Strategies for Managing a Parent’s Finances

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As a leading provider of elderly care in Naples, we know that it’s not always easy to start the conversation about helping a parent manage their money. Discussions about how to spend or save a loved one’s hard earned dollars can cause emotions to run high, and trying to make sense of bank accounts, retirement accounts, subscriptions, and bills can be tricky when you are not the person who made the original choices.

Although the topic of finances can be sensitive in nature, it’s important to have open discussions and plan for the future to ensure that your loved one is able to maintain their lifestyle in his or her golden years. In this article, we will review some of the ways you can help your senior parent manage his or her finances.

First of all, sit down with your loved one and explain your concerns about the management of their finances. Let them know that you want to be a partner in this process and that you’re not trying to exclude them, but to help. Be open and transparent about what you hope to do and ask for their input whenever possible.

Next, review their current bills and statements. Look to see if there’s anything that seems out of place, as seniors are particularly vulnerable to fraud. Make sure that there are no unnecessary bill payments or subscriptions, or suspicious transfers. By reviewing your loved one’s finances with them, they can help you determine which transactions are safe, such as automatic bill payment or a subscription to a favorite magazine.

Then, ask your parents about their long-term financial plan. They can help you understand how and why their finances are set up the way they are, and tell you about all the accounts they own. This may also be a good time to discuss financial power of attorney, which can give you the ability to make decisions over their finances should they be unable to in the future.

A few other questions to ask include how your loved one would like to live out their golden years? How do they plan to pay for this lifestyle? What would they like to do in terms of long-term care should health be compromised in the future? Would they prefer to live at home with help of Naples 24 hour care services or would a move to a nursing home be preferred? Knowing the answers to these questions can give you a better picture of what needs to be saved now for the future.

Of course, you can always consult with a financial specialist if you believe you could use additional advice on how to invest or save money. Providing your loved one with as many resources as possible can go a long way in preserving quality of life in the future. For more information about senior living or care for a senior loved one, reach out to Home Care Assistance of Naples today at 904-479-9603 and speak with a friendly Care Manager.

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