Aging adults are living longer than ever before. While this is certainly good news for the senior demographic, it also presents a number of challenges. A longer life means having to stretch money quite a bit further. Here are some tips to help your aging loved one get the most out of his or her nest egg.
Downsize
Seniors don’t need to maintain 3- to 4-bedroom family homes after all their children have moved out. Downsizing to a modest apartment or condo can save money and make aging in place much easier to manage. Your loved one doesn’t have to sell the family home, either. It can be rented out to tenants or offered as a vacation rental.
Limit Expensive Purchases
No other asset will mean more to your loved one in the long run than cash, so discourage him or her from buying a pricey item like a boat. Keeping money in the bank where it can earn interest is far better than taking on docking fees, boat maintenance, and other ongoing expenses for something your loved one is unlikely to use every day. Your loved one should also consider the depreciation that may occur over time. The boat your loved one buys today will likely sell for far less several years down the road. If big-ticket purchases feel absolutely essential for attaining the lifestyle and quality of life your loved one wants, encourage him or her to talk to a financial advisor before finalizing the purchase.
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 elder care. Assisting Hands Home Care is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.
Review Insurance Policies
After retirement, your loved one’s insurance coverage needs may change significantly. Schedule a meeting with a trusted insurance broker to review the policies your loved one currently has in place. Binding protection that accurately reflects your loved one’s modified risk profile can save him or her a considerable amount of cash throughout the years.
Establish a Solid Plan for Aging in Place
The cost of remaining at home with support from a caregiver can be much lower than the cost of living in an assisted living facility. Planning early allows your loved one to line up the resources and support he or she needs before experiencing significant changes in mobility and cognitive functioning. In addition to saving cash, aging in place can also provide the benefit of continued autonomy and the ability to enjoy a comfortable and familiar living environment.
Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there is professional home care Orlando seniors can trust and rely on.
Research Available Resources
Encourage your loved one to research the different resources available to seniors in the local community. These resources could include food banks, food pantries, meal delivery services, and transportation services provided by municipal bus companies.
Many older adults face challenges such as a decrease in physical and mental health, making it difficult to do things independently. Living independently is important for seniors who want to maintain a high quality of life. For some, this simply means receiving help with tasks that have become more challenging to manage over time. Even when families have the best intentions, they may not have the time to provide the care their elderly loved ones need and deserve. If your loved one needs help for a few hours a day or a few days a week, reach out to Assisting Hands Home Care, a trusted provider of respite care Orlando seniors can depend on. If your loved one needs help with the challenges of aging, call one of our compassionate Care Specialists today.
