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Nolan Elder Law and Estate Planning, LLC Blog

Friday, April 21, 2017

Managing Your Money as You Age

What steps can I take to improve my financial management skills as I grow older?

As you age, your financial capacity or ability to manage your own finances could decline.  Managing your finances is a complex task that requires much more than paying bills.  To effectively manage your funds, you need to understand how to read a brokerage statement, weigh investment risks, and prepare for long-term expenses.  Declining financial capabilities may leave you vulnerable to financial abuse and could drain your hard-earned assets.  

Our Alabama elder law attorneys at Nolan Elder Law and Estate Planning, LLC, discuss some organizational steps you can take to assist with managing your money as you age.  Contact our experienced firm of compassionate elder law attorneys for individualized assistance with your long-term care and asset protection needs.

Simply Your Finances

Your first step towards maintaining financial capacity in your golden years is to simply your accounts.  Bank, brokerage, and retirement accounts that are spread among multiple financial institutions could lead to financial mistakes.  Older Alabamans should condense their accounts as much as possible.  Once your accounts are manageable, set up automated billing and arrange for direct deposits to minimize your risk of unpaid bills or missed payments.

Bring in Help

As you age, it is wise to select someone you trust to help you with your finances if needed.  This trusted individual could be a spouse, child, attorney, or money manager.  You can provide your helper with an overview of your finances so that he or she can take over in the event you can no longer do so yourself.  An elder law attorney can further advise you as to how to protect your assets for your retirement years and beyond to the next generation.  

Plan Ahead

While none of us want to consider the possibility that we may one day find ourselves unable to manage our finances due to a mental or physical incapacity, it is important to prepare for this unfortunate possibility.  All senior citizens should have a durable power of attorney for finances.  In this document, you can name a loved one or other trusted individual who will take over control of your finances if you are deemed incapacitated.  

 


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