The statewide Stand By Me financial literacy program is launching a new initiative aimed at seniors and those planning for retirement.
The State of Delaware, United Way of Delaware and the Wilmington Senior Center have teamed up to create the $tand By Me 50-plus program.
Stand By Me 50-plus is designed to offer the state’s older residents assistance with their unique financial issues, including retirement planning and budgeting on a fixed income. The program provides financial coaching and various workshops and seminars. It also helps connect participants to available resources through its interactive website.
United Way of Delaware President and CEO Michelle Taylor says the program seeks to make dealing with financial issues less daunting for seniors.
"The resources often seem fragmented, like a patchwork quilt. It can seem like there is no one to guide you through the many decisions you have to make," said Taylor. "And after retirement, additional challenges can come into play. You might become the guardian for your grandchildren. Or you might have an unexpected medical issue. Your monthly income may not cover the bills, let alone provide you any flexibility."
Department of Health and Social Services Secretary Rita Landgraf adds that the economy’s slow recovery from recession has created an even greater need for this type of assistance.
“What we’re hearing is many seniors now have to return to work because they might have started to have to go into their savings actually for their day-to-day operational budget," said Landgraf at the program's launch even in Claymont Tuesday morning. "So, we want to be here to support them on a one-to-one basis.”
Landgraf says that one-on-one financial coaching is the key component of the program, making assistance tailored to individual needs in a confidential setting available to anyone.
“Traditionally, only the wealthy could hire a financial coach," said Landgraf. "What we want to be able to do is take that and bring it to any income level individual who is just interested in learning about how can I make the most of the money I already have.”
There is no cost for the service, which is funded through grants, as well as state and corporate support.
The $tand By Me financial literacy program as been operating since 2011 and state officials say it has helped over 2,000 two Delawareans improve their financial literacy.