Moving out of a family home after many decades seems akin to moving a mountain. If the move is to Assisted Living, the mountain can feel even bigger.
First, consider the situation. Often, such a move does not have a long planning runway. A sudden trigger event can start the process. Incidents like an accident (e.g., a fall in the home) or illness can put an abrupt stop to independent living and kickstart a frantic effort to move a loved one into an Assisted Living or Skilled Nursing setting.
Cellular phones and access to the internet has drastically changed the lives of people across the world. For the first time in history, humans can communicate with each other and access answers to questions instantly, from pretty much anywhere. The benefits are vast and incredible. At the same time, while older adults are using the internet and smartphones more frequently, there are risks.
Internet and phone scams have become a growing issue as technology has evolved and become more advanced. Scammers use internet software to take advantage of people by using fraud schemes that trick people into giving them money. In 2018, the FBI Internet Crime Complaint Center received 351,936 complaints of internet and phone crimes, accounting for more than 2.7 billion dollars in losses. Of all scam victims, seniors are targeted more than any other age group because they tend to have more time and willingness to listen. They are also often more sympathetic and trusting than younger generations.
Scammers use various tactics, such as acting friendly, helpful, or sympathetic, to get people to fall for their schemes. In some cases, scammers inflict fear on their victims to scare them into paying them. Scammers are aware that many older adults have a lot of money in their savings accounts after retirement. They are also considered low-risk targets because these scams often go unnoticed and unreported due to the lack of technical knowledge.
The best way to avoid internet and phone scams is to be aware of common scams, including the top ten scams targeting seniors, found by the National Council on Aging (NCOA). It is then easier to identify and avoid falling for these scams:
The holidays are coming up! For many of us, that means it's time to shop and get everyone the perfect gifts. With the presence of the COVID-19 pandemic and social distancing restrictions, this year, shopping online is the way to go! Don't worry; you can still save money! In fact, shopping online provides many unique opportunities to ensure you are getting the best possible price. Read on to learn about seven different ways you can squeeze every penny out of your online shopping experience.
In our recent blog (Participating in the Gig Economy: Part 1 - Driver and Delivery Jobs), we reviewed the gig economy and job opportunities involving driving and delivery. In this blog, we will outline gig economy jobs related to corporate and freelance work. While driving jobs can be a great way to get out of the house and make your own work schedule, there are many work opportunities within the gig economy.
Within the past five years, the number of freelance workers in the United States increased from 53 to 57 million. 61% of those freelancers went into this work by choice for the many benefits. Twenty-five percent of freelancers say their ideal work environment is at home. Twenty-five percent also say they can find work within 24 hours. More than half of freelancers say they will never go back to traditional work because of the vast opportunities and flexibility.
Many people choose to work after retirement, whether to stay busy, be social, stay active, or make some extra money. The gig economy has many opportunities for older adults looking for post-retirement work.
The gig economy consists of part-time workers, independent contractors, freelance workers, and seasonal employees. Having a job in the gig economy provides flexibility for those who don't want to be held down by a strict or busy work schedule.
The gig economy began in the 1940s with part-time work during World War II but has expanded substantially due to the rise of technology. As of 2017, freelance workers accounted for more than one-third of the U.S. workforce. By 2027, the proportion is estimated to be over 50%.
Today, older adults alone make up 37 percent of all gig economy workers. Although many workers participate in the gig economy to fill their time, there is also an economic advantage. For workers ages 65 and older, independent contractors had the highest median weekly earnings in 2017, sometimes earning, on average, thirty percent of their pre-retirement income.
If the benefits of working in the gig economy sound attractive, there are many different opportunities to investigate to find the right fit. In this blog, the focus is on driver and delivery jobs. Be sure to also check out Part 2: Freelance Work.
As lifespans have increased, the idea of "aging in place" has gained popularity. Defined as "…remaining living in the community, with some level of independence, rather than in residential care.", this typically means living in one's private residence for as long as possible. These days, a combination of family help, home health aides, and adaptions to living quarters have allowed older adults to stay in their homes longer.
For many, however, health or other problems crop up and lead to a senior living arrangement outside the home. Very often, this is assisted living.
Assisted living emerged as a concept in the early 1980s in response to the hospital-like, institutional nature of nursing homes. At the outset, assisted living focused on providing mostly non-medical support for older adults in a more home-like setting structured to preserve their independence, dignity, privacy, and choice.
Within a few years, it became apparent there was an issue for residents whose health declined beyond the facility's ability to support them. While it was clear that their increased needs weren't being met, residents were reluctant to move for two reasons. First, the move from their original home was a difficult, significant life change. Second, the move from assisted living often was to a nursing home; the very place most hoped to avoid by moving to assisted living. Residents desired an opportunity to age in place in an assisted living setting.
Age 55 seems to be a life milestone when many think more seriously about future eventualities like retirement or moving out of the family home. The latter can be driven by many motivations:
No matter the reasons, the decision to move can only be made after certain questions have been answered.
Regardless of how much you prepare for retirement, it is impossible to predict which unexpected situation might put additional stress on your bank account. If not properly planned for, these expenses can easily derail a retirement budget. Some of these risks are more common than others. Unfortunately, too many people plan for retirement by only accounting for current pre-retirement expenses. However, Employee Benefit Research conducted a study in which they said that about 40% of retirees agreed that their retirement expenses were higher than expected.
Proper retirement planning is crucial. It helps you to achieve retirement income goals and determine the actions needed to complete those goals. Retirement planning includes identifying all sources of income, possible expenses, and implementing a saving program. Here in this article, we will discuss some of the common, but unexpected expenses, that many encounter after retirement. It is not always possible to dodge all of these unexpected events. Still, with a little planning, you can minimize the consequences of those events.
You've been thinking a lot about it for a long time. Maybe years. Is it time for the big leap of faith? Is it time to move out of your house into a senior living arrangement?
This can be one of the most challenging decisions of your life. There are so many options. It's difficult to know where to start. Here are nine questions that may provide some perspective in the face of this difficult choice.
The quest for an appropriate assisted living residence for an aged loved one seems like a daunting task for families. The choices within a community range from large buildings with a hundred or more residents to smaller, home-like residences. Information about senior living choices abounds on the web. Families can easily scan among the options to make a list of residences to check out further.
After some research, initial telephone calls to the locations help to trim the list. These calls answer basic questions about the facility and allow the person in charge of admissions to learn more about the prospective resident. These calls narrow the list down to buildings worthy of onsite tours.