Signs an Elderly Person May Benefit from a Daily Money Manager - Baker DMM

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Signs an Elderly Person May Benefit from a Daily Money Manager

Signs an Elderly Person May Benefit from a Daily Money Manager

by cbaker on April 24, 2015

All types of people can benefit from having a daily money manager look out for their personal financial interests. Most people value this type of service as more of a convenience than anything. It can make life so much easier to know you can rest assured your money is being managed on your behalf.

However, the elderly benefit from a daily money manager more than most for a number of reasons. They generally have a sizable nest egg that needs watching over, but they may have a tough time doing so on their own. On top of this, the elderly are often targets for people who may not have their best interests at heart. Sadly, people they know are typically the perpetrators.

If you know an elderly person who you think may benefit from the services of a daily money manager, it can sometimes be tough to broach the subject, but there are signs to look for that should encourage you.

For example, if you visit them at their home, you may notice some of the following:

  • Things are unorganized
  • Mail is piling up
  • Pharmacy receipts list medications they don’t take
  • Valuables have gone missing
  • Bills are going unpaid
  • Utilities are cut or in jeopardy of being cut

If you are a service provider, you may also notice odd things with their documents. Perhaps a change of address shows up on their financial statements or bills. They may change their power of attorney or loved ones may inform you of a new “friend” who is isolating them. Someone new may even be moving in. If you ever notice new relationships, signatures, or documents that might seem suspicious, this should set off alarm bells.

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