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5 Smart Ways Seniors Can Use Their Tax Return

By Cherie Coe, 8:00 am on

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 your have an aging parent or loved one who received a tax return this year, encourage them to use it in a smart and savvy way. Don’t know where to start? Jefferson County Home Care Assistance shares 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 help secure a little more of his or her 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.
  1. Home Improvement – If your loved one owns his or her home, renovations or even small home improvement 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.
  2. 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 their emergency fund with their tax return. Knowing there’s money for care, whether part-time at the hospital or Jefferson County live-in care at home, can provide peace of mind.
  3. Give Back – Seniors can pick their favorite charity and donate some of their tax return. This does 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 is shown to promote senior health, happiness, and even quality of life.
  4. Save it for the Holidays – Even though your loved one got his or her tax return in 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.

There are many great ways to use a tax return, and of course, your loved one can always treat him or herself with a great gift, trip, or meal out. If you’re looking for more information about caring for a senior loved one, call 303-987-5992 and speak with an experienced Care Manager from Home Care Assistance and ask about our flexible care plans, professional in-home caregivers, and 100% satisfaction guarantee.