5 Ways Older Adults Can Be Smart about Using Their Tax Return

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The actual process of filing taxes isn’t always fun, but the tax return at the end of the season often makes up for the headaches. If you have an aging parent or loved one who received a tax return this year, encourage him or her to use it in a smart and savvy way. Don’t know where to start? Here are a few of the best ways for older adults to spend their extra dollars. 

 

1. Invest It

Even if your loved one’s tax return isn’t a high amount, investing it in the right ways can secure a little more of your loved one’s long-term financial future. Look into which investments are the best for seniors and offer assistance in carry out investments, or visit your local financial adviser and see if they can provide any insight.

Another way to use money from a tax return is paying for an in-home caregiver. One of the most challenging tasks of helping an elderly relative age in place safely and comfortably is researching agencies that provide home care. Frederick families can turn to Assisting Hands Home Care for reliable, high-quality in-home care for aging adults. We offer 24-hour live-in care for seniors who require extensive assistance, and we also offer respite care for family caregivers who need a break from their caregiving duties.

 

2. Do Home Improvements

If your loved one is a homeowner, renovations or even small home improvements can enhance the functionality of the home while increasing overall value. Seniors may want to look into home improvement projects for promoting safety, such as installing handrails in the bathroom or adding new cabinets in the kitchen that are easier to reach.

 

3. Build an Emergency Fund

With age, health becomes unpredictable, and your loved one who is healthy today could experience a fall or other injury tomorrow. See if your loved one would be open to building or adding to the emergency fund with his or her tax return. Knowing there’s money for care, whether part-time at the hospital or live-in care at home, can provide peace of mind.

If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of home care. Assisting Hands Home Care is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities our caregivers provide to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services.

 

4. Give Back

Seniors can pick their favorite charity and donate some of their tax return. This performs double duty, as your loved one will have done a good deed as well as shaved off some taxes for next year. Making a donation to a local charity can open up doors for your loved one to volunteer or give back as well, an activity that’s shown to promote senior health, happiness, and even quality of life.

 

5. Save It for the Holidays

Even though your loved one may receive his or her tax return by April, setting it aside and saving it for end-of-the-year holidays can ensure a little extra spending money for gifts for the grandkids. If your loved one might be tempted to spend the money before December, purchase gift cards now at places he or she is likely to shop for gifts during the holidays, and dig them out when the time comes to make a purchase.

Managing finances isn’t the only thing older adults may need help with. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Frederick home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Assisting Hands Home Care is here to help. Reach out to one of our friendly Care Managers today to learn more.