Realizing the Holiday Blues

Many elderly citizens can become depressed around the holiday seasons.  This especially is true if they have not used the services of a Philadelphia wealth management firm, a Certified financial planner in New Jersey, or any type of New Jersey financial planner to be financially planning for retirement.    By not trying to find a financial advisor, these elderly citizens left them with fewer options for long term care.

“The holiday season is quickly coming upon us. If you are a caregiver for an elderly loved one, you may notice a change in your loved one’s mood as the holidays approach. Perhaps you are one of many, who visit elderly parents and family during the holidays who live a distance away. When you visit you may notice that loved ones are not as physically active, or they show symptoms of fatigue or sadness and have no interest in the holiday or in their surroundings.

According to the National Institutes of Health; of the 35 million Americans age 65 or older, about 2 million suffer from full-blown depression. Another 5 million suffer from less severe forms of the illness. This represents about 20% of the senior population — a significant proportion.

Depression in the elderly is difficult to diagnose and is frequently untreated. The symptoms may be confused with a medical illness, dementia, or malnutrition due to a poor diet. Many older people will not accept the idea that they have depression and refuse to seek treatment.

What causes depression in the elderly?
It is not the actual holiday that causes depression, but the fact that holidays tend to bring memories of earlier, perhaps happier times. Additional contributing factors that bring on depression may be the loss of a spouse or close friend, or a move from a home to assisted living, or a change with an older person’s routine.

Depression may also be a sign of a medical problem. Chronic pain or complications of an illness or memory loss can also cause depression. In addition, diet can also be a factor when proper nutrition and vitamins are lacking.

As an example, Selma’s husband passed away, a few months before Christmas. Her family lived close by and would call or drop in often to check on her. Selma seemed a little preoccupied and tired, but this was to be expected as she had been the caregiver for her husband for many years. It wasn’t until the family noticed that her holiday decorations were not out and her yearly routine of Christmas card writing was not happening that they began questioning her mental and physical well being.

A trip to her physician confirmed depression, caused by not only the loss of her spouse, but a vitamin B12 deficiency. There were both mental and physical reasons for her depression.

Symptoms to look for in depression might include:

• Depressed or irritable mood
• Feelings of worthlessness or sadness
• Expressions of helplessness
• Anxiety”

By realizing this and possibly getting a financial planning guide to start as financial planning help, odds are that the depression will not hit your family around the holidays.

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Posted by Jay McGrath | Leave a comment

Affording the Education

The most difficult thing for a family to do in many instances is to financially support a student in college, especially if they have multiple students.  By using a Philadelphia financial planner, a New Jersey wealth management firm, or an NJ private wealth management group, college can be planned for.  Some mistakes that are often made by families include:

“ What is the result of poor college planning and judgment?

Debt. And a lot of it.

While the Bachelors Degree has always been associated with four years and most parents think about it in that regard, the reality is the Bachelors Degree is now taking more like five to six years to finish.

But planning for only four years of college expenses rather then five or six is not the major crime here.

It’s the lack of preparation, organization, and other costly mistakes parents make about their children’s future.

So how can you avoid these seven major mistakes, avoid the debt, and other college issues?

Well first you must understand the seven mistakes parents make with college planning.

Nettleton lists the mistakes as 1) parents and students late start on the planning process, 2) parents not positioning the child correctly, 3) too much or little done in the application process, 4) lack of understanding regarding loans, 5) parents and students relying too much on the advice of the student counselor, 6) poor consideration in regard to the social environment, and 7) parents too afraid to just say “no.””

Learning to deal with these miscues and prevent as many as possible will only ease the process.  Getting financial planning help is certainly a great way to begin planning, even if it is only in the form of a financial planning guide.

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Posted by Jay McGrath | Leave a comment