SENIOR FINANCIAL HEALTH: KNOWING WHEN TO TAKE OVER
One of the most important aspects of a fulfilling life is maintaining your independence. Unfortunately, factors outside of your control can often make a lack of oversight or interference detrimental to your wellbeing. Knowing when a senior loved one needs help with their finances is vital to keeping them happy, healthy, and safe.
Identifying the Indicators
The idea that all seniors are mentally deteriorating is a harmful stereotype, but various conditions that come with age can affect a person’s abilities to live independently. If you begin to notice piles of unopened bills or communications from debt collectors, concerned questioning or intervention may be necessary to help them back on track. You may also take note of newly developed frivolous spending habits, which can also be an indication of a financial crisis if their budget doesn’t allow for it.
Memory loss is a common ailment that affects seniors at a disproportionate rate. Knowing the early signs of illnesses such as dementia and Alzheimer’s can help them get treatment to manage the condition before it gets too detrimental. Respectfully checking in on the ones you love will alert you to when their mood and behaviors shift so you can help stop any impending financial issues before they have life-altering consequences.
Helping From Outside
There are a few things you can help your loved ones with without robbing them of their financial agency. Sitting down with them to help them budget a new fixed income could be all that’s needed to help a new retiree adjust to an unfamiliar cash flow. Many monthly bills can be set to automatic payments, preventing a simple forgotten charge from spiraling into a debt loop or service disconnect.
Selling Their Business
If your loved one owns a business, a scaling down of their financial independence could mean handing over control to a family member or trusted employee. It could also mean selling off the company. Before entertaining any offers from potential buyers, commission a professional business valuation. This process catalogs and appraises your business and all its assets to guarantee that you get every dollar the company is worth.
Planning a Home Sale and Move to Assisted Living
If your loved one is no longer able to live on their own even with your help, they may benefit from moving to an assisted living facility such as Our Town Tomah Assisted Living. With 24-hour professional care, you can make sure your senior loved one gets the attention and assistance they need. Putting a family member into a home is not a decision to be made lightly, so weigh your options when deciding if it’s the most beneficial choice.
If they need to move to a care facility, the task of selling their home may fall to you. In that event, research how much you can expect to sell it for. A home proceeds calculator can convert a handful of factors regarding your home into a rough estimate of its ideal asking price. This guarantees your loved one gets the greatest return to support the next phase of their life.
As they enter the later years of their lives, those close to you may require extra support to live fully. Keep an eye on the people you care about, and decide on the methods of assistance that maintain their dignity and, if possible, independence. Take steps to help them create a new budget and sell their business and home if necessary.