Recent years have seen a significant increase in awareness and understanding in elements of the community caring for the elderly regarding the importance of managing, not only their health, but also their social and financial state.
The increase in life expectancy without extending retirement age, has extended the period of life after retirement significantly.
A person who’d reached retirement age these days has about 25 additional years to live on average.
We can divide an adult’s lifetime into two parts:
- The accumulation period. This period consists of a person’s work years until retirement and it includes their income from work, building their property, their home and accumulating their savings.
- The expense period. These are the years following retirement. This period is referred to professionally as the “Third Age” and is characterized by greater expense to maintain quality and standard of living.
Recent years have also seen a significant increase in the length of the Third Age and, therefore, the volume of expenses.
This period also sees an increase in frequency of illnesses and their severity and simultaneously a decline in functional and mental capacities.
All of these create special needs that require considerable financial resources.
Caregivers are exposed to harsh facts regarding the financial state of the elderly.
Senior citizens contend with a lack of financial resources that prevents them from managing basic household economy, buying basic consumer products, heat up their home in the winter, buy medicine and many other things we consider to be a basic necessity for a reasonable standard of living.
Financial gerontology mainly contends with the financial element and creates the best suited solutions for the pensioners and their family.
More and more families are aware of the necessity of professional financial direction and accompaniment that are based on multi disciplinary knowledge and expertise.
Azimuth Finances group provides accompaniment, guidance and advising services with expert assistance to senior citizens and their families in the following fields:
- A checklist of the volume of family assets.
- Analyzing the needs of the pensioners and their families in order to maintain a proper standard of living.
- Constructing tools to protect financial and physical assets.
- Accompaniment in order to correctly perform an intergenerational transfer of assets with the help of specialized legal advisors.