4 Ways to Help Your Elderly Parents Manage Their Finances

You should be thinking about saving for later in life already, but what about those who are already there? Your elderly parents or even your grandparents should have a substantial amount of money stashed away and should be enjoying their retirement, yet they still may need financial assistance, especially if their memory is not as it once was. Their money should help them enjoy their later years and means they have something to pass down to you and your family to pay for college or buy a home. So, how can you help your elderly parents manage their finances?

Work With Them

Your parents may not appreciate you butting into their finances, but you don’t need to take full control. Instead, it’s better to work with them to determine how much they spend, what they are spending money on, and what they can change.

Working with them is a great way to get a better idea about your parents’ financial situation and it can help them avoid significant money issues, even if they don’t see it that way. Some will be happy to share this information with you, but others may require a little more convincing. In these cases, educating them about online banking can make it easier to work together in managing accounts.

Help Them Recognize Scams

Seniors are regularly targets of scams. Someone obtains their phone number and requests they send over credit card or gift card information to solve a problem. This is always a scam, so teaching your parents to recognize common financial scams will keep their finances in a healthy condition.

You can tell them not to answer the phone to unknown numbers and not answer the door to anyone they do not know, while spam or phishing emails are other issues to highlight to keep their finances safe.

Identify Professional Support Options

If you can’t be there at all times to support your parents, you can look into professional alternatives. A popular choice is using a fiscal intermediary that can help seniors with dementia and similar conditions.

These services can still make your parents feel they are in control of their finances and ensure they enjoy more financial independence which means the caregiver is properly compensated for their assistance, which boosts their quality of overall care and puts you and your parents at ease.

Identify Important Documents

It’s always worth knowing where important documents are located in your parent’s house, so take the time to find any vital legal and financial documents that could be beneficial later on.

Knowing where these documents are can save a lot of trouble if your parents suffer an accident or injury and need to spend time in hospital. It can also help with any payroll issues from their pension as you should have all the information there to enquire if necessary.

Safe Money

Seniors can often be more careful about their money, and they may not appreciate you sticking your nose in. But, they may reach the point where they need your assistance to manage their finances appropriately. As long as you remember these tips and don’t try to take total control, you can find a solution that works for both of you.

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