Concerned about your elderly parents and their money? You’re not alone. Unfortunately, seniors are often the targets of financial scams. Studies have shown that as we age, we gradually lose the ability to critically evaluate new information, leaving us susceptible to fraud.
Take steps to talk with your parents now, before they suffer a devastating loss. You might begin the discussion by talking about the problems of identity theft and offering to monitor their credit reports. Bring your laptop and show them how you can pull a free report from AnnualCreditReport.com.
These are not easy conversations, but definitely worthwhile. The key is to be tactful and offering to help rather than passing judgment.
There is a lot of information online about helping elderly parents with their finances. Here are a few articles to get you started.
- The AARP is a good source of informational and educational articles. They have some common sense guides to helping family members manage their money.
- At Care.com, you can find a caregiver for your parents or loved one. They also have great tips in their articles. This is one of my favorites - 11 Strategies for Managing Your Parents Finances.
- If your parents are on a limited budget and struggling to make ends meet, they may qualify for services. The National Council on Aging is a good source for information on available benefits.
If you anticipate problems in approaching your parents or loved ones to start this conversation, you may want to work with a professional facilitator who can provide you one-on-one guidance or actually be in the room with you during the discussion.
Let us know if you need a referral. We look forward to hearing from you.