As your parents age, they become vulnerable to diseases that may impact their cognitive abilities and normal functioning. This can cause financial issues with everyday activities and keeping track of bills and expenses can become harder for your aging parents. In fact, studies show that starting at age 60, cognitive impairment causes a decrease in fluid and crystallized intelligence. As a result, there's a consistent decrease in financial literacy scores.
Warning Signs
Whether your aging parents can’t keep up with their finances or are displaying signs of cognitive impairment, be aware of the warning signs that they need financial help before things get out of control. Below are signs that can help you figure out if it’s time to step in and lend a hand:
• Unopened mail - Looking at your aging parents’ mail is always a good place to start. If you notice a pile of unsorted or unopened mail that includes unpaid bills or other crucial correspondence, this is an indication that something is may be wrong.
• Strange purchases - If you notice that suddenly your aging parents are making outlandish purchases or spending money on things, they initially claimed were a waste of money, you should investigate. Anything out of the ordinary may indicate early signs of dementia.
• Calls from creditors - When you visit your parents, pay attention to unrecognized phone numbers, and try listening to the answering machine. Check the caller logs to track if the creditors are contacting your aging parents frequently. Also, a decline in their credit score is a warning sign.
Ways To Help Seniors With Finances
Discussing financial issues with your elders may be difficult. However, there are steps you can take to help them with cognitive and financial problems. For example, you might decide to move your loved ones to a senior living or a nursing home. This may be a good idea if living alone is no longer possible for your loved ones, or they need extra care. As a result, you may have to sell your aging parents' home. A home sale calculator is an ideal tool for you to determine the net proceeds from a home sale.
You may also need to help your aging parents sell their business, especially if they can no longer run it properly. Get a professional business evaluation to determine the value of all business assets, including real estate and inventory.
Below are other steps to take to help your senior loved ones:
• Take over tasks, such as paying their bills. Helping your aging parents settle their bills is a good place to start to help them solve their financial problems.
• Help your parents apply for assistance. There are funds allocated by the government for elderly persons. You can help your senior loved ones register to benefit from these funds.
• Explore the option of bankruptcy. Filing for bankruptcy can be a good option to help seniors deal with financial hardship.
Ready To Help Your Aging Parents?
Remaining alert for signs your senior loved ones are struggling helps you protect them and their assets. If you're looking for a safe living option for your senior loved ones, visit Golden Millennium Enterprises, LLC for assisted living options.
