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How To Help Seniors With Financial Planning

16 articles

 Managing Money as an Older Adult

One-third of seniors don’t have money left over at the end of each month. This and other monetary concerns make financial planning especially important for seniors. (NCOA)

About 1 in 20 seniors have experienced financial mistreatment. Since many seniors already face uncertainties and struggles financially, seniors need an understanding of how to plan financially and how to protect themselves from financial risks. (NAPSA)

Financial Safety Tips for Older Adults

Seniors are often the targets of financial scammers. Additionally, seniors can be financially vulnerable due to changing technology and issues related to aging. For example, seniors with hearing problems may struggle with communication about their finances and seniors with memory loss may have trouble managing their budget.

Use these tips to stay financially safe:

§    Work with a financial adviser (be sure they are licensed and a fiduciary)

§    Use unique passwords for accounts (and record and store the information electronically or on paper)

§    Entrust a loved one with access to accounts in case of emergency

§    Keep finances in multiple secure accounts

§    Always call the numbers listed on account information (do not return calls as they may be scams)

§    Get details about financial decisions in writing for review

§    Check credit reports once a year

§    Sign up for notifications when payments over a certain amount are made

§    Never give confidential information, such as a social security number, over the phone unless you initiated the call

(American Bankers Association)


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