Hamilton Seniors Facing Debt: What to Know, and What to do

Living as a senior with debt is not an easy thing to go through. It involves care, diligence, and much caution to remain as financially secure as possible. Wellness means more than simply being healthy, after all, we need to feel comfortable and safe in every sense to attain it. Living in old age with debt can be dangerous in this regard, as you never know when more medical issues will arise. Today, let’s take a look at some key things to know about this lifestyle.

It’s Not a Choice

Ageing is part of life. As we get older, our bodies require extra care and more medical treatment. Whether taking prescription medication, receiving in-home nursing care, or even just spending more on a healthier diet to help you cope with a specific condition, these are all factors that can incur more expense. Racking up debt through credit cards is all too easy just by having to pay more out-of-pocket for necessities, as we need more supplementation of vitamins and particular medicines to stay healthiest as seniors. Simply put, it may not be that you have a loved one who is “bad with money,” but rather that they have more expenses than they initially had planned for.

You Can’t Rely on Just Pensions

Many seniors (one-in-five Canadians) still work well into their sixties. A small percentage even work past age 80. Often, seniors simply love what they do and love having something to do, but most of the time they work because they have no choice financially. The claim that retirement is but a myth rings true for many senior citizens. Mortgages, lines of credit, auto loans, and many more different ways of accumulating debt can build up over the years, with many individuals unprepared financially and surprised. Employment and company pension plans should never be your only supply of money coming in; we suggest investing in RRSPs and other forms of retirement savings to ensure your future is brighter and far less stressful.

Factor in Long-Term Care

Eventually, most of us seniors will need to rely on the assistance of others when it comes to everyday life. There’s no shame in it, but what you can do is plan for when or if a need arises for long-term care services. Consider opening a savings account that accumulates high interest and making weekly deposits — even a small amount every month can go a long way in ensuring you receive the level of care you deserve. Or if someone you know is in care, consider checking in to see if they need help with any of their bills.

A Helping Hand

Of course, debt isn’t unique to seniors. So, if you have debt right now, set some goals to eliminate it and save for the future. If you have a loved one or friend dealing with debt, a helping hand is always appreciated. Chat with them to see if they would mind you pitching in if you can manage it. Not only will you help someone in the best way possible, but you’ll learn the importance of planning for your own future.

In the end, we can never know what’s coming our way. Preparedness is important! For more information about our care services, contact us today. We’d be happy to answer any questions you may have.

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