The impact of the Great Recession on retirement savings continues to be felt, particularly among retired seniors and soon-to-retire Baby Boomers. Investment losses may make assisted living harder for older adults to afford.
Although a rebound in the stock market and rising real estate prices have firmed up the finances of some retirees and soon-to-be-retirees, many older people still have lower net worth now than they did before the financial crisis of 2008. As people are living longer than ever, having adequate savings is essential for a comfortable retirement.
Retirement experts find that many retirement-age people don’t have sufficient funds saved. According to Genworth, about 54 percent of the soon to retire expect their expenses to decrease in retirement. A similar survey of retirees found that 64 percent of them reported that their expenses increased or stayed the same after they retired.
The facts are that saving more and spending less is essential to a comfortable retirement. Older Americans need to make every effort they can to save an adequate amount to support themselves in the 20 or 30 years they’re likely to live after retiring. Cutting retirement costs is also important.
One way retired seniors can reduce their expenses is by living at home for as long as possible. Home caregivers who can assist them with basic living tasks and non-medical home care can help them delay the expense of living at outside facilities.
Always Best Care specializes in connecting clients with quality home care options. To learn more, give us a call at 1-855-470-2273.