Leslie Newlife

Managing Money in Retirement

Retirement is a long-awaited and exciting moment. This is an opportunity to exhale, relax and be alone with yourself, your loved ones, and all those activities for which there was not enough time. However, with retirement, we can’t forget about everyday chores like utility bills, grocery shopping, and more. This means that managing money in retirement is as much a necessity as ever. Or maybe more important, since your income inevitably decreases and you don’t want to worry every month about whether there will be enough money for the next one.

You can manage even a small amount of money and live comfortably at the same time if you follow important rules. We have prepared tips for you on how to manage money in retirement.

Six Tips for Managing Your Finances in Retirement:

Retirement money management does not automatically mean saving, and saving does not mean a poor standard of living or poverty. With the right money management, you can live comfortably and afford more than those with a higher income but do not know how to properly allocate the budget. We have prepared for you some tips on how to manage your finances and not worsen the quality of your life.

#1. Remove Negative Financial Attitudes

There are many stereotypes in our heads that retirement entails many restrictions and that it is necessary to deny yourself everything, but this is not so.

Retirement is not the end of a phase. It is the beginning of a new one. However, the phrase: “If not now, then when” is most relevant in this period. You can do everything that you’ve been putting off for years. No matter what you dreamed about: a huge TV or a trip to Thailand. Even if you do not have the necessary funds here and now, there are loans for seniors available to almost anyone.

Payday loans, personal loans, and other types of loans are available to you even after you retire. Under different conditions, for any period, you can take the amount of money you need and spend it on your needs, and then return it from the next pension or other payments.

#2. Determine Your Budget

To properly manage your finances, you need to determine your budget. It is worth starting with a monthly budget, but you can also define an annual budget. The monthly will include all regular payments like utilities, television, Internet and phone, fuel, and food. The annual can include expenses for travel, seasonal clothes, necessary small home repairs, and purchasing gifts for the holidays.

After calculating all your estimated expenses, you can determine how much money is left. After that, it would be nice to set aside some of the money in a personal insurance fund or simply in a nest egg. This is your fund to cover various contingencies. It is worth allocating 10-15% of monthly income if such an opportunity exists.

You can use the rest of the money as you wish or save for something more important if you are planning a trip or a large purchase.

#3. Review Your Assets

After retirement, you will no longer receive regular paychecks, but this does not mean you will be left without income. On the contrary, if you previously worked and retired in due time, income sources may even be numerous; among them:

401(k) and Similar Plans

Gains in a 401(k) account are tax-free in the case of traditional 401(k)s retirement plans and are tax-free in the case of Roths. When a traditional 401(k) retirement plan account holder withdraws funds, that money (which has never been taxed) will be taxed as ordinary income. Roth account holders (who have already paid income tax on the money they contributed to the plan) will not pay tax on withdrawals if they meet certain requirements.

Both traditional and Roth 401(k) owners must be at least 59.5 years of age—or meet other criteria set by the IRS, such as being completely and permanently disabled—when they begin withdrawing funds. Otherwise, they will typically face an additional 10% early allocation penalty on top of any other tax they owe.

Roth IRA Individual Retirement Account. How does an IRA work? Unlike a traditional IRA, deductions to a Roth IRA are post-tax only, but any money earned using this account is not subject to further taxation. Early withdrawal of funds from the retirement accounts is possible without penalties, but with the condition that 5 years have passed since the first deduction.

Pension 

Your former employer or union may pay you a defined-benefit pension.

In most plans, such payments begin after the retirement age of 65; however, there are cases when you can start receiving money earlier.

Social Security Benefits 

The Social Security Pension Act, which is still in effect today, was signed into law by President Franklin Roosevelt in 1935. According to this document, all persons whose age exceeds the officially established threshold are paid a cash allowance, the amount of which depends on the average level of wages.

Do not forget that the later you start receiving payments, the greater your social security benefits will be. If you have other sources of income and assets, then it makes sense to wait until the full retirement age of 70 before you start receiving social security money.

Investment and Savings Accounts 

You can also receive funds from your non-retirement accounts at any age. The amount of funds that you can receive from your individual retirement account depends on how much money and under what conditions you deposited there before. 

If you have many accounts, a certified financial planner can help you with managing retirement funds.

Job Income

Just because you’re retired doesn’t mean you can’t have a part-time job, for example. You can work as a babysitter, walk dogs, or freelance.

It does not always have to be very profitable, and it is enough that any work helps to maintain the daily routine and social contacts.

In addition, you can also create sources of passive or conditionally passive income. The more such sources you have, the more cash flow they will generate.

The most common asset options that could generate income are:

  • Stock;
  • Bonds;
  • Real estate;
  • Patents, copyrights, and intellectual property;
  • Websites and blogs.

#4. Invest in Good Financial Management Apps

The days of manually managing your expenses are gone. Today, you are a single click away from financial independence and stability. Emerging technologies have revitalized the personal and business landscape and apps like Expensify, PlanGuru, and Gusto are readily available to improve your personal and professional spending and tax management.

However, while you are at it make sure you invest in a good internet connection to protect your information from outside manipulation and threats. One great option here is Xfinity which comes with in-built advanced security features to protect your information at all times. For more information, you can contact the Xfinity customer service team to sign up for the plan of your choice today.

#5. Save Money

“Setting aside money is a compromise. You take a little away from your today to improve your tomorrow.” – Bodo Schäfer, German author, speaker and entrepreneur, financial coach.

As we wrote earlier, saving is not always about denying yourself pleasure. Savings are also possible within your habitual lifestyle if you reconsider old views. Pensioners have access to discounts that were previously unavailable to them, as well as various promotions and offers. Here is a small list of what you can save and how exactly:

Buying Food And Household Chemicals

Most consumers (especially retirees) are aware of promotions and discounts on groceries and essentials. The purchase of some goods at a promotional price allows you to save up to 50% of the cost of the check. It is important to remember about grace hours when pensioners are given an additional discount, do not forget to use store bonus cards, and always check the expiration dates of promotional products so as not to throw money away. 

Seasonal preparations will help with the grocery basket. Fresh vegetables and fruits, bought at a lower price during the season, diversify the table in winter if they are frozen, dried, and processed into preservation.

Payment for Utilities, Cable, Internet

A reduction in the amount of payment for housing and communal services in the form of compensation or subsidies is provided to pensioners and other categories of citizens, depending on the category of benefits. Therefore, when choosing a tariff for television and the Internet, you need to analyze which channels are really needed.

You can also save money on paying for mobile communications – often, users overpay for unnecessary services. To choose the best tariff, you need to analyze your needs and the tariffs offered by the operator.

Clothing And Footwear

At the end of the season, shops usually offer good discounts. For example, you can purchase winter shoes at a discount of up to 70% at the end of winter. Summer shoes are offered at a reduced cost from August-September. Also, discounts can be caught in online stores. Often, the price in a retail network differs from the price in an online store. Therefore, before purchasing the product you like, it makes sense to check the price on the online platform of the same trading network.

Health Care

The older you get, the more medical expenses will be. Therefore, it is in your interest not only to provide yourself with insurance but also to try to maintain a healthy lifestyle to stay in good shape for as long as possible and visit doctors less frequently.

Another important principle of saving the cost of medical services is visiting a doctor and specialized specialists in a timely and regular manner. For example, an emergency ultrasound for urgent diagnosis and treatment can be very expensive. Regular visits to the doctor will allow you to get important information in time. Failure to comply with the doctor’s recommendations or self-treatment is the risk of harming oneself.

Travels

You can save on group excursion offers (an excursion or a trip in a group often costs several times cheaper than an individual one). Many cultural and leisure organizations provide discounts for pensioners.

Federal and regional recreation programs offer subsidies for certain categories of pensioners (according to the profile of professional work experience and/or federal benefits).

You can find discounts on flights, trains, and buses for senior citizens. Entire cruises at a reduced price are also popular, where you can relax and spend time with peers with whom it will be comfortable and interesting.

Social service authorities also provide recreational and leisure activities for pensioners free of charge or at a reduced cost.

#6. Take Care of Yourself

It’s great if retirement income and retirement savings allow you not only a comfortable life but also help and support your family. However, in retirement planning, put yourself and your needs first.

You have certainly done much to support the family, provide for children, and everything else. Put yourself, your interests, and your needs first now.

Do not refuse to help parents, elderly or sick family members, but your younger family members have the opportunity to earn on their own.

Final Word

Retirement brings about changes in your financial life that can be intimidating. Retirement finances can be less than your last salary, while retirement expenses can be somewhat larger.

This can make managing money in retirement seem like a daunting task. Still, with the right approach, you can easily distribute all your income and enjoy a new page in life without worrying about finances.

Common Medical Malpractice Risks for Seniors

As a senior requiring health care, the last phrase you probably expect to hear attached to the medical attention you receive is “medical malpractice”. However, this is a risk that anyone who needs to see a doctor or other health practitioner has and is the result of providers that do not offer their patients the expected standard of care. If this has happened to you or to a loved one, the best way to go about ensuring you get the compensation you deserve is by working with an experienced medical malpractice lawyer.

What Are Some Common Types of Medical Malpractice Incidents?

Seniors are particularly at risk when they get medical treatment or when they are in a nursing home or other care facility. They may be misdiagnosed, prescribed incorrect drugs, or even left unmoved in a hospital bed for far longer than necessary. Other aspects of medical malpractice may include

  • Bedsores
  • Infections caused by catheters
  • Blood clots
  • Falls
  • Diseases contracted while in hospital
  • Failure to provide information regarding possible risks of the treatment that you will be receiving
  • Failure to provide information about a diagnosis
  • Incompetence when providing treatment

Seniors and Medical Complications

Although anyone can face risks when it comes to medical malpractice, an increase in health conditions means that the elderly tend to require more frequent medical visits and hospital stays than the younger population. They may also have a tougher time recovering from improper medical treatment and may suffer more when doctors make mistakes.

Some Medical Malpractice Statistics

Medical malpractice happens more frequently than you might imagine to the point that it has been estimated that on a global scale, over 43 million medical malpractice incidents happen every year. Additionally, in this country alone 9.5% of all yearly deaths are the result of medical malpractice, making this the third leading cause of death in the United States after cancer and heart disease. Sadly, many of the deaths that occur due to medical malpractice could have been prevented.

Get Legal Representation

The legal system is complicated enough without you having to file a claim while trying to recover your health. Senior citizens may feel even more out of their depth when it comes to legal issues. That is why it is essential to get legal representation for a malpractice case. A medical malpractice attorney will increase your chances of getting the compensation you deserve by conducting an investigation into the case and gathering evidence.

What Evidence Is Needed for a Medical Malpractice Claim?

It is not always easy to recognize medical malpractice or to provide evidence to back up your claim. In general, in order to file a successful medical malpractice lawsuit, you would need to prove these elements:

  • That your doctor had a duty of care toward you.
  • That this healthcare provider failed in fulfilling that duty of care.
  • That it was this provider’s negligence and malpractice which caused you to suffer physical or mental damage and that you deserve compensation to cover the expenses you have incurred now and in the future.

In cases where you suspect that a loved one has died because of the negligent actions of a healthcare provider, a lawyer will be your best option to prove this suspicion and build a strong case to defend it.

Details You Should Go Through Before Deciding on Senior Living

Senior living is some residential care for the elderly. The senior living arrangement is constructed and designed specifically and exclusively for older adults. Most families with older adults prefer putting them in these homes once they cannot take care of themselves by doing simple daily activities. However, some people are against the idea of senior living arrangements and prefer to take care of older adults in their homes rather than get them into a nursing home. Nonetheless, situations are different and depending on the intensity of the current condition, you can choose whether senior living is best for you and the older adult you are catering to. As much as senior living options are essential and seem simple, you should consider a few aspects before choosing a specific option.

The Different Types

Senior living comes with different types, making it easier to choose which one best suits the older adult you want to put in a home. Knowing the different types helps you determine what needs are met and at what intensity. The different senior living options cater to different categories of older adults, so it would be best to identify what category the older adult is in; then, you can figure out what plan is best for them. The senior living options include; age-restricted communities, independent living, assisted living, continuing care retirement communities, nursing homes, and skilled nursing facilities.

The Pricing

Senior living is not necessarily cheap and can cost a lot if you have yet to plan for it beforehand. You must note the health and general condition of the older adults in your family, then talk about it with other family members and whether you would like them to be placed under senior living after some time. Suppose the older adult you plan on placing under senior living can fit into any category mentioned. In that case, you can compare the cost of living for seniors in different categories and see which one best fits your budget.

The Location

The senior living home you choose should be at an ideal location. It should be at a point that you can visit whenever you have free tie to check on the older adult you have placed there. It would help if you also put plans into consideration. Is your family considering moving to a different state in a couple of months? Consider what would be best, enrolling the older adult in the new state or enrolling the older adult in a plan in the current state, then transferring them later onwards, or withholding senior living till everything is settled. The choice is all yours.

The Community You Choose

Is the community friendly and welcoming? Is it a safe space for everyone? It is essential that older adult sticks to a community they feel loved, appreciated, and well taken care of. The community’s choice makes senior living bearable and fun for older adults. It is also essential to analyze what amenities and services are offered in the senior living arrangement to ensure that all is up to your taste and preference.

Suppose you are torn between caring for an older adult or putting them under a senior living plan. In that case, you can compare the cost of living for seniors living with their families and those living at senior homes and see which suits your budget most.

How Is Physical Fitness Important to Reduce Dementia Risk?

Dementia is an umbrella term for symptoms associated with a progressive decline in cognitive functioning that affects a person’s ability to perform the activities that make up daily life. Mild memory loss to severe intellectual and physical disabilities are all possible.

People with Dementia have difficulty with communication, decision-making, and even mobility. Memory problems are the most common symptom of Dementia. Still, there are other signs, such as changes in personalities or behaviors, difficulties carrying out everyday tasks, and confusion in familiar surroundings.

Even though no cure exists, there are treatments and therapies which can help individuals maintain their independence and quality of life.

Why Does Dementia Occur?

Dementia may be brought on by several conditions, including Alzheimer’s disease, which may be the root cause in up to 70% of cases.

Injuries to the head from falls or accidents, stroke, traumatic brain injury, Parkinson’s disease, Huntington’s disease, and Creutzfeldt-Jakob disease (CJD) are some additional potential causes.

In some cases, Dementia may also be caused by lifestyle factors such as poor nutrition or alcohol abuse.

Dementia Types

Let’s look at some of the most common forms of Dementia.

Alzheimer’s Disease 

The most prevalent type of Dementia, accounting for up to 70% of cases, is Alzheimer’s disease. It is brought on by a buildup of amyloid plaques and tangles, which are proteins that result in the death of brain cells.

Symptoms include difficulty remembering recent events, confusion about time and place, changes in personality or behavior, trouble communicating, and problems completing everyday tasks.

Treatment focuses on symptom management and quality of life enhancement through physical activity, social interaction, stress reduction, and prescription drugs like cholinesterase inhibitors.

Vascular Dementia

Vascular Dementia is brought on by a reduction in blood flow to the brain due to stroke- or blood vessel-related damage in the brain.

It generally affects people over age 65 and can cause memory loss, confusion, difficulty thinking logically or planning, and difficulty walking or speaking typically.

Treatment focuses on controlling risk factors such as high blood pressure and cholesterol levels and managing symptoms with medications such as antidepressants or cholinesterase inhibitors.

For people with balance issues brought on by vascular Dementia, physical therapy may be advised.

Lewy Body Disease

Lewy body disease occurs when abnormal deposits called Lewy bodies to form in areas of the brain responsible for movement, mood regulation, behavior control, sleep patterns, memory formation, and thinking processes.

It can lead to cognitive difficulties, including visual hallucinations; sleep disturbances; rigid muscles; tremors; impaired movements; changes in alertness; difficulty speaking; depression; anxiety; paranoia; delusions; agitation; aggression; addiction issues, and increased risk for falls.

Treatment typically includes medications such as cholinesterase inhibitors or dopamine agonists, along with counseling from psychiatrists or psychologists specializing in treating people with Lewy body disease.

How Physical Activity Lowers the Risk of Dementia

Numerous studies have shown that people who regularly exercise are less likely to develop Dementia. Read on to find out how.

Increased Cognitive Function

Physical activity has been shown to increase cognitive function in older adults. Studies have found that individuals who exercised regularly had better scores on tests related to attention, memory, and executive functioning than those who were significantly less active.

In addition, according to one study published in the journal Neurology, regular exercise was associated with a reduced risk of cognitive decline in older adults over 75. Exercise may support maintaining brain health as you age.

Better Blood Flow

Exercise also helps improve blood flow throughout the body. This improved circulation increases oxygen levels in the brain, which can help boost cognitive performance and reduce the risk of Dementia.

Regular exercise can also aid in keeping cholesterol levels in check, which in turn helps to improve blood flow throughout the body, particularly to the brain. Even spending a few minutes daily on a recumbent bike can make a big difference.

Lowered Stress Levels

An increased risk of developing Dementia later in life has been linked to high levels of stress. Exercise has been shown to lower stress levels by increasing endorphin levels in the body, elevating mood generally, and promoting relaxation.

Exercise also works as a distraction from everyday worries or anxieties, which can help reduce overall stress levels and combat potential mental health issues like anxiety or depression that could contribute to dementia risk factors down the line.

Conclusion

Your risk of developing Dementia later in life can be significantly decreased by staying physically fit. Regular exercise boosts cognitive performance while providing other mental health benefits, such as reducing stress levels through improved blood flow and endorphin release into your system.

Incorporating regular exercises for dementia prevention into your daily routine is vital when it comes to maintaining optimal brain health and reducing the likelihood of developing the disease over time. Now get out there and start moving.

4 Ways Caregivers Can Improve Quality of Life for Seniors

It is the role of caregivers to ensure that the seniors they care for live comfortably. While these caregivers are most likely doing a good job, there are ways to improve their work. These methods will help seniors have a better quality of life and feel more content in their old age.

Create Activities for Mental Stimulation

Mental stimulation is an important part of life to keep your mind sharp. Seniors will have a better lifestyle when they have mental stimulation and tasks to focus on. The mental stimulation may also provide fun activities for them to build their knowledge base and find new interests.

Caregivers can spend time playing a game of chess or dominoes with the senior in their care to provide enjoyable mental stimulation. The activity will also create a bond between them, improving the senior’s quality of life and building better relationships.

Give Them Company

The company of other people is helpful when going through a challenging time. Some seniors may face physical, mental, or emotional difficulties that may worsen when left alone.

Caregivers will help a senior’s quality of life by sitting down and conversing with them. Conversations about current events or memories of the past may help uplift their spirits and make for an interesting conversation that will help put their minds at ease.

Make Cleanliness a Priority

As we get older, daily hygiene practices become more difficult to maintain, and it’s easy for messes to pile up. The caregiver’s job is to ensure the seniors they care for have a living space that doesn’t present health or safety hazards, such as clutter. A dirty or cluttered living space will cause discomfort to a senior and may cause anxiety and depression.

Keeping areas of the home or living space tidy will leave room for seniors to feel joy, as a clean room is always a pleasure to look at. Ensuring the senior is clean is also an important part of caregiving, especially if they are incontinent. Consistently cleaning the senior’s body will help prevent incontinence-associated dermatitis. The feeling of being clean will also help them feel invigorated and healthy.

Mitigate Causes of Depression

Depression is a looming threat for many, and seniors are one of the most susceptible groups to its effects. Physical illness, loneliness, and retirement are a few things that can lead to anxiety and depression in seniors.

Caregivers should do what they can to remove the causes of depression and help seniors feel more hopeful about improving their quality of life. The methods listed above are only a few ways to help seniors feel less depressed.

Improving a senior’s quality of life is important in ensuring they have a better time in their old age. Caregivers may use these tips to help the seniors they care for feel better about their lives and make more room for happiness.

Why There Are More Slip and Fall Accidents Among Seniors

Getting older can be dangerous, but aging isn’t the reason senior citizens fall. Aging people are indeed more prone to losing their balance, though there are other factors behind these types of accidents.

According to Jacksonville personal injury lawyers, serious falls can leave senior citizens dependent on caregivers for the rest of their lives. Since these accidents are the main cause of injury to adults aged 65 and older, it is important to watch out for your aging loved ones.

 

The CDC estimates that around 36 million falls are reported every year for older adults. While many of these slip-and-fall accidents happen at home, there are a number of them that happen in other places. Helping your loved ones as they age can prevent these accidents, which in many cases can be fatal.

What Causes Senior Slip and Fall Accidents?

The majority of all slip and fall accidents are preventable since many have to do with the environment. If your elderly loved one lives on a property that they do not own, it may be the landlord’s responsibility to upkeep their residence.

When light bulbs burn out and make it hard for aging eyes to see, flooring is worn down to the point it becomes slippery. If handrails are loose on staircases, these things can be dangerous.

In your loved one’s home, you can do your part by ensuring there are anti-skid mats around and that the environment is easy to navigate. But if the landlord has left things in a state of disrepair or repeatedly ignores repair requests, it might be time to speak to a personal injury lawyer.

All too often, these slips and falls happen after circumstances like these. They could have been prevented by making the right adjustments promptly. Instead, your loved one is left injured and in need of round-the-clock care.

Other Reasons Elderly People Slip and Fall

Through the process of aging, body parts wear out and aren’t as finely tuned as they once were. This means eyesight starts failing, muscles become weaker, and balance is more challenging.

Additionally, seniors with arthritis are more likely to fall as well as suffer serious injuries from those falls. Even if they have a cane or other support apparatus, it may not prevent falls in public places that should be properly maintained. As such, your loved one may be in the hospital for a while recovering from injuries that shouldn’t have happened.

Medications may also impair the elderly, especially if they are taking multiple prescriptions. Side effects like blurred vision or dizziness can make falls more likely. It is important to get involved with their medical care to ensure all medications are necessary and aren’t causing danger.

What Hazardous Conditions Make Seniors Fall?

If you have an aging person in your life, you will want to do everything you can to help them prevent slip and fall accidents. While it is easier to control these things when they come to your home or when you visit theirs, it is far more difficult in public places.

The things that can lead your loved one to suffer a slip and fall outside the home may be wet flooring in stores without signage to warn store patrons, loose rugs in shops, wobbly railings, and lack of adequate lighting.

Property owners have a duty to ensure that the conditions they keep are safe for everyone. If it was found that they were negligent in the upkeep, they could be at fault for your loved one’s slip and fall accident.

What to Do If Your Aging Relative Suffers a Slip and Fall Accident

Since slips and falls can come with severe injuries and deadly consequences, you will want to speak to an experienced personal injury lawyer about your case. Even though health conditions do deteriorate with age and can’t be prevented, many accidents can be avoided by simply taking care to ensure that properties are safe for everyone.

If you or a loved one has had a slip and fall accident, sit down for a free initial consultation with a personal injury lawyer to review the facts surrounding your incident. In the event this was due to a negligent property owner, you can file a lawsuit for compensation to cover the medical bills and other damages incurred by this accident.

Decorating Tips for Seniors with Home Care

Decorations are an aesthetically pleasing way to make a space look more personal. As a senior, decorating may be difficult since it requires a lot of energy, which is why it helps to have an in-home caregiver help you. Luckily, these tips will help you and your caregiver customize your home into a picturesque place.

Consider the End Result Before You Start

It’s important to envision how you want your house to look when you decorate it. Having an image of what you want the result to look like will make it easier to find the right placement for everything.

Consider the amount of space you have and what you may do with the decorations. If you have recently moved in, planning is essential in creative processes. The final product is an important thing to consider when personalizing your new home if you want to save time and energy.

Check and Remove Safety Hazards

Numerous hazards may cause you to fall or stumble, and if you’re a senior with home care decorating your home, it’s important to remove the hazards to make decorating safer. Ask your in-home caregiver to remove these hazards and clean up anything that may become an obstacle, such as loose cords or clutter on the floor.

Your caregiver will also need to take care of anything that may fall onto the ground and potentially create tripping hazards, such as a box of items on a high shelf that could fall and lose its contents on the floor. While you may not have as much mobility as your caregiver, you could offer to move light objects around to begin making room for decorations.

Put Decorations Eye-Level or Lower

Some decorations, such as lanterns and plant pots, look better in higher places. But if you’re a senior with home care, you may not be able to reach those heights, even if you have a step ladder.

It’s best for you and your caregiver if decorations are eye-level so that you can adjust them when needed. The reasonable height will make it easier to take the decorations down and minimize the risk of falling.

Color Adds Life to a Space

One of the best ways to decorate a home is by using color. Color gives a space vitality and creates a positive atmosphere that will give you and anyone else who enters a good feeling.

Your color arrangement would be enhanced by adding fresh flowers. A vibrant and blossoming home can spruce up your living space. In addition, picking some vases filled with seasonal flowers will also bring the beauty of nature indoors. With an online flower delivery service, you can receive the freshest flowers anytime.

Adding color to the walls is a great way to decorate a prefab contemporary home. Consider having someone paint the home’s walls to accompany the various decorations for an enhanced color scheme. Decorating is an important part of having a comfortable home. Using these tips will fill your surroundings with great visuals and give you a sense of enjoyment.

Six Simple Steps to Prepare for Healthcare Costs in Retirement

Retirement is a time in life when most of us look forward to enjoying the fruits of our labor, taking a break from work, and having more time to relax and enjoy life. But, the reality of retirement is that many financial considerations need to be considered to enjoy those golden years. 

One of the most important of these considerations is how to plan for medical expenses in retirement. Medical expenses in retirement can be a major source of stress and worry, especially for those living on a fixed income.

According to a recent Employee Benefit Research Institute survey, nearly one-third of Americans aged 55 and older are concerned about being able to afford health care in retirement. The good news is that there are several steps you can take to plan for medical expenses in retirement. 

Here are a few tips to get you started:  

  1. Understand your health insurance options. 

One of the most important steps in planning for medical expenses in retirement is to understand your health insurance options. If you are already retired, you may be eligible for Medicare, a federal health insurance program for people 65 or older. If you are not yet 65, you can get coverage through your employer or the Affordable Care Act. It is important to understand the different types of coverage available and the costs associated with each option to make an informed decision.   

  1. Consider long-term care insurance. 

Long-term care insurance can help cover the costs of assisted living, nursing home care, and other types of long-term care services. When planning retirement, weighing long-term care insurance’s costs and benefits is crucial. 

  1. Look into supplemental health plans. 

If you are already enrolled in Medicare, a variety of supplemental plans like the Alignment Health Plan are available to help cover additional costs, such as copayments, coinsurance, and deductibles. These plans can provide extra financial security in retirement and help reduce out-of-pocket expenses you would otherwise need to pay.

  1. Prepare a retirement budget. 

Planning for medical expenses in retirement is easier when you have a plan. Start by creating a retirement budget that includes your estimated medical costs and other expenses such as housing, food, and transportation. This will help you to determine how much money you need to save and invest to cover your medical costs in retirement. 

  1. Save and invest in medical expenses. 

According to a study by HealthView Services, a healthcare cost projection software provider, the average 65-year-old couple can expect to spend over $400,000 on medical expenses throughout their retirement. This number does not include long-term care expenses, such as nursing home or assisted living costs, which can add an additional $150,000 or more to the total. Retirement savings accounts, such as 401(k)s and IRAs, can help you save and invest in medical expenses in retirement. Consider setting aside a portion of your monthly income to go towards these accounts and talk to a financial advisor about how to best invest the money you have saved. 

  1. Make sure you have enough savings. 

It is important to make sure that you have enough savings to cover any unexpected medical expenses in retirement. Consider setting aside a portion of your income for an emergency fund and review your budget regularly to ensure you are on track. 

It is essential to take the time to plan ahead and understand the various health insurance and long-term care insurance options available to ensure a stress-free retirement. Creating a retirement budget can help manage medical expenses and reduce the financial insecurity that often accompanies retirement. With the proper preparation, you can have peace of mind knowing you are financially secure in your golden years.

Signs That Your Aging Parent May Need More Help

As people age, their physical and mental functioning may shift and change over time. Older individuals who are having difficulty completing daily tasks on their own can benefit from additional assistance. If you have elderly parents, it’s helpful to watch out for the warning signs that they are struggling. Here are some signs that your aging parent may need more help.

House in Disarray

The first sign that your aging parent may need more help is that their house is in disarray. As people get older, their mobility can decrease, making it more difficult for them to clean and tidy up their homes. If you notice that your parent’s house and yard are messier than usual, it may be a telltale sign that they’re struggling to take care of these things on their own. You might notice clutter and piles of unpaid bills. Other examples include laundry not getting done, trash not getting taken out, etc.

Changes in Weight

Weight changes can also signify that your elderly parent may need more assistance. Some fluctuations in weight can be normal, but if you notice that your parent has lost or gained a significant amount of weight, this can be a sign of an underlying health issue. Pay attention to see if your parent’s diet or appetite has changed. If they are having trouble preparing meals for themselves or getting to the grocery store to purchase food, it could be beneficial for them to have some extra care and assistance.

Changes in Behavior

If you notice any changes in your parent’s behavior, this can also indicate that they need help. Behavior says a lot about a person’s physical and mental condition. Suppose your parent is experiencing significant mood changes and a lack of interest in hobbies or activities they usually enjoy. In that case, this can be a significant sign of an underlying issue. One of the mistakes to avoid as a family caregiver is letting these signs go unnoticed. When your parent starts exhibiting these shifts in behavior, it may be a suitable time to discuss alternative care options.

Becoming Forgetful

Becoming forgetful also suggests that an older parent may benefit from extra care. Forgetfulness is common in older adults. However, a certain level of forgetfulness may require additional assistance for your loved one. For example, suppose your parent forgets to take medications, pay the bills, groom themself, eat regularly, or is struggling to remember who people are. In that case, it’s probably a good idea to consider available care options. There are all kinds of tips to find the best care for your aging parents.

Now that you know the signs your elderly parent needs assistance, you can start thinking about your options. In-home care can be an excellent solution for older individuals experiencing these struggles.

Selecting an Assisted Living Facility for Elderly Family Members

There comes a time in most people’s lives when they can no longer live independently and care for themselves effectively. Is your family member no longer able to live at home on their own?

Deciding to put your loved one into a care facility isn’t easy, but you can follow some best practices to ensure they are comfortable, cared for, and safe during their stay.

Keep reading as we discuss the best tips and practices when selecting an assisted living facility for elderly family members.

Ability For Visitors To Check In Easily

Your loved one’s stay won’t be comfortable unless you feel comfortable visiting them regularly. For this reason, you should select a facility close to where you live that you can easily commute to every week, ensuring your loved one feels loved and does not feel lonely or ‘abandoned’, during their residency.

Another way to ensure your visits are straightforward is to look for a facility with a simple and easy-to-use visitor management system. If the visitor management process takes less time, you will grow impatient and dread your visits.

So, looking for a facility that employs cloud-based access control and visitor management software is best. Visitor management software is an integration tool for access control that automates the visitor management process. 

Instead of checking in using a log book or waiting to be seen by an attendant at the facility, you can quickly check in on your mobile device. You can fill out a form, providing details, your relation to the resident, and who you’re here to see. 

Once you have provided these details, the system will allow you to download temporary access credentials – like a digital keycard – to your mobile device to enter the building quickly. Once you leave the building, the system will sign you out. You won’t be able to re-enter without registering again. 

Since assisted living facilities can be busy, you should wait a while to gain entry and be given a visitor pass to see your loved one. However, with automated visitor management, you can see your loved one on your own time without waiting for a staff member to become available to help you.

Open Areas With Natural Barriers For Patients

When your loved one is staying in an assisted living facility, you need assurance that they can spend time outdoors safely and independently. If they decide to bring their beloved pet to stay with them, keep in mind the facility’s pet policies and prepare the necessary documents.

To ensure your loved one can access fresh air and outdoor time whenever they like, it’s best to look for a secure open area facility. Gated barriers should prevent intruders from entering these areas, and they should also prevent your loved one from leaving the property – they could become confused, leave the site, and get lost.

There should be gated access control to allow authorized visitors and personnel to enter. Still, there should be a completely secure perimeter so your loved one stays in the facility where they will be safe.

Modern Security Technology

In addition to worrying about our loved one’s happiness and quality of life in an assisted living center, we also need to consider their safety.

The elderly are often targets of theft and other crimes due to their vulnerability. If you want your loved one to be happy in their new living situation, you should look for a facility equipped with modern security technologies, such as:

  • Keyless door entry – a facility with a RFID door lock system does not use keycards or fobs and instead uses mobile credentials for access. Using mobile credentials reduces the potential for keycard theft, which is a significant risk to safety in a retirement facility.
  • Rule-based access – not every visitor or employee should be able to access your loved one’s room or medications. So, you need a facility that secures individual residences, ensuring your loved one’s room or home can only be accessed by authorized personnel.
  • Alarm systems – smoke detectors, carbon monoxide detectors, and glass break detectors are instrumental for resident safety in an assisted living facility.
  • Security cameras – if a crime does occur on the property, you’ll need evidence to make a claim. So, ensure the facility is equipped with security cameras.
  • Patient monitoring features – you should supervise your loved one and be able to access help 24/7. So, ask the facility about their patient monitoring amenities.

Real-Time Notifications For Security Issues

Most importantly, your facility should have real-time notification features that keep staff updated on security issues at all times. The sooner staff are aware of a security or safety incident, the sooner they will be able to respond and resolve the incident. Opting for a facility with mobile-led and cloud-based solutions will ensure rapid response procedures.

Summary

If you’re looking to place your loved one in an assisted living facility, you need to know that they can access round-the-clock care and can go outdoors at a time of their choosing safely. Looking for these features in an assisted living facility will help you ensure that your loved one is safe during their stay and provide easy access to your loved one for regular visitation.