The Greatest Generation is great at saving money because they had to be. They grew up in a time of economic turmoil in America. They were raised in the Great Depression, where every penny counted and you had to carefully budget for your family’s well-being. Then they had to deal with World War II where most funds were shoveled towards the war. The Greatest Generation dealt with all this and were still able to survive becoming amazing senior citizens. If your older loved ones were able to save and have made it to this same point, it could be time where you may have to manage or assist them with their finances. Once you know the various factors that go into it, you need to budget their finances like they did. So, how did they end up saving money?
As you get older, you may find that you need extra support with everyday activities or you may no longer want to deal with home maintenance and upkeep. While you do not need nursing or medical care, you could use help with transportation, laundry, meal preparation, and other essentials of living. Alternatively, perhaps you could use more companionship or would like to make new friends. Independent living communities, like Franklin Park Senior Living, can provide a new living environment that fulfills these needs. When the time comes that new care is needed, Franklin Park Senior Living also offers assisted living and memory care services.
While you may find the idea of an independent living community attractive, how do you pay for it? Let us discuss several ways to pay for independent living that you might not have previously considered.
Eventually, the time will come when your parent is no longer able to manage their money. It may be sudden or gradual, depending on the situation. The prospect of managing someone else's money can be stressful or intimidating for some people, but with the proper preparation, it does not have to be. How well the situation goes depends on how familiar you are with the things you need to know – before taking over someone's finances.
Here are some things you should know before the situation arises and it is necessary for you to step in and manage your parent’s finances.
As you are probably aware, Medicaid provides free or low-cost care for the elderly and currently gives coverage to more than 4.6 million seniors. Unfortunately, for in-need seniors, it is not as simple as filling out some paperwork and receiving free living. To complicate matters, while nursing homes accept Medicaid, it is generally not available for use at any assisted living facilities or in-home care.
To apply for Medicaid, you will need first to decide if your assets are low enough to qualify for coverage. We recommend a trip to your financial advisor and some additional research. To help with the initial research, let’s first look at how Medicaid eligibility works:
Baby Boomers are defined as being born between the years of 1946 and 1964. This generation includes around 76 million Americans. This year, the oldest of boomers are celebrating their milestone birthday of 70; and the youngest is now 52 years old, not yet eligible to become an AARP member.
So what makes a baby boomer? After World War II ended and as America was improving from the Great Depression, people celebrated. It was a time of peace, of recovery and most of all: love. This time of celebration resulted in a sharp increase or "boom" of babies being born and marked the beginning of this generation. As these babies are now the next generation of seniors, what struggles are they facing?