In Davidson County, there's a new lifeline for older adults grappling with financial woes. The RESET Program, short for "Raising Economic Security to Enjoy Thriving," is launching, aiming straight at the heart of the economic insecurity plaguing a significant segment of the aging population. The program operated through the Financial Empowerment Center, caters to seniors on fixed incomes seeking financial assistance, according to Nashville.gov.
With reports by the National Council on Aging indicating one in three older adults nationwide are economically insecure, and an astounding $30 billion in available benefits going unclaimed annually. Mayor Freddie O'Connell underlines the issue, "Many adults work their entire lives to build a retirement savings strong enough to allow them the freedom to enjoy life in their later years without a full-time job – only to find their retirement savings isn't stretching as far today as it once did," as stated on Nashville.gov. The program presents personal financial empowerment counseling, assistance with benefit enrollment, and referrals to supplemental income sources.
In a tangible display of the program's importance, a local doctor referred an older female patient weighed down by hefty medical bills an Financial Empowerment Center where a counselor, using the National Council on Aging's benefits checkup tool, determined her eligibility for SNAP to lessen her food expenses. The woman, now in the throes of the SNAP application process, looks forward to the potential easing of her financial stress, freeing up her income to better manage healthcare costs. Together with her financial counselor, they're tailoring a monthly spending plan to maximize her limited resources.
RESET stretches beyond immediate financial relief, aiming for a holistic approach. "Economic insecurity among older adults is a huge challenge throughout our cities and nation, and while there are some sector-specific efforts, such as affordable housing and transportation, there have been very few, if any, local efforts to look more holistically at economic security. We are creating a more coordinated system that works alongside low- and middle-income older adults to help improve their financial stability," explained Grace Sutherland Smith, executive director of AgeWell Middle Tennessee, in a release from Nashville.gov.
The communal spirit of the initiative shines through partnerships with organizations dedicated to the well-being of older adults. Erica Mitchell, CEO-Elect of United Way of Greater Nashville, expresses, “We all deserve to age with dignity, and the important thing we want older Nashvillians and their families to know is that you’re not alone and help is available. We’re honored to partner with AgeWell, FiftyForward, NeedLink Nashville and TN Justice Center to ensure that older adults are supported and can remain independent and thriving.” The funding for RESET has been secured through grants from the AARP Foundation and the National Council on Aging, alongside a significant contribution by the Vine Street Christian Church which awarded AgeWell a "Needy Elderly Fund" grant worth $44,000 to facilitate the initiative's planning process, according to the same news release.
