Q – I’m moving my mom into my home to provide for her senior care needs. We’ve already discussed some of the financial aspects with regards to arranging bill payment and financial responsibilities; but are there any other pros and cons we should consider with regards to money?

A – Unfortunately, money is always that white elephant in the room! Your question is a great one, because those are important things to know ahead of time, so nothing surprises you!

Pros:

• Living expenses (utilities, mortgage etc) don’t increase significantly when just one person is added to the home, but having another person to contribute to these bills can reduce the home owner’s costs!

• With taxes, families might be able to receive a deduction for having an additional dependant in their home

• Household items, like food, might be bought in bulk to save more money

• Any assets from the sales of the seniors home can be invested

Cons:

• Depending upon future care needs, one or more members of the household might need to take time off work, or hire additional senior care assistance

• Seniors may lose tax deductions once they’re no longer a home owner and other factors regarding capital gain may apply

When needing help with aging parents or older adults living in the Chicago area please contact one of our offices -  Home Care Chicago North Side (773) 784-4024, Home Care Chicago Gold Coast and Lincoln Park (773) 463-3500, or Home Care Chicago Downtown, Near West, South Side (312) 348-7238.

Seniors don’t just need to focus on saving money over the holidays; when they live on limited incomes, budgeting is crucial year-round. But, with the holidays approaching they’re sure to have additional expenses, which makes financial planning even more important to ensure that seniors can get by! The following are 10 useful financial planning tips that all seniors should consider over the holidays:

1. Talk to a professional – talking to a financial planner, either by using a service or speaking with one provided by a local branch of your bank can help you make sure you plan to meet your financial goals and needs. For example, they can help you get on track saving for future medical or care needs.

2. Don’t be afraid to ask for help – if you’re struggling to cover your basic needs then your local Area Agency on Aging can connect you with resources that can help

3. Find ways to reduce utility costs – keep blinds down and windows and doors closed to preserve optimal temperatures for your house

4. Walk, don’t drive – taking a car or public transportation can be more costly, so walk when possible and benefit your health and your wallet

5. Never make fast financial decisions – always ask for a second opinion before making decisions

6. Grow your own produce – plant a garden in your yard, a family member’s garden, or in a community plot to grow your own produce and cut down on food costs

7. Buy healthy items – convenient, pre-prepared items might be fast and easy, but they are less healthy and often  more expensive

8. Buy generic – generic brands are less expensive, purchase them for foods and for your medications

9. Carpool – it’s more fun to travel places with company anyways; share transportation costs by carpooling!

10. Plan to stay at home – aging in place is the more desirable option for most seniors, and it can be more cost-effective too

Via: Home Instead Senior Care

When needing help with aging parents or older adults living in the Chicago area please contact one of our offices -  Home Care Chicago North Side (773) 784-4024, Home Care Chicago Gold Coast and Lincoln Park (773) 463-3500, or Home Care Chicago Downtown, Near West, South Side (312) 348-7238.

Learning how to manage money after years of having someone else take control can be stressful when it’s uncharted territory, but unfortunately, many boomer women find themselves in this situation where their financial future is uncertain. Here are some tips on how boomer women can take control over their finances.

1. Let go of the idea that it’s too late – you might feel that as you approach your senior years, it’s too late to get yourself out of any financial mess you’ve made or learn new methods when it comes to managing your finances. When it comes to financial planning, it’s never too late to start!

2. Learn about money – this may sound obvious, but start doing your homework and research about all things finance. Learn about investment options, about financing available, about interest rates, and about anything that’s likely to apply to your situation before you even make your next move. Books and the internet are both great resources

3. Talk to a financial planner – you can hire a personal money adviser or speak to one that’s already available to you at your Chicago bank (although someone independent might be more impartial) in order to keep you informed and help you make financial decisions

4. Support yourself – if you don’t have the means to save, invest or pay off debts, you might need to get a job. Find something you love, but ensure you have a set goal for earnings that will help you reach your financial goals

5. Pay off debts – don’t put it off, find a way to start paying off credit cards and loans right away

6. Save and invest – put money away every month without fail, every little bit will help you reach your financial goals and bring financial security

Via: Let Life In

When needing help with aging parents or older adults living in the Chicago area please contact one of our offices -  Home Care Chicago North Side (773) 784-4024, Home Care Chicago Gold Coast and Lincoln Park (773) 463-3500, or Home Care Chicago Downtown, Near West, South Side (312) 348-7238.

It’s October, and there’s no better time than now to show a breast cancer survivor in your life just how much they mean to you. Whether they’re a senior who struggled throughout their middle ages, or whether the survivor is your daughter who had a breast cancer diagnosis after the birth of her first child. Here are some great gift ideas to show your support to breast cancer awareness and the fight against breast cancer.

1. Breast cancer awareness t-shirts: you don’t need to participate in an event with giveaways to receive a breast cancer awareness t-shirt. Buy one for a friend or loved one to honor their fight against breast cancer. T-shirts are available that take a light-hearted perspective to the disease and others are sentimental. Choose something that you know will mean the most to the recipient, although the gesture in itself will have the greatest meaning

2. Ribbon magnets – buying a magnet for someone who has survived breast cancer can allow them to put it on their fridge and be reminded everyday that their fight against the disease is appreciated by the people who love them. Even those who are still going through the fight will fight harder to survive if they know they are supported

3. Coffee Cups for breast cancer awareness – coffee cups can be used year-round, and like magnets, can remind recipients about the fight they’ve undergone and let them know that there’s someone to help them contribute to awareness and support towards a cure

4. Lapel pin – unlike other clothing items for breast cancer awareness, a lapel pin can be worn with any dress code, including office wear. If you purchase a lapel pin for someone who has gone through the fight against breast cancer, they can wear the accessory to show their support everywhere they go

Via: Associated Content

Image: giftsforyounow.com

Via: Associated Content

Image: giftsforyounow.com

When needing help with aging parents or older adults living in the Chicago area please contact one of our offices - Home Care Chicago North Side (773) 784-4024, Home Care Chicago Gold Coast and Lincoln Park (773) 463-3500, or Home Care Chicago Downtown, Near West, South Side (312) 348-7238.

Seniors today are finding that retirement just doesn’t come when it used to. Elderly citizens like Erma Paliani find that for a number of reasons they’re unable to walk away from their careers when they’d like, remaining in the workforce until their 70s, 80s or 90s for the following reasons:

• While the average age to claim Social Security Benefits is 63.9, many need additional income on top of it to be able to afford basic aspects of daily living, like housing and food

• Many seniors would love to retire and just focus on their family and relaxing, but based on the numbers of seniors aged 65 and older which are rising higher than ever before, this isn’t a reality for everyone. The number of older works, aged 80+ has had the most substantial increase at 67% to 500,000 Americans

• With people living longer, money doesn’t go as far as it used to, and as time goes on this might increase even more, keeping more and more seniors in the workforce longer than planned

• Government benefits, which were initially defined in 1940 certainly weren’t designed to support 30 or more years of retirement, which means seniors need a fairly substantial nest egg to make it through

Via: AARP

Image: elements4health.com

When needing help with aging parents or older adults living in the Chicago area please contact one of our offices -  Home Care Chicago North Side (773) 784-4024, Home Care Chicago Gold Coast and Lincoln Park (773) 463-3500, or Home Care Chicago Downtown, Near West, South Side (312) 348-7238.

Starting next year, Chicago seniors living on a limited, fixed income will find themselves having to watch their budget and spending more than ever because their checks will start getting smaller. For the first time in decades, cost of living adjustments will not be increased, and as premiums for the Medicare Prescription Drug Program will be increased slightly, this means Social Security Benefit checks will get smaller. To survive this reduction on a limited income, seniors need to watch their spending by implementing the following tips:

1. Set a budget: know how much money you have available to spend on a weekly basis, and keep a record of your spending so you ensure that you’re never overspending. Pay in cash, and then deposit any remaining money at the end of the week into a savings account

2. Smart shopping – create a shopping list and buy only what you need. Plan meals around items that are in season, and try out generic brand products over name brands for the savings

3. Think all unnecessary purchases over – instead of buying things you don’t need impulsively, wait 24 hours and think it over. More often than not, you will find that the temptation passes

4. Discounts – clip coupons or shop at stores that offer more discounts. Also be aware of places that offer discounts to senior citizens, like movie theaters, museums, and even grocery and retail stores

Sources:

1. MSNBC

2. Associated Content

Image: jupiterimages.com

Taking on a pursuit like getting an education in older adulthood can be daunting, especially when it comes with costs; but with society beginning to embrace education later in life, it couldn’t be more affordable with many colleges in Chicago and across America providing special educational offers especially for seniors. If you or someone you know has been putting off attending classes at a community college, because of the unaffordable costs when living on a limited and fixed budget; you don’t have to worry anymore, because the cost of college for seniors is more affordable than you think.

Many public and community colleges offer reduced rates for senior citizens, and even offer full degrees or certification classes for free. Others will allow seniors to audit individual classes without having to complete the coursework or exams, at no or little cost. With colleges catering towards senior education, they don’t need to hesitate any longer because of the cost of college; and as summer progresses, it couldn’t be a better time for Chicago seniors to start picking up some books about college classes offered that might interest them for the fall!

Sources:

1. Suite 101
2. Suite101
3. North East Texas Community College

Image Source: pro.corbis.com

When needing help with aging parents or older adults living in the Chicago area please contact one of our offices -  Home Care Chicago North Side (773) 784-4024, Home Care Chicago Gold Coast and Lincoln Park (773) 463-3500, or Home Care Chicago Downtown, Near West, South Side (312) 348-7238.