bank of America Charitable Foundation helped fund the tool's development.

"Many older adults live on a fixed income, which is challenging when the cost of living and inflation are on the rise. The Budget CheckUp can help them stretch their dollars every month" said Josh Hodges, NCOA's Chief Customer Officer. "The tool offers guidance on how to create a monthly budget and decrease expenses, and it identifies programs that can help pay for medications and utilities. We are grateful to Bank of America for their generous support of this effort."

Users answer questions about their goals, such as what expenses they'd like to decrease, whether they are retired or a full-time caregiver, what benefits programs they are enrolled in, their age, and household income. Their responses generate a personalized plan of action to make the most of their budget. NCOA does not collect any personally identifiable information, but users can create accounts to save their plans.

The Budget CheckUp is one of NCOA's suite of online tools that are part of the Age Well Planner, which also includes:

• Job Skills CheckUp, which offers older jobseekers tips on how to create a resume, interview, and find a job
• Medicare Cost Estimator, which helps older adults see how much various plans might cost, depending on their health conditions
• Falls Free CheckUp®, which empowers older adults to discover their risk of a fall

BenefitsCheckUp®, a separate tool, enables older adults to see if they may be eligible for benefits programs to cover daily costs such as food and health care.

About NCOA: The National Council on Aging (NCOA) is the national voice for every person's right to age well. We believe that how we age should not be determined by gender, color, sexuality, income, or zip code. Working with thousands of national and local partners, we provide resources, tools, best practices, and advocacy to ensure every person can age with health and financial security. Founded in 1950, we are the oldest national organization focused on older adults. Learn more at www.ncoa.org and @NCOAging.

SOURCE National Council on Aging