Caregiving can be expensive, so can aging. We’ve all been told to save for retirement, but lots of little unexpected costs can pop up. Research shows that 45.9% of households spent more in their first two years of retirement than they spent before retiring. Today on the blog we’re finishing January with a discussion about one of the most common new year’s resolutions: saving money.
Tips for older adults
- Regularly evaluate your health care and Medicaid coverage to make sure you’re not paying for coverage you don’t need.
- Make sure to take advantage of senior and veteran discounts. Here’s a great list of senior discounts.
- Speaking of discounts, see whether it makes sense for you to join a group like AARP.
- Consider whether it makes sense to downsize (e.g., moving to a condo or apartment instead of a house).
- Investigate whether you can pay any of your bills annually instead of monthly. This will save you a little each month.
- Evaluate your cell phone plan to make sure you’re getting the best deal.
- If you need more support, consider enrolling in a free financial course from a trusted source, such as your bank.
Tips for caregivers
- Have a conversation with your loved one about their finances. Here’s an article with tips for having that difficult conversation.
- Put it in writing: create a budget and look for places where you can cut costs.
- Talk to your boss before moving to part-time. You may be able to negotiate accommodations or be eligible for the Family Medical Leave Act.
- Make sure you’re still making saving for your retirement a priority.
- Reach out to agencies that support older adults like Catholic Social Services or the Area Aging on Aging 1-B to learn more about low cost and free programs that can offer support.
- Research government programs that could offer support. Here’s a great place to start.
- Make sure you and your loved one know about common scams that try to separate older adults from their money. This is something we’ve covered on the blog a few times.
- Research whether you can get reimbursed for caregiving. AARP has an excellent step by step article. Medicare also has some great information.