When older adults enter retirement, having to live on a fixed income can feel like a challenge, even an impossible mission at times. Especially if they are dealing with large medical bills due to health problems, working out a feasible way of managing expenses can be a stressful task. After all, many challenges that older adults face like disabilities, health problems, and living support are all costly and necessary, making it even harder to find an avenue to cut costs.Luckily, there are actually many methods that you can adopt to help decrease expenses and stretch your spending money. We have compiled a list of tips and strategies that can help you and your loved ones make ends meet.Cutting Down on Unnecessary SpendingThis might sound like pointless advice; however, we actually spend a lot on frivolous things. It is good practice to take a look back on the things around your house, declutter, and reflect on what is truly necessary for your life.For example, there are ways to cut down your essential bills like choosing more energy-efficient appliances, turning off lights, heating, or fans in rooms that you arent currently using. No matter what, there are going to be some bills and purchases that you have to pay for at the very least, make sure that you are utilizing these purchases to their full extent.Choose to Pay With CashBefore we start on why this is a good way to save money, it is important to take note that having large amounts of cash in your house or on your body at any time is not safe.We would still recommend paying with cash instead of a debit or credit card as it is essentially, harder to spend. When you pay for your shopping with a card, you do not have the same sensation of handing over money as with cash payments. Moreover, paying with a card can lead to easily overspending on online shopping.Living Without a CarFor families with multiple cars, selling one car is an efficient way to save money. If you live in a walkable neighborhood, it is also possible to completely do without one as well. Maintaining a car and ensuring that it has fuel can become very costly. However, it is important to ensure that you and your loved ones still have transportation options when it comes to getting to the places you need and want to go.Our team at Aston Gardens At Pelican Marsh understands that financial planning for older adults can be extremely challenging. However, assisted living can sometimes be the best option to get the help you need with everyday activities. This is why we introduced our senior living rent protection services to minimize the economic uncertainty that you and your loved ones might face. This program ensures that your rent will not change for the first 36 months that you join our community. This means that your rent and access to our amenities will not be affected even if there is any inflation or rise in the cost of living in the area.More importantly, we do not require any long-term commitments, buy-ins, or large upfront fees to join us. For more information on our programs, senior living options, or amenities, contact us today and our senior living coordinators will get back to your shortly.
Retirement is something everyone dreams of. However, as you near the age of retirement there are a few things you should do to prepare. Here are some ways to ensure you have the best retirement possible! SET GOALSCreating goals can help you get a better vision of your future during retirement. Try to set at least 3-5 realistic goals. What kind of lifestyle you want and who you want to be around? Do you want to spend more time with family and friends? Get involved in the community? Take some time to travel? Then get more specific. For instance, if you want to travel, think about where you want to go and how long you want to stay there. Do you want to travel internationally? Go somewhere warm?EVALUATE YOUR FINANCESAn essential part of having a successful retirement is having enough money saved up for when you arent working. At the start of your career, you probably enrolled in your companys 401(k) program or opened a similar account to prepare for retirement. While these will probably have you covered, its smart to evaluate your current financial situation to ensure you have enough money saved.Once you know what your income will be during retirement, create a budget to live off of. If you have debt, make a plan to pay it off before you retire. Remember, itll be much harder to tackle debt payments without your normal income from work; its best to be proactive!FOCUS ON YOUR HEALTHBeing healthy will make retirement much more enjoyable and will allow you the freedom to do whatever you want! Be proactive and schedule preventative checkups with your doctor so you can make a plan to improve your health or get treatment for any serious conditions. You should also continue to stay active and exercise regularly to maintain your muscle and bone strength. Eat a healthy diet, get enough sleep, and focus on your mental health so youre ready for this lifestyle change!CONSIDER YOUR OPTIONSThink about your retirement goals and where you envision yourself later in life. Moving into an independent living community might be the right choice for you! In these communities, you can meet new people, participate in social events, and have access to luxurious amenities (like room service, fitness centers, gourmet chefs, and more!). Editors Note: This article has been submitted South Hills Square Retirement Resort. Contact them today to discover the benefits of all-inclusive retirement living at 412-253-6100.
With more than 5 million Americans living with Alzheimers, planning for the possibility of long-term care, and considering who will make decisions if you cant, is not just smart, its necessary. PROTECTING YOURSELFWhile you may think creating legal documents that grant authority for someone to act on your behalf, financially or even medically, will be enough to protect your wishes, usually more is required.When it comes to handling Social Security payments for a disabled senior, establishing powers of attorney, medical directives or guardianship arrangements are not enough. The Social Security Administration (SSA) requires a special designation known as representative payee.A representative payee is someone who acts on behalf of another person who is incapable of representing themselves and is responsible for directing payouts exclusively to meet a beneficiarys needs. The SSA may determine that an individual is incapable of managing or directing someone else to manage his or her benefits and would then appoint a representative payee.Generally, a family member or friend serves as representative payee. If friends or family are not able to serve as payees, the SSA will look for qualified organizations to be representative payees.A critical thing to keep in mind about the responsibilities of acting as a representative payee is that the permissions that accompany the role do not extend to other facets of your affairs. Making medical decisions or signing legal documents on your behalf will still require that someone be granted powers of attorney or guardianship.PROTECTING A LOVED ONEIf you assume the role of representative payee, this will likely require a trip to a Social Security office and a completed SSA-11 form explaining why the beneficiary needs assistance and why they have selected you for the job.Recall, too, that this designation will be in addition to any other legal or medical role you might be playing for your loved one. Its one piece of the larger whole that, with forethought and planning, can help ensure your loved ones or your own future is secure.Editors Note: This article was submitted by Erin Weber. Erin is a Financial Advisor with the Weber Group of Raymond James. She may be reached at 878.208.1285 orErin.Weber@RaymondJames.com. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC