Three Tips for Helping an Aging Loved One With Finances
For seniors, the rapid changes that occur in such a highly connected and technological world can be completely overwhelming. Many older individuals have seen quantum changes in all aspects of life, from transportation, to culture, to politics, to the map of the world and everything else in between. But if you had to choose a single aspect of our world that’s the most confusing to individuals who grew up in a different time, it might be money.
When your parent or grandparent learned how to handle money, things were much simpler. Money was an actual, physical thing that you could touch and hold; not just a number on a computer screen.
The world has also gotten increasingly cluttered with scams and schemes designed to separate people from their hard-earned money, and the scammers behind these operations tend to target older people, who might not be as financially savvy as those who grew up in this complicated era.
How Can You Help a Senior With Finances?
Thankfully, you and other trusted caregivers can help senior loved ones so that they don’t get fooled. Today’s financial world is confusing for seniors, but here are a few tips that can help you make your loved one become more financially secure and savvy.
#1 — Start an Honest, Open Conversation and Keep it Going!
if you are the person primarily responsible for helping an aging loved one or family member, it’s up to you to start a frank discussion about finances. Explain that you are there to help, and that you have their best financial interests in mind. Then evaluate the financial landscape and let your loved one know where they stand. It may be helpful to explain that you’re there to help because of a condition that interferes with sound financial management, or that you are concerned about scams that are going around.
From here, you can be of tremendous assistance when it’s time to pay bills or make sound financial decisions.
#2 — Consider Joint Accounts
Sometimes seniors are no longer fit for financial independence, which is fine. But if this is the case for you and an elderly loved one or family member, you need to offer solutions. One thing you can do is consider opening a joint account so that you can help manage the finances more directly and have access to statements and balance information.
#3 — Attain Financial Power of Attorney
It could be that your senior loved one is simply unable to attend to their finances. Or maybe they just don’t have the energy to sign papers, visit banks and do all of the things necessary to manage their money. By attaining Power of Attorney (POA) status, you can take care of your seniors’ finances without them being present, which can make things much smoother.
Are you interested in learning more about helping a senior with their finances? Always Best Care is here to help! Call us today at 1 (855) 470-CARE (2273) and learn how you can receive a FREE consultation.