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Managing Your Finances as a Senior Citizen
By Jeremy Grant
The Home Instead Team Offers Useful Suggestions
Nothing beats retirement. You have more time to devote to hobbies, family, or other pursuits. The trade-off for all the extra time on your hands is the reduced funds coming into your account each month. If you were prudent in your younger years, the change might not be drastic, but for many, money worries may abound, causing stress in this season of life.
Combat money stress by making a financial plan that helps you understand your choices and where you stand. When you need retirement planning advice, you should seek the help of a professional. If you need assistance staying in the family home for as long as possible, seek the personalized home care services offered by Home Instead Hamilton. We work hard to support seniors and their families during their retirement years.
6 Tips to Take Control of Your Finances As You Age
Planning gives you an edge and prepares you for eventualities. Even if you have started late, now is still a good time to find out where you are positioned financially, and then work towards managing where you want to be. Consider these helpful tips:
- Get a Realistic Picture: Gather all the bills, bank statements, and other financial papers. Write down what goes out versus what comes in. You will quickly get an idea of where you stand, which will help you with your next moves.
- Hire a Professional: For complicated financial situations, it pays to hire someone who is certified, trained and experienced to assist you. Financial planners understand the nuances of investment vehicles and can help you know what is working and what is not.
- Consult Your Lawyer: Talk to your attorney about your will and enduring power of attorney. Update it regularly, and make sure your kids know where you store it.
- Check Out Government Programs: There are several government programs to help elderly Canadians. There are some stipulations, but if you are over 65, they are worth checking out.
- Plan for Possible Loss of Independence: A health crisis can quickly strip you of your independence. Consider now what you will do if that happens. Do you need a power of attorney? Can you stay in your home with the help of a caring, senior home caregiver?
- Make a Will: The inevitable will happen. One day you will pass from this life and leave your family to mourn and honour your life. Make it easier on them by having a will.
Trusted Senior Care and Companionship for You
Stay in the family home longer by taking charge of your finances and enlisting the services of a trusted senior caregiver. At Home Instead, we train our staff to give you or your elderly family member the assistance and dignity they deserve. Keep enjoying life at its fullest with our help.