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Bulletin: Planning for Diminished Capacity and Illness
Assisted living communities, residents and their loved ones can learn from a new bulletin on financial planning for the future, especially for older adults who may develop cognitive impairments and may not be able to effectively manage money and property.
The Consumer Financial Protection Bureau and partners at the Securities and Exchange Commission have created a Consumer Advisory and Investor Bulletin on planning for the futureLink Icon.
“If age-related decline seems far in the distant future, this advisory is still a useful tool for you too, as it can help your parents or other loved ones,” write CFPB officials on the agency blog. “”It stresses the importance of talking with them about advance planning before it is too late. It also has good tips to help you to manage their money when the time comes.”
The document addresses how to manage financial account information, insurance policies, pension and other retirement benefit summaries, Social Security and contact information for financial and medical professionals, among other things.
Consumer Choice is one of the pillars of ALFA’s Senior Living 2025 project. The senior living has the opportunity to address the growing challenges of long-term services and supports by playing an important role in how consumers finance their most enriching years.
Join the conversation on the Senior Living 2025 website and sign up for important updates on the Senior Living 2025 initiative.
For more information on how to combat financial elder abuse, download ALFA’s free Tool Kit: Protecting Older Americans from Financial Abuse from the ALFA Store.
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