Getting older doesn’t have to be something to dread. Especially, If you’ve accumulated wealth in your working years. For career-driven seniors, it can be the perfect time to enjoy all of that hard work. However, financial stresses can often arise, including budgeting concerns, income limitations, rising state expenses or assisted living services. Older adults also need to ensure their money is spent within a realistic set budget and protected from scams online or over the phone. With that being said, here are some helpful tips on financial planning for seniors from a leading assisted living facility in Morris County, New Jersey.
- Cover all of your bases: When making a financial plan, be sure to consider your current and future living expenses. It’s important to be realistic about your unique situation. Will you move into a senior community at some point or remain in your home? It’s also important to consider current and future sources of income (including benefits), the current and future value of assets, tax planning, insurance, and other financial investments.
- Get professional help: Financial planning can be complex, especially if you don’t have a background in finance or have managed your finances without help from professionals. The best way to ensure your money remains safe and secure is to get help from a qualified, reliable financial advisor or estate planning attorney. The Financial Industry Regulatory Authority’s website helps explain what each qualification means and how to select a financial advisor near you.
- Prepare for the worst case scenario: No one likes to think there will be a time when they will be unable to manage their finances, but it’s always best to prepare just in case. Have a list of the financial institutions you use along with account numbers and keep it in a safe place that is accessible by a trusted beneficiary in emergencies. Consider hiring an estate planning attorney to draw a financial Power of Attorney document that legally puts your finances in the hands of someone you trust in case you are unable to manage them yourself. You can also work with your bank to add a co-owner to one or more of your accounts – but again, extend the privilege to someone reliable and trustworthy, as they will be able to withdraw from your account at any time.
- Be on the lookout for fraud: Seniors are a target for con artists, scams and fraud. Some indicators of fraudulent activity include unsolicited online requests to pay a sum of money for an emergency situation or before receiving goods or services; any unsolicited requests over the phone for your bank account number, social security number or PIN; and investments that promise an excessively high return. Even financially savvy people can fall victim to fraud, so don’t respond to any suspicious emails or calls and keep a close eye on your accounts, credit card bills and bank statements. It also helps to report any suspicious activity as soon as possible, to save someone else from being scammed.
Safe and secure assisted living in New Jersey
Lester Senior Living, a well-appointed residential assisted living community in New Jersey, offers customized services ranging from independent living to assisted living and memory care for those with Alzheimer’s and dementia conditions. Our dedicated team is happy to work with you to discuss senior living costs and walk you through your financial options.
To find out more about our senior living services, or any of our other senior housing communities in NJ, please contact us today or visit our website at: https://jchcorp.org