I work with many seniors in the real estate business and like to help and support them as they age. Lucille Rosetti recently shared some information with us about assisting seniors with financial decisions after a spouse has passed. If you would like more information you can reach her at the following places. info@thebereaved.org │The
Bereaved
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Great Tips to Assist Seniors Tackling
Financial Decisions After a Spouse Has Passed
Losing a loved one is an emotional challenge,
but many people don’t realize that it’s also a financial challenge. When a
senior has lost their spouse, there are monetary decisions that must be made to
help support and prepare the senior loved one even when they will not feel
ready to move forward. As a senior prepares to look toward their future, they
will have to make decisions such as downsizing their home or protect themselves
from potential financial abuse. This list of tips will help
protect your beloved senior from being taken advantage of and let them focus
less on their finances and more on their retirement.
Consider
Downsizing the Home
Unfortunately, when a senior’s spouse dies,
they are often left alone in their home. If a senior hadn’t downsized
previously — or is interested in downsizing again — it is important to
contemplate where a senior is interested in living next. According to
SeniorDirectory.com, there are many different reasons why seniors downsize, including making money
to pay off previous expenses or keep the home more mobile-friendly and prevent
potential tripping.
When seniors consider downsizing, it is
important to decide if they would like to move to a new neighborhood, a retirement community with
fellow Baby Boomers, or move down the street in order to access current friends
and family members. As your senior begins the process of moving and getting rid
of items, it is important to let them grieve and reminisce. On the other hand,
giving away items early allows for seniors to share their stories with the
younger generation that makes the gift even more special.
Develop
a Plan for Mental Decline
As seniors age, it is important to prepare for
the possibility of their mental health declining even if they don’t have
Alzheimer’s or neurodegenerative diseases. However, one of the first signs of Alzheimer’s or dementia is the
lack of being able to handle financial matters. As you take your senior to the
doctors to understand what could be impacting their mental function, help your
senior loved one simplify their financial lives. Seniors may need and some
banks want trusted family members to be the agent when it comes to
estate-planning discussions. If your senior starts to forget paying bills on
time or accusing someone else of stealing or mismanaging money, these are signs that they may no longer be in
the best position to handle their finances.
Avoid
Elder Financial Abuse
When a senior loses their spouse, they also
lose their financial partner when it comes to making decisions with besides
income. According to Consumer Reports, it is estimated that $30 billion a year is lost by seniors due to
elder financial abuse, and they often go unreported due to embarrassment or
poor health. To prevent elder financial abuse, it is important for loved ones
to keep their seniors from becoming isolated. This includes asking questions
and making sure they are paying their bills on time. In these situations, it is
imperative to keep an eye on your loved one, including
looking for unusual activity in bank accounts, changing from a basic account to
a more complicated one, new people accompanying them to the bank, or sudden
unpaid bills.
Think
About Opening a Business
On the other hand, seniors who are still
cognitively sharp and want to continue working should consider opening their
own business. This will help give your senior something to actively work on
that can help them transition into a life without their spouse. Starting a business is great for seniors who
want to do what they love full-time, learn something new, and be their own
boss. Other great jobs for seniors include being a travel
tour guide, babysitting, or becoming a tutor. As they’ve already retired, this
job should be thrilling and fun.
As seniors lose their life partner, it is
important to help them through this difficult time. This includes keeping an
eye on your loved one and helping them make financial decisions. Lastly,
encourage your senior to be as independent as they can.