According to the U.S. Census Bureau, almost 40% of those over the age of 65 are living with, at least one, physical or mental impairment that prevents them from doing certain activities. One of the activities required to maintain some level of independence, is the ability to manage money. If you are seeing unpaid bills, numerous attempts at exploitation by phone or mail, or just a general sense of disorganization and lack of focus in someone you care about, it could be time to talk about the options for getting help.
Some older adults in this predicament have trustworthy, financially savvy children, who live nearby and have time to help. Others may not be so fortunate. For low-income seniors, there may be support through a local Department of Aging, AARP, or other agency.
Another option is to hire a Daily Money Manager. These professionals assist with tasks like bill paying, filing, bank reconciliations, credit checks, organizing, and tracking medical expenses. They can assist with online access to information, and be another set of eyes in the prevention of financial abuse. The American Association of Daily Money Managers has a wealth of information on the industry.
This was the solution chosen by Grace, who was a widow with an only daughter living on the west coast. Grace found that she could get in-home assistance with her financial affairs, for less cost than hiring an attorney or CPA. She was debilitated with arthritis and was getting behind in some of the things that needed attending to. She also felt like she didn’t always understand her options when she received letters from the bank or Medicare. Her daughter was relieved in knowing that Grace would be taken care of, and checked on regularly. They arranged it so both Grace and her daughter received a monthly accounting of all activities.
If you are concerned about a loved one who needs assistance with their finances and paperwork, explore Daily Money Management as an option. It might be the solution that works best for both of you.
