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6 Main Causes of Poverty in Older Adults

Living in poverty exposes seniors to stressful situations that impact their overall health. While no one plans to live in poverty, it can happen to anyone. Fortunately, you can work with your senior loved one to help him or her stay financially secure. Here are six common reasons older adults fall into poverty.

1. Getting Scammed

Older adults are frequently targeted by criminals and scammers. Stay on top of the most recent scams, and warn your loved one not to give out money to people who approach him or her over the phone or online. If your loved one has dementia, it may be necessary to appoint a financial guardian who can watch for signs of criminal activity on his or her accounts.

Make sure your aging loved one is up to date on the signs of common scams. If you feel your loved one may no longer be able to live alone safely, consider hiring a professional caregiver. When considering in-home care, Sacramento, California, families should make sure their senior loved ones have the resources they need to maintain their independence and remain healthy. Trusted in-home care professionals can assist seniors with daily tasks like cooking, bathing, and exercise, and they can also encourage them to focus on healthier lifestyle habits.

2. Being Too Generous

Sometimes, seniors give their money too freely. For instance, your loved one may have increased donations to a favorite religious or charity organization without realizing how much it would hurt his or her bank account. Or your loved one may be lending money to family members who don’t understand how tight life can be after retirement. Help your loved one create a realistic budget that limits how much he or she gives to others.

3. Changing Economy

Many seniors thought they had enough saved up for retirement, but they lost their investments. As a caregiver, you can work with your loved one to figure out how to live well on what he or she has now. Your loved one may find sharing meals with family cuts down on his or her food budget.

4. Paying Too Much for Housing

Seniors today have many options for living, but moving into a nursing home or senior community too soon can hurt their savings. Seniors who own their homes can benefit from not having to pay rent. You can help your loved one avoid unnecessary expenses by hiring a caregiver so he or she still enjoys some socialization while on a budget.

5. Falling Ill

Medical costs have skyrocketed, and seniors still have difficulty covering these costs even when they have insurance. Therefore, staying healthy is one of the best ways to avoid paying for hospitalizations. Make sure your loved one has someone to check in on him or her regularly and help with tasks such as housekeeping.

 

Performing daily tasks while simultaneously managing the symptoms of a serious illness can be challenging for seniors. The Sacramento live-in home care experts at Home Care Assistance are available 24/7 to make sure your loved one has the care he or she needs to remain safe and comfortable while aging in place.

6. Failing to Plan for Emergencies

Things can happen unexpectedly that chip into a senior’s finances. For instance, your loved one may find his or her savings account drained after the loss of a spouse. Talk to your loved one about things that can happen in the future so you can plan now for keeping his or her finances in order.

In addition to finances, older adults often require assistance with daily tasks like cleaning, cooking, and personal care. If your aging loved one needs occasional help with bathing, grooming, cooking, or other basic household tasks, or if you need time to attend to important personal matters, reach out to Home Care Assistance, a leading provider of live-in and respite care. Sacramento seniors can maintain their independence while living at home with the help of our reliable respite caregivers. For reliable in-home care services, contact us at 916.706.0169 today.