While everyone could use someone in their corner watching out for the way they spend their money, there are many threats to personal finance that most elderly people aren’t as aware of as younger generations. Because of this, senior citizens can become easy targets for people trying to take advantage of someone for their finances.
To help ensure that nothing like this happens to your loved one, here are three ways you can help your elderly loved one protect their money.
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Help Your Elderly Loved One With Their Finance
Inform Them About Scammers
According to Ben Luthi, a contributor to Money Under 30, most people who try to scam others out of their money like to prey on people’s emotions. And because many elderly people aren’t used to being manipulated like this, they can easily fall victim to these types of crimes, be it in person at a care facility or over the phone.
Knowing this, it’s wise to speak with your loved one about the types of scams they might come in contact with and what to do if someone or something fishy happens. Tell your loved one that they should always ask their family members or others asking for money to answer a question that only that specific person would know. Also, remind them that the government will never call to ask for money, and share with them that most scammers will ask for gift cards rather than actual cash. So if any of these red flags come up, advise your loved one not to engage.
Check Their Credit Report Regularly
As you get older, more and more people might come in contact with your personal information, including your social security number. So to ensure that only your loved one is using their personal financial information, it’s wise to help them check their credit regularly.
According to Rebecca Lake, a contributor to The Balance, helping your loved one pull their credit report once a year should be enough. However, you can also sign them up for a credit monitoring service so that they will be informed if any big changes happen with their credit that they didn’t know about.
Make Their Financial Life Simpler
When there are too many things going on financially in your elderly loved one’s life, it’s easy not to notice if something is amiss.
To avoid issues like this, Noah Bandt, a contributor to APlaceForMom.com, recommends that you speak with your loved one about simplifying their financial life. This can be done by setting up automatic payments for things, consolidating their accounts, or working with a financial planner to get things in order.
If you’re worried about your elderly loved one’s finances, consider using the tips mentioned above to help them protect themselves from financial ruin.