As we grow older, our minds turn toward ensuring we can age in place in a way that is both comfortable and self-sufficient. Seniors do not want to spend these years worried about finances, as this can often lead to unnecessary stress. Instead, it is crucial to build a financial plan that can last for the rest of your or your senior loved one’s life.
At Marquette Home Care, we are here to offer you some vital tips on creating this financial plan so that your senior loved one can age in place as peacefully and independently as possible.
Why a Financial Plan Is Important as We Age
As individuals age, their ability to manage their own finances may weaken. For some, this is simply due to the overall aging process. However, for others, Alzheimer’s disease and other forms of dementia can play a major role in no longer being able to control or manage wealth. Due to this, it can become more difficult for a senior loved one to track their spending, pay their bills, and stay on top of multiple accounts, such as their savings, checking, or pension.
A simple money mistake, if left unchecked, can lead to financial issues that could harm your loved one’s ability to remain at home while still being cared for. Financial exploitation is also a risk that one faces without a solid financial plan in place. Older adults often find themselves the target of telephone scams or email fraud. A comprehensive financial plan can guard against such risks.
How to Find Support in Managing Your Wealth
There are several strategies that can be implemented to manage wealth and create a secure financial plan. These strategies include:
- Creating a budget. One of the most important things you and your senior loved one can do is set up a budget. First, financials should be combed through, looking at the income, such as a pension, Social Security, or retirement accounts, of your senior loved one, their current savings, and what their daily living expenses look like. From there, you can create a budget that accounts for all these expenses and the money coming in.
- Trusting a family member. Talking to a family member about finances can help a senior individual prepare for aging-in-place. It is important to discuss all income sources and financial obligations or liabilities that may be at play.
- Using account monitor services. Setting up certain services, such as Carefull, can help monitor all credit cards, investments, and bank accounts to ensure funds are accounted for and not at risk from potential scams.
- Secure your financial documents. Ensure that all financial documents, such as banking statements, estate planning materials, and other important documents, are held in a secure location, such as a home safe.
How Marquette Home Care Can Help
At Marquette Home Care, we can help your loved one age in place safely. Let us help you find the resources you need to secure your loved one’s financial future. Our team is ready and able to help clients across the Marquette area, including Ishpeming, Negaunee, Harvey, Skandia, and Gwinn. For more information on securing the financial future of your loved one, contact us today at 906-361-8022.
