You’ve always thought of your dad as being a financially savvy person. During your last visit, you spotted some late payment notices. You can have problems managing your finances at any age, so it may not be something you think about. It’s one of the indicators that your dad needs help at home.
After retirement, pay increases are not as common or as large as they used to be. A small cost of living increase offered with your dad’s Social Security payment may not be enough to cover rising heating and grocery bills. He may become forgetful and fail to remember the extra money he spent on his monthly prescriptions.
These unexpected increases can drain savings and your dad in a predicament. He has to decide what to pay and what to push aside for a bit. It can pile up and cause financial issues.
Studies have also found that seniors are more susceptible to scams. An Elder Investment Fraud and Financial Exploitation report found that 2 out of 10 older adults have been the victims of fraud ranging from scams to outrageous fees for financial advice.
What Can You Do?
It’s important to check your dad’s finances when you visit. He may not welcome your advice or help, but it’s important. Help him organize his bills by the date they’re due. Show him how to use online banking and schedule his payments to arrive on the day they’re due.
He may still prefer writing a check. Explain to him the dangers of putting a check in the mail. That check could get stolen from a mailbox or lost. If that happens, the check shows everything a person needs to access his checking account.
You should also ask him about assigning someone to take over his finances if he cannot. A financial POA can make sure his bills are paid and money is managed properly if he were to suffer an illness or injury that prevents him from taking care of his own finances.
This Can Signal a Need for More Help at Home
Finances can be an indicator that your dad needs help with the activities of daily living. If he’s reached a point where he’s struggling with bills and money management, it’s time to talk about elderly care. You need to look at the other areas of his routine that are causing him difficulty.
Is your dad eating the right foods or sticking to fast food and takeout meals? Is his home cluttered and dirty or clean and organized? Is he dressing appropriately or wearing heavy sweaters in the middle of summer? When one thing seems to be amiss, it’s likely more is. Call an elderly care agency to talk about the services that can help him.
If you or an aging loved-one are considering Elder Care in Irvine, CA, please contact the caring staff at Canaan Home Care today!