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 Charities Washtenaw County 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.
Visit the Ahead of the Curve Resource Directory to find programs near you that make the caregiving journey easier. Not sure where to start? Visit our Resource Quiz.
