• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

California wildfires destroyed her home of almost 50 years

The community Bagnard lives in, Pasadena Village, is known for supporting its own. A fellow resident — someone she had never met — offered Bagnard a temporary six-month lease to share her home. Neighbours replaced her lost computer with one equipped with the accessibility features she relies on due to her vision loss.

As its website states, Pasadena Village is a non-profit organization and community of older adults “who support each other while living independently in their homes.” Bagnard was one of a number of residents who lost their homes.

“It’s been heartbreaking,” said Katie Brandon, executive director at Pasadena Village. “But it’s also been really beautiful to see the older adults really support each other.”

Brandon recalls how Bagnard once hosted countless gatherings on her patio, bringing people together. Now, as Bagnard regroups, the community is stepping up to support her.

That community support is essential given the financial challenges seniors face in the wake of natural disasters. According to Bankrate, nearly 79% of people over the age of 65 are homeowners. Those on a fixed income may struggle with the financial challenges of rebuilding their homes, particularly those who can’t afford home insurance.

Bagnard applied for a Small Business Administration loan, and her daughter helped her set up a GoFundMe page. Other community organizations, including Better Angels and Journey House, have offered to help Bagnard and her grandson get back on their feet.

Invest in real estate without the headache of being a landlord

Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.

The best part? You don’t have to be a millionaire and can start investing in minutes.

Learn More

Natural disasters especially devastating for seniors

Older adults face other challenges in the aftermath of disasters. While immediate aid efforts provide an influx of donations and support, help tends to taper off.

“It’s that medium-term disaster period where we still want to check in on people,” says Joan Casey, associate professor at the University of Washington’s School of Public Health.

Emerald Nguyen, Ph.D., a National Institute on Aging official, notes that older adults are particularly vulnerable during and after disasters. Health risks are a major concern.

According to the National Council on Aging, nearly 80% of older adults have at least two chronic conditions. Exposure to poor air quality, extreme temperatures and disrupted medical care — all of which are common during natural disasters — can be dangerous.

Natural disasters also take a toll on cognitive and mental health. Some research suggests that disruptions and stress from disasters may accelerate cognitive decline in older adults. However, other studies show that seniors may be more resilient and serve as an inspiration to others in the wake of a disaster..

The NIA notes that community networks — like Pasadena Village — are essential for seniors’ recovery, providing vital long-term support, regular check-ins and social connection.

As for Bagnard, coping with her vision loss has helped her keep the loss of her home in perspective, she told CNBC reporters. With her family and her community behind her, she is optimistic about her life and her home.

“I’m going to be 80 next month, and I hope to live long enough to see it rebuilt,” Bagnard said.

The richest 1% use an advisor. Do you?

Wealthy people know that having money is not the same as being good with money. Advisor.com can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.

Try it now
Danielle Antosz Freelance contributor

Danielle Antosz is a freelance contributor to Moneywise.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.