Ways To Help Your Elderly Parents With Their Finances
Helping our parents with their finances may seem very easy but there are things to consider to
avoid hurting others feelings. You have to treat our elders with the utmost respect when you are
offering financial help. To help your elderly parents is something that one should do because
they no longer have the means to work to earn money for themselves.
1. By the time your parents retire, make sure you talk to them immediately about offering them
any financial help. Ask them what their sources of income are like pensions checks of social
security system and tell them that they have to be updated with it regularly. You also have to
find out which institutions are holding their money. This is the right time for you to talk to them
otherwise it will be too late and because their memory capability may lose them everything.
2. The best to have done is to get their money automatically into their savings accounts to avoid
losing paychecks and to keep them from doing regular transactions. As for their utility payments,
you can have them deducted to their account. Do a credit check of your parents and check
credit score if it is still intact, doing this will also let you see if there are balances that or debts
that need to be paid off immediately.
3. You can make use of financial service providers so that they will send duplicate copies of
your parents’ statements to you and to your parents so that you will be able to take care of them
or guide them with their bills. Their memories can diminish as quickly as you think and they
might end up neglecting all those mail that they are getting.
4. Review also your parent’s insurance. You can also meet up with your parents’ insurance
provider and don’ forget to ask your parent’s permission for this otherwise they’ll think that you
are invading their privacy. Parents often mismanage their papers which is some kids lose all
their benefits by the time their parents’ pass away.
5. Try to go to the National Council on Aging website and see if your parents will qualify for
discounts and property taxes or even their health care or utility bills.
6. It is always best to talk to a professional especially if it is for your parents to make sure that
they get the best out of everything. Be honest to your parents all the time and try to talk to them
early on about the decisions that will be made in the future. You will be the one to take care of
them by the time they get old so have to manage all of their finances well.
These are just some of the things that you can consider when it comes to helping your parents
out. Do more research on your own and look for more ways to assist them financially.
Joy is an active blogger who shares extremely interesting finance management tips over the
web that encourages people to manage their personal finances, check credit report regularly
and improve credit score.