Managing Money: Budgeting and managing cash flow
Unfortunately, it is no longer considered wise to rely on social security as a permanent income flow. With the amount of seniors retiring and withdrawing social security, the money is projected to run out in about 15 years. If you or someone you love is headed towards retirement with little to no savings, consider alternate forms of cash flow.
Working class Americans are used to receiving a check every other week. Cash flow is different depending on your retirement plan. Often checks are less frequent and smaller than before, but the cost of living is just as much. Talk to a financial advisor before retirement to help manage your cash flow.
Managing Money: Health Care
Medicare is the most popular and widely marketed health care option. It is a federally sponsored program and offers a variety of plans for those looking for a cheaper insurance option.
Medicaid is a healthcare program formed by a partnership between the federal government and the state. Medicaid is offered to a wider age demographic and is generally considered to have more options than Medicare.
If Medicare and Medicaid seem too limiting, there are also private insurance options, but these can be expensive. Consider also health-sharing ministries like Samaritan’s Ministries that welcome senior members or Medi-Share that works with certain Medicare programs.
Planning for the Future: Long-Term Care
As our seniors age, the financial burden of future long-term care must be considered. Fortunately, with millions of baby boomers retiring, long-term care options have never been more plentiful. For those retirees who need more than just the occasional doctors’ visit, there is anything from companionship services to nursing home care. Find out which one is right for you.
Adult Day Care can be a cheap option. However, for those who wish for a more personalized experience with more diverse options, In-Home Senior Care is a choice more and more people are making. If this is something you would like to consider, click here to get a free quote today.
For others, an assisted living facility or even nursing home care are all expenses that need to be considered. An assisted living facility will not provide the level of medical care that a nursing home can. However, a nursing home is almost double the cost. These are all factors that should be considered when taking on the financial responsibility of long-term care. (1)
Planning for the Future: Life Insurance
Whatever the reason, life insurance is a major expense to be factored into a newly retiree’s budget. But which company is the best choice? While the answer is as different as every senior, there are a few questions to ask before signing on the bottom line.
Handling Financial Challenges: The Emergency Fund
There are a few ways to start saving, even after retirement. The journey of a thousand miles begins with one step. This is true even with small savings. Set aside a small amount every month. After a while, it will begin to add up.
Another way to save a little extra for a rainy day is to start a side hustle. There are many things a capable senior is able to do. Check out this article for ideas on how your senior loved one can change their extra time into money.
Handling Financial Challenges: Tips for Avoiding Scams
Scams cost American seniors 2.9 billion dollars every year. (3) These kinds of scammers are con artists. They will manipulate your senior loved one into making a quick decision sometimes by making promises they never intend to keep or by using threats.
There are a few quick tips to keep in mind when dealing with a scammer. Scammers want you to give up your information right then and there. Never give credit card information, social security numbers, or bank account numbers over the phone. You don’t have to give information out immediately. Talk with someone you trust or look up the information they’ve given you online before you share any personal financial information.