May is Older Americans Month and June 15 is World Elder Abuse Awareness Day. During this time, we celebrate communities of strength created by older adults and we’re spotlighting resources that can help them achieve and maintain financial well-being.
This week we’re sharing resources for financial caregivers — people who manage money for a loved one who may need help because of health problems or memory issues. If you don’t have a financial caregiver lined up, it helps to plan ahead in case you need help in the future. Understanding your options will allow you and your loved ones to choose what works best for your situation. Here are some free CFPB resources to help:
- Considering a financial caregiver? Know your options is a new tool to help you decide whether you or your loved one need an informal caregiver, who helps manage money on an as-needed basis, or a formal caregiver, established by a legal arrangement. The brief guide also walks you through what to consider when choosing a financial caregiver.
- Planning for peace of mind: Social Security Advance Designation explains a new tool from the Social Security Administration that allows you to recommend someone you trust to manage your Social Security benefits if you become unable to do so yourself.
- Planning for diminished capacity and illness helps you understand the potential impact of diminished capacity on your ability to make financial decisions and avoid fraud and other forms of financial abuse. The joint advisory from the Securities and Exchange Commission and CFPB encourages you to plan for possible diminished financial capacity long before it happens.
- Managing Someone Else’s Money guides explain the responsibilities of a financial caregiver, as well as how to spot financial exploitation and avoid scams. The guides are tailored to the needs of people in four different fiduciary roles: power of attorney, guardians, trustees, and government fiduciaries.
Order free print copies of these publications for yourself, and to share with older adults in your community.
Consumer Financial Protection Bureau