How to Help Aging Parents Manage Their Finances
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As we age, financial capability may decline – a vulnerability that fraudsters often target. Taking the right actions to help monitor and manage parents’ financial tasks not only protects their assets, it also prepares you to lend a helping hand when necessary.
Transcript:
[Title cards appears by saying "HOW CAN I HELP MY PARENTS MANAGE THEIR MONEY?"][Elderly couple sits together at a desk looking at a credit card as they enter its information into a laptop]
Money conversations can be tricky, especially with elderly parents.
After all, when you were a child, they took care of you.
But as they age, mom and dad may need your help managing their finances.
[Elderly couple is sitting on the couch looking at a tablet when their adult children join them]
Where to begin? Start by talking.
Share your own financial plans and concerns, and then ask what steps they have taken.
[The adult children are now showing their elderly parents how to do certain things on the laptop]
Actions may be even better.
Find out where your parents keep important documents. Offer to help with simple tasks such as organizing files or setting up automatic payments.
[The elderly man finishes washing a dish and hands it to his granddaughter for drying while her mother talks to him]
[The son looks over bills with his elderly mother]
Small steps now can make it easier for parents to let you provide more extensive help later.
[The grandparents, their kids and the grandchildren pose for a photo together]
When it comes to protecting your parents' financial lives, talk with a Mutual of Omaha Advisor for more guidance.
[The Mutual of Omaha Advisors logo appears]