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How to Help a Retired Parent Manage Funds

Most seniors are able to maintain fairly low costs of living, however, this doesn’t mean they aren’t likely to run into money troubles. Seniors are one of the most vulnerable consumer demographics out there. There are also an increasing number of challenges that seniors face when attempting to live on fixed incomes. Following are several ways you can help you senior family member better manage his or her retirement monies.

Discuss Senior Scams

What seniors don’t know can actually hurt them. It is important to inform aging adults of all of the latest and most deceptive scams. Seniors are often approached by online companies promising cheaper medication and medical supplies, but fail to deliver. Scammers can even be contacted by strangers posing as younger relatives who are in desperate need of fast cash. Make sure your loved one is duly vigilant and careful to avoid these and other scams.

Establish Feasible Rules Concerning Charitable Gifts

Seniors don’t have to be scammed in order to part with an inordinate amount of their spending monies. Talk to your loved one about the amount of money that is being donated each month and discuss different ways of giving that will have a lesser impact on his or her life quality. Volunteering at a local food or clothing bank could be a far more feasible and equally satisfying way to show charity, without experiencing undue financial burden.

Talk About Impulse Purchases

The retirement years are often far more challenging than most people expect. It is not uncommon for people to feel useless, discontent, and even depressed after exiting the workforce. Spending money can provide a sense of immediate gratification, but it can also have long-term consequences. Encourage your family member to meet with a financial advisor before buying something major like a recreational vehicle, vacation property, or boat. Even smaller impulse buys, like those from infomercials, can add up to a significant expense if purchased regularly.

Financial Advisors

A trustworthy financial advisor should actually be a long-term part of your loved one’s financial management plan. This professional can help your family member manage his or her insurance profile, plan for long-term care in Annapolis and make important after-death arrangements. Advisors can also regularly reconcile the accounts of their clients in order to find areas of waste, loss, or fraud.

Unhealthy Money Management Habits

There may come a time when you recognize the development of unhealthy money management habits. As cognitive abilities change, some seniors stop paying or even opening their bills. Disconnection warnings, loss of service or other similar issues could be signs that it is time to review your loved ones living arrangements and self-care abilities.

If you’ve been experiencing growing concerns about your senior loved one living on his or her own, it might be time to consider an Annapolis live-in caregiver. Home Care Assistance of Annapolis thoroughly screens and expertly trains every caregiver to help with a variety of everyday tasks and provide the safety monitoring seniors with increasing challenges require. To learn more, call us at 443-302-2771 and request a free in-home consultation.