What Are the Most Common Financial Issues in the Senior Years?

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Seniors have worked hard over the years to earn enough money to retire comfortably. However, their plans don’t always work out. Some seniors face financial challenges after retirement due to not saving up enough money over the course of their working lives, while others find new challenges arise that eat up their savings. In either case, watching out for these common financial problems older adults face can help you address the issues before they negatively impact your senior loved one’s wellbeing.

Facing Rising Health Costs

Seniors today are living in a time when they can benefit from the latest advances in medical care. However, many healthcare services aren’t cheap. Your loved one can use resources to keep his or her medical costs lower, such as discount programs for health supplies. Seniors who take care of their health by exercising and eating right may also be able to avoid having to pay for health issues that are preventable.

Luckily, there are non-medical in-home care options that are affordable. If you’re the primary caregiver for a senior family member and are looking for professional senior care, Vancouver Home Care Assistance should be your top choice. Our dedicated and compassionate caregivers are committed to helping older adults manage their health and enjoy a higher quality of life in the golden years.

Feeling the Need to Move

Your loved one may be worrying about how he or she will afford to pay for a move to an assisted living facility once he or she can’t stay at home alone anymore. Fortunately, your loved one is living with an outdated notion that he or she must move to get help. Your loved one can age in place with the help of a professional caregiver. This option tends to be less expensive than having to move to a different residence, and your loved one will enjoy being able to grow older in a home where he or she is more comfortable.

Many seniors prefer aging in place over moving to an assisted living facility. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Home Care Assistance, a leading elderly care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.

Being Targeted by Scammers

Scammers abound online and in person. Seniors are often targets for scammers because they tend to be trusting, and a senior with dementia might not be able to tell when a scammer is lying. Talk to your loved one about the scams circulating at the moment. You may also need to keep an eye on your loved one’s finances if he or she has dementia or has fallen for a scam in the past.

Not Being Able to Pay for Utilities

Older adults may find that living on a budget makes it difficult to cover their utility bills. In some instances, your loved one may be eligible for financial assistance from community resources to cover certain utilities that are considered essential, such as electricity to keep a heater running during the winter. Your loved one might also benefit from using smart home technology to reduce energy use when he or she isn’t home.

Having Difficulty Managing Money

Changes in cognitive abilities can cause seniors to have difficulty handling their money. Watch for signs this is happening, such as your loved one’s utilities being shut off due to non-payment. If your loved one has enough money in the bank but forgets to pay bills, you may need to appoint someone to help with this essential task. 

Helping your loved one with finances and other tasks may become challenging if you have other important things to take care of in life. Family caregivers sometimes need a break from their caregiving responsibilities. When they need respite care, Vancouver, BC, families can rely on professional caregivers to help their senior loved ones remain safe at home. Reach out to Home Care Assistance today at (778) 279-3634 to find out how we can help.

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