3 Biggest Financial Stresses Facing Seniors Over 70 - And How to Prepare for Them Now

Seniors over 70 can face a number of challenges, from health and socialization concerns to financial issues. While some financial concerns are common, seniors should plan in advance in order to ensure that they can fully enjoy their retirement. In this blog post, we will discuss the three biggest financial stresses facing seniors over 70 years old and provide advice on how to prepare for them now. 

3 Biggest Financial Stresses Facing Seniors Over 70

There are many financial stresses that could become issues for senior adults. Here are three of the most common finance-related concerns for seniors over 70:

Healthcare Costs

Healthcare costs play an unavoidable role in most seniors' lives at one point or another, regardless of their unique financial situation. However, when seniors deal with unexpected illnesses or other unplanned medical visits, those bills can add up quickly. 

Social Security Benefits

Seniors over 70 may also struggle with sufficient Social Security benefits. Though the government provides a base amount of support, in some cases this money is not enough to cover all costs associated with day-to-day living. 

Retirement Income 

Retirement income can also be an issue for seniors over 70 years old. However, this depends on how well the individual has planned or saved for retirement. As seniors age and transition from working full-time to relying mainly on savings and investments, they need to make sure their funds will last as long as needed. 

Ways to Prepare for Financial Stresses Now

Fortunately, there are measures that seniors can take in order to prepare financially for any potential difficulties later in life. These include:

Create a Financial Plan

Creating a financial plan allows seniors to visualize exactly where their budget stands. They can also create a game plan for how to best spend their money on a month-to-month basis so that their income can last for years.

Research Potential Long-Term Care Solutions 

Unforeseen medical issues can arise when seniors reach the age of 70, issues that could require extended periods of care addressed by insurance coverage if available (via supplemental plans). It's important that families actively research what types of comprehensive long-term care policies exist both through private hospital settings and/or state governments/public entities. This way, they can be prepared if anything unexpected pops up.

Consult With a Financial Professional 

Consulting with a financial professional is a great way to get a handle on how to budget. A senior might benefit from a meeting or a series of meetings with a professional. This way, they can understand how much money they have coming in and how to make it last.  

Senior Helpers is Your Partner in Senior Care

It is important for seniors to maintain strong finances so that they can enjoy a happy, healthy, stress-free life. It isn't always easy to deal with the financial stresses facing seniors. However, with some planning and preparation, senior adults can thrive into their 70s and beyond.

Senior Helpers Santa Barbara helps seniors in the Santa Barbara, Goleta, Lompoc, Ventura, and Ojai area with premium in-home caregiving services. Contact us today to learn more!