Retirement should be a time for the elderly to leave the work boots in the front yard and hang up the hammock in the back yard. It’s supposed to be a time of rest and relaxation – a definitive hiatus from stress and work. Unfortunately, financial issues could bring about a variety of problems that could put a damper on the next stage of life. Here are some tips to help conquer five financial issues you might face as you head into retirement.
5 Financial Issues For Seniors
1. Solving the Medicare Puzzle
On the surface, Medicare looks like one of those fancy buffets. Grab a little health insurance over here, maybe a spoonful of dental care over here, and even a low deductible for dessert. Sadly, depending on your plan, this smorgasbord can often look like the buffet at Golden Corral 10 minutes after the local high school football team stopped by.
Finding the right plan to maximize your benefits is crucial. Meet with a financial consultant to make sure you’re getting the best deal you can have. Many will choose to just settle for whatever packages are suggested to them, but with a little help and research you can maximize your value and get the care you desire.
2. Spot the Frauds
The elderly are prime targets for many scammers and frauds. When seniors fall for scams, it typically results in financial issues. Whether it’s via telephone, mail, or email, these shysters are lurking everywhere. Oftentimes the best thing to do is to ignore the request. No company will ever ask for your social security number via telephone. The best thing to do is to ask questions and to find out what they need it for. Also, make sure to have a security freeze in place in case your identity is stolen.
3. Remember to Plan Ahead
The amount you have saved up for retirement is not infinite, so remember to continue to save and manage your money. Not only should you have a retirement plan to stick to, you should continue to have a monthly budget that details income and expenses.
The ability to monitor your money month to month will be crucial upon retirement. Thinking ahead will also ease the burden of the present, allowing more time to lounge by the pool or to curl up by the fireplace with a good book. If you have not done any legal planning or estate planning, you may want to consider finding an eldercare or financial advisor to help you.
4. Deciding On Extra Care
It’s not the easiest thing to admit or discuss, but perhaps you or your loved one might need some extra assistance, and it’s good to explore all of your options. Maybe it’s getting someone to help clean the house a few times each month. Or, it could be a medical caretaker that will help with any everyday needs.
Perhaps you might even look into moving into a facility that specializes in care for the elderly. It’s nothing to be ashamed of, and many people even find a resurgence of youth upon moving into an elderly care facility. It’s still important to go over all of your options to make the best decision.
5. Spoil Smartly
We all want what’s best for our children, and it’s no shocker that many grandparents spoil their grandchildren. It’s fine to show your kids some love with a few gifts every now and then, but it’s important to still look out for your own financial stability. Not only will it help your own financial situation, but it teaches your children and grandchildren the importance of self-reliance as well. Everyone likes to make his or her children and grandchildren and happy, just do it reasonably.