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Common Financial Concerns Among Older Adults

By , 9:00 am on

Helping your aging loved one take care of his or her finances is one of your most important responsibilities as a family caregiver. Seniors can make a major financial blunder in the blink of an eye, and such mistakes often haunt them for years. With a little bit of planning and some diligence, your loved one should be able to avoid the following financial issues.

No Long-Term Plan

Many seniors don’t have a long-term financial plan. They assume their retirement accounts are going to last for years, but this isn’t always the case. At least once or twice a year, you and your loved one need to sit down and discuss every aspect of his or her finances. In addition to expenses and income, you should also take a closer look at investments and social security benefits. As a general rule, you should try to plan out your parent’s finances at least four or five years in advance. 

When it comes to leading a purposeful life, older adults may need more than just a solid financial plan. 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 North Broward home 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.

Increase in Medical Expenses

Even if your loved one is relatively healthy, he or she is still going to have medical expenses. Your parent could easily spend thousands a year on doctor’s visits, eye exams, prescription eyeglasses, flu shots, and dental exams. The best way to pay for those expenses is to invest in a solid insurance policy that covers preventative services. You should also encourage your loved one to exercise and stick to a healthy diet. Cutting out junk food and exercising for 20 or 30 minutes a day can drastically reduce the risk of a variety of medical issues. Low-impact options such as dancing and swimming are perfect for older adults. 

Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional elder care. North Broward, Florida, 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.

Relatives Asking for Money

Many people try to take advantage of older adults. While it’s okay for your parent to help out siblings or children in need, you need to make sure he or she isn’t being taken advantage of. If a family member continues to ask your loved one for money, consider intervening. You might also need to sit down with your parent and explain that he or she is potentially doing more harm than good.

Scams

According to the National Adult Protective Services Association, financial crimes against the elderly are on the rise. Many foreign and domestic criminals specifically target older adults who are more susceptible to financial fraud. Teaching your loved one about common scams and tactics criminals use can drastically reduce the risk of falling for such scams. You need to make it clear that your parent should never give out personal information until he or she has spoken with you or done some independent research. Your loved one must also refrain from giving out personal information to anyone who calls on the phone unless he or she knows the other party.

Apart from a robust financial plan, older adults may require assistance with daily tasks to maintain a high quality of life. Every senior has different needs when aging in place. Some simply need occasional assistance with household chores, while others may be managing a serious illness and require more extensive live-in care. North Broward seniors can count on Home Care Assistance to provide the in-home care they need and deserve. To schedule a free in-home consultation, give us a call at 954-906-5161 today.

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