Aging adults are living longer than ever before. While this is certainly good news for the senior demographic, it also presents a number of challenges. A longer life means having to stretch money quite a bit further. The elder care experts at Victoria Home Care Assistance suggest the following tips to help your loved one get the most out of his or her nest egg.
Seniors don’t need to maintain a 3 to 4-bedroom family home after all their children have moved out. Downsizing to a modest apartment or condo can save money and make aging in place much easier to manage. Your loved one doesn’t have to sell the family home either. He or she can rent it out to tenants or offer it as a vacation rental.
2. Limit Expensive Purchases
No other asset will mean more to your loved one in the long run than cash, so discourage him or her from buying a pricey item like a boat. Keeping money in the bank where it can earn interest is far better than taking on docking fees, boat maintenance, and other ongoing expenses for something he or she is unlikely to use every day. Your loved one should also consider the depreciation that may occur over time. The boat your loved one buys today will likely sell for far less several years down the road. If big ticket purchases feel absolutely essential for attaining the lifestyle and life quality your loved one wants, encourage him to talk to a financial adviser before finalizing the purchase.
3. Review Insurance Policies
After retirement, your loved one’s insurance coverage needs may change significantly. Schedule a meeting with a trusted insurance broker to review the policies your loved one currently has in place. Binding protection that accurately reflects your loved one’s modified risk profile can save him or her a considerable amount of cash throughout the years.
4. Establish a Solid Plan for Aging in Place
The cost of remaining at home with moderate and needs-specific support from a Victoria, BC, home caregiver can be much lower than the cost of living in an assisted living facility. If your loved one starts planning early, he or she can line up the resources and support he or she needs before experiencing significant changes in mobility and cognitive functioning. In addition to saving cash, aging in place can also give your loved one the benefit of continued autonomy and the ability to enjoy his or her comfortable and familiar living environment.
5. Research Available Resources
Encourage your loved one to research the different resources available to seniors in his or her community. These resources could include food banks, food pantries, meal delivery services, and transportation services provided by municipal bus companies. Researching and hiring a Victoria, BC, elderly home care agency can refine your loved one’s plan for aging in place.
For more tips on how your loved one can make money last after retirement, turn to Home Care Assistance. We offer part-time and live-in home care as well as specialized Parkinson’s, Alzheimer’s, and dementia care. Victoria, BC, families can call (250) 592-4881 to speak with a knowledgeable Care Manager and learn more about our elder care services.