With social security being pushed to the limit, many seniors are now finding themselves completely unprepared for retirement. According to the National Council on Aging, over 25 million seniors are financially insecure or living below the poverty line. Here are some steps you can take if your aging loved one hasn’t saved an adequate amount of money for retirement.
1. Contact an Elder Care Attorney
There are a few different reasons you might want to contact an elder care attorney to help you and your loved one through this process. In addition to offering advice, the attorney can also act as a mediator. An experienced elder care attorney will go over all of your loved one’s finances and determine which course of action will be most beneficial, which might include a specialized financial vehicle such as a pooled income trust.
Family caregivers often have little time to help their loved ones manage their finances. Families who need help caring for a senior loved one can turn to Home Care Assistance, a leading provider of Oklahoma City 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. Encourage Saving as Much as Possible
Some seniors never even consider saving for retirement because they feel they should have started decades ago. Saving $40,000 or $50,000 over the next few years won’t give your loved one a cushy retirement, but it can provide an excellent emergency fund if he or she becomes sick or injured. Saving is especially important while your loved one still has all of his or her faculties. Your loved one might be able to work on the weekends or volunteer at a nonprofit for tax breaks.
3. Start Downsizing
Your loved one most likely wants to stay in his or her home, but some difficult decisions will need to be made in the coming months. Spending huge sums of money on rent or a mortgage is impractical if your loved one has little or no savings. If your loved one is hesitant to move, try to emphasize the positive aspects. Your loved one might be able to find an affordable apartment closer to the grandchildren or a favorite park.
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 Home Care Assistance, a trusted provider of respite care Oklahoma City seniors can depend on.
4. Don’t Let Insurance Lapse
Comprehensive insurance is your loved one’s first line of defense against a major financial catastrophe. The insurance should cover medical expenses, long-term care, and end-of-life care. These policies will be especially important if you have shared accounts with your loved one. Debt collectors might be able to go after your personal assets if you share bank accounts or have claimed your loved one as a dependent. A smaller life insurance policy can also help you cover funeral costs, unpaid medical bills, and other general expenses once your loved one passes away.
5. Ask Your Loved One to Move In
Having an aging parent move in is a major undertaking, but it might be the best option for a short time. By combining your living expenses, you could both save tens of thousands of dollars a year. Sending your loved one to an assisted living community is another option, but these communities are usually a serious investment. As an alternative, you can watch over your loved one yourself or hire an in-home caregiver.
Caring for a senior loved one can be challenging for families who don’t have expertise or professional training in home care, but this challenge doesn’t have to be faced alone. Family caregivers can turn to Oklahoma City Home Care Assistance for the help they need. We provide high-quality live-in and respite care as well as comprehensive Alzheimer’s, dementia, stroke, and Parkinson’s care. To schedule a free in-home consultation, call us at 405-285-4191 today.