Rhode Island

Your parents could have had their retirement fund compromised during the economic downturn. When it comes to talking about financial problems with them, be delicate. They may feel you are prying or breaching their privacy. Ensure that everyone has the same information before making any decisions.

Options for Financially Assisting Your Parents

There may be a point in time when you will have to assist your parents financially. Here are some potential solutions to financial problems:

•             Seek the advice of a financial advisor or lawyer

•             Help your parents out now and receive the money back in your inheritance.

•             Share all agreements with your siblings and invite them to be part of the agreement as well.

Recession Statistics

Everyone was affected by the recession – including your parents. They could have had a toll taken on their retirement fund. Remind your family they are not alone:

•             The Office of the Superintendent of Bankruptcy Canada reported that the share of insolvent consumers for people 55 and up has more than quadrupled in the past two decades.

•             According to the Annual Survey of Senior Costs, released by the Senior Citizens League, one quarter of older US adults have lost their buying power.

Click here for more information on financially assisting your parents

Home Instead Senior Care provides non medical home care services for seniors in Rhode Island and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Tips for Seniors on Life Insurance Supplements

Having a life insurance policy provides many benefits to seniors. However, few Rhode Island seniors are aware of additional benefits they could get from selling their current policy and buying a new one. This is one way for seniors to pocket some extra money while getting a policy at a lower premium cost. The list below provides some more information on how seniors can use their insurance policy as a financial tool.

1.    Settlements can provide seniors with ways to take advantage of some new policies that have new benefits and lower premium prices. It can be beneficial to use money that was gained from a settlement of an old policy to purchase a new one with better benefits.

2.    Buying a new policy by selling an old one can lower the annual premiums and offer a new policy that will leave more cash in the pocket of the senior.

3.    Using a life insurance settlement as a way to increase wealth and income, seniors are now looking into selling their old policy to get a better one at a lower price.

4.    Though this new financial tool is not commonly used, more seniors are learning of the benefits that come with life insurance settlements. Financial advisors are urging seniors to take action and sell their existing policy. Not only will a new one provide better benefits, but it can also save the senior a lot of money on premiums and also provide cash back from the sale of the old policy.

Global Life Insurance

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Talking to your senior parents about estate planning can be an uncomfortable subject, because many adult children don’t want to feel like they’re interfering with their parents’ personal affairs.

Estate planning typically includes a legal will that outlines distribution of assets; a financial power of attorney which dictates who will look after a senior’s finances when they become unable; a medical power of attorney, the person responsible for carrying out a senior’s medical wishes; and a living will, which establishes a senior’s health care wishes if they become unable to speak for themselves.

Discussing your senior parents’ estate early on with them ensures that you understand the role that they expect you to play after their deaths or during a medical emergency so that their wishes are carried out.

Talking with them becomes more important if they have not completed the necessary steps to protect their assets and secure their wishes. When approaching the topic of family estate planning, make sure that your siblings and immediate family members are involved so they don’t perceive your interests in your parents’ estate as self-serving. Ensure your parents understand you do not need to have the division of assets explained; it doesn’t matter how much they are planning on leaving you. What’s important is that they put the legalities in place to ensure they control what happens to their assets, even once they loose the ability to represent themselves.

Sources:

1. SeniorJournal.com (Robert Valentine)

2. FamilyEducation.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

The effects of poverty can be devastating for many seniors. These are usually individuals who have worked their whole lives, preparing for retirement. Unfortunately, when this time came, these seniors were forced to live on a limited income. This can often result in poverty and financial instability and insecurity. There are many reasons for senior poverty, but it can be prevented by taking the right actions. Below is some information that can be beneficial to seniors.

1. More seniors are experiencing poverty because they are living longer. In addition, many 401(k) plans are now being replaced by company pensions. The Social security benefits are diminishing and medical costs are rising. These all contribute to senior poverty.

2. Credit card debt, medical expenses and financial losses can cause a senior to experience financial insecurity.

3. The recession has taken a toll on seniors who are already living on limited income. This has led to reduced incomes, a decline in consumer wealth and increased poverty.

4. One way senior can prevent poverty is to battle credit card debt. This can be a challenge, especially for seniors who do not have the option of taking a long time to pay down debt. However, it is possible to negotiate better terms and seek credit counseling.

Source: Updatefrom.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Rhode Island Senior Care enables seniors to live happy, healthy, and independent lives in their own homes.

During tax season, many seniors wait until the last minute to file. It is not uncommon for seniors to owe money to the government. To offset this, seniors should be aware of any and all exemptions and deductibles that could lower their tax bills. Some of the tips that are provided below may be useful to seniors. If you are a senior and feel you may benefit from deductions and exemptions, the best thing to do is speak with a professional.

1. Make sure to know about any taxes on compensation. If you are still working, your income will be taxed at the normal rate. However, if you itemize your taxes and make use of exemptions and deductions, you will have a lower tax bill.

2. There are many deductions available for seniors. For example, seniors who itemize their taxes can deduct property tax, charitable gifts and medical expenses. These are only a few of the available deductions.

3. An exemption occurs when an individual is not required to pay a tax. If you are preparing your own taxes, you may want to consult a professional to inquire about exemptions.

4. Most seniors are receiving Social Security payments each month. If the senior has an additional form of income, this income will be used to determine if taxed must be paid on any earnings from Social Security. This usually applies to seniors who have higher incomes than normal.

Source: updatefrom.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Rhode Island Aging Care enables seniors to live happy, healthy, and independent lives in their own homes.

There are many ways seniors can lower the amount of tax they are required to pay. By doing so, seniors will get a higher return and may end up getting all of their tax money back after they file. To make use of these deductions, seniors should talk to a professional to determine what they can claim on their taxes. The following information may also be useful when filing.

1. There is a tax credit available to elderly tax payers and those who are disabled. In order to be eligible, the individual must be over the age of 65 by the end of tax year in which they wish to claim this credit. Disabled individuals may need to meet certain requirements before getting this credit. Those who receive disability income that is taxable will qualify.

2. Non-traditional lifestyles can have an effect on taxes. Most seniors lead a traditional lifestyle; however, there are some who do not. Gay and lesbian couples are not allowed to file their taxes jointly or as a married couple. This means that these couples will not get the tax break that is offered to those who are in a traditional marriage.

3. Some seniors may require assistance getting their paperwork in order before filing. If a senior has a caregiver, this person may be helpful in collecting receipts and documentation that is needed to claim deductions and exemptions. Seniors can also receive free tax assistance from AARP Tax-Aide.

Source: updatefrom.com

Image: johnsonhl.wordpress.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Younger generations sometimes mock seniors for being frugal – but they don’t understand what it’s like living on a limited income, with no full-time employment and paycheck to help make ends meet through retirement. For seniors, stretching every dollar just a little bit further is crucial for survival; especially during an economic downturn, and especially now with the holidays, and more expenses, appearing just around the corner:

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

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Approaching your retirement, the last thing you want to think about is how you’ll manage your finances. But this is a situation many boomer women face when on their own for the first time in their lives, and it can result in financial disaster. Here are some tips for effective financial management that boomer women can follow to securing their financial future:

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 Rhode Island 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

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Caring for a loved one can be stressful enough, without even having to worry about any external factors like where to gain access to the resources and information you need to deal with legal, medical and financial factors. Here are 3 ways you can help you and your senior to learn about their rights and the resources that are available to you and your family caring for a senior in Rhode Island.

1. Find out what local eldercare services are available in your area – contact the Eldercare Locator at 800-677-1116 so you know what’s available near your loved one’s Rhode Island home and how you can get in touch to arrange services.
2. Know which services your senior qualifies for – NCOA has developed an online questionnaire which allows caregivers and seniors to take a survey that helps them determine which services and benefits that they may qualify for. Visit www.benefitscheckup.org to learn about eligible benefit programs for prescriptions, utilities and health care.
3. Understand seniors rights and know how to get assistance – whether you are helping a parent or senior loved one prepare a will, dealing with a situation where a senior has been abused or neglected, or simply want a professional to help explain the legal rights of seniors, knowing where and how to get legal assistance is crucial. Many organizations provide pro bono legal representation for seniors. Contact the National Academy of Elder Law Attorneys, the American Bar Association Commission on Law and Aging or use the Eldercare Locator to find other resources.

Via: The University of Vermont

Image: pro.corbis.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Q  – My mom has talked for years, about how if she had been able to go to college when she was younger, that she would have loved to be an English major. Since her retirement, I have been trying to encourage her to chase her dreams, but she’s worried about the costs that will be involved, so she just won’t do it. Is there anything I can tell her to help encourage her to attend a Rhode Island college?

A – I understand why your mom might be reluctant, because college can be expensive for people at any stage in life; but for seniors on limited incomes, the fear is that the expense will set them back in their way of life during retirement. That being said, most colleges encourage seniors to join their ranks of students; either by attending courses with the school’s general population, or by learning through classes that are offered just for the demographic of older adults. In order to recruit senior citizens as students, colleges often allow seniors to audit classes (without accumulating credits) for a small fee, or no cost at all. Others offer discounted or free degree or accreditation programs just for senior citizens; or they have scholarships available that can only be given to older students looking to educate themselves later in life.  So, to answer your question; if you really want to sway your mother to taking an English or Literature class offered by a Rhode Island college; do some research on her behalf and find a college that will take her for free!

Sources:

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

Image Source: pro.corbis.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.