When you add another member to your household, the financial aspects can change. Some of them are positive and some of them are negative; while they shouldn’t impact your decision to move mom or dad into your home for their senior years, you should know what to expect on both sides of the equation.

Pros:

• Living expenses (utilities, mortgage etc) don’t increase significantly when just one person is added to the home, but having another person to contribute to these bills can reduce the home owner’s costs!

• With taxes, families might be able to receive a deduction for having an additional dependent in their home

• Household items, like food, might be bought in bulk to save more money

• Any assets from the sales of the seniors home can be invested

Cons:

• Depending upon future care needs, one or more members of the household might need to take time off work, or hire additional senior care assistance

• Seniors may lose tax deductions once they’re no longer a home owner and other factors regarding capital gain may apply

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

The holidays are just around the corner, and for many seniors who have a budget that is stretched to the maximum, this can be a stressful time rather than an enjoyable one, particularly in a period of economic downturn. Here are some tips on smart money management for seniors who need to make every dollar stretch just a little bit further this season and year-round.

1. Talk to a professional – talking to a financial planner, either by using a service or speaking with one provided by a local branch of your bank can help you make sure you plan to meet your financial goals and needs. For example, they can help you get on track saving for future medical or care needs.

2. Don’t be afraid to ask for help – if you’re struggling to cover your basic needs then your local Area Agency on Aging can connect you with resources that can help

3. Find ways to reduce utility costs – keep blinds down and windows and doors closed to preserve optimal temperatures for your house

4. Walk, don’t drive – taking a car or public transportation can be more costly, so walk when possible and benefit your health and your wallet

5. Never make fast financial decisions – always ask for a second opinion before making decisions

6. Grow your own produce – plant a garden in your yard, a family member’s garden, or in a community plot to grow your own produce and cut down on food costs

7. Buy healthy items – convenient, pre-prepared items might be fast and easy, but they are less healthy and often  more expensive

8. Buy generic – generic brands are less expensive, purchase them for foods and for your medications

9. Carpool – it’s more fun to travel places with company anyways; share transportation costs by carpooling!

10. Plan to stay at home – aging in place is the more desirable option for most seniors, and it can be more cost-effective too

Via: Home Instead Senior Care

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

Money might not be the most important thing in the world, but it does seem to control it. We’d like to hear your experiences with taking control of your finances, especially if you’re a boomer woman who has overcome obstacles, or who has had to take over financial management for the first time in her life after the loss of a spouse due to death or divorce. Tell us your thoughts, and in the meantime here are a few tips for those of you who need a little push in the right direction when it comes to money matters:

1. Let go of the idea that it’s too late – you might feel that as you approach your senior years, it’s too late to get yourself out of any financial mess you’ve made or learn new methods when it comes to managing your finances. When it comes to financial planning, it’s never too late to start!

2. Learn about money – this may sound obvious, but start doing your homework and research about all things finance. Learn about investment options, about financing available, about interest rates, and about anything that’s likely to apply to your situation before you even make your next move. Books and the internet are both great resources

3. Talk to a financial planner – you can hire a personal money adviser or speak to one that’s already available to you at your Indianapolis bank (although someone independent might be more impartial) in order to keep you informed and help you make financial decisions

4. Support yourself – if you don’t have the means to save, invest or pay off debts, you might need to get a job. Find something you love, but ensure you have a set goal for earnings that will help you reach your financial goals

5. Pay off debts – don’t put it off, find a way to start paying off credit cards and loans right away

6. Save and invest – put money away every month without fail, every little bit will help you reach your financial goals and bring financial security

Via: Let Life In

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

It might sound stereotypical, but in many families that belong to the boomer generation, women are left out of the financial loop while men manage the money matters. As this generation is approaching their senior years, it’s time for women to take control over their finances so they can avoid these common mistakes that might compromise their retirement:

1. Some boomer women expect they’ll receive an inheritance – women who are fortunate enough to still have parents alive, might expect that at the time of their passing, they will receive a large enough inheritance to carry them through retirement. There are no guarantees if boomers will receive an inheritance at all, and if they do, they may not know if it will be enough to finance their senior years

2. Reliance on a spouse – many women allow their spouse to control all aspects of finances and also assume that their loved one is effectively planning for their retirement. Both partners should be involved in financial management, or at least have an awareness

3. No planning for women on their own – boomer women might assume that their spouse will be with them forever. But death or divorce can change this, and women need to make sure they have their financial ducks in a row so they can survive on their own

4. Expecting a man to save the day – some women on their own have the “prince charming” attitude and are waiting for a man to sweep them off their feet and fill up their bank account

Via: Let Life In

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

Indianapolis seniors today are finding that retirement doesn’t come when it used to, with seniors like Erma Paliana finding themselves unable to retire until the ripe old age of 92, 30 years after they’re eligible for Social Security benefits. Today’s seniors are finding that there are a number of things standing in their way from being able to step out of the workforce when they’d like, including:

• While the average age to claim Social Security Benefits is 63.9, many need additional income on top of it to be able to afford basic aspects of daily living, like housing and food

• Many seniors would love to retire and just focus on their family and relaxing, but based on the numbers of seniors aged 65 and older which are rising higher than ever before, this isn’t a reality for everyone. The number of older works, aged 80+ has had the most substantial increase at 67% to 500,000 Americans

• With people living longer, money doesn’t go as far as it used to, and as time goes on this might increase even more, keeping more and more seniors in the workforce longer than planned

• Government benefits, which were initially defined in 1940 certainly weren’t designed to support 30 or more years of retirement, which means seniors need a fairly substantial nest egg to make it through

Via: AARP

Image: elements4health.com

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

Many seniors who find themselves with time of their hands during retirement, dream of pursuing the education that they were unable to work towards during days gone by. Although they may have the time, they can be concerned of the costs of taking college classes or even working towards a degree or certification, and how that will have an impact on their lifestyle when living on an already limited budget. What many seniors may not realize, is that pursuing an education in Indianapolis during older adulthood doesn’t have to be a dream that never comes to fruition; it can be made a reality, with many colleges offering affordable education options just for seniors.

Family members or caregivers can help seniors by investigating the affordable options offered in their area, and by finding college courses that are well-suited to the seniors interests that fit the budget. Colleges want to encourage senior education, and as a result many will allow seniors to audit courses at no charge or for a small fee, or even offer them complete degree programs at reduced rates. Seniors are always welcome to take college courses with younger generations of students, but for those who would rather be in the company of other adult learners like them; many colleges offer short-term classes. Home learning classes are also typically available for seniors that can be completed online.

If it’s the cost that’s holding you back from pursuing the education and interests you’ve thought about for decades; seniors, the time couldn’t be better, because affordable options are out there!

Sources:

1. Suite 101
2. Suite101
3. North East Texas Community College

Image Source: pro.corbis.com

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

Q – My father was recently diagnosed with dementia. While we all saw it coming in a way, it has come as a shock, especially for him. What can we do to help keep him in positive spirits and cope with the emotional aspects that come with such a diagnosis?

A – While you may have suspected a diagnosis like dementia in your father’s future, actually hearing the words and having your fears reinforced can be shocking for everyone.

At this stage, your father may feel as though his mind and body are letting him down, and he may fear an inevitable loss of independence. In the early stages, your father should seek support from Indianapolis community groups for those suffering from Alzheimer’s and dementia, and learn as much about his condition as possible. Planning early on for the future can also help ensure that his wishes with regards to care and medical treatment are met, if he reaches the point where he is able to voice what he wants. Encourage your father to create a living will, appoint a future Power of Attorney, and generally get his affairs in order. By researching care options in Indianapolis, he can choose the best fit for him if it’s needed in the future. Encourage him to maintain his lifestyle, but refrain from activities that are too stressful or demanding.

Sources:
1. Alzheimer’s Society UK
2. DementiaGuide

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

According to the Better Business Bureau, there’s a new phone scam targeting senior citizens  – specifically grandparents-  in Indianapolis and around the United States by playing upon their dedication to helping their loved ones. The phone fraud, which targets American grandparents, involves a scammer posing as a grandchild in need of money following a trip to Canadian jail or a car accident while traveling North of the border. The scammers exercise a form of phishing, while trying to get information to propel the conversation with the concerned grandparent since naturally they are unaware of the specific details regarding the senior’s grandchild. Often, such a scam phone call starts with “it’s your favorite grandchild!” giving the senior the opportunity to fill in the missing details.

Once the caller seems to have the senior’s attention, they then request that money be sent from Indianapolis to Canada using money wire or Western Union since these financial transfer methods make it hard to trace scammers. While grandparents of course always want to help a grandchild in need, if they receive such a call they should ask to call to their grandchild back or confirm the story with a family member before agreeing to send money. Any suspicious phone calls can be reported to the Better Business Bureau.

Sources:
1.    Senior Advocate News

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

Grants for seniors in Indianapolis are available from the Federal Government and foundations that provide financial assistance for seniors relating to housing, education and more. There are Federal Grants for seniors that cover a number of areas like housing, volunteerism, nutrition and housing.

Popular Federal Grants for Seniors Include:

•    Capital Assistance Program for Elderly Persons and Persons with Disabilities provides funds to provide transportation to elderly persons in areas public transportation services are not available, or when they are inappropriate due to a senior’s physical or mental condition.
•    The Foster Grandparent Program encourages seniors to volunteer in their communities, specifically with special needs children, through funding which is available for seniors 60 and older who have limited incomes.
•    Mortgage Insurance-Rental Housing for the Elderly -  this grant insures mortgage lenders against loss, to increase the number of quality and affordable rental properties available for seniors.
•    Retired and Senior Volunteer Program encourages community service by seniors 55 and older by offering reimbursement
•    Nutrition Services Incentive Program works with the Department of Agriculture to provide nutritious foods to senior meal delivery programs and other nutritional-focused organizations.

To apply for senior grants provided by the Federal Government or foundations, Indianapolis seniors must write a proposal, demonstrating the benefits that they would receive, or be able to dispense to others were they to become an approved recipient of the grant.

Sources:
1.   LovetoKnow
2.    Foundation Center

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.

Q – What is senior financial abuse, and how can it be prevented?

Senior financial abuse is any situation where a senior and/or their money are exploited for monetary gain. Seniors in Indianapolis, are a major target of financial abuse because they can be dependent upon others, they can be trusting, and they may have minimal experience managing their financial affairs; oh, and they also control 70% of personal assets in North America. Financial abuse takes a number of forms; some seniors may be financially exploited by their own family members, their caregivers may take advantage of their money, and may be stolen from through elaborate scams.

Tips to Avoid Senior Financial Abuse:

1.    Protect personal information – SSN, PIN numbers and other financial data should be protected and never given to anyone (except a financial power of attorney)
2.    Background checks and references – anyone hired to work for a senior, as a laborer or caregiver should be thoroughly screened with background checks and follow up on personal and professional references
3.    Never pay for anything – often sweepstakes or lottery scams require a senior to pay money in order to claim a prize. Seniors should never have to pay to receive winnings
4.    Have a backup – seniors should seek the help of a trusted family member to review and oversee major financial transactions. Having a second set of eyes to assist with decisions will help protect seniors from financial abuse
5.    Report it – report any suspicious persons to senior advocacy agencies and the local police

Sources:
1.    Associated Content Susan Rand
2.    Sun-Times News Group Terry Savage

Home Care Indianapolis provides home care for the elderly, aging, and seniors in Indianapolis, Beech Grove, Cumberland, East Indianapolis, Irvington, Lawrence, Oaklandon, and Wanamaker. Call us today at 317.357.5411.