Friday, August 30, 2013

Finances and the Elderly

If you own a business, you probably spend time worrying about things like corporate taxes and payroll processing. The truth is, however, that if you have an elderly family member, you may have much bigger concerns on your mind than payroll processing or anything related to work. The National Endowment for Financial Education recently released tell-tale warning signs that an elderly loved one is no longer adept or as adept at handling his or her personal finances. These warning signs are becoming more common as people are living longer and, unfortunately, can sometimes appear earlier than expected.

Signs that the organization cautions family members, friends, and caregivers of the elderly to watch out for include difficulty understanding or paying bills, decreased mathematical capabilities, impulsive buys, irresponsible spending of savings, and more.

No matter what other concerns you may have in your day to day life, you’ll want to take some time out to see how your elderly loved one is doing financially. If you find there are problems, you may want to step in and help or to hire a professional service in Naperville that can manage your elderly loved one’s finances.
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