FINANCIAL DECLINE AND THE AGING WOMAN
As you probably have already observed there are many senior citizens that lose the ability to manage their finances as they should for one reason or another.
The question often arises if the elder person is aware that there may be a decline in financial abilities as they age.
Many of the elder citizens with sharp minds and a good education are not as knowledgeable of this fact as you might think.
We just want to give you a head-up on matters so that you’ll know what to expect for your future as a senior citizen.
Seniors may not be as aware as they let on about the pit falls that may occur with the decline of income. This can be a serious delema that causes great inconvenience or even hardship to some.
PLANNING AHEAD FOR RETIREMENT
The person that has the ability to plan ahead will weather the storm of financial decline much better than lets say someone that hasn’t given it much thought at all.
Common sense should be a part of the process of figuring out your financial situation as someone contemplates their finances in their golden years.
Being able to make the kind of income that one was accustomed to when they were younger must be taken into consideration as social programs and even retirement programs don’t pay the kind of funds that someone might collect in their twenties or thirties.
Every scenario must be measured carefully to be able to live comfortably when those wages that were paid earlier in life are now a thing of the past.
The lost of control in any ones life can be absolutely devastating, maintaining control of what we do is what keeps us in a place comfort and stability of mind.
To lose control of our day-to-day activities would certainly throw a wet blanket on our lives and could cause disgust to us and those that love us.
Losing control of our lives could make us have a sense of helplessness or even hopelessness.
There are probably none of us that would like to be thought of a being incompetent or not having the ability to manage our own financial affairs, after all we have years behind us of being very wise with our spending and to have someone close to us say that we aren’t the same as we use to be would possibly be degrading to us.
GET EDUCATED TO ADDRESS THE ISSUE
We were not born into this world with instructions on how to address everything so when matters such as this arise the proper steps to take would be to get the training or instructions that it requires to manage the situation.
Families are normally kind of hand offish when it comes helping with managing of a loved ones financial affairs and rightfully so sometimes.
Needless to say, this can be a very uncomfortable topic but it has to be addressed at some point in time. Setting the rules in place early can without a doubt provide a cure for what ever comes down the road later on.
Having an understanding about these types of matters is the best thing in the world.
STEPS THAT CAN BE TAKEN
There are however, steps that can be taken to
reduce or lessen the severity of financial decline and to deal sensibly with them as they occur.
Awareness is probably the key here when it comes to problem solving but activating a plan of action does much more to alleviate or ease the effects of financial decline.
LET’S CHECK THE WARNING SIGNS OF FINANCIAL DECLINE
We will list some signs of a person who is in the state of financial decline. This is not a complete list of things to look for but gives one a guideline of sort of things to start observing in the life of your senior family member or friend.
If you start observing that the person in question is taking a lot longer to complete financial documents or shows a lack of caring to what is being done then the senior may have a bit of an issue.
Not being able to add, multiply or subtract should really send up red flags as this may surely be a sign of decline. When faced with a financial situation and the senior doesn’t quite “get it” over a period of time is definitely something that needs to be addressed