Financial Tips for the Elderly

When taking care of the elderly, one of the aspects you need to focus on is their financial state. Many senior citizens start slipping with their memory and may forget how to maintain their finances. Even if they don’t, they still may need some help managing their financial state.

Social Security

Senior Care China Grove, NC: Financial Tips for the Elderly

After someone has worked for so many years, they are likely to get Social Security benefits. Your loved one might qualify if they are 61 years and 9 months old, not currently getting benefits, haven’t applied yet for retirement benefits, and want benefits to start within 4 months or less.

Retirement Plans
There are retirement plans that may benefit your loved one, as well. If they were working for a company, it would be beneficial if they had a 401(k) or pension plan. These can provide your loved one with an income once they are retired. In some cases, your loved one may be able to receive the entire payout in one lump sum. Generally, pensions can be received once someone is 52 years old. However, to get the full monthly payment amount the member should be at least 65 years old.

Senior Discounts
There are many senior discounts that your loved one might be able to qualify for, too. You can check with pharmacies, grocery stores, restaurants, airlines, retail stores, apparel stores, car rental companies, hotels, cruise lines, and other places to see what kinds of senior discounts they offer. These discounts could save your loved one some money.

Homestead Exemption
The homestead exemption can save your loved one some money on their property taxes every year. The exemption amount will vary depending on your loved one’s state. However, no matter the amount, something will be taken off the property tax bill, so your loved one can save some money.

Senior Pass
If your loved one likes traveling, they should get the senior pass. This pass gives them access to the national parks and federal recreation lands. There are over 2,000 of these places that your loved one can visit. If your loved one is 62 or older and has a proper ID, they can get access to the senior pass.

These are some of the financial tips that can help your elderly loved one. If you need more help managing their finances or helping them with their budget, you could always hire a senior care provider to assist with this. Many senior care providers have experience helping to manage budgets, finances, and other things in a senior citizen’s life. They may be able to help your loved one with their finances, as well.

If you or an aging loved one are considering Senior Care in China Grove, NC,contact the caring professionals at Tender Hearted Home Care today. Call us at (704) 207-0265.

Source
https://www.fdic.gov/consumers/consumer/news/cnsum13/summer2013c.pdf
https://www.debt.org/advice/financial-assistance-for-senior-citizens/