How Today's Economy Impacts Seniors

Author

HARMONY AT DIAMOND RIDGE

For more information about the author, click to view their website: Harmony at Diamond Ridge

Posted on

Jul 30, 2024

Book/Edition

Pennsylvania - Greater Pittsburgh Area

If you’ve felt the sting of economic changes recently, it’s safe to say you’re not alone. Whether your budget has been hit at the gas pump, in the grocery store, or on rent and utilities, we are all feeling the pressure to spend wisely and be risk averse with our investments. In contrast to younger generations who will likely bounce back from such economic fluctuations, our seniors are experiencing more urgency to protect their existing finances. The continuing impact of the economy on seniors in 2023 will depend on various factors, including the evolving state of the economy, government policies, and individual circumstances. 

Here are a few risks to be aware of and ways to protect your aging loved ones: 

Retirement savings: Many seniors rely on retirement savings, such as 401(k) plans and individual retirement accounts (IRAs), to support themselves in retirement. If the economy experiences a downturn, these savings could be negatively impacted, potentially leading to reduced retirement income for seniors. Finding a trusted financial advisor who can help protect investments and assets from risk is an excellent way to stay protected from significant retirement losses. 

 

Social Security benefits: Social Security is a vital source of income for many seniors. The Social Security Administration adjusts benefits annually based on changes in the cost of living, which is tied to the economy. If the economy experiences inflation or deflation, Social Security benefits could be impacted. Financial resources for seniors, such as Elderlife Financial Services, is a great way for seniors to stay educated on the best way to utilize assets such as Social Security benefits. 

 

Healthcare costs: Healthcare costs are a significant concern for many seniors, and the state of the economy can impact these costs. Rising healthcare costs could make it more difficult for seniors to afford medical care and prescription drugs. Many seniors seek guidance from prominent resources such as AARP, a nonprofit organization for seniors 50+, to learn more about how their medications will be impacted by economic changes and the best solutions to cut down on medical costs. 

Housing: Many seniors own their homes, and the value of those homes can be impacted by the state of the economy. A downturn in the housing market could make it more difficult for seniors to sell their homes if they need to downsize or move into a retirement community. Senior living communities, such as Harmony Senior Services, often partner with local realtors to offer seniors much needed insight on housing options. 

Overall, the economy can have a significant impact on seniors, and it's important for families to research solutions proactively through local resources such as senior living homes, retirement communities, financial planners, and realtors so all of the necessary information is ready when changes come. 

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Harmony at Diamond Ridge

Independent Living 3301 Market Place Boulevard, Coraopolis, Pennsylvania, 15108

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Scroll down our long list of advantages and get in touch for a tour.Independent LivingAir Conditioning Move In Assistance Wi-Fi Available Custom Lighting Private Balcony Laundry Service High Ceilings Smoke-Free Private Patio Garbage DisposalTrash ServiceIn-Home Washer and Dryer Weekly Housekeeping Dishwasher Microwave Ceiling FansRefrigerator Full KitchenStainless-Steel AppliancesEnergy Efficient AppliancesKitchenette You have earned every moment of your free time, and at Harmony at Diamond Ridge, we want to make sure you can spend it exactly as you wish. Our monthly calendar of events and activities offers so much more than a way to pass the time. Residents and our Life Enrichment Director work together to create diverse, engaging, and stimulating opportunities for physical wellbeing, intellectual vigor, and pure, simple fun. 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Harmony at Diamond Ridge

Memory Care 3301 Market Place Boulevard, Coraopolis, Pennsylvania, 15108

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Harmony at Diamond Ridge

Assisted Living 3301 Market Place Boulevard, Coraopolis, Pennsylvania, 15108

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We cater to the whole person, meeting such needs as assistance with medications, scheduling health care appointments, or offering a friendly escort to meals and activities.Spacious, Comfortable ApartmentsThe Personal Care apartments and companion suites at Harmony at Diamond Ridge are sized to fit your unique lifestyle, ranging from cozy, sunlit studios to airy two bedroom apartments. The living is easy and comfortable with large bathrooms, generous storage, and available kitchenettes. Best of all, we take care of the housekeeping and laundry, so you can spend your time doing the things you really love, surrounded by the people who most make you happy. One monthly fee covers rent for your living space, delicious restaurant-style dining, an exciting calendar of events, and the support needed to enjoy it all. 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Peruse our sample menu, and join us for brunch or a special event at Harmony at Diamond Ridge.Services & Amenities at Harmony at Diamond RidgeBeautifully designed accommodations set the bar high for distinctive senior living at Harmony at Diamond Ridge but its our services and amenities that really set us apart. The advantages begin with our stunning location, close to the natural beauty of the Pittsburgh Botanic Garden, the superior health care services of the PAM medical system, and go-to shopping destinations like ALDI, Target Grocery, and The Mall at Robinson. Our community offers amenities reminiscent of a fine resort, with an onsite fitness center, restaurant-style dining, organized activities, and a friendly team available around the clock to answer your call. Scroll down our long list of advantages and get in touch for a tour.Personal CareBeautiful, Spacious ApartmentsMultiple Floor Plan OptionsAssistance with Activities of Daily LivingDelicious & Nutritious Meals Prepared by an Executive ChefRestaurant-Style DiningHousekeeping & Laundry ServicesTransportation to Shopping & Medical Appointments You have earned every moment of your free time, and at Harmony at Diamond Ridge, we want to make sure you can spend it exactly as you wish. Our monthly calendar of events and activities offers so much more than a way to pass the time. Residents and our Life Enrichment Director work together to create diverse, engaging, and stimulating opportunities for physical wellbeing, intellectual vigor, and pure, simple fun. Take part in seminars offering the latest and most relevant wisdom regarding senior health, join discussions of current events, enjoy cooking demonstrations, arts exploration, and so much more. You or your loved one will also enjoy a variety of off-campus activities. Dip into the local arts scene, sample the latest hot spot for lunch, or visit the Clever Park for a stroll. There is a lot to love about life and Harmony at Diamond Ridge is the ideal home base.Contact us today to learn more or to schedule a personal tour!