Just like everyone else, many seniors fall into making financial mistakes. The difference is that younger people are often able to put in longer hours at work to make up for their mistake while seniors are often living on a fixed income. Indianapolis elderly care professionals recommend talking to your senior loved ones in order to avoid these common financial mistakes.
Buying Something Because It Is Interest-Free
Retailers often capture a buyer’s attention by making purchases interest-free for a while. One of the problems with this plan is that seniors can be lulled into buying something that they do not need or buying a better model. The second problem is that seniors do not create a plan to pay off the purchase during the interest-free period, then they get hit by very high interest rate charges.
Not Maintaining a Household Budget
Many seniors do not create or maintain a household budget after retirement. This can be a big problem especially for seniors who get all their money one time during the month. Live-in caregivers in Indianapolis should start by writing down all bills that must be paid during the month. Have your loved one pay those bills first, then set aside some money for fun each month.
Not Considering Inflation
Many retirees make the choice to retiree before they think about how the cost of items will rise over time. Recently, inflation has raised at the rate of 2.5 percent per year, but there is no guarantee that it could not raise drastically. Make sure your loved one considers this fact before deciding when to retire. Putting off drawing Social Security each month by continuing to work can pay off huge dividends.
Not Recognizing Scams
Medicare fraud is a huge problem for seniors who believe a representative was sent to their home to collect private information. Buying prescriptions online can also lead the senior to spend money for drugs that are not real. Seniors spend thousands each year on anti-aging products that do not work.
If you are a family caregiver, then it may be time for you to help your senior manage their finances. Turn to Home Care Assistance for help managing your loved one’s finances and overall wellbeing. We provide specialized Alzheimer’s, dementia and stroke care Indianapolis seniors need to boost confidence and overall wellbeing. Call [hca_phone] today to learn more about our comprehensive services and meet with a trusted Care Manager.