Planning For Eldercare Articles


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Articles on Planning for and Funding Eldercare

This article was provided by the National Care Planning Council. Each monthly article is written to help families recognize the need for long term care planning and to help implement that planning. All aging people, regardless of current health, should have a long term care plan.


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%.

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Article Archive, view previous Eldercare Articles



Previous Articles

2021 January 27 - Understanding Sundowners Syndrome
2020 November 13 - Strategies for Successful Aging
2020 July 27 - Diabetes in Elderly Adults – Symptoms, Signs, and Health
2020 May 20 - Heart Disease and Its Impact on the Elderly
2020 March 21 - Helping Seniors Cope with COVID-19
2019 November 12 - Facing the Realities and Adversities of Aging
2019 October 29 - Does Long Term Care Insurance Really Work?
2019 October 15 - Dealing with the Challenges of Aging
2019 October 1 - What is the Greatest Risk for Retired Seniors?
2019 September 10 - 3 Reasons to Take Social Security at Age 62
2019 August 20 - What Is Survivors Pension with Aid and Attendance?
2019 August 6 - Relocation and Downsizing Specialists Who Serve the Senior Market
2019 August 6 - What Is the Difference between Conservatorship and Guardianship?
2019 July 23 - How Can You Get Money Out of Life Insurance Without Dying?
2019 April 2 - Government Pays for Only about 16% of Long Term Care
2019 February 26 - What Are the Medical Care Decisions Prior to Death?
2018 November 5 - Why Do You Need to Review and Update Your Beneficiary Arrangements?
2018 August 14 - Some Ideas on How to Avoid Probate
2018 July 20 - Elder Mediation Services
2018 June 20 - Financial Abuse of Senior Citizens
2018 May 14 - Common Strategies to Protect the Home from Medicaid Recovery
2018 May 9 - Will Medicaid Take Away Your Home?
2018 April 17 - The Value of Life Insurance for the Final Years
2018 March 13 - Understanding Powers of Attorney
2018 February 18 - Elder Law and Estate Planning Advice
2018 January 5 - Why should I use an Elder Law Attorney?

The National Care Planning Council (NCPC) has been publishing monthly articles on eldercare, Medicaid, Medicare, Veterans Benefits for Seniors, and Long Term Care since 2006. To access these articles please visit the NCPC's Planning for Eldercare Articles page.


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