{"id":2767,"date":"2023-04-26T23:16:48","date_gmt":"2023-04-26T23:16:48","guid":{"rendered":"https:\/\/www.logicmark.com\/?p=2767"},"modified":"2023-04-27T13:21:24","modified_gmt":"2023-04-27T13:21:24","slug":"helping-seniors-cut-costs-save-money-and-live-well-on-a-budget","status":"publish","type":"post","link":"https:\/\/www.logicmark.com\/helping-seniors-cut-costs-save-money-and-live-well-on-a-budget\/","title":{"rendered":"Helping Seniors Cut Costs, Save Money, and Live Well on a\u00a0Budget\u00a0"},"content":{"rendered":"<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Summary<\/strong>&nbsp;<br>&nbsp;<br>A budget is a tool that can help aging adults live a comfortable life in retirement.&nbsp;<br>&nbsp;<br>Aging adults need a budget because their expenses may increase,&nbsp;and they may be faced with unexpected medical bills that can cause unnecessary strain.&nbsp;<br>&nbsp;<br>Medical conditions like Alzheimer\u2019s and dementia may affect an adult\u2019s ability to properly manage their money.&nbsp;<br>&nbsp;<br>LogicMark\u2019s medical alert devices are affordable enough to suit any budget.&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">Why Do Older Adults Need a Budget?&nbsp;<\/h2><p>Everyone can benefit from having a budget, no matter their age\u2014but it\u2019s a most essential tool for aging adults as most of them live&nbsp;on a fixed income.&nbsp;&nbsp;<\/p><p>Unexpected expenses can affect an aging adult\u2019s&nbsp;health, security, and overall well-being.&nbsp;Here\u2019s how you can help your folks save money, enjoy their golden years, and see that their financial needs are met when it matters most.&nbsp;<\/p><h2 class=\"wp-block-heading\">What Does Retirement Cost?&nbsp;<\/h2><p>By now you must have heard the saying, \u201cI\u2019m too poor to retire.\u201d Retirement costs money, and people know this.&nbsp;&nbsp;<\/p><p>Due to the rising costs of living and having to wait until <a href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10035.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">age 67<\/a> to claim social security benefits, many <a href=\"https:\/\/www.forbes.com\/sites\/bobcarlson\/2022\/08\/22\/americans-are-back-to-retiring-later\/?sh=48e413b11f3a\" target=\"_blank\" rel=\"noreferrer noopener\">Americans<\/a> are choosing to stay in the workforce longer.&nbsp;<\/p><p>Retirement is costly, and people who haven\u2019t been contributing to retirement savings may&nbsp;fall short when they need to stop working. Even if you\u2019re not about to embark on a world tour once you retire, the&nbsp;bills can still rack up really fast by spending money on the most basic things.&nbsp;&nbsp;<\/p><p>The latest statistics show that most people will need <a href=\"https:\/\/www.annuity.org\/retirement\/retirement-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">$1.04 million<\/a> to retire comfortably.&nbsp;<\/p><h3 class=\"wp-block-heading\">How do seniors spend their money?&nbsp;<\/h3><p>Individuals who retire in the U.S. will spend most of their money on housing. This includes rent, property taxes, mortgage payments, and repairs and maintenance.&nbsp;&nbsp;<\/p><p>A recent homeowner study showed that there are <a href=\"https:\/\/www.annuity.org\/retirement\/retirement-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">10 million Americans<\/a> over the age of 65 who are still making mortgage repayments.&nbsp;<\/p><figure class=\"wp-block-image alignfull size-full has-custom-border\"><img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-02.jpg\" alt=\"A man with grey hair and glasses stares worriedly at a computer as he holds a calculator in his hand. \" class=\"wp-image-2769\" style=\"border-radius:20px\" srcset=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-02.jpg 600w, https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-02-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><p>After housing, the other major expenses for seniors in retirement include:&nbsp;<\/p><ul class=\"wp-block-list\"><li>Healthcare&nbsp;<\/li>\n\n<li>Food&nbsp;<\/li>\n\n<li>Transportation&nbsp;<\/li>\n\n<li>Utilities&nbsp;<\/li><\/ul><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>What is the 50\/30\/20 Rule?<\/strong>&nbsp;<br>&nbsp;<br>This is a rule for dividing your monthly income in an effective way, and it may help seniors to draw up their budgets, too.&nbsp;<br>&nbsp;<br>According to the rule, half\u201450%\u2014of your income after tax is reserved for non-negotiable expenses, like food and rent.&nbsp;<br>&nbsp;<br>After the essentials are paid, 30% is dedicated to things you\u2019d like to have, while the remaining 20% goes to savings and debt repayments.&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\">What is the Best Way to Budget on a Fixed Income?&nbsp;<\/h2><p>People who have retired often rely on a fixed income that doesn\u2019t really take inflation into account. The best way to make your money stretch is to cover the most important expenses first, and to ensure that you don\u2019t spend more than you have each month.&nbsp;<\/p><p>But this is basic knowledge that most parents will know by the time they retire. However, cognitive issues\u2014especially conditions like <a href=\"https:\/\/www.logicmark.com\/the-top-assistive-devices-for-aging-adults-living-with-dementia\/\" target=\"_blank\" rel=\"noreferrer noopener\">dementia<\/a> and <a href=\"https:\/\/docs.google.com\/document\/u\/0\/d\/16UPPCwjvmNbjd4nn8FKnrReKBZ8-tRik0bxDluJQUe4\/edit\" target=\"_blank\" rel=\"noreferrer noopener\">Alzheimer\u2019s<\/a>\u2014make it easy for them to forget the budgeting rules they\u2019ve practiced their whole lives.&nbsp;<\/p><p>Fortunately, you can guide them and ensure that they\u2019ll be provided for in their golden years.&nbsp;<\/p><h2 class=\"wp-block-heading\">Steps for Budgeting for Retirement&nbsp;<\/h2><p>The earlier you start preparing for retirement, the better your chances of retiring comfortably. Proper financial planning can prevent your folks from running up unnecessary credit card debt. Here\u2019s what you can&nbsp;do to help your parents construct their budget for retirement.&nbsp;<\/p><h3 class=\"wp-block-heading\">Have that difficult conversation about money&nbsp;<\/h3><p>Discussing income and expenses is something that makes a lot of people uncomfortable, and this may be true for your folks as well. So you may need to be&nbsp;the one who introduces the topic.&nbsp;<\/p><figure class=\"wp-block-image alignfull size-full has-custom-border\"><img decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-03.jpg\" alt=\"A woman sits across from an older woman. They hold each other's hands as they gaze at one another. \" class=\"wp-image-2770\" style=\"border-radius:20px\" srcset=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-03.jpg 600w, https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-03-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><p>Medical costs and housing expenses are two important factors here because they\u2019re potentially huge expenses that are unavoidable.&nbsp;<\/p><p>If your parents are not yet of retirement age, you can explain to them the value of preparing for retirement while they\u2019re young.&nbsp;<\/p><h3 class=\"wp-block-heading\">Determine income and expenses&nbsp;<\/h3><p>Even when you stop working, your expenses don\u2019t end. They will continue and increase, even if you don\u2019t earn more money from year to year.&nbsp;&nbsp;<\/p><p>To calculate monthly income, take into account social security benefits and income from investments or other sources, such as rent received.&nbsp;<\/p><p>Try to anticipate what your parents\u2019 retirement expenses will be, and then make a list of them. Your list may include:&nbsp;<\/p><ul class=\"wp-block-list\"><li>Housing&nbsp;<\/li>\n\n<li>Insurance&nbsp;<\/li>\n\n<li>Taxes&nbsp;<\/li>\n\n<li>Debt repayments&nbsp;<\/li>\n\n<li>Repairs and maintenance&nbsp;<\/li>\n\n<li>Subscription services, like streaming sites and phone bills&nbsp;<\/li>\n\n<li>Utilities&nbsp;<\/li>\n\n<li>Clothing&nbsp;<\/li>\n\n<li>Entertainment and travel&nbsp;<\/li><\/ul><h3 class=\"wp-block-heading\">Keep a spending diary&nbsp;<\/h3><p>A spending diary is a journal where you record daily or weekly expenses. You can use this tool to project how much money will be spent in a month, a year, or more.&nbsp;<\/p><figure class=\"wp-block-image alignfull size-full has-custom-border\"><img decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-04.jpg\" alt=\"A close-up of a hand holding a pen as it writes in a notebook. \" class=\"wp-image-2771\" style=\"border-radius:20px\" srcset=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-04.jpg 600w, https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-04-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><p>By jotting everything down, you\u2019ll be able to see where money may be being&nbsp;being wasted, where it can be saved, and where it should be spent.&nbsp;<\/p><h3 class=\"wp-block-heading\">Downsize&nbsp;<\/h3><p>Your folks should not be saddled with a huge mortgage in retirement. Chances are, they don\u2019t even need the extra space anymore.&nbsp;<\/p><p>And if a parent has lost a spouse, they may be considering not living in their current home&nbsp;anymore.&nbsp;<\/p><p>The downsizing conversation can be even more difficult to have with a beloved parent than the budget conversation. If you need help bringing up the topic, read our article on <a href=\"https:\/\/www.logicmark.com\/how-to-help-aging-adults-downsize\/\" target=\"_blank\" rel=\"noreferrer noopener\">downsizing<\/a>.&nbsp;<\/p><h3 class=\"wp-block-heading\">Pay off debt&nbsp;<\/h3><p>Ideally, your parents shouldn\u2019t enter retirement with a mountain of debt. If they have assets they need to pay off, encourage them to do this before retiring or consult a financial advisor for help.&nbsp;<\/p><p>Debt is a burden that can cause unnecessary stress and worsen existing chronic conditions like hypertension. It\u2019s the last thing your parents need if they want to enjoy a peaceful retirement.&nbsp;<\/p><h3 class=\"wp-block-heading\">Take care of your health&nbsp;&nbsp;<\/h3><p>The best thing an older person can do is take care of their health. Medical expenses can claim a huge portion of your monthly budget and prevent you from truly enjoying your retirement.&nbsp;&nbsp;<\/p><figure class=\"wp-block-image alignfull size-full has-custom-border\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-05.jpg\" alt=\"A senior couple smiles as they hold hands and walk outside on a brisk day. \" class=\"wp-image-2772\" style=\"border-radius:20px\" srcset=\"https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-05.jpg 600w, https:\/\/www.logicmark.com\/wp-content\/uploads\/2023\/04\/helping-seniors-cut-costs-logicmark-05-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure><p>For your folks to remain in good health, it\u2019s important for them to eat well, get enough physical activity, go for regular checkups, and protect themselves from injury, which brings up the next point. &nbsp;<\/p><h3 class=\"wp-block-heading\">Prevent falls&nbsp;<\/h3><p>There\u2019s a reason why the <a href=\"https:\/\/www.cdc.gov\/steadi\/pdf\/check_for_safety_brochure-a.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Centers for Disease Control and Prevention (CDC)<\/a>&nbsp;has so many resources on fall prevention: falling is a major risk among aging adults. &nbsp;<\/p><p>Around <a href=\"https:\/\/www.cdc.gov\/falls\/data\/fall-cost.html\" target=\"_blank\" rel=\"noreferrer noopener\">$50 billion<\/a> is spent on falls each year in the U.S. \u2014 and aging adults&nbsp;who fall can easily break their bones and may sustain serious head injuries, including traumatic brain injury.&nbsp;<\/p><p><a href=\"https:\/\/www.logicmark.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">LogicMark<\/a> has affordable products that are designed to help an older person in the event of a fall or injury.&nbsp;<\/p><p>The range of medical alert devices can help&nbsp;simplify your parents\u2019 lives and give them peace of mind.&nbsp;<\/p><p>You\u2019ll find basic devices that connect directly to emergency responders, primary caregivers, or family members during emergencies.<\/p><h2 class=\"wp-block-heading\">Where Can I Learn More about Special Offers for Seniors?&nbsp;<\/h2><p>Managing income and expenses isn\u2019t easy, especially when every cent counts during retirement years. But a lack of funds shouldn\u2019t prevent you or your parents from living a safe, comfortable life. LogicMark understands this, and we are here to help.&nbsp;<\/p><p>To make your life easier, we offer affordable devices with nonsubscription options. This means no extra monthly payments for parents on a budget.&nbsp;&nbsp;<\/p><p>If you\u2019re a veteran, take our <a href=\"https:\/\/www.logicmark.com\/veterans\/\" target=\"_blank\" rel=\"noreferrer noopener\">quiz<\/a> to find out if you qualify for a free medical alert device. For more information about our services and special offers, <a href=\"https:\/\/www.logicmark.com\/customer-support\/\" target=\"_blank\" rel=\"noreferrer noopener\">get in touch<\/a> today.&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Everyone can benefit from having a budget, no matter their age\u2014but it\u2019s a most essential tool for<\/p>\n","protected":false},"author":11,"featured_media":2768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/posts\/2767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/comments?post=2767"}],"version-history":[{"count":0,"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/posts\/2767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/media\/2768"}],"wp:attachment":[{"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/media?parent=2767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/categories?post=2767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.logicmark.com\/wp-json\/wp\/v2\/tags?post=2767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}