Assistance for Seniors Managing Finances

Seniors need to determine when the time is right to transfer the responsibility of managing finances over to someone else. When problems start to arise such as, bounced checks, piled up mail, unpaid bills, mounting credit card debt, calls from creditors, or forgetfulness, one should know that the time to discuss a financial has already passed and may no longer be effective.

The main objective when discussing and managing senior finances is to focus on planning for financial security rather than sharing opinions about financial priorities. While discussing finances it is helpful to have an attorney or financial adviser present.

To manage senior finances well, it is important to gather all of the necessary income and expense information, as well as the senior’s will, living will, any and all insurance documents, and knowledge of their power of attorney and estate plans. The caregiver should assess monthly income and expenses, how bills are paid, medical and other extraordinary expenses, outstanding debt, and investments. This will help to determine how long the senior will need to live on his or her fixed income.