In the 2015 U.S. of Aging Survey, both seniors and professionals were asked how prepared they feel those over 64 are for retirement. While professionals feel that only 1 out of 10 seniors are very prepared, 4 out of 10 seniors feel they are. What’s more interesting is the difference in what each group feels is the key to affording retirement.
Home Care Pasadena CA – What Seniors Think Helps Them Afford Retirement and What Experts Say is Key
Both groups agree that saving money for retirement is important, but that’s where the similarities end.
The Two Things Seniors Feel Are Key
Seniors named two things when asked on the best way to afford retirement. The two items were cutting entertainment budgets and using senior discounts. Senior discounts can help save money, but only if the discount is on something your parent really needs. If your dad is saving coupons for a free coffee with a $5 purchase on donuts, he’s buying things he doesn’t really need.
Loss of socialization is a big concern after retirement. If your dad and mom are saving money by eliminating their entertainment budget, they’re going to stay at home. This puts them at risk of becoming isolated. It’s best to trim the entertainment budget and leave some money for evenings out with friends.
The Two Things Professionals Feel Are Key
Asked the same question, professionals picked working past the average age of retirement and reducing household expenses. Depending on your age, most men and women must work until they’re 65 to 70 in order to claim full retirement benefits. Medicare requires you to be at least 65. Many people hit that target age and retire. Working longer actually puts more Social Security in your pocket.
The other goal is to cut household expenses. When your parent is ready to retire, it’s important to see what programs will help with expenses. Some power companies extend discounts to seniors over the age of 65. States may help pay for medic alert systems like Lifeline. Property tax discounts, free or discounted bus passes, and discounts on phone bills are other options to look at.
If your parent’s home is huge and costly to maintain, downsizing to a smaller home or condo may be better. They still have their freedom, but they have a home that is cost-effective and easier on the bank account when it comes to heating, cooling, and maintenance.
Make sure your parents enter retirement with their well-being in mind. Many seniors reach retirement and become isolated and lonely. Talk to your mom and dad about the benefits of home care. They don’t have to give up privacy or independence, but they gain a friend who can drive them to stores and appointments, help them cook meals, and assist with housework and laundry. Call our home care agency to learn more.
Belina Calderon-Nernberg is the CEO and founder of 1Heart Caregiver Services. Recently offering 1Heart franchise business opportunities to the public, Belina provided the vision, leadership, and direction that the company needed to achieve its goal of making a positive difference in the homecare industry. As her greatest accomplishment, the company is now equipped with the expertise to expand its business operations to different States in the U.S. Belina brings with her a corporate experience of 25 years, with 15 solid years of experience as CEO of an employment agency and a senior care service company in Southern California. Belina has a Bachelor’s degree in Economics from the University of St. La Salle, Philippines. She has been the recipient of several awards given to emerging leaders in business, community service, arts, and entertainment. She has also been honored as an Ambassador of Goodwill by the HiFi (Historic Filipinotown) Neighborhood Council. This title is bestowed to carefully selected Filipino-Americans who are persons of integrity who have the ability “to promote, reach out, influence and mobilize public interest and support of the ideals, values, principles, and programs of the Historic Filipinotown.