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Where can I get financial advice for my parents?

If anyone has an idea of a resource for financial guidance for seniors, please let me know! My parents recently moved into a condo (more than they could afford....they were not totally honest about their bills when working out this arrangement with my step-sister who was helping them). They are in financial trouble for the second month in a row; including ringing up huge overdrafts at their bank and uncertain if they can afford their rent payment. I'm beginning to think that they are both incompetent, especially in handling their finances. Is there a resource out there for them? They are so proud that they probably would not call, but I will!
Status: Open    May 23, 2015 - 02:00 PM

Finance

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Jul 29, 2015 - 10:53 AM

Many states have nonprofits operating under the Older Americans Act legislation whose mission is to serve seniors. Around here they are called Area Agencies on Aging. I don't know where you are so you might have to call around to find the appropriate agency. Additionally, the Financial Planners Association, the trade group for financial advisors, hosts an annual workshop to provide free advice to seniors. You might go to their website to see if there are any branches close to you. I might also encourage you to contact an Elder Law attorney in your area to get her/his advice on a number of issues, money management only being one of them.

Sep 24, 2015 - 01:30 AM

If your parent does not qualify for (usually low-income) services through the local Dept. of Aging, look into a local Jewish Community Center (being Jewish is not required), or visit www.AADMM.com to learn about and locate a Daily Money Manager. Sometimes Easter Seals or AARP have money management programs, but again, they are often just for low-income seniors.

Sep 24, 2015 - 10:38 AM

Your parents may benefit from speaking with a certified credit counselor. A credit counselor can provide them counseling on debt, budget and housing issues. Your parents may also need a little more supervision of their monthly income in which a representative payee would be in order. Representative payee services get appointed by Social Security to manage the monthly income of those who cannot do this on their own. Payees get their income directly and pay their bills on their behalf. Payees also provide them with weekly spending and food money to ensure they have enough funds to last the entire month as well as pay the bills on time. This is a very sensitive matter to discuss with your parents but something they will benefit from for a long time.

Source: www.moneymanagement.org (Credit Counseling)

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