Category: Senior Finances

Everyone wants to enjoy their retirement years. However, many seniors face money issues at some point. Here are five financial planning strategies that can help seniors make the most out of their golden years.

1. Create a Budget

The first thing you and your aging loved one should do is create a comprehensive budget. You may not be able to help with your parent’s finances unless you know exactly where the money is going. The budget must include all sources of income and every expense incurred. In addition to necessities like food and utilities, you also need to keep track of how much your loved one spends on entertainment and other nonessentials. 

Preparing a budget for a parent can be a challenging task, especially if you have other important duties to tend to. Families who need help caring for senior loved ones can turn to Senior Stride Home Care, a leading provider of in-home care. Services available in our customizable care plans include meal prep, mental and social stimulation, assistance with personal hygiene tasks, and much more.

2. Set Realistic Financial Goals

When creating a budget for your loved one, set realistic financial goals. If your parent doesn’t have an emergency fund, the first goal should be saving up a little bit of money. Sudden expenses may pop up, and your loved one needs to be able to cover them without using a credit card. Having a few thousand dollars in a savings account can give your loved one peace of mind. 

3. Start Reducing Monthly Expense

Many seniors pay for dozens of services, subscriptions, or programs they never use. Once every month or two, take a close look at your loved one’s bank statement to see where the money is going. You can then cancel any services or subscriptions he or she no longer uses. 

4. Be on the Lookout for Financial Fraud

Older adults are often targeted by scammers. Teaching your loved one about some of the most common scams can drastically reduce the risk. You should also add your loved one’s phone number to the Do Not Call Registry and place a “No Soliciting” sign on the front door. 

Older adults require more than just financial security to enjoy a happy and healthy life. If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Senior Stride Home Care, a trusted provider of Oshkosh senior 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.

5. Prepare for Possible Cognitive Decline

Cognitive decline is a natural part of the aging process, and getting ready for those changes could help your loved one avoid some major financial issues. At the very least, you should consider creating a power of attorney document for your parent. Setting up a joint account might seem like an easier option, but you could be responsible for paying off your loved one’s debts when he or she passes away if your name is attached to the account. 

Planning a parent’s finances can be a difficult task for an overworked caregiver. Families who find it difficult to care for their aging loved ones without assistance can benefit greatly from professional respite care. Oshkosh, WI, family caregivers who need a break from their caregiving duties can turn to Senior Stride Home Care. Our caregivers can encourage your loved one to eat well, exercise regularly, get plenty of mental and social stimulation, and focus on other lifestyle factors that promote longevity. Whether your parent needs hourly or live-in care, give us a call today. 

Speaking with your aging loved one about money may not be an easy task, but this topic will most likely need to be broached at some point. Allowing finances to fall into disarray could result in major issues down the road, which is why you should try to initiate this conversation as early as possible. Here are a few tips you can use to help your loved one properly manage money in the coming years. 

Collect All Relevant Information

First, sit down with your loved one and gather all of his or her financial information in a single folder. This should include bank account numbers, credit cards, investments, retirement accounts, pink slips, and deeds. Once you’ve gathered all the financial information, consider creating a secure digital file that can be accessed from anywhere in the world. If your loved one isn’t comfortable using a computer, place the physical documents in a high-quality safe.

Caring for a loved one can be a challenging task, especially if you have to manage his or her finances as well. Families who need help caring for senior loved ones can turn to Senior Stride Home Care, a leading provider of home care service. Services available in our customizable care plans include meal prep, mental and social stimulation, assistance with personal hygiene tasks, and much more.

Update Accounts & Legal Documents

After collecting the information, you can then go over all of the documents and make sure they’re up to date. Trying to update documents after your loved one has been hospitalized or is unable to think clearly could be extremely difficult. Make sure your loved one makes these decisions while he or she is still able to do so.

Create a Budget

Creating a budget for a retired senior can be a relatively complex process. Your loved one might be receiving income from multiple sources, and trying to determine exactly how much money is coming in could take some time. With all of the current financial information in a single folder, you should both sit down and create a strict weekly, monthly, and yearly budget, which should include exactly how much your loved one can spend on nonessentials such as gifts to family members and donations to charities.

Keep an Eye Out for Warning Signs of Financial Issues

There may come a time when you need to take over your loved one’s finances entirely, and you must constantly be on the lookout for any signs he or she might be facing financial difficulties. Seniors with financial difficulties often pay for everyday items with credit cards or try to post-date checks. When you visit your loved one’s home, keep an eye out for piles of unopened bills and late notices.

There are a variety of health issues that can make it difficult for older adults to manage their finances. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of elderly home care. Oshkosh Senior Stride Home Care 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.

Discuss Financial Power of Attorney

Consider obtaining financial power of attorney, which essentially grants you the legal right to control all of your loved one’s finances. Granting financial power of attorney is extremely important if your loved one has been diagnosed with any medical issues that could affect his or her physical or mental health in the near future. With financial power of attorney, you’ll be able to make payments in your loved one’s name, check on his or her bank accounts, and manage his or her assets. 

Aging can make it difficult to manage finances and perform daily tasks. 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 Senior Stride Home Care, a leading provider of live-in and respite care. Oshkosh seniors can maintain their independence while living at home with the help of our reliable respite caregivers. To learn about our high-quality in-home care options, give us a call at 920-717-1767 today.

Retiring involves making the transition between working and living a life of leisure. However, unless seniors use caution, spending their retirement funds may soon lead to financial crisis. There are several common mistakes retirees must avoid, but the following are the most common.

Lacking a Budget 

Without establishing monthly budgets and monitoring spending habits, households can fall into trouble. Make sure you talk to your senior loved one and create a monthly budget he or she can maintain. 

Planning for Unpredictable Expenses 

While seniors may adhere to budgets, they often fail to plan for things like paying income taxes or covering the cost of car repairs or things that might need to be fixed around the home. These expenses are part of normal life, and money should be set aside for these situations.

Many older adults face challenges such as decreasing physical and mental health, so the costs of home care should be considered in financial planning decisions. There are a variety of age-related health conditions that can make it more challenging for seniors to live independently. However, many of the challenges they face can be easier to address if their families opt for professional senior home care. You can rely on expertly trained caregivers to keep your loved one safe and comfortable while aging in place.

Relying on Investment Returns 

Seniors may base their projected monthly income on unrealistic expectations of receiving high returns on their investments. They then withdraw more money than they should. Surveys indicate 30 percent of retirees withdraw up to seven percent of their investment returns annually. This action isn’t advised without a backup plan.

Holding Risky Investments 

Some see hanging on to risky investments as being cautious. If the investments are worth less than they cost, many seniors are reluctant to sell. If these types of investments take up too much of their portfolios, retirees are carrying excessive risk.

Being Too Generous 

It’s not unusual for retirees to compromise their financial stability by giving money to charities or family members. Seniors must make their financial health a priority and avoid giving too much money away.

Saving money throughout their lives can help people enjoy their golden years without compromising their quality of life. If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Senior Stride Home Care, a leading provider of home care Oshkosh families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts.

Taking Social Security Benefits Early 

To have income, seniors may be tempted to take social security as early as age 62. However, this action results in a 25 percent reduction in benefits. Retirees can collect full benefits at age 66. When seniors wait until the age of 70, benefits rise 32 percent.

Accepting Bad Advice 

While family and friends may believe they have a senior’s best interests at heart, they don’t have all the information necessary to make the best financial decisions. Retirees are better off by consulting with certified financial planners or registered investment advisors to get their affairs in order. 

Smart financial planning is just one of the many things that can enable seniors to age in place gracefully. Some seniors need occasional assistance at home, and oftentimes the family members who take care of them need time away to run errands, take a nap, go to work, or take a vacation. Oshkosh respite care experts from Senior Stride Home Care are available on an as-needed basis, giving your family peace of mind that your loved one will remain safe and comfortable while you relax or focus on other important responsibilities. Schedule a free in-home consultation by giving us a call today at 920-717-1767.

Debt is a reality for many people, including seniors. Trying to live on fixed incomes can be difficult, especially for seniors who may be faced with steep medical bills or the loss of their spouses. Once a senior turns to credit cards as an easy solution to a problem, the debt can quickly spiral out of control. Here are some suggestions to help your aging parent manage and get out of debt. 

Find Lower Interest Rates

One of the first things to do is find out the interest rate on your loved one’s credit cards. If your loved one has a good credit score, he or she might qualify for a lower interest rate. Call the credit card companies and see what options are available. You might also be able to consolidate debt on a card that offers a low interest rate for balance transfers. 

Create a Budget

It might sound like common sense, but plenty of people never actually create budgets. You can use Excel or one of the free online budgeting programs to create a budget for your loved one that will include everything from medicine to pet food. Once your parent sees where the money is going, he or she can curb unnecessary spending and allot more funds to paying off debt.

If your parent has cognitive issues that cause him or her to have difficulty handling finances, he or she may also need help with other everyday tasks. 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. Senior Stride Home Care 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.

Get a Reverse Mortgage

A reverse mortgage converts home equity into cash, and the money never needs to be paid back. The amount the homeowner gets is determined by the home’s value and the age of the owner. If the owner is 62 or older with a mortgage that’s paid off, he or she is eligible. 

Purchase Life Insurance

If your loved one has a permanent life insurance policy, he or she can get a cash surrender loan. The policyholder can take out as much as 96 percent of the cash value of the policy.

File for Bankruptcy

Bankruptcy works for credit card debt, but if the debt is from medical bills, it will quickly return. Many seniors have a difficult time, psychologically, going bankrupt. In these cases, a debt specialist can be helpful by recommending a program to tackle the debt instead. 

The many tasks involved in helping your loved one handle his or her finances may seem daunting, and the extra worry can take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Oshkosh families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation. 

Look for Signs Your Parent Is in Financial Trouble

Often, seniors don’t want to burden their children, so they hide their problems. If your parent likes to travel or eat out frequently and stops doing those things, it’s a red flag. You might also notice your loved one start cutting back on necessities such as medicine and food, and he or she may seem to have increased anxiety as well. 

Hire a Caregiver

Although it may seem counterintuitive to spend money while trying to get out of debt, having an hourly or live-in caregiver can help your loved one cut spending and control debt. For example, caregivers can help seniors save money on grocery shopping by avoiding expensive impulse purchases, using coupons, and purchasing mostly on-sale items. 

Caregivers also provide companionship, so if your loved one shops out of loneliness or boredom, having a caregiver will curb the bad habit. Having a caregiver in the home regularly also means signs of financial trouble, such as excessively shopping for unnecessary items or cutting back on necessities, will be spotted sooner rather than later.

Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Oshkosh home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Senior Stride Home Care is here to help. For reliable in-home care services, contact us at 920-717-1767 today.

If you have an aging relative, you know how important it is for your loved one to effectively manage his or her money on a day-to-day basis. Seniors often live on fixed incomes, meaning they don’t have access to additional funds should they need to pay for something out of the ordinary. Here are some easy and practical money management tips that are particularly well suited to older adults.

Shop for New Services

It’s a mistake for seniors to assume they’re always getting the best deals with their current services. From supplemental Medicare policies to the cable bill, encourage your loved one to periodically shop for new services and see if he or she could benefit from a lower rate or a new promotion. With specific regard to Medicare, healthcare reform has changed things dramatically in the past few years, and there are more benefits and savings available for seniors. 

Some seniors may find it difficult to pay their bills and plan their finances while managing daily activities. Aging adults who require assistance with the tasks of daily living can benefit from reliable elderly home care. Families trust Senior Stride Home Care to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent serious illnesses and encourage them to make healthier decisions as they age.

Grocery Shop Once a Week

Seniors should try to limit grocery shopping to once a week at most. This way, they can make lists of the essential items they have and only purchase those they need. Making multiple trips increases the chances of buying extra items that aren’t necessary. Seniors may also want to think about buddying up for grocery trips. Along with helping out a friend or neighbor, it offers a way to save on gas money. 

If your loved one needs transportation for grocery shopping and other errands, consider hiring a professional caregiver. When searching for reliable Oshkosh senior care agencies, families want to know their senior loved ones will be well taken care of. At Senior Stride Home Care, our expertly trained caregivers are available around the clock to assist with tasks around the house, provide transportation to medical appointments and social events, and much more.

Set Up Automatic Saving

Seniors have to contend with the risk that in the near future, they may need to spend a significant amount of money on healthcare, which could range from the need for certain medical treatments to in-home care. One good way to ensure there will be money to pay for this possibility is to set up automatic bank transfers that move a small percentage of each month’s check into a savings account. Seniors are then advised to budget as if that money was never available for spending in the first place. As time passes, the money in the savings account will grow into a valuable emergency fund. 

Track Expenditures

It’s one thing to make a budget and another thing to follow it. It’s important for seniors to track where every dollar is spent and compare that to what they predicted they would spend in the budget. This will help your seniors see where they spend too much or where forecasts about what they’ll spend are inaccurate, providing better financial knowledge. 

Consider hiring a professional caregiver if you need a break from your caregiving duties to tend to your loved one’s financial matters. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Oshkosh families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation. Call Senior Stride Home Care at 920-717-1767 to learn more about our flexible and customizable senior care plans.

Facing difficulty with monthly expenses, leaving unopened bills or overdue notices lying around, and an inability to budget effectively are among the signs your senior loved one probably needs some assistance with finances. Still, you should bring up this topic in a way that comes across as helpful, since many seniors understandably consider money matters private. Express genuine concern, but do so while offering solutions like the ones suggested below.

Set Up a Budget

If you’re primarily concerned about your loved one’s inability to cover monthly expenses, work with him or her to set up a budget. After essential expenses are taken care of, look for ways to save, which might include:

• Eliminating redundant services (e.g., switching to one provider for TV, Internet, and phone)
• Spacing out the purchases of big-ticket items that aren’t absolutely necessary
• Finding smart ways to save (e.g., preparing more home-cooked meals together to reduce expenses related to eating out)

Determine an Allowance

If you’re seriously concerned about your loved one’s ability to manage money, another option is a weekly or monthly allowance. Ideally, this is done on a voluntary basis and you and your loved one agree on how much the allowance is and how it’s handled.

Suggest Automatic Bill Paying

Is your loved one’s main issue forgetting to pay certain bills on time? If this is the case, automatic bill paying is one way to minimize this problem while still allowing your loved one to have control over his or her finances.

Cognitive issues such as forgetting to pay bills may indicate your loved one needs help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of elderly home care. Senior Stride Home Care 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.

Recommend Expense-Tracking Apps

If your loved one is comfortable with technology, there are plenty of apps available that can keep track of his or her daily, weekly, and monthly expenses. Mint, YNAB, and Expensify are among the top expense-tracking apps recommended by U.S. News & World Report.

Seek Discounts

From free cups of coffee to lower interest rates on credit cards, there are many discounts offered to older adults. Help your loved one find savings opportunities like these that would likely benefit him or her.

Consult a Financial Advisor

Some seniors have fairly complex finances, especially if things like retirement accounts, stocks and bonds, and investment properties are involved. Seek input from a financial advisor so your loved one can make well-informed decisions about how to manage his or her finances, savings, and investments.

The many tasks involved in helping your loved one handle his or her finances may seem daunting, and the extra worry can take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Oshkosh families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation. 

Help Out Now & Then

Some seniors are reluctant to turn to family members for financial support. However, your loved one may be more open to letting you lend a hand now and then if you do it in a way that comes across as being helpful instead of offering a handout. You’ll have to choose your moments, but you can try:

• Picking up the tab for your next meal out together
• Paying for groceries when your loved one has a lot to buy
• Offering some cash to cover out-of-pocket prescription costs

Consider a Financial Power of Attorney

You don’t have to wait until your loved one is no longer capable of making sensible financial decisions to take this step. It’s entirely possible to proactively set up a financial power of attorney at a time when your loved one can still be fully involved in this process. 

Financial management is a challenge for most people, and it can be even more difficult for aging adults. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Oshkosh at-home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Senior Stride Home Care is here to help. If you need compassionate professional home care for your loved one, call one of our friendly Care Managers today at 920-717-1767.

Failing to plan for the future can lead to unnecessary stress for seniors, as well as unwanted expenses. A financial plan can be critical to an aging adult’s overall health, regardless of his or her available income. Here are some financial planning strategies for seniors and tips family caregivers can use to help their aging loved one achieve each goal. 

1. Create a Budget

The most important step is to build a schedule that includes your loved one’s monthly income against his or her monthly expenses. Determine which expenses can be reduced or cut entirely. Having a budget may give your loved one an idea of what he or she can spend on nonessentials.

An ideal budget can help seniors enjoy their golden years without compromising on their quality of life. If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Senior Stride Home Care, a leading provider of elder care Oshkosh families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts.

2. Repay Debts

When debt isn’t paid off, it continues to increase over time. Making strategic payments can help aging adults pay their debt off sooner, relieving stress and anxiety encountered due to creditors. Instead of paying the minimum payment, encourage your loved one to overpay so he or she can lower the monthly payments and get closer to the payoff date. When debts are paid off, your loved one will have more money added to the monthly budget.

3. Review Insurance Plans

With aging comes a higher risk of various health conditions, including heart disease, memory loss, and arthritis. Treatment for these conditions can be expensive, which is why seniors need to have a good insurance policy in place. Your loved one should speak with his or her provider to determine what is covered under the policy and which expenses need to be paid out of pocket. The biggest mistake many seniors make is underestimating their long-term care needs.

4. Build a Fund for Emergencies

You never know when an emergency will occur, which is why your loved one should have funds allocated for such situations. Each pay period, your loved one should set aside money in a savings account and only withdraw funds when there’s an emergency. If this financial planning strategy is executed correctly, your loved one could save enough money to cover at least six months of living expenses. 

Aging adults face various challenges, but by building an emergency fund they can overcome financial difficulties. Certain age-related conditions can make it more challenging for seniors to age in place safely and comfortably, but Oshkosh live-in care experts are available around the clock to help seniors manage their health. Whether your loved one is living with dementia or is recovering from a stroke, you can trust the professional live-in caregivers from Senior Stride Home Care to enhance his or her quality of life.

5. Utilize Free Local Resources

Even if your loved one has the money to cover transportation, food, and medical expenses, he or she shouldn’t rule out using local resources. If there’s a program in place for older adults, your loved one should consider looking into it. Utilizing available resources can help seniors stretch their income and use the savings in emergency situations or expenses not covered in their monthly budget.

6. Monitor Credit Reports

Seniors are targeted at a higher rate by scammers compared to other age groups. Monitoring their credit on a regular basis can prevent identity theft. Any cases of insurance fraud, stolen funds from a bank account, or unauthorized credit card charges can be found out by monitoring your parent’s credit report and financial accounts on a regular basis.

Financial planning is just one of the many ways you can help your parent age gracefully. Living independently is important for seniors who want to maintain a high quality of life. For some, this simply means receiving help with tasks that have become more challenging to manage over time. Even when families have the best intentions, they may not have the time to provide the care their elderly loved ones need and deserve. If your loved one needs help for a few hours a day or a few days a week, reach out to Senior Stride Home Care, a trusted provider of respite care Oshkosh seniors can depend on. Call 920-717-1767 to speak with a Care Manager today to find out how your aging parent can benefit from in-home care services.