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Are your parents’ financial woes the sign of something more?

On Behalf of | Apr 11, 2022 | Uncategorized |

You’ve always viewed your parents as strong and independent figures. They raised you as a child, put you through college and set you on the right path as an adult. 

The aging process is something that we all go through, and as you get older, you generally become more vulnerable. At some point, your parents may require some assistance with finances and other aspects of their lives. This doesn’t mean that they are fully relinquishing their independence, it just means they get a helping hand so they can enjoy their later years. 

What are some of the more common signs that your aging parents are struggling to manage their finances? 

Susceptibility to scams 

When you were growing up, you remember that your parents suffered no fools. This is why you’re so surprised that they have agreed to have massive renovations carried out on their home. Most of the time, contractors behave responsibly and do not engage in fraudulent activity. Unfortunately, some rogue traders might see your elderly parents as soft targets. In such a scenario, you can support your parents by canceling any unnecessary work. You may also want to consider different methods of ensuring that your parents are not scammed again. 

Spiraling debts and unpaid bills

You know that your parents have sufficient savings tucked away. Yet, while you are visiting, you notice a pile of unpaid bills and letters from debt collectors. These can eat away at the hard-earned savings of your loved ones, so it is important to take immediate action. 

There may come a time when your aging parents need some help in terms of managing their finances. There are a number of other options to consider, so make sure you have explored all legal avenues before making your next move.