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Unlocking a Golden Future: Essential Tips for Safeguarding Seniors' Finances

By: Commonwealth Senior Living / 10 May 2024
Unlocking a Golden Future: Essential Tips for Safeguarding Seniors Finances

In today's economy, older adults face unique financial challenges. Factors like rising healthcare costs and uncertain Social Security benefits make it difficult to achieve financial stability and security. Fortunately, there are actions seniors can take to protect their finances and enjoy their golden years.

One of the most important tips is to create a budget and stick to it. A budget helps seniors better manage their money and determine where their income should be allocated each month. Additionally, they should prioritize saving for retirement and set aside emergency funds in case unexpected expenses arise. It is also important to understand and address potential risks. Here are some key considerations and strategies for protecting seniors' finances.  

  • Accessibility: Seniors should have easy access to their money when needed, so make sure ATM cards and online banking are available for them to use. Older adults on a fixed income should be aware of automatic payments to ensure they are covering their expenses.
  • Fraud: As people age, they become more vulnerable to scams and fraud. Be vigilant in monitoring for potential instances of identity theft or abuse of financial resources. If you suspect any wrongdoing, contact the police and credit bureaus immediately.
  • Investment Advice: Do your research on investments. Consult with an experienced financial advisor who specializes in retirement planning and has a track record of success. Understand the risks and rewards of each option before making a decision.
  • Long-term Care Insurance: As adults age, their healthcare needs will increase, so it's essential to have proper coverage in place. Review long-term care insurance policies and how they can be used to fund senior living.

We understand why it's so important for seniors to be mindful of their finances. In early 2021, our team surveyed our current families to better understand the primary needs in their search for senior living options. Our research discovered pricing to be among the most important pieces of information. We also found the most frustrating element of the search process was an overall lack of price transparency. Commonwealth Senior Living has been dedicated to price transparency for many years. This research further motivated us to offer a clear understanding of our pricing structure and a useful tool for comparing costs.

Use our cost calculator to fully understand your familys current financial picture.

Our community experts are here to help you through the process with customized plans for you and your loved ones.

Visit our communities page to discuss paying for senior living with a community leader today.

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