Financial Health in the COVID-19 Era
Life has changed, but we move forward.
A life well lived means that you inevitably amass a cache of material possessions, all attached to a lifetime of memories. This makes downsizing a stressful and daunting undertaking that can be both physically and emotionally challenging to most seniors, as well as loved ones and caregivers. With the COVID-19 lockdown being enforced on many of us, you may not currently be able to take all the necessary steps needed to downsize right now, but here’s how to get started and make the process a lot less overwhelming.
Several years ago two sons invited me into the family home for an Aging in Place assessment of their parents in their late 80s. The father was fragile and their mother had health problems. Neither parent could complete their daily care routines. The picture was bleak — for the couple to stay in their home they would need daily caring.
But our current situation is unprecedented, and it’s very hard to know how to reassure our loved ones that everything will be fine and life will return to normal. Employment, money, health, food, etc. are all things that we work for and have always expected to be there. But now, they seem in jeopardy, and hopefully, just for a very short term. To add to the anxiety, our movements and entertainment venues are restricted and life is a fraction of what it was just a few weeks ago.
Are you counting on your living expenses taking a nosedive in retirement? If so, you might be surprised to learn that most seniors only spend $1,000 less per month than their younger counterparts, for an average monthly spending of $3,800. The reason behind seniors’ high spending isn’t that they’re living large in retirement. Rather, it’s because while spending decreases in some categories, it goes up in others. And unfortunately, the categories where costs rise are some of the most expensive.