Seniors and growing credit card debt

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Replied by FrankN on topic Caring for Seniors

LEXIE, were you able to deduct those expenses on your '17 tax return? Also did you research to inquire if they are deductible for 2018?
1 year 4 months ago #1

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Replied by FrankN on topic Caring for Seniors

Make sure to check with the new rules under the new tax law.
1 year 7 months ago #2

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Replied by Lexie on topic Caring for Seniors

We had to put mom in a nursing home back in November. I have been providing some items for her out of pocket. Our CPA said that whatever is provided can be taken off your taxes. That's a pretty good deal too.
1 year 7 months ago #3

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Replied by Moneyes on topic Caring for Seniors

In the state I live in, if you get specific certifications the state will pay you for providingl care for a family member. It's a pretty good deal.
1 year 8 months ago #4

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Replied by JacksonM on topic Caring for Seniors

For those of you providing assistance to aging family members, I'd recommend seeing if there are services in your area or state that provide information or financial help. In my area, caregivers who live with and provide home care are eligible for a monthly stipend if they meet all the requirements. There's also a dedicated Elder Helpline to connect people with additional resources.
1 year 8 months ago #5

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Replied by FrankN on topic Seniors and growing credit card debt

Sometimes a lot of employers offer insurance to cover long-term care, but depends on the company.
1 year 8 months ago #6

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Replied by Lexie on topic Seniors and growing credit card debt

JGibbs wrote:

Lexie wrote: I agree the paycheck to paycheck method makes for a long work life. However, there are those of us that are retired with a pension and ss. It's a nice time in my life and I'm enjoying every minute. My heart goes out to those who can't enjoy their later years. I'm having a ball.

Do you have insurance to pay for your long-term care? It seems most folks eventually need around the clock care and i'ts expensive. I'm interested in long-term care insurance, but haven't found anyone who can offer a first hand view. I will say that social security seems to only cover the barest of nursing homes in my neck of the woods. I can't afford private care for my parents and I'm worried about the whole thing. They aren't careful with their money, but they've never been late on a payment, so paying into insurance might help.


I do not have long term care insurance JGIBBS and I probably should. A friend has mentioned going to see an elder care attorney just to see what my options may be when the time comes. I haven't quite decided about that yet. Do you know anything about it?
1 year 9 months ago #7

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Replied by JGibbs on topic Seniors and growing credit card debt

Lexie wrote: I agree the paycheck to paycheck method makes for a long work life. However, there are those of us that are retired with a pension and ss. It's a nice time in my life and I'm enjoying every minute. My heart goes out to those who can't enjoy their later years. I'm having a ball.

Do you have insurance to pay for your long-term care? It seems most folks eventually need around the clock care and i'ts expensive. I'm interested in long-term care insurance, but haven't found anyone who can offer a first hand view. I will say that social security seems to only cover the barest of nursing homes in my neck of the woods. I can't afford private care for my parents and I'm worried about the whole thing. They aren't careful with their money, but they've never been late on a payment, so paying into insurance might help.
Last edit: 1 year 10 months ago by JGibbs.
1 year 10 months ago #8

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Replied by FrankN on topic Seniors and growing credit card debt

Lexie wrote: I agree the paycheck to paycheck method makes for a long work life. However, there are those of us that are retired with a pension and ss. It's a nice time in my life and I'm enjoying every minute. My heart goes out to those who can't enjoy their later years. I'm having a ball.


Great to hear Lexie! Lucky to have a pension and good financial sense to you you are living a life within your pension and SS.
1 year 10 months ago #9

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Replied by Lexie on topic Seniors and growing credit card debt

I agree the paycheck to paycheck method makes for a long work life. However, there are those of us that are retired with a pension and ss. It's a nice time in my life and I'm enjoying every minute. My heart goes out to those who can't enjoy their later years. I'm having a ball.
1 year 11 months ago #10

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Replied by FrankN on topic Seniors and growing credit card debt

JGibbs wrote:

FrugalFran wrote: I don't think our generation is ever really going to be able to retire. Most people have spent too much time living paycheck to paycheck and the concept of having enough money saved to stop working at 65 just isn't going to be a reality for a lot of us.

I agree, FrugalFran. Many of us are also spending money and loses wages to take care of our elderly parents and grandparents too. Getting old is expensive and it's likely that the elderly in our families will need extensive help as people are living longer. Couple that with the loss of employer provided pensions and things are looking bleak.


Very bleak and its depressing to think about...
2 years 16 hours ago #11

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Replied by JGibbs on topic Seniors and growing credit card debt

FrugalFran wrote: I don't think our generation is ever really going to be able to retire. Most people have spent too much time living paycheck to paycheck and the concept of having enough money saved to stop working at 65 just isn't going to be a reality for a lot of us.

I agree, FrugalFran. Many of us are also spending money and loses wages to take care of our elderly parents and grandparents too. Getting old is expensive and it's likely that the elderly in our families will need extensive help as people are living longer. Couple that with the loss of employer provided pensions and things are looking bleak.
2 years 1 week ago #12

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Replied by FrankN on topic Seniors and growing credit card debt

It is an absolute truth. And every time the problem gets brought up, nothing ever really gets discussed and the problem is just pushed back. At some point we are going to reach a breaking point and I fear we are close to that.
2 years 9 months ago #13

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Replied by Wanderer on topic Seniors and growing credit card debt

Follow your post. Observed people who really believe they can work to 70 and beyond. What they don't know is that the physical body and mind may not be available for work at the age of 70 or whatever. People need to understand as does Congress even getting to the age of 65 for Social Security Retirement is a stretch. Not everyone works an office job and truth ... many employers want younger workers that can accept technology and move faster. Whether anybody wants to recognize the fact it is there.
2 years 9 months ago #14

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Replied by MikeJ on topic Seniors and growing credit card debt

I'm so thankful for my defined, military pension and disability; I've seen too many people just keep working until they pass away... it seems like retirement is an issue that far too many people take for granted.
2 years 9 months ago #15

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