The golden years should be a time when seniors can sit back and enjoy the fruits of all of their years of hard work. However, some seniors would say their golden years are anything but luxurious. Financial issues can strike at any time in life, and seniors are vulnerable to money problems when they don’t have steady income rolling in like they did when they were working. These five financial problems frequently affect seniors, and families should do what they can to prevent them from affecting their aging loved ones’ quality of life.
1. Starting Out with Low Retirement Savings
Some seniors had difficulty coming up with enough money for retirement. Perhaps their companies phased out pension plans or they just didn’t foresee how much the cost of living would rise by the time they retired. If your loved one’s retirement savings started out on the low side, he or she could run out of money eventually. You can ease your loved one’s worries by finding cost-saving ways to live on a tighter budget without sacrificing comfort. Using coupons and keeping an eye out for senior discounts are just two examples of how to save money easily.
2. Trying to Cover the Costs of Moving
Your loved one may also have the outdated notion that he or she must move to a different living environment, but many group residential communities cost more than living at home. Your loved one can also choose to stay at home to avoid the expenses involved with moving, such as paying for a truck and professional movers.
If your loved one needs help with the daily tasks of living, hiring an in-home caregiver can often be less costly than other options. Many seniors prefer aging in place over moving to an assisted living facility. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Home Care Assistance, a leading homecare services agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.
3. Feeling Obligated to Help Family Members Financially
Seniors often have a difficult time saying no to the people they love, and this is especially challenging when they’ve always been generous. Although your loved one may have helped his or her family members do things such as pay for college, the time to stop may be now. Keep a watchful eye out for anyone who may be requesting money from your loved one, and be willing to step up and make it clear that your loved one now needs to be frugal to protect his or her own financial wellbeing.
4. Paying Off Debt
Many seniors have debts—car loans, credit cards, mortgages—that must be paid. You can help your loved one avoid taking on new debt by helping him or her see the potential risks involved with loans and credit cards. You can also help your loved one find money in his or her budget to put toward paying off his or her balances. With each payment, your loved one gets closer to financial freedom.
Financial concerns are just one issue many elderly people have to address. Seniors can face a variety of challenges as they age, many of which can be mitigated with the help of professional in-home caregivers who provide high-quality elderly home care. Centennial families trust Home Care Assistance to help their elderly loved ones age in place safely and comfortably.
5. Covering Healthcare Expenses
Healthcare costs are another worry for seniors who may still have out-of-pocket costs to cover after their insurance and government benefits are exhausted. Seniors can save on healthcare by living a healthy lifestyle that reduces the need for things such as emergency services. Exercising and avoiding injuries help seniors make the most of the money they’ve allotted for healthcare in their budgets.
If your loved one is living with a serious health condition and needs extensive assistance, an at-home caregiver can often be less costly than other forms of long-term healthcare. For many seniors in Centennial, CO, live-in care is an essential component of aging in place safely and comfortably. However, it’s important for them to have caregivers they can trust and rely on. At Home Care Assistance, we extensively screen all of our live-in and 24-hour caregivers and only hire those who have experience in the senior home care industry. Our strict requirements ensure seniors can remain in the comfort of home with a reduced risk of injury or serious illness. Call one of our friendly Care Managers today at (303) 957-3100 to learn more about our customized care plans.