There is an old adage that demonstrates the advantage of preventing as opposed to a pound of cure when things have gone wrong. Health approaches can delay or even prevent future financial decline for the older adults. The basic approaches in a brief sense include the avoidance of risky medications and otherwise reduce the risk of Alzheimer’s and cognitive impairment. It is however a good thing to note that seniors and families should pursue some financial prevention tactics as well. Some of them include the following. Get a medicare supplement at www.bestmedicaresupplementplans2019.com/ for next year 2019.
- Encouraging older adults to simplify their financial lives.
The best time to start doing this is before retirement and therefore around the age of 60 years which is considered the prime age for the ability to manage finances to start to decline. The older adults may be more willing to do this if we collectively get better at educating people about how common age-related financial problems really are and how real they can be.
Address the issue of financial planning early
This could take the approach of incorporating legal tools such as the financial power of attorney. This will serve as a shield and weapon during times of vulnerability.
- Authorize attorneys and financial planners in advance on what to do
The instructions could be contacting a trusted relative or friend when the lawyer or planner suspects a decline in the financial abilities of the older adult. This will even make it easier for professionals to get the older adult’s care circle involved in good time rather than waiting for a financial disaster to happen.
- Encourage the older adult to allow a trusted individual to monitor their accounts.
This could be a trusted friend or that family member most trusted. It could even be done by a professional like a fiduciary. This option is most ideal discussed and arranged in good time in advance. It is however important to note that the older adults tend to become defensive and sometimes even exhibit some paranoia particularly when they start slipping in a cognitive sense. This therefore makes it even harder to suggest to them their idea of having their accounts monitored by anyone. It is now common knowledge that most of the older adults between the ages of 65 and above exhibit a decline in their abilities to manage their finances. Just as they would guide us in our young ages on how to do things, we should also be there for them when they are vulnerable.