May 16, 2018

Financial Literacy Past Retirement: Advice for Seniors

Filed under: active adult,boomer,retirement,SeniorLivingGuide.com,Seniors — seniorlivingguide @ 11:49 am

Courtesy of Janet Campbell

It’s never too late to become financially literate. Statistics show that 65 percent of Americans do not have a budget, which suggests that many enter their elderly years uninformed about personal finances. Taking good care of your finances at this stage of your life is essential – your financial stability, health and personal happiness are at stake, so consider carefully these tips that financial advisors consider crucial for older adults.

Set a budget

Establishing a budget helps you keep track of where your money is going and makes it considerably easier to plan for the future. Most advisors contend that setting up and sticking to a budget is the most important building block in maintaining one’s financial health. It’s especially important for seniors because it ensures that you’ll have enough money to pay for the things you need and want. If you’ve never lived according to a formal budget, once you’ve got it down and incorporated it into your routine you can predetermine what months you’re likely to be tight on money and when you’ll be in the black. A budget helps you plan for unexpected expenses, those times when life bites you and forces you to dig deep into your funds.

Sidestep the scams

Beware of fast-talking salespeople and telemarketers looking to take advantage of confused and vulnerable elderly people. They’re usually the first ones to be targeted, so watch out for “deals” that involve a lot of complex detail, evasive answers or an unwillingness to answer questions, a lack of documentation (i.e. no paper trail), and pressure to sign a contract right away. This is always a red flag, no matter who’s involved or what stage of life they’re in.

 

Be skeptical about investments

If you retired with investments, they can give you a real advantage in your senior years but it’s dangerous to rely on them too heavily. A budget can help you forecast but it can’t help you where the market’s concerned. An over-reliance on the returns it can bring is a dangerous way to approach your finances, especially if you’re working with limited funds to begin with. Unscrupulous salespeople are especially dangerous when it comes to stock market investing, which can be arcane and intimidating to someone with limited experience. A good rule of thumb is, if it sounds too good to be true, it probably is. Remember, savings, a good budget and careful money management are the building blocks of a solid financial foundation.

Social security

Many people nearing or having reached retirement age tend to see Social Security as a nest egg or financial magic bullet. Yes, you can begin drawing on your social security benefits beginning at age 62, but it can be well worth your while to wait a bit. Nevertheless, it’s estimated that 75 percent of Americans start going through their benefits early, which means they’re not maximizing what they could be getting from Social Security. Timing is a big part of doing Social Security right. Put simply, the longer you wait to draw Social Security, the more you’ll get each month. Taking Social Security before official retirement age (between 66 and 67) results in an unnecessary reduction of your benefits, whereas your benefit increases as much as 8 percent a year if you wait until you reach 70.

Follow the basics

The old rule that says you should have three months of expenses ready to go still stands once you reach old age. If you’ve ignored that rule during your working lifetime, make a good stab at it. Set aside what you can in case the unexpected happens when you’re at your most vulnerable. Some people age 65 or older are able to sell their life insurance policy, which may be an option to consider if you can’t afford the premiums or don’t need one anymore. Just be sure to do your research first so you understand the ins and outs of the process.

Keep following the same good financial advice you’ve gotten throughout your life once you reach retirement age. Budget, save, and stay away from “can’t miss” investment offers. Much of what’s served you well all those years won’t go wrong once you hit 67.

 

Courtesy of Pixabay.com.

Share

May 10, 2018

Does Mom Really Need To Move? – Home Healthcare Options

Filed under: Companions,home health care,SeniorLivingGuide.com — seniorlivingguide @ 1:02 pm

By: Darleen Mahoney

You know that Mom can no longer live alone, but does she really need to move? It’s time to decide between moving her to a skilled nursing facility, assisted living, or is Home Health Care an option? Yes, it should be considered. As there are many Home Health Care Servicesoptions available to consider including transitioning to a senior living community that best benefits their needs, but often the option of Home Healthcare may be missed in the equation. This is unfortunate as this may be the best option for “mom” and should clearly be explored when weighing all your options.

There are many variables that may make up this decision-making process. Some of these factors may be based on financial, location, convenience, current state and future health of a loved one.

Home Health Care can be used to support a family that is caring for their loved one and needs the extra support. They can be there when you can’t be.

But there are many great reasons why Home Health Care might be the right choice for your loved one!

If your family member is still living in their own home, they may get to stay in their own home for a little while longer, transitioning out of a home that they have either lived in most of their adult lives and raised their children or even a home where they have all their personal possessions will be a stressful transition. When they move to a facility, they will be saying a final “goodbye” to most of their personal possessions and understanding how distraught this may make them and the emotional toll may want to be considered.

With today’s portable medical technology, physicians who make home visits can do as much or more for patients than primary care clinicians in offices, says Dr. Alan Kronhau, co-founder and CEO of Doctors Making Housecalls, based in Durham, North Carolina. When a visiting physician or nurse, or caregiver is in the home, they can better asses the medications, safety of the home environment, even the types of food that their patient may be eating based on their recommended diet. A Home Healthcare environment may provide a better overall patient assessment. Home health care often has skilled medical care available delivered at home by certified and licensed nurses. They have access to the highly technical medical equipment needed, it just happens to be portable and can meet complex medical needs that are not uncommon in the elderly.

In-home services also allow elderly adults to receive:

  • Help with their personal care; such as bathing, grooming and even medication reminders.
  • Help with the home environment, such as light housework and helping fold laundry. This helps to maintains a clean and safe living environment.
  • Meal preparation-elderly can be at risk nutritionally, especially if they have been hospitalized. In general, aging, illness, and bed rest can contribute to the loss of lean body mass.
  • Companionship-never underestimate the importance of this factor. Having someone that they enjoy their company to play cards with, walk around the block, watch Jeopardy with is equally as important.
  • Personal Relationship-building a relationship with skilled care and professionals and the patient typically provides better care as there is complete knowledge of their patient with this one on one relationship.

Sometimes, it gets down to the nuts and bolts of cost for Home Health Care. According to the National Association of Home Care, the average cost of care from a skilled nursing facility is $544 dollars per day, while the average cost of home health care is $132 dollars per day. Insurance may often be the hurdle, patients who are not housebound may not be covered. Doing your research on coverage for what services and for how long could be mitigating factors in choosing Home Health Care.

If you are considering Home Health Care as an option for a few days a week or full time, please visit our website, SeniorLivingGuide.com for a variety of Home Health Care options. Visit their website, their social media, and make an appointment to talk to them about their services that they provide to make sure that they are a good fit for your family, lifestyle, and your loved one.

Share

May 4, 2018

Gardening in Small Senior Living Spaces

Filed under: boomer,SeniorLivingGuide.com,Seniors — seniorlivingguide @ 11:10 am

By: Darleen Mahoney

Do you remember the days with the house and the yard and the upkeep? There are days that it seems like yesterday and it was very rewarding, but it was also a lot of work and commitment! You spent your Saturday’s mowing the yard, edging, weed Seniors Gardeningeating, and tending to the garden. You may have really loved the garden most, but all of the work had to be done.

Now you are retired! It’s time to do more of what you enjoy! You’ve moved into a smaller space to fit your retirement lifestyle; to give you more time to yourself, to play golf, to travel, to spend more time with your family, and less time on home maintenance. What you miss the most is the relaxation and satisfaction that you received from gardening. Don’t despair, there are a lot of options for gardening in a small space. Spring is here! Spend some time outdoors tending to a garden and be able to enjoy it!

Here are some fun ideas on how to plant a garden in a small space:

  • A Container garden – Containers of different sizes and shapes, including galvanized tubs, in a small outdoor space with various flowers and even vegetables and herbs can create a tranquil setting for anyone to entertain, relax, and enjoy a good book.
  • Vertical Planters – Maximize your space by planting vertically! Visit your local nursery or hardware store. Tip: repurposed shutters can be used as a vertical planter.
  • Hanging planters – If you have the ability to hang your plants from the ceiling or a wall post, they can be a fun asset as you can also include plants and flowers that will trail down adding a different dimension to your patio or small space.
  • Ivy fence – Growing ivy on a small fence around an outdoor space can add a lot of depth to your space and easily provide the garden look and feel you might be looking for.
  • Herbs – Mixing and matching herbs in small pots and planters is not only eye-catching, but edible!
  • Window boxes – If your space is very limited, a window box may be your best option. Succulents do very well in these and are fairly low maintenance with good drainage.
  • Birdbath – How great is this idea? Repurpose a birdbath and pack with hardy succulents and pebbles to hold in the moisture.

If you enjoy gardening, downsizing into a senior living or retirement community may not mean that you must give up that part of your life! There are so many options available to consider. The key is appropriate lighting for your plants and soil, the rest you can get very creative with and create a beautiful and functioning gardening.

Another great article on gardening in small spaces:

https://www.motherearthnews.com/organic-gardening/gardening-techniques/small-space-gardening-zm0z12fmzsto

Share

 

Home | Privacy | Disclaimer | Advertising | Media Kit | Definitions | Help | Contact
Copyright ©2009 Fairfax Publishing Company, Inc. All Rights Reserved.
The Nations Premier Online Senior Housing Resource

  • RSS
  • Facebook
  • Google+
  • LinkedIn
  • Twitter
  • YouTube