People are living for many years, in a more active and more fulfilling sense. The additional years however, represent additional costs particularly because retirement benefits are drawn for longer periods and the costs of medication, healthcare and nursing care continue to soar. So the flipside of the scientific triumph over illness and disease is that many people do not have adequate financial resources to support their longer lives with the desired level of comfort. It is however a good thing to note that seniors and families should pursue some financial prevention tactics aside from the health related ones. Some of them include the following:
- Get financial help from your adult children
Adult children of an older adult can often play a useful role in helping their older parents in managing their finances as they age. It’s important to incorporate the support of one’s children before experiencing a crisis or cognitive decline. This will ensure that they know the basics and primary information such as where to find account information if they need to. Talking through plans and informing them of the wishes you have, you could even write out an overview of how you want to manage your finances as you age.
- Encouraging older adults to simplify their financial lives.
The best time to start doing this is before retirement and therefore around the age of 60 years which is considered the prime age for the ability to manage finances to start to decline. The older adults may be more willing to do this if we collectively get better at educating people about how common age-related financial problems really are and how real they can be.
- Authorize attorneys and financial planners in advance on what to do
The instructions could be contacting a trusted relative or friend when the lawyer or planner suspects a decline in the financial abilities of the older adult. This will even make it easier for professionals to get the older adult’s care circle involved in good time rather than waiting for a financial disaster to happen. Visit the following link for quotes for advantage plans https://www.medicareadvantageplans2019.org/united-healthcare-medicare-advantage-2019/
- Prepare for cognitive decline
When it comes to managing one’s finances, signs of cognitive decline tend to show up when one is between the age of 60 and 70. This makes it harder to manage bills, calculate tips and make change. Sometimes adult children or others can help prevent bigger problems, like falling behind on bills, by noticing those red flags and stepping in to help.