What Are Some of the Top Financial Issues for Seniors?

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Main Financial Issues for Seniors in Toronto, ON

The elderly face many financial issues that can interfere with the ability to feel comfortable in their retirement. Although some adults retire with fair packages, they may find that their retirement funds can no longer keep pace with inflation. Other older adults might not have had enough time to prepare financially for retirement due to their position or a need to stop working early. Helping older adults overcome the following financial issues is the best way to take care of the senior members of your family.

Running Out of Money

When you have money coming in from a job on a regular basis, you have a sense of security that you can always make more if you need to cover unexpected bills. For a senior, this sense of security may be lost once he or she is living on a fixed income. Excessive worrying about finances could cause your aging loved one to experience serious anxiety that interferes with his or her mental health. He or she may also try to cut back on necessities in an attempt to allay these fears. Skipping medication dosages or meals leaves your loved one vulnerable to illness. Offer to sit down with your loved one to go over his or her finances and find solutions to the biggest concerns.

Helping your loved one manage his or her finances may be challenging if you have other important tasks to attend to. Family caregivers sometimes need a break from their caregiving responsibilities. When they need respite care, Toronto families can rely on professional caregivers to help their senior loved ones remain safe at home.

Losing Money to Fraud

Seniors are one of the most common demographics to be targeted by criminals. Your loved one may fall for a telephone scam that causes him or her to give out personal financial information. He or she may also be taken advantage of by unscrupulous lenders or people who make false claims about the products they sell. Be vigilant about checking into any new sudden large purchases your loved one makes, and discuss the most common scams so he or she is ready if someone tries to take advantage.

Facing Higher Healthcare Costs

Medical advances have made it possible for seniors to live longer, and this is a good thing. However, managing chronic health conditions gets expensive, and seniors may also have unexpected healthcare expenses if they get ill or injured. Help your loved one set up a plan to take care of his or her health so some of these costs are prevented. For instance, there’s no reason to stay to the hospital with a fall-related injury when your loved one could have someone help out at home.

Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there is professional senior home care seniors can trust and rely on.

Trying to Pay Back Debt

Your loved one may be trying to pay off old student loans or have credit card debt from the past. Paying high interest rates cuts into your loved one’s retirement fund. Consider having your loved one explore debt repayment options such as refinancing a loan for a lower interest rate. Your loved one should also avoid taking on new forms of debt. For example, it may be better to age in place with the help of a home caregiver rather than taking on a new mortgage and moving to a different type of living situation.

One of the most challenging tasks of helping an elderly relative age in place safely and comfortably is researching agencies that provide home care. Toronto families can turn to Home Care Assistance for reliable, high-quality in-home care for aging adults. We offer 24-hour live-in care for seniors who require extensive assistance, and we also offer respite care for family caregivers who need a break from their caregiving duties. Call one of our friendly and knowledgeable Care Managers today at (416) 488-8777.

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