Thinking about retiring and other issues associated with money can become downright stressful for aging adults. However, with a little bit of planning, forethought, and proper investing in the golden years, seniors can maintain financial security and a high quality of life without worry. Here are some valuable tips on how your aging loved one can invest money in the hopes of enjoying a little bit of “gold” during his or her golden years.
One good way to generate retirement income is to create a personalized portfolio of stocks and bonds. The benefit of this is that it allows your loved one to create an investment plan that includes a respectable rate of return. Additionally, your loved one will be able to take out 4 to 7 percent annually and make adjustments to the amount he or she withdraws based on inflation.
Some seniors have fairly complex finances, especially if things like retirement accounts, stocks and bonds, and investment properties are involved. Seek input from a financial advisor so your loved one can make well-informed decisions about how to manage his or her finances, savings, and investments.
If your loved one is showing signs of increased forgetfulness or an inability to manage his or her finances independently, he or she may need help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of home care. McKinney Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.
Bonds are a time-tested form of investment. When seniors purchase bonds, they’re basically lending money to a government or corporation. The government or corporation that borrowed the money will continually pay interest until the bond matures. At that point, the money your loved one invested is returned. This is a great way for seniors to have a steady source of income after retirement.
Helping your loved one handle his or her finances may seem daunting, and the extra worry could take a toll on your wellbeing. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. McKinney families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation.
Real estate has always been the lifeblood of financially independent individuals. One downside of owning property or real estate is that it may require maintenance from time to time, and it will certainly incur some expenses. Over the long run, owning investment properties and understanding what to do with them can be a great retirement strategy. However, as seniors age, it’s important to consider if they’ll be able to maintain separate places of residence or if any of their children are willing to take on the task of maintaining their properties, possibly for a percentage of the earnings.
Aging adults also need to be mindful of investment scams that target the elderly. It’s crucial to verify sources and to never give out any important information, such as credit card or account numbers, to strangers over the phone. In most cases, if it seems too good to be true, it probably is.
Planning for one’s financial future is important and should include all of the above as well as a plan for long-term care. Seniors should make sure all legal documents, such as living wills and trusts, are created, and they should speak with their adult children about their wishes regarding end-of-life decisions as well as whether they prefer to receive long-term care at home or in nursing homes or assisted living facilities.
Making investment choices is a challenge for most people, and it can be even more difficult for aging adults. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted senior home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Home Care Assistance is here to help. We will work with you to create a customized home care plan that’s suited for your loved one’s unique needs. Call the Home Care Assistance team at (972) 548-0392 today.