Even though your senior loved one may have planned for retirement, there is always the chance he or she could end up spending all the money or outlive the nest egg. Oakville elder home care professionals offer tips that can help your loved one stretch his or her money during the retirement years.
Healthcare is one of the top expenses for seniors because of age-related illnesses and injuries. These costs may include medications, hospital stays, around-the-clock nursing care, and other medical costs. However, by maintaining good mental and physical health, your loved one can keep his or her healthcare costs down.
Move in with Family
Your loved one can save money if he or she moves in with a family member. Instead of paying for utilities, groceries, a mortgage, and other household bills, he or she can split the cost with other family members and stretch the money during retirement years. Moving in with family also has other benefits, such as preventing depression, isolation, and serious injuries.
Use Senior Discounts
There are many deals seniors can take advantage of after retirement, including lower insurance premiums and discounts at restaurants and retail stores. Your loved one can also receive discounts on entertainment, such as movies, live shows at the local library, or a variety of courses and workshops. Help your loved one find deals in the community by searching online or asking the business if it offers a discount to senior patrons.
Take Advantage of Tax Cuts
Your elderly loved one can stretch his or her money by taking advantage of tax deductions specifically designed for seniors and retirees. For example, people over 65 receive a higher standard deduction than other taxpayers. Your loved one may also be able to claim medical expenses at tax time, including the cost of prescription drugs. If your loved one sells his or her home and moves in with a family member or friend, the money earned from the sale may not be taxable, which can be a huge financial benefit for him or her.
To maintain a comfortable lifestyle during the retirement years, seniors should have a plan. If you are looking for more advice on how your loved one can make every dollar stretch, reach out to Home Care Assistance, a leading provider of respite and live-in care. Oakville, ON, families can call (905) 337-1200 to speak to a Care Manager, learn about the services we offer, and schedule a complimentary consultation.