Going from one or two flexible salaries to a fixed income can be a difficult transition for many seniors. Without the proper planning, they could find themselves facing serious financial concerns just a few years after retirement. Luckily, there are many ways to stretch income and minimize expenses during the retirement years.
Start Downsizing Immediately
Many seniors don’t realize just how much they can downsize once their family members move out and they no longer have a job to worry about. Your loved one might be able to trade in a newer car for an eco-friendly sedan with much lower payments. If your loved one is still living in a large home designed for a family, he or she should consider moving to a smaller condo or apartment.
Seniors may need assistance with packing, relocating to a new home, or managing other tasks. The home care services Tucson, Arizona, seniors need can vary. Some need assistance a few hours a day, while others require more extensive around-the-clock assistance. At Home Care Assistance, we tailor our care plans based on each senior’s individual care needs, and the plans can be adjusted at any time.
Delay Social Security Benefits
Another great way to boost income is to delay social security benefits. Some people begin receiving their benefits as soon as they retire, but this reduces the amount they get every month. Delaying benefits for just a few years could boost your loved one’s annual income by thousands of dollars. Even if your loved one has already started receiving social security checks, he or she might be able to voluntarily delay the payments.
Explore New Forms of Entertainment
When your loved one no longer has a salary to rely on, expensive getaways and lavish dinners can become burdensome. Most cities have at least a handful of senior centers that offer free or affordable classes and events. Retirees who are comfortable using the internet can connect with other older adults who enjoy inexpensive activities such as dancing, hiking, and getting together to play games. With a little bit of ingenuity, your loved one might be able to slash his or her entertainment budget in half.
When searching for new forms of entertainment and budget-friendly activities for your senior loved one, make sure to consider socialization. Talking to friends and family members costs little to nothing at all, and it can boost your loved one’s mental and emotional wellbeing. For families living in Tucson, AZ, respite care can be a wonderful solution when their aging loved ones need companionship and socialization a few hours a week or just need minor assistance with daily household tasks. At Home Care Assistance, we thrive on helping seniors maintain their independence while living in the comfort of home.
At least once every few years, seniors should take a look at all of their debts and see if they can renegotiate their rates or consolidate. Debtors don’t want to lose their clients, and they may help out if they feel like a client is going to default on the loan. In addition to calling credit card companies, your loved one might also be able to reduce monthly rates on his or her vehicle, mortgage, and medical loans.
Find a Part-Time Job
A part-time job can keep your loved one stimulated and put a little extra money in his or her pocket every month. Many companies are happy to hire retirees for a wide variety of positions, and your loved one will most likely be able to find at least one or two part-time jobs nearby. If your loved one isn’t interested in working for someone else, he or she can turn a hobby or pastime into a job. Options such as selling artwork at local markets or custom furniture online can help seniors pad their budget without the stress of managing a full-time job.
Seniors who maintain healthy habits may be capable of working after retirement, making some extra money, and minimizing their healthcare-related expenses. If your loved one needs help maintaining healthy habits and accomplishing daily tasks, a Tucson caregiver from Home Care Assistance can help. Our caregivers are expertly trained to provide mental and social stimulation, assist with exercise, prepare nutritious meals, and much more. To create a customized in-home care plan for your senior loved one, give us a call at (520) 276-6555 today.