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5 Ways to Help Seniors Protect Their Finances

Posted by Ruby Cemental on February 7, 2017

Broken-Piggy-Bank-LR.jpgToo many seniors are the victims of financial abuse, especially as they get older and are no longer able to manage things for themselves. Unfortunately, you can't guarantee where that abuse will come from--including friends and loved ones. If you'd like to prevent it from happening to your senior loved one, these five tips on how to help seniors protect their finances will help provide them with the support they need. 

Draft Power of Attorney

Who handles mom and dad's finances if they are no longer able to do it themselves? Drafting a power of attorney is the best way to ensure that there is a seamless transition. Make sure that everyone understands who has been chosen to deal with financial transactions so that it will be as clear as possible.

Simplify

Wherever you can, simplify financial processes for your elderly loved one. This could include:

  • Having regular bills automatically withdrawn
  • Grouping several payments together into one
  • Ensuring that necessary parties--particularly the individual with power of attorney--understands what payments need to be made each month

Stay Aware of Scams

There are new scams every day that are designed to prey on elderly individuals. Some of the most obvious include a scammer pretending to be a loved one in need of immediate financial assistance or scammers who attempt to gather bank account information by pretending that your loved one has won an award or prize. Make sure that you're aware of the latest scams targeting seniors. 

Stay in Touch

You can know everything there is to know about all of the latest scams, but if you don't stay in touch with your loved one, you can't know if they've been targeted. Make sure you talk to them on a regular basis and check in with their financial situation regularly. 

Keep an Eye on the Money

The more eyes there are on the money, the better. If one sibling or friend is responsible for all of the financial details, it's much easier for them to get away with financial abuse. Ensure that there are several of you watching so that there are always checks and balances in place to keep your loved one safe. You should also set up eyes at your loved one's financial institutions and place safeguards in place, including contacts that will notify you if any suspicious activity occurs.

Looking after your senior loved one doesn't just include their physical needs. You need to pay attention to their financial safety, too. Many of the issues of aging can be solved by providing parents with the support they need to continue to maintain their independence. The resources provided by Caring Senior Service can help. Get in touch with us today!

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Topics: finances