Finances are tough to manage at any age, but when you throw new expenses into the mix with the potential for things like dementia, managing your finances can be impossible on your own. This is exactly the problem that many seniors around the United States are facing right now, and although the resources to get these people help are out there, only a small number of people are taking advantage of them. This ranges from family members that are willing and able to help, up to nonprofit organizations that are willing to donate time and energy into helping people protect their future.
The possibility of fraud also needs to be taken into account. Seniors have long been favorite targets for scammers because they may be naive in certain areas of financial knowledge, and they are more likely to have money than younger folk who haven’t been saving as long. This is a sad predicament, but it is the reality of our world, unfortunately. This is yet another reason why you should be proactive when it comes to helping your elderly loved one plan for their future and safeguard their assets. Helping the senior members of your family financially certainly isn’t a requirement in most cases, but it is the right thing to do if you are capable of it. Keep an eye on what they spend, what their current expenses and projected bills are, and help them to create and keep a cushion for the unexpected events that they might have to deal with at some point. There are tons of resources out there that can help you to prepare a plan for your loved one, but meeting with a financial advisor or a retirement planner can give you a few steps in the right direction. Many advisors do work off of commissions, so be prepared to think things through yourself and ensure that the recommendations made are truly in your family’s best interests.
If you are unable to help your loved one yourself, it is very important that you find someone that can. An attorney, specifically one that specializes in elder law, will be your best bet, but this can be extremely expensive. While this might be the most thorough pathway, it’s not necessary for everyone. However, if your loved one does struggle with things like balancing their checkbook, making sure that their bills are paid, and so on, having someone trustworthy to take these tasks over for them is needed. If you or another family member cannot do this yourselves, you might want to consider looking at in-home care services that do provide services like this with their caregivers can help.
If you do choose this route, just be sure that the caregiver you bring into your home is the right fit. Professional services like Paradise In-Home Care should do background checks on their employees, and they should have safeguards in place to make sure that your family is as secure as possible. Not all caregivers are given this treatment, so it is vital that you proceed cautiously in this area.
Leave a Reply