May is Older Americans month, and on it's heels is World Elder Abuse Awareness Day (WEAAD) on June 15.
In recognition of these events, the Consumer Financial Protection Bureau, or CFPB, is highlighting resources and tools to help older adults achieve and maintain financial well-being. The information is useful, also, to caregivers who serve older adults or family members in managing their loved one's finances.
The CFPB recommends that if you do not have a financial caregiver, or are considering one, you should understand your options and plan ahead in case you need help in the future. Understanding what could potentially lie ahead will allow you and your loved ones to choose what works best for your situation.
Financial caregivers
The CFPB offers information on what you should review when considering a financial caregiver. Such a person might help you manage money on an as-needed basis, or serve in a more formal capacity. Read Managing Someone Else's Money whether it is you who need to have your money managed or if you want to assist someone you love manage theirs. The guide will assist in determining your needs.
Protection from fraud and financial exploitation
The CFPB also provides resources explaning how to protect yourself - or your loved one - from possibly losing money or possessions to scams, fraud and exploitation. Such circumstances can be especially devastating to older adults, who may not be able to earn back what they’ve lost.
Social Security - plan for peace of mind
Social Security Advance Designation explains a new tool from the Social Security Administration that allows you to recommend someone you trust to manage your Social Security benefits if you become unable to do so yourself.
Whether we want to face it or not, sound financial planning as we advance in age is essential.
We encourage you to take the time to review the tools and resources assembled by CFPB’s Office for Older Americans - an organziation dedicated to helping older adults make financial decisions with confidence.