MARAK

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ing, or turning hobbies into income-generating activities. Perhaps, renting out a room or property can offer a steady income stream.

Reduce Living Expenses: Adjusting lifestyle choices to reduce monthly expenses can make a significant difference. This might include downsizing to a smaller home, utilizing senior discounts, and cutting unnecessary spending.

Plan for Healthcare Costs: Healthcare is often a significant expense for older people. Investigating Medicare options, supplemental insurance, and available assistance programs can help manage these costs more effectively.

Family Financial Discussions: Openly discussing financial plans and expectations with family members and trusted companions can ensure that everyone is prepared and on the same page regarding future financial management and support needs.

Emergency Fund: Building and maintaining an emergency fund can provide a safety net for unexpected expenses, reducing the need to rely on others for financial support.

By adopting these strategies, older adults can take proactive steps toward securing their financial future, aiming for independence and minimizing the burden on their families.

These measures not only enhance personal financial stability but also contribute to the overall well-being and dignity of older adults as they navigate their retirement years.

Carol Marak, aging advocate and editor at Seniorcare. com. She's earned a Certificate in the Fundamentals of Gerontology from UC Davis, School of Gerontology. Aging Matters is a weekly column tackling everyday challenges that our growing elderly population and their loved ones syndicated in newspapers across the country.