Monday, March 20, 2017, AM | 1 Comment
In 2014, there were 46.2 million individuals who were aged 65 years or older in the United States. This senior population comprised 14.5% of the U.S. total population. This number is expected to more than double by the year 2060.
As the average life expectancy continues to rise and more seniors are retiring, younger individuals are having to consider a way to care for their aging relatives.
Here are some tips to help you factor senior care into your budget.
Assess the Situation
It is important to realize that not all cases regarding the care of senior citizens will be the same.
Some individuals will be able to live on their own well into old age while others will need daily assistance.
Furthermore, the health complications experienced will also vary person to person. These differences have a lot to do with health, genetics and many other factors.
Before you can begin budgeting, it is critical to understand your personal situation.
Age, medical history, strength and mental capacity are all factors that should be considered. Speaking with the doctors of older relatives can also give some helpful insight into what future you can be expecting further down the road.
Look for Monetary Assistance
Don’t always assume that the money financing the care of your senior relatives needs to come directly from your pocket.
There are several other resources to consider for additional support. Primarily, talk with your senior relatives to see what kind of personal savings they have maintained.
It is also important to ensure they are getting the full benefits they are entitled to from Medicare, Medicaid, Social Security and any retirement benefits from previous employments.
There are also caregiver tax breaks that you may be eligible for.
Create a Plan and Budget Accordingly
Once you have a general idea of how the future may look, you can begin creating a plan for your older relatives. This requires you to decide between caring for them at home and placing them in an assisted living home.
It is also important to determine what kind of medical care will be required. Once a rough plan has been outlined, you can begin budgeting accordingly.
An effective way to save money is to put a small portion of your salary aside into a separate savings account.
When the time comes to take care of your senior relatives, this money can then be put to use.
The senior years can be a sensitive time for both the seniors themselves as well as family members. As each situation is unique, every family will experience different challenges and obstacles.
These three tips are only a few ways to help with budgeting for senior care. You might also call an assisted living center, like Cedar Village, in your area for more information. It is important to consider your unique situation and adjust accordingly.Facebook.com/doable.finance