6 Common Financial Issues Among Older Adults

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Seniors often dream of entering their retirement years with plenty of money. However, this isn’t the case for many older adults living today. Elderly people may face the following financial issues.

1. Paying Down Debt

After covering the costs of raising a family, such as paying for college or purchasing a house, seniors often have many outstanding debts as they enter retirement. Whether your loved one is covering student loan or has an overwhelming balance on credit cards, paying back these debts along with the associated interest may be challenging. Help your parent identify which debts should be paid off first and help him or her budget for these payments.

When it comes to maintaining a high quality of life, older adults may need more than just a few suggestions on how to manage their finances. Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional senior care. Westport, CT, Home Care Assistance is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.

2. Falling for Financial Scams

For seniors on fixed incomes, even a single scam can drain their bank accounts. Financial scams that target older adults take many different forms, and you must be alert to the latest strategies criminals use to rob seniors of their money. For example, medical scams involve people coming to the door offering devices that are overpriced or ineffective. Talk to your parent about common scams and ways to avoid them. Then, monitor your loved one’s accounts for signs of suspicious activity.

3. Managing an Unexpected Health Issue

Older adults may be unprepared to handle the rising costs of medical care. Ideally, your loved one’s health insurance should cover many common needs, but you can also take steps to minimize the possibility of him or her having a major health issue. Work with your parent to develop a plan for living a healthier lifestyle. Cutting back on unhealthy foods and exercising more often can prevent several health issues and keep healthcare costs low. 

Certain age-related conditions can make it more challenging for seniors to age in place safely and comfortably, but Westport live-in care experts are available around the clock to help seniors manage their health. Whether your loved one is living with dementia or is recovering from a stroke, you can trust the professional live-in caregivers from Home Care Assistance to enhance his or her quality of life.

4. Not Understanding Investments

Many seniors today have retirement plans that are affected by swings in the stock market. Alternatively, some older adults may be afraid to take risks with investments if they have experienced the aftereffects of the Great Depression. Either way, your loved one may benefit from working with a financial advisor and taking advantage of the market swings without losing a substantial amount of money.

5. Keeping Up with Payments

When a senior has memory loss, trying to pay bills on time may become a major challenge. Once a payment is missed, late fees and other penalties can quickly add up. Suggest setting up auto payments to help your parent with paying bills each month.

6. Covering Housing Costs

In the past, seniors used to go to a nursing home once they hit a certain age. However, this is no longer necessary for many older adults who have options such as hiring professional caregivers. If your loved one is concerned about the cost of housing, discuss ways to reduce the burden. Having a caregiver stay overnight may prove to be more cost-effective than trying to move to a completely new residence.

Families who find it difficult to care for their aging loved ones without assistance can benefit greatly from professional respite care. Westport, CT, family caregivers who need a break from their caregiving duties can turn to Home Care Assistance. Using our proprietary Balanced Care Method, our respite caregivers can encourage your loved one to eat well, exercise regularly, get plenty of mental and social stimulation, and focus on other lifestyle factors that promote longevity. To learn about our high-quality in-home care services, give us a call at 203-955-1915 today.