Everyone has to manage their finances, and they look different at each stage of life. Seniors need to factor in costs that they may not have considered or needed before. Money also has to last longer as people age because working isn’t always possible. Here are three financial tips to consider when it comes to finances.
Don’t Make Short Term Trade-Offs
Financial planning is about making short-term and long-term plans.The National Council of Aging surveyed seniors about their finances, and it found that seniors commonly make decisions in the short term to save money. 23% of seniors surveyed didn’t make necessary home and car repairs, which led to falls and accidents. 15% of seniors cut their pills, reducing their effectiveness. 14% of older adults skipped meals, which impact their nutrition. Make sure short-term decisions don’t impact health, safety, and security in the long term.
Make the Most of Income
Creating a spending plan will help make the most of your income. Gather all of your income sources together including retirement benefits, investments and savings plans, pensions, and any other income. Identify expenses and leave room for travel, gifts, and entertainment. Consider maintaining any investments and savings plans in retirement to help grow your money into your golden years.
Plan for Health Care Expenses
Medicare and other insurance plans typically cover most medical expenses for seniors. But they don’t cover everything, especially when it comes to long-term care. This includes in-home care services. Some seniors decide to add long-term care insurance to the coverage they have to help cover these costs. But it is time-sensitive. The older a person is, the more it costs them to be covered. Plan for health care expenses and how to fund them before you need them.
Planning for future health care expenses may be a challenge. But when it comes time for in-home care, Optimal Senior Care Solutions is here to help. We serve families and older loved ones in Newport Beach and Orange County, CA. To learn more about the services we offer, reach out to us today!
