Decision Making with Your Older Loved One: Choosing a Power of Attorney Agent Establishing a Durable Power of Attorney for Health Care or Finances can give loved ones the ability to control who makes important health care or financial decisions for them if their physician declares they are no longer able to make these decisions for themselves. Having a Power of Attorney is important because it assures loved ones have someone who can act on their behalf and, ideally, respect their wishes. Read more
Internet Safeguards to Avoid Online Scams as an Older Adult Over the years, the internet has grown and expanded to the point where it influences much of our daily lives. As the prevalence and everyday uses of the internet have expanded, so too has the presence of scammers and hackers who take advantage of the internet to steal personal information, deceive innocent people and spread harmful viruses. The internet is a valuable resource, and we shouldn’t let the fear of being scammed stop us from utilizing it. However, we should be cautious about where and to whom we give our information, and educate ourselves about internet scams so we don’t fall prey to people intending to mislead us. Read more
Can You Actually Buy Happiness? Reflections on Emotional Spending Have you ever felt down and out – and then headed to the mall? Have you ever felt overwhelmed, angry, or isolated – and then cheered up with a purchase on eBay? Do you use shopping as a way to celebrate an accomplishment or recover from a disappointment? Have you ever subscribed to the idea that shopping is a stress-relieving therapy and even cheaper than a visit with a psychiatrist? If so, did shopping in those moments actually make you feel better in the long run? Read more
Budgeting Tips for Older Adults We all know how important it is to save money, but sometimes that’s easier said than done. Everywhere we go, there are different demands on our wallet, from weekly grocery trips to exciting new films at the movie theater to self-care treats at the hair salon. Add those expenses to monthly bills, medication costs and gas fill-ups, and it’s no wonder our wallets can end up stretched thin. Read more
Helping a Loved One Maintain Good Credit While it’s important for all of us, at any age, to keep our finances in good condition, issues of credit card debt are growing among older adults. If we are caring for a loved one struggling with debt and maintaining good credit, it is important for us to understand credit scoring and how to help a loved one improve their credit so they can better manage debt. Read more
Understanding Estate Planning and Advance Directives As we age, we may grow concerned about the possibility of no longer being able to make decisions for ourselves, and how we will provide for our family financially after we pass away. If we are caring for an aging loved one, encouraging them to begin preparing for the future through estate planning can provide us all with the peace of mind of knowing that their health care and financial wishes will be respected, and their loved ones will be taken care of. Read more
Recognizing the Signs of Financial Abuse It is important for all of us to know the signs of financial exploitation so we can help prevent this from happening to our loved ones, such as our parents, grandparents, aunts, uncles or dear friends. There are several warning signs to look for and then to question further. Read more
Reducing the Financial Fatigue of Caregiving There are many rewards of caring for a loved one, but caregiving can also come at a cost. According to several studies, the average female caregiver loses more than $324,000 during their lifetime in wages, pensions and Social Security benefits, due to their caregiving responsibilities. Read more
Protecting a Loved One from Financial Exploitation Financial exploitation or abuse of older adults occurs when a person’s resources are used by another for personal profit or gain, or when actions are taken that deprive an older person of the benefits entitled to them. No one is immune. This sort of theft can happen to anyone regardless of social standing and education levels. Read more
Managing Finances for a Loved One with Dementia Handling a loved one’s finances can be a difficult task, particularly when they have been diagnosed with dementia. In fact, the inability to handle finances is often one of the first signs that a loved one has the disease. They might pay bills more than once, forget to pay bills entirely, give money away unexpectedly or have trouble balancing their checkbook. Dementia can also leave a loved one open to financial risk and abuse, which can make it even more important for us to familiarize ourselves with how best to protect them from these threats. Read more
