Guidelines for Seniors Seeking Relief from Financial Worry

 

Guest Post from Dan Hall 

Financial stress can be especially burdensome for older adults who see fewer resources on their horizons. The burden of financial worry is compounded when age has brought with it health complications that limit one’s options and create added money worries. It’s important for seniors, as well as their caregivers, to be alert to the dangers of financial decline and be aware of resources to assuage anxiety over money when problems arise. 

About Aging Parents offers the following guidance when navigating these difficult situations. 

What are the most common financial problems seniors deal with? 

Some of the financial worries that plague older adults include the threat of financial scams, the effects of cognitive decline, healthcare costs, and simply the fear of running out of money. In an ideal world, all these worries would be addressed well in advance of one’s retirement years. But not everyone has the opportunity or resources to plan sufficiently, and life can drop surprises on us we haven’t planned for. Seniors who find themselves in the middle of financial troubles can still take control of their situation and find a way out, as well as develop good habits for coping with financial anxiety. 

 Consider working with a financial consultant

If you can find an affordable and reliable financial specialist, this can go a long way toward relieving both the real pressure of financial problems and the mental strain of trying to correct them. A financial consultant can assist you in creating your budget, investing wisely, making good insurance choices, and managing your debt. Read reviews carefully to be sure you are getting a reliable consultant in pricing that works for you. 

 Create a budget

Whether you are working with a consultant or going it alone, having a budget is crucial to good financial planning and ultimately digging yourself out of financial difficulties. Having a budget will allow you to assess where you might be overspending and how much debt you have to deal with, then plan better for future emergencies. Your budget will form the basis of your strategy for reducing or eliminating financial worry. 

Carefully manage service needs

It’s inevitable that your home will require maintenance and upkeep, and you may not be in a position to tackle these tasks yourself. While hiring out services will be necessary, it pays to be careful and diligent about whom you hire. For example, when the time comes to have your gutters cleaned, look for local contractors with the exact skills you need by using search terms like “rain gutter cleaning near me” or “residential gutter cleaning.” Sites like Angi make it easy to turn up contractors, and some providers even offer seasonal discounts or specials. 

See which expenses you can cut

Once you have a comprehensive budget, you can see where you might be spending money needlessly. Check to see whether you have any automatic withdrawals to stuff you don’t really use or need, such as streaming services or magazine subscriptions. See which of your expenses can be reduced by switching providers or service plans. Internet, television, and data use may all be available to you more affordably. You may need to cut down on some larger expenses, as well. This might involve choosing a different insurance provider or even relocating to a smaller home or more affordable neighborhood. Another option is refinancing to lower your monthly mortgage payment. This option is best suited for seniors planning to reside in their home for a while. 

Work to eliminate debt

If you are paying off a lot of debt, see where some of this can be eliminated. A financial consultant can help you determine whether some of these debts can be paid off in full, or whether debt consolidation is right for you. Be very cautious when it comes to debt management, however, as there are scammers out there who will try to take advantage of you with fraudulent programs. 

Seek financial aid

If you’ve consulted a specialist, made a budget, reduced expenses, and consolidated debt but still find yourself in financial distress, don’t panic — there are programs out there to assist you. These include programs to assist with housing, food, medical expenses, and utilities. Even if you are not technically below the poverty line, if you are struggling to make ends meet, look for information on financial assistance for seniors. 

Seniors ought to be able to enjoy their retirement years without these anxieties, but unfortunately, it doesn’t always work out that way. Luckily, many resources exist to assist seniors so they enjoy the peace of mind and security they deserve.

Image via Pixabay

Thank Dan!

 

Caregiver Education and Tips for Time Management

Sorry I have been missing for a bit. I've been quite busy on a few projects. Hope to share one with you soon. 

COVID Challenges Continue

COVID has presented so many challenges to all of us the past year and a half, especially with family responsibilities. It's not letting up like we hoped. I hope you have all been able to muddle through it and stay safe and well. The Delta variant is quite virulent and presents huge risks to the unvaccinated and to those who are immunocompromised. It's very important to be careful and not take any unnecessary risks. Your aging loved ones are always quite vulnerable; even those who have been fully vaccinated. So please take precautions. 

SELF CARE

I also want to remind you to be sure to do something just for YOU to provide some replenishing self-care. It doesn't have to be anything elaborate. Find a great book and a beautiful spot to sit and read for an hour. 

Course for Caregivers

I would like to take this opportunity to remind you of my course for caregivers of aging loved ones on Teachable.com. It's $12 and about 2 hours of listening and caregiver education and valuable time- management tips. 

You can multi-task and listen while you accomplish something else. There are Power Point slides, but if you need to, just put on your headphones, or air pods in, and just listen. You can also purchase my book, The Everything Guide to Caring for Aging Parents on Amazon.com. It's available in a limited supply of paperback or download on Kindle.

 

  

 

Work Less, Enjoy More: Retirement With a Side of Work

Often, people think about work and retirement as two opposite sides of a coin. It does not need to be one or the other. Sometimes, people wish to continue earning money in retirement. This can be a helpful way to assist with your growing needs at this stage. About Aging Parents has plenty of great advice and tips to help people better navigate the golden years. 

There are many different types of work that you can pursue in retirement, from consulting to entrepreneurship. The best type of position for you depends on how much time, energy, and resources you want to devote to it. 

Determine Your Interests and Availability  

There are many factors to consider as you think about taking on a job during retirement. One of the first things to consider is how many hours you wish to devote to working. Do you want a full- or part-time job? The type of job you want is another point of consideration, as well as where you want to work — some seniors appreciate the social aspects of working, so a public setting is best, but those who prefer to work independently may wish to take on a work-from-home or freelance position. 

 If you have expertise in a certain subject, it may be lucrative to take on a position as a consultant or advisor. You could also set up a home-based business in which you can use these skills to earn money. An example could be a retired teacher offering consultation for curriculum planning. 

Hobbies can also make a great sideline business — maybe your passion for baking can become an income-earner for your retirement years. There are endless ways to earn money during retirement, so be sure to choose something that you enjoy. If you are setting up a business, it may be wise to think about its structure and create a plan that works with your lifestyle. 

Structure and Formation 

The way you arrange your work schedule, the type of work you choose to do, and how you function in this new role are important factors, whether you work for someone else or opt to start your own business. Working during retirement looks quite different than it did when you were working in a full-time career, and it is important to maintain boundaries to prevent you from taking on too much. 

New business owners may find it practical to consider filing as a Limited Liability Company or LLC. With this type of formation, you can keep your personal assets safe, as well as enjoy a great deal of flexibility. There are different regulations for business owners, depending on what state you live in, but you can work with a formation company like Zenbusiness to take care of the process for you. It may be tempting, as a new business owner, to devote excess time and energy to tasks like this but be sure to set limits to prevent burnout. 

Make Your Work Sustainable 

Whether you opt to work for someone else or start your own business, keep in mind that sustainability is crucial. Seniors who are working need to make sure they are taking time for themselves. Participate in self-care daily. Remember, you cannot give water from an empty well — your physical and emotional resources need to be replenished. 

Retirement can be scary, especially when you have financial concerns to think about. Working in your golden years is more than possible and can even be a viable part of your master plan in your senior years. But rather than stretch yourself too thin, consider how to develop a business or work schedule that takes your entire life and needs into account.

Image link: https://pixabay.com/photos/elders-retired-people-old-elderly-401296/ Image credit: Pixabay.com

This is a guest post from Annabelle Harris.

Annabelle Harris is a 67-year-old writer, wife, mother, and grandmother. She started blogging nearly a decade ago when she was still facing the prospect of retirement and old age. She was terrified and needed an outlet for her thoughts, fears, and uncertainties. It was through her first blog that she found the support of a community that truly helped her through the process of aging.

Thank you Annabelle