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Common Financial Mistakes Made by Retirees

Many family caregivers notice when it’s too late that their loved senior is in financial trouble. Unfortunately, some seniors go through a large amount of money very quickly after they retire. Others failed to prepare for their retirement when they were working. Still others are unable to share vital financial information with the family caregiver, which can put them in even more financial trouble. To circumvent these issues, Temple, TX, elderly care professionals recommend avoiding these common financial mistakes.

Applying for Social Security Too Early

Many seniors apply for Social Security in the months before they turn 62. If the senior can delay this action while still paying their basic bills and other living expenses, then they should do so. If the senior can wait until they are 66 to collect Social Security, then they receive 25 percent more each month. If they can wait until 70, however, then they receive 33 percent more and can adapt to retirement a little easier.

Spending Too Much Too Soon

Many seniors look forward to taking a long trip or buying an expensive toy on the day that they retire. While there is nothing wrong with enjoying retirement, live-in and hourly Temple caregivers must remind their loved ones how long their money must last. If a senior retires at age 62, he or she can expect to live at least another 14 years. The money needs to last throughout the rest of his or her life.

Not Adjusting Investments

The senior needs to adjust his or her investments when he or she retires. Seniors need at least two years of basic expenses in a cash account. At least 20 percent of their investments need to be in secure accounts such as mutual bonds, certificates of deposit and treasury bonds. The remainder of their savings should be in modest accounts that are growing at least at the rate of inflation. Too many seniors have their money in high-risk growth accounts that react quickly to changes in the world.

Family caregivers should discuss finances with seniors that they love. If this conversation is uncomfortable for them, then consider going with them to a good financial advisor. You can also invest in help from Home Care Assistance, the leading provider of Alzheimer’s, dementia and stroke care in Temple, TX. In addition to helping seniors with everyday tasks such as cooking and housekeeping, we offer their families peace of mind. Call 254-856-0600 today to set up a free consultation and meet with a trusted Care Manager.