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Home InsteadFinances may be among the most difficult issues that seniors and their family caregivers face. Many situations complicate the financial lives of older adults and their loved ones. The recession, multi-generational living and fixed incomes, to name a few, can throw seniors and their families into turmoil and prompt them to search for solutions.
If you are a family caregiver facing a situation that is impacting your loved one's financial situation, you may need resources to help. Answers could be just around the corner.
Past 50 and looking for part-time work? You're not alone. Although the unemployment rate among older workers is lower than that for their younger counterparts, older persons who do become unemployed spend more time searching for work, according to the Bureau of Labor Statistics. But there are jobs for those who are willing to put their passion and experience to good use.
The economy has wreaked havoc on the bank accounts of many older adults. For some older adults who own their homes, reserve mortgage can be a way to access additional cash. Resources below can help seniors determine if reserve mortgage is a good option for them.
Following, from the Home Instead network and various senior and financial experts, are 10 ways that seniors can stretch their dollars.
The economy has put a damper on the lives of many seniors. If you’re a senior who needs extra income, why not call Home Instead® to learn about part-time job possibilities?
The economic slowdown continues to take a toll on the lives of older adults. For the second year in a row, there is no Cost of Living Adjustment (COLA) to boost Social Security benefits, according to the Senior Citizens League (TSCL). Rising Medicare premiums will shrink the Social Security benefits of an estimated 25 million seniors, the organization said. Local senior-care experts warn families to be on alert to make sure seniors aren't impacted too severely. Warning signs include skipping medications, pulling the plug on air conditioning and canceling social outings.
Following, from the Home Instead network and the National Association of Area Agencies on Aging, are ways that a downturn in the economy could impact seniors. If you're a family caregiver, ask yourself the following questions. If you're an older adult experiencing difficulties because of the economy, contact your local Area Agency on Aging or Home Instead office. Or, if you have a financial issue, contact the Garrett Planning Network.
The health aspects of growing older have become an expensive proposition for seniors. That means older adults should be more motivated than ever to stay healthy. If your senior needs encouragement, consider a professional CAREGiver.
The economic downturn has had widespread effects on family caregivers, many of whom have had to dip into their savings to cover increases in expenses. Caregivers also are often finding it difficult to pay for their own basic necessities. Respite care can help family caregivers get back to work.
Bank trust officers often serve as custodians for a senior adult’s finances. They typically are experts in dealing with estate planning issues.
More older adults are continuing to work past a traditional retirement age, both as a result of desire and necessity. Many areas of the economy can benefit from the skills and expertise of seniors. Caregiving is one of those.
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