Q2 2017 Newsletter

  • On : August 13, 2017

Chris Baker DMM helping older adults manage financesTo all,

We appreciate you taking the time to review our 2nd Quarter newsletter about older adults and managing of finances, and hope that you are doing well.


Chris Baker, CPA, Managing Director
Phone – 678.828.4314


Did you know…

older adults hand placed in hand of younger person


The President’s Council of Advisors on Science and Technology (PCAST) is an advisory group of the Nation’s leading scientists and engineers, appointed by the President to augment  the  science  and technology  advice  available  to  him  from  inside  the  White  House  and  from  cabinet  departments  and  other  Federal  agencies.


PCAST recently reported to the President that the U.S. population is getting older, and Americans are living longer, on average, than they ever have before.  Getting older is a time of social, emotional, mental, and physical change.  Retirement might change how a person interacts socially every day, affecting a person’s mood and well-being.  Cognitive aging—the normal process of cognitive change as a person gets older—can begin, or a permanent change in physical function may arise.  Technology offers a path for people who are navigating these changes potentially to prevent or minimize the risks associated with them and to enhance people’s ability to live their lives fully.  PCAST sought to identify technologies and policies that will maximize the independence, productivity, and engagement of Americans in their later years.


To remain in the community, older adults may need specific supportive services and assistance.  Some older adults may need support to manage chronic conditions and health ailments; others may need help with specific activities—such as managing money—even though they can manage all other aspects of their life.  Some may need assistance with basic activities such as eating, bathing, and using the bathroom; others may only need help with instrumental activities such as managing medications, preparing meals, and shopping; and still others may just need support to be active broadly in social activities and hobbies.


In regards to helping older adults with managing their money, PCAST made the following recommendation to the President:


Recommendation 7, Financial Services – The Federal Government should encourage the banking and financial services sector to offer monitoring services to protect Senior’s assets from fraud and exploitation.


How does this affect you or your loved one?  Baker DMM is a financial service company and this is exactly how we help and protect our clients – by monitoring their financial accounts. As Certified Public Accountants, there is no one more qualified than us to provide this valuable service to those Senior’s in our community who need assistance with their day to day finances. If you know of someone who could benefit from our help, please call us at 678.828.4314.


To the read the full PCAST report, click here.

Tip of the day…

older adults managing finances picture of pile of quarters and US coins money


In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. Scammers use the regular mail, telephone, fax or email to set up their victims.


REMEMBER: The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. In addition, IRS does not threaten taxpayers with lawsuits, imprisonment or other enforcement action.
Recognizing these telltale signs of a phishing or tax scam could save you from becoming a victim.


To view different scams affecting individuals, businesses, and tax professionals, and for advice on what do if you if you spot a tax scam, click here.

It’s good to laugh…

older adults accounting joke funny animated bald man with little hair looking up confused thinking with finger placed on chin

“I’ve got an accountant who’s been with me forty years. If he makes a mistake, he dies.” Don Rickles, May 8, 1926 – April 6, 2017

It’s good to smile…

older adults quarterly newsletter joke laugh meme cats thinking cat cap on

And it’s good to dream…

older adults dreaming of clouds sky heaven


“Someone is sitting in the shade today because someone planted a tree a long time ago.” Warren Buffett, born August 30,1930

Chris Baker
Chris Baker