Home Finances Family Finance Trip Wires

Family Finance Trip Wires

Financial planning

Brynne Malone, the owner and founder of Aging Solutions NW, joins Suzanne to talk about trip wires when it comes to the financial plan for your aging years, or the finances of your senior loved ones. Financial wellness, knowing you have resources to maintain your life, is one of the 8 foundational principles of wellness featured in the Vitality Revolution podcast series sponsored by Humana.

Suzanne asks, “What are the modern-day dangers to a senior’s financial well-being, that could cause a situation where they could run out of money?”

Brynne says, “If you’re a child, and you’re going home, and mom and dad’s mail is piling up, they may be getting behind on their bills. A couple of things, just historically, that are impacting where people are financially is inflation, it takes a huge bite out of a person’s buying power. So they’re not really sure, you know what they can afford, they don’t ask the question, can I afford this? And how long can I afford this? Some other contributing factors, there’s a number of folks who are out there, and I hate to say this, but they’re preying upon the vulnerability of our aging population… So you want to have some insulation and barriers, and I think that’s where having a third-party professional like myself [helps].”

Suzanne adds, “There might be an HVAC person, a roof person, cable, internet, a caregiver – not going through a private caregiver. But also family members. I hate to say it, but the statistics show the number one statistic of elder financial abuse is through adult children.”

To protect yourself financially, Brynne advises, “First of all, admitting that you need help. And that you can look to a professional that can guide you through that. And that’s not necessarily your investment advisor or CPA solely, but the team of your investment advisor and your CPA, and then a professional that can also bring in what the health care costs are going forward… If a person reaches age 65 their medical costs – even with Medicare factored in is – are gonna be over $440,000…. People’s money is not going as far as it once did. And that is a huge challenge for families.”

Suzanne asks what happens if someone gets a catastrophic illness like Alzheimer’s? Brynne says, “It’s going to have a huge impact. What I advise my clients is, you want to have your emergency medical fund set aside. And at minimum, you need $25,000 liquid in there. That would buy you some time to sit back and analyze, and get your team together, where are we going from here? And you can do some longer-range planning. But if you’re sitting there with $5000 liquid, that could be gone literally in two weeks.”

Aging Solutions connects people across the United States with resources to guide you through aging challenges. Brynne Malone offers a free 30-minute consultation for listeners to Answers for Elders. Reach Brynne at 509-981-1520 or https://agingsolutionsnw.com/.

Learn more
* Brynne Malone: https://agingsolutionsnw.com/about/
* Aging Solutions NW: https://agingsolutionsnw.com/
* The Vitality Revolution podcast series: https://answersforelders.com/vitality-revolution/
* Humana: https://www.humana.com/
* Answers for Elders: https://answersforelders.com/welcome-to-answers-for-elders/

See more
* Articles and podcasts about Financial Wellness: https://answersforelders.com/vitality-revolution/financial-wellness/

Answers for Elders is part of the SeniorResource Network: https://www.seniorresource.com/
Check out our affiliate podcast Alzheimer’s Speaks: https://alzheimersspeaks.com/

Image: © Can Stock Photo / Feverpitched