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4 Common Financial Planning Mistakes the Elderly Make

The retirement years are often viewed as a carefree time when seniors finally have the chance to enjoy their favorite pursuits. However, this is also a time when a senior’s financial mistakes can generate serious challenges. As your aging loved one plans for retirement, make sure he or she avoids these 4 common financial planning mistakes.

1. Failing to Reduce Living Expenses

Living on a fixed budget can take some getting used to, and many seniors completely forget to adjust their lifestyles to fit their new incomes. Though the occasional dinner out or vacation to visit the grandkids can likely be worked into the budget, it may be necessary for your loved one to cut unnecessary expenses like magazine subscriptions.

2. Overlooking Long-Term Care Needs

No one wants to think about a time when he or she may become ill or injured, but many seniors eventually need some type of long-term care. Talking about where your loved one prefers to live and the types of assistance he or she is comfortable with can reduce the burden on you and your family. Early discussions can also help your loved one find cost-effective options for Redondo Beach elderly care.

3. Relying Too Much on Social Security

Social Security is designed to provide financial assistance for people in their golden years. However, many seniors either claim their benefits too early or believe they will cover all of their expenses. With the cost of living becoming more expensive, your loved one should plan to use his or her social security benefits as a supplement to other types of income.

4. Not Staying Active

At first glance, exercising seems to have little to do with finances. However, medical care is expensive, and one serious hospitalization can wipe out a good chunk of your loved one’s retirement savings. For this reason, staying healthy can help your loved one avoid the need to pay for prescriptions, medical appointments, and lengthy hospital stays, and his or her finances can be applied to getting the most out of life as a result. If your loved one needs help maintaining a regular exercise routine, consider hiring a Redondo Beach, CA, home caregiver.

For additional tips on managing finances in the senior years, reach out to Home Care Assistance. We offer flexible respite and live-in care Redondo Beach seniors and their families can count on, and we also provide comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s. To learn more and to schedule a free in-home consultation with a knowledgeable Care Manager, call (310) 504-0506 today.