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Retirement Insider

Posts by:

Pat Fream

Managing Finances: Appointing your Powers of Attorney

As people age, giving up power over important life decisions can be a struggle.

Often this transition is tied to denial that a person is experiencing confusion, or noticing a diminished ability to handle their own affairs. Ideally, before this happens, when a loved one is reaching later senior years, it is wise to begin having conversations with them about who they feel they can trust to handle their affairs should they become unable. Without pressing or persuading a loved one to act outside of their comfort zone, discussing the need to appoint a Power of Attorney is highly recommended.

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Managing Finances: What Seniors and Families Need to Know

As we age, it becomes increasingly difficult to manage our financial affairs.

For many seniors, diminished ability to deal with their money and personal business is of paramount concern. If possible, the best solution for most elderly people is to engage a trusted family member in the process of paying bills and tending to financial obligations early on. This step, along with subsequent collaborative actions, can bring much needed resolve to the stress of managing finances during senior years. If your senior loved one is coming to a stage where they need this kind of help, the following measures are worth considering:

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