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Key Financial Issues for Seniors and Their Family Caregivers

Key Financial Issues for Seniors and Their Family Caregivers

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Seniors — and the loved ones who care for and about them — face many financial issues once retired and as they age, though much less is written and said about those issues than saving for retirement. Many family members find themselves needing or asked to get involved, which can be difficult when it turns their traditional relationships upside down.

Whether seniors are aging in place at home, or are in an elder care living arrangement such as an assisted living facility or nursing home, managing and holding onto their finances can be a challenge.  This is especially true for those seniors who are facing dementia or Alzheimer’s.

In this episode we touch on several of the financial issues associated with aging loved ones and provide some tips for family members.

Topics we address in this episode include:

  • Bank accounts, including checking & savings accounts, loans and credit cards;
  • Challenges presented by legitimate charitable requests and scams;
  • Insurance policies, especially the importance of keeping payments current;
  • Wills, including the importance for both the seniors and those family members who are caregivers; and,
  • Reverse mortgages.

Also discussed in this episode:

  • Alzheimer’s progression: the two ways the disease progresses and what each means;
  • Advances in automobile dashboard layouts to be more visible as eyesight is reduced; and,
  • Skin aging as a reflection of brain aging.

Link mentioned in the episode

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