There’s no question that the coronavirus pandemic has shaken up just about everything in our lives, including our financial health. Seniors who are nearing the end of their work-life or who are retired may be especially vulnerable to financial changes from the past few months. Here are a few guidelines to help the seniors in your life maintain better control of their financial health.
1. Stay aware of coronavirus financial scams. In recent months, we’ve published other articles about the many, many financial scams that are underway to try and bilk seniors and others out of their money. These scams include fraudulent loan offerings, fraudulent relief aid, and more. Never provide your personal financial information to someone you don’t know. If something feels off, trust your instincts.
2. Know what resources are available if you need help with your money right now. On its website, the federal Consumer Financial Protection Bureau has information about:
- Financial management.
- Mortgage and rent relief if you have trouble paying.
- Avoiding scams.
The site also has a page with financial advice specifically for older adults.
3. Get in touch with your financial advisor if you haven’t already. You likely experienced some losses since the pandemic began, and you may be wondering if your investments are currently allocated appropriately. Talk with your financial advisor to find out what changes you should make, if any, to your accounts.
4. Think about the pros and cons of starting Social Security early. This article from Forbes outlines a scenario to illustrate when it may be helpful to start Social Security early to make up for a loss of money and when it may not be helpful.
5. Check your credit report and credit score regularly. With many scammers around, our financial information is more vulnerable than ever. Checking your credit report and credit score regularly can alert you to any inaccurate information, especially if someone has used your personal information to take out a loan or open up a credit account.
6. Monitor your mail and email carefully. At Secure Aging, one task we often can do is help seniors manage their finances. This includes making sure that bills are paid and checking mail for important payment notices and getting rid of junk mail. Our staff members can still perform these tasks while social distancing. In fact, in recent months, we’ve even sometimes performed our mail management while sitting under a tree or in our car! Bottom line: Even with social distancing and the pandemic, we still can find creative ways to monitor finances for our valuable senior clients.
Call Secure Aging to Find Out How We Can Help Seniors With Financial Management
At Secure Aging in Bradenton, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect and preserve our client’s independence and dignity through careful and thoughtful financial and care management. As our clients’ age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Secure Aging helps families in Manatee County and Sarasota County and in and around the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Myakka City, Palmetto, Parrish, and Sarasota. Call us at 941-761-9338, or visit us online at www.secureaging.com.
