As your aging parents reach their sixties and beyond, it can be normal for them to experience some gradual cognitive decline as they continue to grow older. It may reach a point where you have to start helping them with their personal finances. To help you prepare for the future, it’s best to start your planning now. Here are some tips to manage finance for your aging family members.
Learn About their Concerns
Before you start doing anything, you should find out what are your loved one’s concerns when it comes to their money. Whether it’s their investments or planning an impending major investment, find out what keeps them up at night and maybe try to find a solution to that.
Start a Conversation
To kickstart the transition to helping your loved one, it’s time to start the conversation regarding their finances and their long-term plans. They have to be also completely transparent with you as it is crucial for you to understand fully what their intention is so you can put forth an action plan for them. Your goal is to make their later years less stressful by opening the lines of communication regarding their finances.
Review their Records
To better understand your parent’s financial situation, ask if they are willing to share their account information and records with you. It’s a great start to have, knowing where things are located and what they have such that when the need arises, you’ll know where to look for.
Switch to Online Accounts
To make things easier, help your loved one set up an online banking account. Once set up, you’ll be able to easily assist them with simple tasks like depositing payments or monitoring accounts.
In a bid to reduce the sheer number of letters and paper bills being sent to your home, you should encourage your loved one to consider switching to automated payment for expenses such as utilities, phone bills, and mortgages. That way, you’ll be able to easily track and monitor the bills such that it is paid on time every month. Thus, you’ll be able to reduce the effort and burden on your aging loved one.
Set Up a Durable Power of Attorney
You can also ask your loved one if they would want to allow you to make legal decisions on their behalf by granting a power of attorney. While your loved ones are in a good mental state, it’s key to ensure that they have someone to act as their trusted agent should they be unable to unhandled certain personal or financial decisions themselves.
Choose the Best Retirement Community at Discovery Village At Stuart
Besides assisting with your loved one’s finances, choosing to move into a retirement community can be a wise option as well. Do consider our senior living options at Discovery Village At Stuart, as our team members offer attentive and personalized care to ensure our residents’ needs, comfort, and safety are met. Contact our team today if you require help deciding which program is suitable for your loved one or yourself.