Retirement is supposed to be a time to relax and quit worrying about working, but transitioning from making money to living off of savings can be quite challenging. Even seniors who save up carefully and have been planning for retirement for years can run into issues. Here are a few common financial issues in the golden years.
1. Legal Issues Following the Death of a Spouse
Many seniors face financial difficulties once their spouse dies. After the loss of a loved one, it can be difficult for older adults to gain access to financial accounts that were only in their partner’s name. Seniors may end up waiting for years to be able to use assets left to them by their spouse.
Financial difficulties are not the only issues older adults may have to face. With age, many seniors develop serious medical conditions that impact their health, wellbeing, and quality of life. If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a trusted provider of Allentown elder care. Our caregivers provide transportation to and from medical appointments and social events, nutritious meal preparation, assistance with daily exercise, and help with everyday tasks like bathing, grooming, and light housekeeping.
2. Confusion About Modern Financial Methods
Many seniors end up with excessive cable bills or too many unnecessary subscriptions because they get confused with modern services that rely on the internet. They often report they have no clue how to spot or report identity fraud, and things like interest rates can be purposefully difficult to figure out. Seniors should seek out a financial advisor who can help them navigate all these issues.
3. Scams Targeting the Elderly
There are a lot of unscrupulous people out there trying to trick seniors into giving away their money. Common scams include calls claiming to be a grandchild who needs money or false emails pretending to be from the senior’s bank that ask for account numbers. Warn your loved one about common phone and internet scams, and emphasize the importance of never sharing personal information with untrustworthy sources.
4. Unexpected Medical Bills
One of the most devastating influences on a senior’s finances can be getting diagnosed with a chronic medical condition. Most seniors plan for basic healthcare expenses, but they may underestimate how the costs add up if they need years of assistance and care. Healthcare costs continue to increase, so there is a high number of seniors who cannot afford doctor’s visits.
If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of senior care. Allentown Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.
5. Reduced Government Benefits
Many seniors initially include things like social security and other government benefits in their retirement planning. However, financial issues and a booming senior population means many of these programs are cutting benefits. Having a sudden reduction to these types of benefits can greatly diminish a senior’s finances.
6. High Amount of Debt
In modern times, the senior population has a much higher percentage of debt than previous senior groups. When they were younger, older adults often took out mortgages or cosigned on loans to pay for their children’s expenses like college or marriage, and they’re still trying to pay off this loan. Having debt could make it difficult for seniors to manage finances post-retirement.
Even with adequate savings in their accounts, older adults may require assistance with managing a wide variety of activities. If your aging loved one needs occasional help with bathing, grooming, cooking, or other basic household tasks, or if you need time to attend to important personal matters, reach out to Home Care Assistance, a leading provider of live-in and respite care. Allentown seniors can maintain their independence while living at home with the help of our reliable respite caregivers. To create a comprehensive in-home care plan for your elderly parent, give us a call at 484-350-3874 today.