Friday, January 10, 2014

Taking The Burden Off Your Kids: 5 Saving Tips For Your Golden Years

Most people do not look forward to getting older as there are many changes that accompany getting to our so-called golden years. For instance, the children that seniors once cared for frequently have to take care of their parents as they age. Here are some tips that can help take some of the financial burden off of children. Saving for a good retirement is something that people both young and old and start to focus on to make for a better life and truly make their final years golden.

1. Take Advantage of Discounts

Ben Franklin once quipped that "a penny saved is a penny earned." There are many opportunities for senior citizens to save money through senior discounts. Every penny saved is one penny that a senior or his or her children do not have to spend at a later date. Many grocery and restaurant chains offer discounts that sometimes start as early as AARP eligibility at age 50. These are definitely worth looking into.

2. Cash in on Travel Rewards

Many seniors live at some distance from their adult children and grandchildren. Most of these elders will want to visit with family at some point during the year. Rather than having children foot the bill for travel, seniors can sign up for frequent flyer accounts and hotel rewards programs that can pay off in free flights or free hotel stays. The reduced cost of travel can fit a retired senior's schedule much easier than a working child.

3. Downsize

The American Dream for a large segment of society includes owning a large home. After a couple begins to experience an empty nest, there is no longer a need for 4,000 square feet of living space. One of the best ways to free up some additional cash during retirement can come from downsizing. A two- or three-bedroom home will probably suffice for most retirees. Getting rid of a five- or six-bedroom house can be a great move to reduce financial burdens later in life.

4. Look into Assisted Living

Many children feel obligated to take care of their aging parents. These same adult children will frequently need to be a part of a two-income household just to make ends meet. Getting into an assisted living environment can provide for some of the care that a senior needs while also allowing children to continue working. However, you can plan ahead and avoid ending up somewhere you don't like. Looking into assisted living in Clermont FL and other warm weather locales is often preferable.

5. Set up an HSA

When getting closer to retirement age, a good idea is setting up a Health Savings Account. These accounts can pay for some of the routine medical expenses that Medicare might not cover, and this can help take a big burden off of children.

There are many ways for senior citizens to save their adult children some stress. Whether it is looking into assisted living or cashing in frequent flyer miles for a visit, these tips can save money for seniors, and they can also help lessen the financial and psychological burden that their children might feel.

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