Smart Financial Tips to Make Retirement Savings Last

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Even though your senior loved one may have planned for retirement, there’s always the chance he or she could end up spending all the money or outlive the nest egg. Here are a few tips that can help your loved one stretch his or her money during the retirement years.

Stay Healthy 

Healthcare is one of the top expenses for seniors because of age-related illnesses and injuries. These costs may include medications, hospital stays, around-the-clock nursing care, and other medical costs. However, by maintaining good mental and physical health, your loved one can keep his or her healthcare costs down. 

Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional in-home care. Align Home Care Services is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.

Move in with Family

Your loved one can save money if he or she moves in with a family member. Instead of paying for utilities, groceries, a mortgage, and other household bills, your loved one can split the cost with other family members and stretch the money during retirement years. Moving in with family also has other benefits, such as preventing depression, isolation, and serious injuries. 

If your loved one prefers to remain living at home, he or she can do so with the help of a professional caregiver. 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 elderly home care Portland seniors can trust and rely on.

Use Senior Discounts

There are many deals seniors can take advantage of after retirement, including lower insurance premiums and discounts at restaurants and retail stores. Your loved one can also receive discounts on entertainment, such as movies, live shows at the local library, or a variety of courses and workshops. Help your loved one find deals in the community by searching online or asking businesses if they offer discounts to senior patrons.

Take Advantage of Tax Cuts 

Your loved one can stretch his or her money by taking advantage of tax deductions specifically designed for seniors and retirees. For example, people over 65 receive a higher standard deduction than other taxpayers. Your loved one may also be able to claim medical expenses at tax time, including the cost of prescription drugs. If your loved one sells his or her home and moves in with a family member or friend, the money earned from the sale may not be taxable, which can be a huge financial benefit.

Many older adults face challenges such as a decrease in physical and mental health, making it difficult to do things independently. Living independently is important for seniors who want to maintain a high quality of life. For some, this simply means receiving help with tasks that have become more challenging to manage over time. Even when families have the best intentions, they may not have the time to provide the care their elderly loved ones need and deserve. If your loved one needs help for a few hours a day or a few days a week, reach out to Align Home Care Services, a trusted provider of respite care Portland seniors can depend on. Trust your loved one’s care to the professionals at Align Home Care Services. To create a customized home care plan for your loved one, call us today.

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