How to Stretch Retirement Income

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Seniors who create a budget can save money while still living a wonderful lifestyle. The extra funds can be used for emergency situations, to cover the costs of long-term care, or for a variety of other reasons. Here are a few ways your elderly loved one can budget during retirement and still live comfortably. 

Start Downsizing Immediately 

Your loved one should consider living in a smaller home or an apartment because it could allow him or her to maintain privacy and independence while stretching retirement income. There are also retirement communities that have small condos seniors can purchase to forego tasks such as yard maintenance, roof repairs, and snow or ice removal. Downsizing allows your loved one to expand his or her budget while living comfortably.

Wherever your loved one lives, he or she can age in place safely and comfortably with the help of a professional in-home caregiver. Rowlett home care experts are available to provide high-quality care to seniors on an as-needed basis. From assistance with mobility and exercise to providing transportation to the doctor’s office and social events, there are a variety of ways professional caregivers can help your aging loved one continue to live independently.

Limit Shopping Trips 

Seniors who visit the grocery store once a week are less likely to splurge on unnecessary items. Instead, they can plan their meals out and only purchase the healthy foods they need. This also applies to shopping trips to the local mall and other venues. Keep in mind being on a budget doesn’t mean your loved one has to give up all of the foods he or she enjoys or stop shopping for clothing, accessories, or games and other items. It means he or she needs to cuts down on excessive spending. 

Some seniors may find it difficult to plan their finances while managing day-to-day activities. If your senior loved one needs hourly or live-in care, Rowlett Home Care Assistance can help. Our caregivers can assist with exercise and mobility, prepare nutritious meals, provide timely medication reminders, and help with a wide array of other important daily tasks.

Move in with Family

Moving in with family can eliminate the costs of living in a nursing home, and it is beneficial for aging adults in a variety of other ways. Some family members may also help with their loved one’s daily tasks, which could eliminate the need for outside professionals. Living with family can help seniors share the costs of mortgage payments, grocery expenses, utility bills, and more. 

Avoid Eating Out 

Preparing food at home is a healthy way for your loved one to stretch retirement income without compromising his or her meals. Eating out is typically more expensive because customers are paying for the meal prep, the food, the chef’s services, the ambience of the restaurant, and more. Your loved one could cook a healthier version of the meal, which saves money and helps him or her maintain a healthy weight. If your loved one chooses to eat out, make sure he or she takes advantage of senior discounts at local restaurants.

Consider hiring a professional caregiver if you need a break from your caregiving duties to tend to your loved one’s financial matters. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Rowlett respite care experts at Home Care Assistance are here to help. All of our respite care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts. To hire a professionally trained caregiver, give us a call at (972) 722-7833 today.