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Reducing the Financial Fatigue of Caregiving
There are many rewards of caring for a loved one, but caregiving can also come at a cost. According to several studies, the average female caregiver loses more than $324,000 during their lifetime in wages, pensions and Social Security benefits, due to their caregiving responsibilities.
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Protecting a Loved One from Financial Exploitation
Financial exploitation or abuse of older adults occurs when a person’s resources are used by another for personal profit or gain, or when actions are taken that deprive an older person of the benefits entitled to them. No one is immune. This sort of theft can happen to anyone regardless of social standing and education levels.
Read MoreManaging Finances for a Loved One with Dementia
Handling a loved one’s finances can be a difficult task, particularly when they have been diagnosed with dementia. In fact, the inability to handle finances is often one of the first signs that a loved one has the disease. They might pay bills more than once, forget to pay bills entirely, give money away unexpectedly or have trouble balancing their checkbook. Dementia can also leave a loved one open to financial risk and abuse, which can make it even more important for us to familiarize ourselves with how best to protect them from these threats.
Read More5 Tips for Managing a Loved One’s Finances
It's not always easy talking to our loved ones about their personal finances, and it can be even more difficult to help them realize that it may be time to turn the reins over to us or another caregiver. Avoiding the conversation, though, can lead to unnecessary stress and unwarranted headaches later on, and can leave our loved ones open to financial exploitation. So how do we start the conversation? And what should we say?
Read MoreUnderstanding the Dangers of Medical Identity Theft
Identity theft is a worldwide phenomenon with very personal results to those who’ve been victimized by con artists and thieves. With our support, our loved ones need to be ever vigilant in guarding their personal, financial and medical identities.Â
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