When retirement approaches, financial priorities tend to shift. Vision changes and “senior moments” can make money management tricky. Discussing finances with your loved one can be delicate, but it is crucial to ensure bills are paid on time and their money is protected. Consider the following tips to help your loved one with their finances.
Get Access to Accounts
Request access to your senior’s accounts or create a second person login. This will be helpful if one forgets the login credentials or needs you to look at their account regarding a concern or question. It is also important to obtain access to your loved one’s financial accounts to give you the ability to write checks or other transactions on his or her behalf.
Set Up Automatic Payments
If your senior is tech-savvy or you are going to have access to the account, set up paperless and monthly automated payments. Having automatic payments will make things easier and simplified to help keep track of expenses. Most financial companies have an online payment portal where you can set up an automated payment plan. It is a great way to stay on top of payments and prevent any late fees from accumulating.
Create Budget
Creating a spending plan for your senior will help them live on a fixed income. It is important to discuss any adjustments together before a decision is made. Display a monthly budget in a notebook or planner as a daily reminder to help track spending.
Be Cautious of Scams
Stay vigilant to prevent your loved one from falling for a con. Many scammers try to make seniors donate money or share personal information. Some also pretend to be a family member who needs money. Inform your senior that they should be skeptical of any offer through email or phone and can contact a trusted family member for a second opinion.
Organize Important Documents
Placing all critical documents in one safe, accessible place will help keep track of what types of accounts are active in your senior’s name. Documents such as bank statements, insurance policies, mortgage paperwork, wills, social security, or birth certificates should be put in a file container or safe. Having all the essential files together will make it easier to find and access when needed.
At Evergreen Place Assisted Living and Evergreen Village Supported Living in Normal, we are proud to be a part of the Central Illinois senior community. To learn more about our campuses, contact Evergreen Place (309) 451-9355 or Evergreen Village (309) 452-7300, and schedule a tour today!
