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Steps to Take If Your Elderly Parent Hasn’t Saved for Retirement

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What to Do If Your Ageing Parent Hasn't Saved for Retirement in Newcastle, NSW

Most people hope to have substantial savings by the time they enter their golden years, but this is often easier said than done. Many seniors end up with financial issues because they have not saved up enough for retirement. If your ageing parent does not have enough funds for retirement, use the following tips to help him or her without having to use your own funds. 

Create a Budget 

Once you realise your parent is having financial difficulty, the first step is to create a monthly budget. The budget will give you an idea of how much your parent needs each month for living expenses and medical, utility, and grocery bills. Preparing a budget also makes it easier to avoid overspending. It is important to save as much money as possible, so you may want to discuss cutting out unnecessary items and only using a minimal portion of the budget to spend on entertainment. 

When planning a senior’s finances, it is equally important to assess his or her overall health. In the event your loved one’s health is decreasing, you may have to arrange for professional in-home care. If you have a senior loved one who needs help maintaining a high quality of life while ageing in place, reach out to Home Care Assistance, a leading provider of home care Newcastle families can rely on. All of our carers are carefully screened with qualifications in personal support, police checks, and current first aid.

Seek Assistance from Charitable Programs 

There are a lot of public and private programs that focus on providing assistance for the elderly. If your parent has no money and you cannot support him or her easily yourself, it might be wise to look for help from programs that provide food, housing assistance, or money to the elderly. It can be overwhelming to do all this work yourself, so it might be helpful to talk to a community social worker and get information about your options. You can log on to the government’s My Aged Care website to look for elderly support organisations and home care agencies in your area or call My Aged Care at 1800 200 422 for further information.  

Families shouldn’t have to worry about finding reliable elderly care. Newcastle Home Care Assistance is a leading provider of elderly home care. We offer a proprietary program called the Balanced Care Method, which uses holistic methods to promote senior health, our care workers and Care Managers are available 24/7, and all of our in-home care services are backed with a 100% satisfaction guarantee.

Suggest Delaying Retirement 

If your parent is still working full time, you should encourage him or her to avoid retiring for as long as possible. Delaying retirement by just a few years allows your parent to save up at least a small cushion of savings. 

Find Ways to Increase Savings 

It may be helpful to go over your parent’s expenses and talk about not paying for unused subscriptions, cooking at home instead of eating out, and avoiding purchasing unnecessary items. You can also help your parent find new ways to save money. Some seniors can get a lot of savings by downsizing to a smaller home or selling a car they no longer drive. 

Look for New Ways to Generate Income

Even if your parent is no longer working a full-time job, he or she may still be able to supplement income in retirement. There are a lot of part-time jobs with gentle secretarial, tutoring, data entry, or scheduling work most seniors are able to do. The internet has also opened up many opportunities for seniors because they can sell crafts or translate materials online.

Living independently is important for seniors who want to maintain a high quality of life. For some, this simply means receiving help with tasks that have become more challenging to manage over time. Even when families have the best intentions, they may not have the time to provide the care their elderly loved ones need and deserve. If your loved one needs help for a few hours a day or a few days a week, reach out to Home Care Assistance, a trusted provider of respite care Newcastle seniors can depend on. To schedule a free in-home consultation, call one of our professional Care Managers at (02) 4089 3000 today.

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