Retirement planning has become more complicated in recent years. Although many seniors have tried to save for their golden years, it’s common for them to still face financial challenges once they live on fixed incomes. Facing money worries later in life can leave seniors feeling anxious, but there are many things that can be done to protect their financial security. Make sure to watch out for these common financial issues that pop up during the senior years so you can help your aging loved one find ways to handle each one.
Rising Medical Costs
Seniors today have to face not only the rising cost of medical care but also individual health issues that can drive up their medical debt. Naturally, health insurance can offset the costs, and your loved one may be eligible for assistance with paying for coverage now that he or she is older and living on a fixed income. You can also help your loved one keep his or her healthcare costs low by focusing on preventing new injuries and health conditions that require additional care.
For many seniors in Milwaukee, WI, 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 Assisting Hands Home Care, we extensively screen all of our 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.
Moving Costs
Older adults sometimes assume they must move to nursing homes as they advance in age. These facilities are often expensive, and moving to one also means incurring other expenses, such as renting a moving van. Fortunately, this is one expense your loved one can likely cross off the list. Aging in place is often less expensive than paying for a high-priced new residence. With assistance from a home caregiver, your loved one can continue living at home where he or she is most comfortable.
Many seniors prefer aging in place over moving to assisted living facilities. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Assisting Hands Home Care, a leading elderly home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.
Scams
Older adults are also frequent targets for scammers who are constantly coming up with new ways to take people’s hard-earned retirement money. Keep an eye out for new types of scams being reported on the news, and talk to your loved one about how to prevent them. Making sure your loved one knows how to view scams with a skeptical eye can keep him or her from losing thousands of dollars.
Debt
Over the course of their lifetimes, seniors may have accumulated debt that cuts into their available spending money. Your loved one may have high credit card bills or a mortgage he or she is still trying to pay off. Sit down with your loved one and analyze whether there are any areas where he or she could cut debt down faster, such as paying slightly more on the higher-interest bills until they’re paid off.
Finances After a Loss
Your loved one may have no idea what to do after losing a spouse who handled the majority of the financial decisions. If this happens, ask if you can help your loved one sort through his or her accounts. You can also hire a caregiver to take over everyday chores so your loved one has more time to figure out his or her financial situation. Having support during this difficult time can help your loved one feel more confident about the financial choices he or she must make now.
If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Assisting Hands Home Care, a leading provider of Home Care Milwaukee families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. Reach out to one of our Care Managers today to learn more about our high-quality home care services.
