After reaching age 65, many seniors live on fixed incomes. Though a lower income may take some time to adjust to, your elderly loved one can remain financially secure by using these 4 money management strategies.
1. Minimize Expenses
For many seniors, retirement brings the freedom to enjoy life, but it is important to be cautious about overspending. There are many minor expenses that can be managed with creativity. For example, your loved one can save on gifts by using his or her talents to create something homemade. For larger savings, your loved one can eliminate unnecessary expenses that no longer serve a purpose. Replacing a rarely used car with transportation services can reduce costs over time because maintenance and registration fees can be pricy.
2. Plan for Long-Term Health Needs
Many seniors experience at least one major hospitalization. If your loved one has an injury or a serious illness, he or she needs to know how to manage the health care costs. Seniors today have options like using a Woodlands in-home elder care agency instead of having a longer hospital stay for recovery.
3. Appoint a Financial Caregiver
Finances and health conditions are two things families are often hesitant to discuss. However, seniors who live alone need to know someone they trust can manage their accounts when they are incapacitated. Before a health crisis occurs, appoint a financial caregiver for your loved one, and discuss how to manage his or her accounts. Ideally, this decision should be legally documented through the appointment of a durable power of attorney.
4. Protect Assets
Scammers are a threat to a senior’s financial security because emails, misdirected websites, and medical fraud can all appear convincingly real. Seniors and their Woodlands caregivers need to be aware of the common scams that target older adults, and your loved one should never give his or her account numbers out over the phone. If something does seem amiss, report it to the proper authorities so your loved one can retain or recover his or her assets.
To learn more about managing finances in the senior years, reach out to Home Care Assistance. We are a trusted provider of live-in and respite care in The Woodlands, and our caregivers are trained to assist seniors with a wide array of daily tasks, including bathing, grooming, cooking, and exercise. For more information on our at-home care services, call 832-412-1345 today to speak with a knowledgeable Care Manager.