Ten Mistakes to Avoid: Making Senior Years Easier

As you work with seniors, you may be aware of issues which require assistance from other professionals:

  1. LEGAL PAPERS: Do your clients have wills, powers of attorney, health care proxies, living wills (or updated versions) in place?
  2. LONG TERM CARE: Assuming that will and estate planning have been completed, do your clients have long-term plans including where they will live and how they will pay for long-term health care and still have money for living expenses?
  3. DAILY FINANCES: Are checkbooks balanced and credit card balances reviewed regularly?  Are you getting paid in a timely way?
  4. HOUSING: Have all living options been investigated, like staying at home with assistance or choosing an assisted living facility?
  5. MEDICAL INSURANCE: Are insurance claims being filed for medical bills that are covered by insurance, and conversely are bills that are not covered by insurance being paid?
  6. MEDICAL MANAGEMENT: Are your clients seeking assistance from family, friends, or geriatric care managers as coordination of appointments and medicines becomes more complicated?
  7. IDENTIFICATION: Do all of your clients have updated picture IDs? (remember some banks require two picture IDs)
  8. BUDGET AFTER RETIREMENT: Have your clients created a budget to fit a lower level of fixed retirement income after years of living on a higher salaried income?
  9. INVESTMENTS: Have your clients changed their investment strategies to fit their senior years like not continuing to keep all investments in certificate forms and handling a multitude of dividend checks, and, at year end, 1099s and K-1s?
  10. TAXES: Have any of your clients failed to file taxes due to illness or feeling overwhelmed by paperwork?
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