10/09/2024 | Press release | Distributed by Public on 11/09/2024 12:03
The RESET Program, "Raising Economic Security to Enjoy Thriving," is a new financial empowerment collaborative offering personalized services to older adults in Davidson County. The program, operated through the Financial Empowerment Center, is established in response to requests for financial assistance from older adults who are often on fixed incomes.
The National Council on Aging reports that one in three older adults nationwide are economically insecure, and $30 billion in available benefits go unclaimed each year. The RESET program sets out to change that.
"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," Mayor Freddie O'Connell said. "RESET will help by providing personal financial empowerment counseling, benefit enrollment assistance, and referrals to supplemental income opportunities."
RESET is a free program with benefits seen through the story of a local doctor who recently referred an older female patient with significant out of pocket medical expenses and outstanding medical bills to the Financial Empowerment Center which is a partnership between the Mayor's Office and United Way.
Through RESET, the FEC counselor was able to use the benefits checkup tool from the National Council on Aging to determine whether the woman is eligible to receive SNAP benefits to offset her food costs. The resident is in the process of applying for SNAP now, and, if approved, the financial assistance will help free up more monthly income to help pay for her healthcare expenses. She and her financial counselor are also working on a monthly spending plan and strategies to best manage her limited income.
"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," said Grace Sutherland Smith, executive director of AgeWell Middle Tennessee.
United Way of Greater Nashville CEO-Elect Erica Mitchell added, "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 program is funded thanks to grant funding from the AARP Foundation, and the National Council on Aging. Several local partners also pitched in to assist. AgeWell received a $44,000 "Needy Elderly Fund" grant from Vine Street Christian Church to pay for the six-month planning and convening process.
RESET also offers an online tool, NCOA's BenefitsCheckUp, that helps users determine their eligibility for benefit programs that can help pay for health care, medicine, food, utilities, and more. To learn more, visit National Council on Aging Benefits Checkup.