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Pinched by the Economy, Older Adults Put Themselves at Risk
By Spectrum Staff
Evidence
is mounting that older adults are cutting everyday expenses to keep
up with the economic downturn. Local senior-care experts warn families
to be on alert to make sure seniors aren’t cutting too deeply.
Warning signs include skipping medications, pulling the plug on air
conditioning and canceling social outings.
In a recent report released by AARP titled “The Economic Slowdown’s
Impact on Middle-Aged and Older Americans,” 59 percent of seniors 65 and
older surveyed said they’d found it more difficult to pay for essential
items such as food, gas and medicine. Nearly half (47 percent) said they found
it more difficult to pay for utilities such as heating, cooling or phone service.
Forty-six percent have reduced the number of times they eat out, and 45 percent
cut back spending on entertainment.
“Cuts of essential items such as food and medication should be of immediate
concern to seniors’ families,” said Buck Shaw, owner of the Home
Instead Senior Care office serving Sacramento, Placer and El Dorado counties.
“Other reductions in spending can lead to less obvious issues. One of the
biggest problems that we see is senior isolation, which has been magnified during
this troubled time in our economy with the high price of gas,” he added.
“When seniors’ families live a distance from their loved ones, or
when boomer children are busy trying to make ends meet themselves, an older adult
can get in trouble very quickly. That’s why it’s so important that
someone look out for the well-being of seniors to ensure they are safe in their
homes and eating properly, taking their medications and able to maintain their
appointments and social life,” said Shaw.
“Falling interest rates, fixed incomes and seniors’ fears of past
hardships can influence how they react to the current economic slowdown,” said
Sheryl Garrett, CFP, author of “Personal Finance Workbook For Dummies” and
several other books on financial planning.
“Some seniors may be running short on money but, for others, there’s
always that fear of running out because they lived through the Depression. They
know how ugly it can get.”
It’s also important for seniors to protect themselves against fraud and
too-good-to-be-true offers, Garrett advises.
“Seniors want to get the best that they can from their investments without
falling for scams or overselling tactics,” she said.
Older adults also should beware of CDs and fixed annuities that can promise higher
interest rates but force seniors to lock in their money for longer time periods
or otherwise put their investments at risk, Garrett noted.
“And always get a second opinion,” she said.
“Seniors at all income levels may be facing choices they haven’t
had to make in the past,” said Shaw. “They should know where to go
for help before they put themselves or their health at risk. Area Agencies on
Aging, for instance, offers both food and gas assistance, so seniors should contact
their local offices if they can’t make ends meet. And companies such as
Home Instead Senior Care can provide transportation assistance and help around
the home and serve as a second set of eyes for seniors’ families.”
Families also can play an important role monitoring seniors who have decided
to scale back because of the economy, said Shaw. “Even seemingly innocent
decisions, like cutting back a little on groceries or air conditioning, can have
a damaging impact.”
• • •
10
Cost-Cutting Warning Signs
(1). Is your senior’s home too warm in the summer and
too cold in the winter?
(2). Is the lawn not getting mowed nor is the sidewalk getting cleaned in inclement
weather?
(3). Is your loved one complaining about not being able to afford medications?
(4). Are home repairs not getting made?
(5). Is there a shortage of food in the house?
(6). Is your senior skipping doctor’s appointments?
(7). Is your older adult staying home more and becoming isolated?
(8). Is your senior cutting out entertainment?
(9). Does your loved one eat out less?
(10). Did your senior cancel a vacation?
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