Senior Finances: How to Spend That Tax Return

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How Seniors Can Spend Tax Return

Tax season may have left many seniors with a sizeable return this year. Although your senior loved one may be tempted to splurge on a vacation, those who are living on a fixed income are better off spending it wisely. If your elderly loved one received a tax return this year, consider these useful suggestions from Home Care Assistance of Chandler for utilizing these funds that will have a positive impact on your future.

Pay Down Debt

Senior adults who still owe a mortgage, car payments, or student loans will find it most beneficial to put their refund toward paying down debt. Not only will this help to lower the interest that is paid over time, but it will also bring seniors peace of mind regarding their future.

Invest in On-Going Care

It’s a smart decision for seniors to set aside funds should any health conditions arise that may alter their ability to live comfortably and independently. Use a tax return to invest in on-going home care that can help seniors maintain quality of life. (This doesn’t mean springing for home care immediately, but knowing the money is there if it becomes necessary). Regular live-in or hourly caregivers in Chandler can provide individualized care for those who may need some assistance with their every day routine.

Put it Toward Home Maintenance

For most adults, a home is their biggest investment. Put the tax return to good use by arranging to have any necessary repairs or maintenance completed. A new roof or flooring replacement can ensure seniors have a safe place to live for years to come.

Invest in Your Health

Staying healthy can cost money, and some seniors may neglect certain aspects of their personal care due to the expense. First, identify any upcoming health needs such as insurance and medication. Then, set that money aside so that being able to afford a treatment will not be a problem.

Build an Emergency Fund

It is recommended that every person should have at least three months of income to survive on, and most retirees have this covered. However, seniors can always continue to contribute to their emergency or retirement funds. Ideally, place the tax return into an account that will accrue the most interest so your loved one can maximize the funds.

If you or your senior loved ones are interested in learning more about home care, reach out to Home Care Assistance. We provide specialized Parkinson’s, Alzheimer’s, and dementia care in Chandler, as well as live-in and as-needed hourly care. One of our trusted Care Managers would be happy to sit down during a free in-home consultation and discuss care options, answer questions, and help you get to know us better. Call us today at (480) 448-6215 to schedule your consultation.


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