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CONSUMER CHOICE


Many Boomers are Intervening to Help Parents Manage Money


By Leo Williams N


early half of baby boomers—a gen- eration whose members are them- selves either retired or approaching


retirement—find themselves helping parents or other older relatives manage finances, according to a survey commissioned by senior living provider Holiday Retirement. Holiday Retirement’s resulting e-book, en-


titled “Managing Senior Finances: Stepping Up to Help Your Parent,” provides a snapshot of boomers’ concerns as well as a practical list of suggestions for making their efforts as effec- tive and their situations as painless as possible. The survey included 509 individuals rang-


ing in age from 53 to 71, with respondents asked about their role in the finances of se- nior loved ones, their greatest concerns about those finances, and the decisions along the way that made the job a little easier. Of the respondents, nearly 43 percent


either helped with an older loved one’s fi- nancial management or took over control of that management altogether. Most just provided help, but 15 percent—more than one in six—were directly managing their loved ones’ finances. Respondents also shared their fears con-


cerning loved ones’ finances. The biggest, expressed by 40 percent, was that a loved one would fall victim to frauds and financial scam-


mers, but a variety of other concerns came up as well, including fears that older loved ones would be unable to afford senior living options, that they wouldn’t have enough for medical bills, and that relationships would be damaged when children or younger relatives got involved in their finances. A press release announcing the free e-book


asserts that for adult children, it can be both uncomfortable and challenging to intervene in decisions about finances. The e-book outlines a variety of ways that children and younger relatives can help make these finan- cial management challenges considerably more manageable. Of five specific suggestions, three included


do-it-yourself approaches: Plan. As with most situations, planning ahead is a wise course. Respondents said their aging loved ones’ best financial decisions included saving for retirement, doing estate planning, and becoming debt free. Monitor. Keeping an eye on loved ones’ finances now can help avoid crises in the future. While some respondents used a financial monitoring service, most simply monitor loved ones’ bank accounts. Manage. The older the respondents, the more likely they were to directly pay their loved ones’ bills or have financial power of attorney.


THREE PRIMARY REASONS CITED FOR STEPPING UP:


29% 16%


16%


Parents or aging loved ones were showing signs of diminished capacity, possibly due to Alzheimer's disease or another form of dementia


The older relatives simply didn’t want to manage their own finances


The older relatives were mismanaging finances enough to endanger their own livelihoods


48 SENIOR LIVING EXECUTIVE / ISSUE 5 2017


The last two solutions involved getting


professional financial help: Hiring an estate manager. While it’s possible to do estate planning without professional help, mistakes in this area can be very costly. It’s a good idea to have a professional review your plan, including your will and up-to- date beneficiary information. Hiring a financial planner. Financial man- agement can be difficult, especially if an aging parent develops dementia or needs long-term care. The e-book also offers up a checklist of ac-


tions for those who want to help their parents and senior loved ones plan ahead, monitor finances, or manage finances. In addition, it lists helpful places to go for more information. Holiday Retirement’s press release and


the e-book “Managing Senior Finances: Stepping Up to Help Your Parent” can be found at http://www.holidaytouch. com/about-us/press-room/news-releas- es/2017/06/managing-senior-finances.


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