Technology adoption is getting recognition as part of a senior adult’s preparation for the golden years. Baby boomers coming of age as present and future retirees are lucky, because they will be retreating into a world enhanced with technological advancements. Many innovators in technology have in fact devised gadgets and applications that aim to assist and empower senior citizens to independently manage life in retirement.
Becoming digitally connected has become a norm even among older adults. However, a 2017 Pew Research reported that smartphone use tends to drop significantly among seniors in their mid-70s and over. About 31% of retirees aged 75 to 79 years still own and use smartphones. The percentage drops to 17% among those aged 80 and beyond.
Since the UK government is planning to push retirement age to age 75 in the next 15 years, technology use during that period will become more important than ever. After all, that would be the stage when health and wellness issues become more pronounced.
There are now technological innovations that can help retired seniors manage typical old-age problems; such as lack of mobility, loss of memory, vision and/or hearing impairment as well as despondency. Although assistance from senior caregivers are often provided, adeptness in using basic technology when advancing to one’s sunset years will prove to be most helpful.
Ways Technology Adoption Can Help Senior Adults
Simple things such as sharing of medical data between senior patients and their health care provider through the Internet of Medical Things (IoMT), can address mobility issues that prevent seniors from seeking medical consultations.
Know-how in using smartphone applications can also help seniors live life in comfort during retirement. With or without caregiver assistance, older adults can monitor their medication, as well as their heart rate with the help of a phone app. In some cases, sudden memory loss may leave a retired adult stranded in an unfamiliar location. In knowing that family members or caregivers can track his or her whereabouts through a phone app, a lost senior will have no reason to experience pangs of anxiety attacks.
Basic smartphone features such as GPS and cameras prove useful in collecting and transmitting information vital to senior care. However, the costs of such gadgets and applications may not be as affordable to senior adults with minimal retirement money on hand. Some though managed to raise money by taking out loans through home equity schemes.
What is a Home Equity Release Facility
A home equity release facility is a type of loan available to older homeowners who are at least age 55. Based on the age of the borrower and the value of the owned property, a percentage of the equity value may be borrowed without having to worry about burdensome monthly payments. Settlement of the loan will come in due time, either when the senior borrower passes away, or when it becomes necessary for him or her to enter a nursing home.
Money that will be used as payment for the total amount due will come from the sale of the property. Any excess, between the proceeds of the sale and the home equity debt, will then form part of the estate that the senior borrower left behind to his beneficiaries or heirs. In the UK, a no-negative equity release guarantee, protects a borrower’s family from ending up with unpaid debts arising from a home equity mortgage.
A web tool called equity release calculator online can be used to determine the value of the amount that can be borrowed against a home equity.