What is Senior Money Management?

What is Senior Money Management?As seniors age, they will likely begin having difficulties managing their finances, including day-to-day financial affairs. As bills and important paperwork piles up, it’s easy for seniors to become overwhelmed and confused. They also become more vulnerable to elder abuse and fraud as their ability to stay organized and on top of their finances deteriorates. The most effective solution is senior money management.

What is senior money management?

Senior money management is a service provided by a professional to aging seniors to help them manage their finances and other personal matters. This could be as simple as handling a specific aspect of a senior’s finances or more comprehensive management, such as overseeing their entire financial situation. Senior money management services can include everything from paying your bills to account management.

Related article: 5 Signs Your need to Help Your Parents with Their Finances

Who could benefit from senior money management?

Senior money management is beneficial for any aging senior who is finding it increasingly difficult to handle certain aspects (or all aspects) of money management. This includes retirees who often forget to pay bills, seniors who have difficulty grasping important financial concepts, or even a surviving spouse who was never involved in day to day financial affairs. Senior money management can also help aging adults retain some of their independence and offer relief for family members who are unable to help in that capacity.

Related article: 4 Ways to Keep an Eye on Your Parents’ Financial Well-being

Who can provide senior money management?

Unfortunately, not every senior has family or close friends around that can help them manage their finances. Even those who do should proceed with caution. Common scenarios include a well-intentioned loved one who isn’t financially savvy, or worse, a dishonest family member looking to take advantage. Instead, seniors seeking financial help should consider hiring a trustworthy and qualified professional, such as an experienced CPA like Marcia L. Campbell, CPA.

Related article: How to Help Your Clients Find The Financial Assistance They Need

How can Marcia L. Campbell, CPA help?

At Marcia L. Campbell, CPA, we offer the support that aging seniors need to navigate the road ahead by helping them understand how to make the best choices for their financial circumstances. Our services are personalized to meet each of our client’s individual needs, ranging from accounting services to acting as a professional trustee. We offer our clients a variety of financial services, including organizing and reviewing finances, managing day-to-day income and expenses, and even driving clients to the bank when needed.

At Marcia L. Campbell, CPA, we understand that our clients may need more than just senior money management. We also provide our clients with personal support, including coordinating with other professionals (such as attorneys), providing recommendations for in-home caregivers and other services, and checking in to remind our clients that they have a local partner. We even help out-of-state adult children manage their parents’ care and best interests. Our team understands the importance of developing long-lasting relationships and treating each client like family.

To learn more about how Marcia can help you or a loved one with senior money management, contact us at 951-686-3608.

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