Elder Care Retirement Tips in Auburn, NH
Visiting Angels provide essential elder care in Auburn, NH, and the surrounding areas
Managing your finances through retirement can be tricky, even if you’re well-prepared. Many seniors are unsure of how much they’ll need, and this number fluctuates according to the cost of living and other economic factors. Luckily, there are a few surefire ways to make sure you have enough to live comfortably, including taking steps to educate yourself on the ins and outs of financial wellness. Today, Visiting Angels of Auburn has several elder care resources to help you stay on top of your money goals.
Refinance
One easy way to free up cash now is to refinance your mortgage if you’re planning to stay in your home for a while. Do some research to find out when interest rates are low and take the opportunity to get a better deal and a lower monthly payment. While there are typically a few fees involved with this option--such as title insurance and appraisals--it can be a great way to reduce your monthly spending as well as ensure long-term savings each month. Do some reading to make sure this path is right for you.
Downsize
If your current home is a lot to take care of, consider downsizing, which has multiple benefits. You might think about moving to a smaller house, an apartment, or a senior community that offers accommodations and social opportunities. Not only will this help you save money, but it will also afford you a measure of safety and comfort over the years, especially if you’re living with elder care health issues or a disability. Take a look around a few different neighborhoods, and don’t rule out moving to a new city if the cost of living there is less than the one you’re in.
Downsizing can also apply to your lifestyle; take a good look at your monthly spending and use those numbers to jumpstart a new budget. You might get rid of subscription services you rarely use or trade cable for a streaming service. Carpooling, couponing, and public benefits--such as senior discounts--can make a difference over a month.
Alternative income streams
Not only is it essential to learn how to cut back on spending and save, but it’s also a good idea to think of ways to make extra money. Even if you’re willing and able to work part-time after retirement, there may come a time when you need a little more. Selling thrift or crafted items online, freelancing, and considering long-term guaranteed income – such as through an investment property – are great ways to ensure you have money when you need it. So are taking advantage of senior and veteran discounts whenever possible and reducing transportation costs.
Plan ahead
Those alternative income streams could come in handy for putting money aside for the future. Many seniors have Medicare, but healthcare costs – including long-term elder care – aren’t covered, which could mean thousands of dollars out of pocket. Plan now by making sure you have the right coverage and staying healthy. Talk to your doctor about easy ways to get moving and find out which type of diet is best for your needs. Don’t skip check-ups and preventative care appointments, as these could go a long way toward helping you stay well, especially during the pandemic.
Contact our elder care team
As you get older, you may find that it becomes a bit harder to take care of yourself. If you decide that you’d like to avoid nursing homes and remain in your own house, you can still get elder care and assistance from the kind and compassionate professionals at Visiting Angels of Auburn.
