Getting older is a natural part of life, but unfortunately, it can also come with those senior money moments. For many people, this means momentary lapses in memory or judgment. However, it can also mean serious consequences when these issues affect one’s money. This is a great reason to have a daily money manager on your side, as they’ll provide a second pair of eyes constantly ensuring your finances are in good hands.
Many of these “senior money moments” aren’t the end of the world. Missing a bill, for example, or forgetting to put cash into a certain account aren’t serious issues that can’t be remedied quickly. If a family member cannot help review financial accounts on a regular basis with their loved one, consider looking into a daily money manager who can fulfill this role.
Sadly, seniors may fall victim to other pitfalls that can leave them broke. For example,
we know that many malicious parties purposely target senior citizens. Technology, whether through the Internet or otherwise, has made this easier than ever before. Unfortunately, every day that goes by provides bad people with more opportunities to hurt good, honest folks.
Sometimes, the malicious party may show up in person. Always be wary about new friends your loved ones have made, especially if they seem overly anxious to move on or otherwise become a part of their lives. Any talk about changing power of attorney should be a serious red flag.
If you’re concerned about an elderly person in your life, make sure you bring up their finances on a fairly regular basis (without overstepping your boundaries). Also, when you visit them, check to see that they’re still organized and that they don’t have piles of mail or other documents hanging piling up.
At Baker DMM, we can help ensure that these parties stay at arm’s length and provide a number of other services to limit these “senior money moments”.