Tools Helping Older Adults Remain Financially Independent

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Tools and Resources That Help Seniors Remain Financially Independent

By Carolina Orosa, 10:54 pm on

As a leading provider of Vancouver home care, we understand that older adults want to live independently at home for as long as possible – and being able to manage one’s finances is an important part of that equation. Fortunately, there are a variety of tools and resources available that can help seniors even when they are coping with physical or mental impairments.

Assessing the Situation

If your elderly family member is having trouble dealing with finances, your first step is to determine how much help is needed to bring the situation under control. Your loved one may pay bills on time, for example, but may need assistance managing investments. If your family member has trouble reining in spending, setting up a savings account to transfer a monthly allowance into a checking account may offer a simple solution.

Managing Monthly Bills

There are several ways that you can help your aging family member meet their monthly obligations without taking control of their finances:

  • Automatic Electronic Bill Payment Services: Most utility and telecommunication companies offer automatic payments systems that eliminate the need for seniors to write checks and balance their checking accounts.
  • Single Accounts with an Authorized Signer: If your family member adds you as an authorized signer to an account, you’ll be able to write checks, withdraw and deposit funds on your loved one’s behalf.
  • Joint Accounts: With a joint account, both you and your family member share ownership of the account. While this type of a set-up offers convenience, it’s important to keep in mind that any mismanagement of funds by one person can impact the other’s finances and credit rating.

Seniors can take additional steps to ensure that their finances remain secure as they age by consulting with an elder law attorney who deals with issues like income, estate and inheritance tax planning. With help from family members and reputable professionals, many seniors enjoy living independently and comfortably at home all their lives.

For more information on senior care, contact Home Care Assistance of Vancouver today. We provide hourly and 24/7 non-medical home care to seniors, which can include help with household tasks such as cooking, cleaning and making bill payments, as well as accompaniment and transportation for errands and medical appointments. For more information, call us at 778-279-3634 and speak with one of our friendly and knowledgeable Case Managers.