Money Trouble : Common Financial Issues for Seniors in Morris, NJ
When many people picture retirement, they imagine relaxing, traveling, visiting with grandchildren, and basically having free time to spend as they wish. But the reality is that this isn’t always the case. Many seniors face financial challenges as they age, and this can put a damper on what they imagined retirement to be like. Being proactive in the years leading up to retirement and having a strong understanding of money management can help to curb some of these issues.
Here are Some Common Financial Challenges Seniors Face:
Seniors are often more vulnerable when it comes to financial scams. They may be swindled out of thousands of dollars by swift-talking callers who convince them to send checks or gift cards or provide banking information. Scammers can be very persuasive, so it is important to stay abreast of the latest schemes and talk to seniors regularly to make them more aware.
Aging adults often head into retirement with some amount of debt, whether it is from a mortgage, car payment, health care costs, or supporting other family members. No longer working and having a limited income can compound these costs and make them more difficult to pay down.
Ideally, seniors should have saved enough money throughout their working career to fully support themselves in retirement. This is often not the case. Seniors may realize they have less savings than they thought, and the limited income they receive makes it harder to make ends meet. They may also go through their savings more quickly than they anticipated leading to financial troubles later on.
It seems that every year the cost of living rises, as do healthcare costs. This can be a burden on seniors who are already on a fixed income. While they have saved for retirement, they may not have taken into account just how much costs would rise over the years.
Some seniors are not as financially savvy as others. This can become more evident when a spouse passes away and the other person is left to tend to financials matters. They may not be great at creating or sticking to a budget, figuring out when and how to pay all of the bills, and effectively managing their finances to last through retirement.
Working with a financial planner can help seniors to better manage their money and support their financial needs in retirement. It can also be beneficial to appoint a family member with power of attorney or joint control over bank accounts to monitor activity and make sure seniors are not victim to scams or questionable investments.
Financial professionals can also guide seniors in coordinating services and care that fit within their budget and allow them to receive the support they need throughout retirement. Always Best Care provides in-home care services that can help seniors avoid more costly expenses associated with assisted living or nursing homes while it is still safe and feasible for them to age in place. Services can be tailored to a level of care that meets each senior’s needs and budget, plus Always Best Care of Morris, NJ works with individuals to identify benefits or other compensation they may be eligible for when it comes to senior services.