Health insurance and health care spending are popular topics of conversation among Americans. Most households are eager to maintain the quality of the coverage they enjoy well into their retirement years. But preparing for extended care requires consideration and thoughtful preparation.
For those whom retirement is a long way off, it can represent a never-ending vacation, a time free of work and full of play. For others who are closer to retiring, their next chapter may represent an exciting season filled with new and meaningful contributions. Whatever your retirement plans may be, shrinking your domestic footprint may be an important aspect to consider, and you may be surprised why it matters. In this article, we’ll explore some reasons to downsize, and some smart strategies to consider that can help make sure your retired life is everything you’re hoping for.
There comes a point, after living a robust and independent life, that a little help may be in order. You or a loved one may need some assistance with doing the everyday things that were once second nature and you may be considering a transition to a comfortable and affordable facility to suit your needs and desires.
Some people choose to start planning this phase of life early, for a few reasons:
They are hard pressed on both sides. They manage the needs and challenges of several households. They firmly occupy the middle ground between two generations.
They are members of the sandwich generation. Typically middle-aged, they often help support parents 65 or older and children under the age of 18.
The best course in dealing with elder financial abuse is to prevent it. There are a variety of ways you might assist elderly people in addressing their financial lives to reduce the chance of their being financially exploited.
Elders who are able can protect themselves. Share these tips with elders in your life so they might become active participants in watching out for themselves.
As they get older, Americans face complicated decisions about long-term care, estate strategies, and their finances, while potentially struggling with diminished capacity to manage their affairs. At some point, your parents and other loved ones may need your help handling their finances. One study found that between five and ten percent of Americans over 65 need help with financial matters and another reported that 68 percent of elders suffer cognitive impairment or experience difficulty with daily tasks.