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How to Deal with 21 Critical Issues Facing Aging SeniorsBook: "How to Deal with 21 Critical Issues Facing Aging Seniors" The elderly are often confounded by the complexity of issues they face (including declining income, increased debt, poor investment returns, fading health, medical crises, complex insurance programs, long term care challenges, etc...). This book takes a comprehensive approach to address these challenges and provide solutions. Learn More...
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DISCLAIMER: The sole purpose of our listing service on this website is to assist you in contacting long term care providers or advisors in your area who may be helpful to you. There is no charge to you for using this service. Members of the Council, featured on this site, have agreed to abide by an ethical code of conduct. We hope that Council members or anyone else we refer you to will treat you in an honest, fair and equitable manner. However, it is up to you to determine for yourself the integrity, experience or capability of any provider we refer you to. We are not responsible if your experience with any of our referrals is not satisfactory. Continue Reading...
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Eldercare Article

Three Reasons Seniors are Failing to Cope in Their Final Years

February 12, 2021

Inadequate Income
If a senior or a senior couple is relying on investments and savings such as Social Security or pensions to augment income, and for various reasons those retirement accounts did not produce the anticipated results, many seniors find themselves in a bind in their later years where they are unable seek employment to make up the difference.

Income might also not be keeping pace due to an unwanted accumulation of debt, particularly credit card debt. For whatever reason, banks have been particularly liberal about issuing credit cards to older individuals who may not have the capacity to service debt. The debt may have been necessary because of a major home repair, or unforeseen high medical bills, or because of a bad investment due to unreasonable expectations, or exploitation from those who prey on the poor decision-making of seniors. Servicing debt is a major drawdown on income.

Another major factor for inadequate funds could be that income flow from year-to-year is not keeping pace with inflation. This is particularly true for seniors on Social Security or fixed pensions who must pay for the high cost of medical care. The cost of seniors' medical care, due to aging, increases faster than yearly increases in Social Security. Also, in some areas, the cost of maintaining a household due to higher utility bills, higher taxes and higher maintenance costs rises faster than the cost-of-living adjustments in Social Security income. The latest yearly increase in social security income was a mere 1.3%.

Continue Reading: Three Reasons Seniors are Failing to Cope in Their Final Years

Article Archive, view previous Eldercare Articles

 

Long Term CareThe articles below are provided by the National Care Planning Council. Each article is written to help families learn about various resources and services available to retired seniors and the elderly and to help them implement a long term care plan.

Popular Articles:

2017 June 5 - The Value of Geriatric Care Management Services

2017 February 22 - How the Funeral Rule Helps Consumers

2016 December 15 - Caring for a Loved One at Home Can Be Challenging

2016 September 22 - Estate Planning As Part of Your Long Term Care Plan

2016 August 18 - Perpetrators of Elder Abuse Are Usually Family Members

2016 June 29 - Osteoporosis - What You Need To Know

2016 May 12 - Include End-Of-Life Planning When Anticipating Long Term Care

2016 March 24 - Gut Health and Antibiotics

2016 February 16 - What Should I Expect to Pay for Funeral and Burial Expenses

2016 January 5 - Arthritis Among Seniors

Article Archive...


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