Transitioning to a fixed income after retiring can be difficult for many people. Seniors who are going to rely on social security as their only source of income need to start planning out their finances as early as possible. Here are a few ways aging adults can maximize their social security payments without making major sacrifices.
Tackle the Mortgage Quickly
Throughout the senior years, a mortgage will most likely be the largest expense. If your loved is planning to switch over to a fixed income, he or she should try to pay off the mortgage first. Your loved one can also use his or her retirement bonus or other large sum of money received to cover mortgage expense.
As a caregiver, you may have to plan your loved one’s finances before he or she takes advantage of social security benefits. However, your caregiving duties may make it difficult for you to review your loved one’s expenses and tend to other important tasks. If you are the primary caregiver for a senior loved one in Lincoln, respite care is available when you need time away from your important caregiving duties. At Home Care Assistance, our respite caregivers are available 24 hours a day, 7 days a week to help your loved one manage everyday tasks in the comfort of home while you have the chance to take a much-needed break.
Don’t Sign Up Early
Seniors should avoid signing up for social security until they absolutely need it. Receiving an extra few hundred dollars a month as soon as they turn 62 might be tempting, but it could impact their finances. Retirees who would receive $1,000 a month at the age of 66 will only receive around $750 a month if they sign up at 62.
Move to an Affordable Area
There are several reasons people move to a new city or state as soon as they retire. Buying or renting a home in a new location could allow your loved one to cut back on monthly expenses. Instead of choosing a city based on career opportunities or the quality of schools, your loved one can find a town that is affordable and has great weather.
Living with a serious health condition can make it challenging for seniors to age in place. However, they can maintain a higher quality of life with the help of professional live-in care. Lincoln seniors can benefit from assistance with meal prep, bathing, transportation to the doctor’s office, medication reminders, and much more.
Explore Benefit Programs
Almost every state has some benefit programs for residents who are over the age of 65. Many of these programs help with expenses such as health insurance, housing, taxes, and groceries. The Social Security Administration keeps an updated list of benefit programs on their website. The National Council on Aging also offers several free benefit services, including their program BenefitsCheckUp.
Focus on Free or Affordable Entertainment
Traveling around the country and dining at expensive restaurants may be difficult if your loved one is on a fixed income. While living on social security payments can be challenging, it doesn’t mean your loved one should avoid all forms of entertainment. Picking up new hobbies such as woodworking, painting, hiking, and dancing can help your loved one enjoy life without impacting his or her finances. Your loved one should also consider taking free classes at local community centers, colleges, and libraries.
If your elderly loved one needs help maintaining a high quality of life while aging in place, reach out to Home Care Assistance, a trusted provider of Lincoln home care. Services our caregivers provide include transportation to and from medical appointments and social events, nutritious meal preparation, assistance with daily exercise, and help with everyday tasks like bathing, grooming, and light housekeeping. To create a customized care plan for your elderly loved one, give us a call at 916.226.3737 today.