According to several different surveys, the number one concern that seniors face as they age isn’t their health or their family–although these things certainly rank toward the top of the list. The number one concern that seniors face tends to be how they are going to afford to pay for their care.
And while this isn’t always the biggest concern out there, unfortunately money is often the biggest concern that seniors have. After someone retires, it becomes a lot more difficult to feel the financial security that someone who is younger and an active member of the workforce experiences.
Financial health as a senior citizen starts with financial health as a younger adult. Investing in your future is the best way to ensure this. Focusing not just on living below your means and avoiding using high interest debt instruments (like credit cards and high interest loans) is a start.
But this isn’t always realistic for everyone. We all have different life experiences, and some people struggle with debt and poverty their entire lives. Some people never have this issue. Some people can do all of the right things and struggle, while other people can make mistake after financial mistake and still thrive. However, having the right approach to your financial health can often prevent issues from occurring before they occur. Not always, but much like physical health, preventative measures early on can prevent problems later on in life.
Unexpected costs can also make things more complicated for seniors. Unfortunately, not everything can be planned for. But some things can be. Senior care falls into this category. The sooner you start planning out your needs–or those of an older loved one–the more you can ensure that those unexpected costs can be accounted for ahead of time. Planning ahead of time can be cumbersome, but it is possible, especially if you have a team of professionals on your side.
Planning ahead can help to ensure that debt doesn’t take over your senior years. It isn’t a surefire guarantee, but it can help. If you’re unsure of where to start, working with a financial expert who specializes in helping to plan for your senior years can help. The sooner you start, the fewer surprises there will be.
We’d love to be part of your team. Even if you’re not sure where you are on your senior care journey, we’re happy to talk with you. We offer free consultation sessions that are designed to help educate and get you pointed in the right direction.
There’s no one size fits all approach for senior care, and unfortunately, it’s impossible to plan for everything that could happen. But by starting early and having a plan in place, many of the pitfalls and surprise expenses of the early care process can be avoided.
If this is something that you would like to learn more about, please reach out. One of our trained professionals would be happy to talk more with you and get you started out in your search for the ideal senior care solution.
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