4 Steps to Financial Well-Being

Financial Well-Being
[rank_math_breadcrumb]

4 Steps to Financial Well-Being

by Millie Jones of Senior Wellness

Financial FreedomDiscover the essential steps to safeguarding your senior loved one’s financial well-being with our expert guide on maintaining their financial health. Ensure peace of mind and security for your family’s future with this simple guide.

 

Maintaining Your Senior Loved One’s Financial Health

As we get older, certain things become a little more difficult – including our finances. Helping your aging relatives manage their money as their faculties wane is a great way to show that you care. Today, Golden Placement Services shares some tips and resources to help you look out for your loved one’s financial health.  

What to Look For

As our friends and relatives age, it’s important to look out for signs of their deteriorating financial ability. Things like unopened mail or impractical purchases could indicate that their finances are in danger of falling apart, whether due to neglect and failing mental faculties or outright abuse and exploitation. Though a well-known symptom of getting older, memory loss can have devastating effects on one’s finances. If your loved one is showing signs of forgetfulness and confusion, it’s not unlikely they are forgetting vital bills or incorrectly believing they’ve been paid.  

 

How to Start Helping

Once you’ve identified what areas your loved one is struggling with, you can begin assessing what help they’ll need and how much control you should take. If your relative is only having difficulty with a utility’s online portal, helping them pay the bill monthly would be sufficient. If memory issues and physical disabilities are preventing them from any financial responsibility, you may need to involve yourself in a more hands-on capacity.  

 

Elders are often on a fixed income that doesn’t make ends meet. Data shows that about one-third of all senior citizens are living at or below the poverty level. Helping them to make more frugal choices will help them stay financially independent for as long as possible.  

 

Setting up automated payments for their bills is a useful strategy. With no need to write paper checks or log in to websites, monthly payments can be handled without input from you or the elder you’re helping. You can rest easy knowing this aspect of their monetary health is being maintained no matter what.  

 

If the senior you’re assisting runs their own company, they may want or need to move on from the business as they become less financially independent. Before even considering any offers, it’s best to get a professional business valuation. These appraisals will get you the greatest value for the business by considering all products, equipment, and other property on-site.  

 

Planning for Long-Term Care

Helping your aging relatives prepare for the possibility of long-term care is a thoughtful and necessary step in ensuring their well-being. It’s important to start by investigating local nursing care facilities to find a suitable option that meets their needs.   

 

Begin your research here with Golden Placements where you can access a wealth of information, including patient reviews and detailed facility reports. Our resources will give you a clearer picture of the quality of care provided, the environment, and the services available, helping you make a well-informed decision that supports the comfort and health of your loved ones.  

 

When To Take Control

Sadly, it’s common for an aging relative to be unwilling or unable to cooperate with gentle offers of help and guided financial practice. You may need to seek power of attorney over your loved one if their degrading physical or mental state poses a danger to them, financial or otherwise. Do more research and consideration than you think you need to at this step, as power of attorney is not only a massive responsibility for you but will be removing much of your loved one’s remaining agency.  

 

If your loved one is no longer capable of living independently, and if in-home care is not feasible for financial or logistic reasons, you may consider entrusting them to a care facility. These sites are staffed by trained professionals to give your relatives the care and attention they need, while also giving them a sense of community and independence. All life essentials, as well as late-in-life routines such as medication programs and assisted bathing, are handled regularly, so you’ll know your loved one is being taken care of.  

 

As our loved ones age, it’s important to be there for them in any way we can. In conclusion, helping elderly relatives with their finances is vital to helping them move gracefully into their golden years.  

 

Golden Placement Services (GPS) offers a no-cost guidance and referral service for any transition living experience for seniors. GPS guides your personal experience by taking the guesswork out of the decision by doing the research, appointments and accompanying on tours. Visit our website to learn more!  

 


Honor Our Older Loved Ones Where they Live; Specialists at Golden Placements can help:

Obviously, these tools to better communication can help you help our Older Loved Ones. Firstly, Golden Placements helps you manage resources and takes care of the leg work for finding the best living situation for your Golden Year parent, sibling, loved one. Second, GPS has ideas gathered over years of experience by being Senior Life Specialists.  Additionally, Portland Senior Living and their various options from our Golden Girls specialists are IS NO COST. Above all, Community living and finding the right living choice for you or your loved one is important. We help you navigate the details. Finally, we give you even more resources to help you learn more about our services:  

More Articles: On Senior Living, Life Transitions, Retirement gifts, new grandparent gifts, retirement benefits, and assisted living


Diane Delaney, Placement Specialist Extraordinaire

Diane Delaney, Golden Placement Services
Diane Delaney

Delaney is the founder of Golden Placement Services. She began this business with a healthy dose of compassion for  helping families make educated decisions regarding senior placement. Focused to relieve stress in uncertain senior housing crucial moments.  Diane brings about loving change of lifestyle with grace. Additionally, Diane is an accomplished executive manager, Director of Operations in senior housing. Emphatically, she enjoys sharing her full spectrum experience of transition process for older family members.   Read more from Senior Placement Specialist Diane: Ultimate Senior Living Resource Guide >>


LaVona Tomberlin, Senior Placement Specialist

LaVona Tomberlin
LaVona Tomberlin

Tomberlin brings a high level of education and experience to you as your Senior Placement Specialist at GPS. She loves writing about improving the lives of Aging Adults. Working in private care and in-home care for over 36 years, Geriatrics, Memory Care. Plus, she holds Master of Psychology Behavioral Health with the goal of advocating for those who needed a voice. Basically, LaVona believes helping families make good decisions relieves stress in uncertain times makes life worthwhile! Ready to Learn More, Read articles from Placement Specialist LaVona: End of Life Transition a heart felt Guide >>

 

FacebookFacebook

FacebooktwitterpinterestlinkedinmailFacebooktwitterpinterestlinkedinmail
  • BEGIN YOUR SEARCH

    First Name

    Email

  • AFFILIATIONS

    Oregon Senior Referral Agency AssociationOregon Gerontological Association
    Senior Resource Group Modesto
    NW Clackamas County Chamber
    NPRA