While suicide prompted by financial stress usually occurs among younger people, experts are warning that cuts in entitlement programs could lead to an increased suicide rate among seniors. While suicide usually results from a complex array of issues, cutting entitlement programs is a particularly vexing problem for seniors. Not only would cuts increase financial stress, but seniors are likely to also experience feelings of betrayal and deception by the violation of a perceived social compact.
This issue was recently discussed in the Financial Advisor article, "Senior Suicides Could Rise If Social Security And Medicare Cut, Experts Warn."
Experts have concerns for two reasons.
The first is that there could be a devastating psychological impact for some elderly people who were promised benefits they will no longer receive. The second is that cuts to benefits could lead to more elderly people struggling financially.
What does this mean to you? If you are concerned that your own income may be cut, especially under the new administration, stay informed – or seek advice from qualified counsel. While the media may hype a lot of different opinions about what “might” happen, it’s important to find out the facts. If you have elderly parents or other loved ones who fear they may lose income and/or benefits, don’t ignore their anxiety. Help them get the facts and stay informed.
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Reference: Financial Advisor (January 5, 2017) "Senior Suicides Could Rise If Social Security And Medicare Cut, Experts Warn."