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3 Tips for Protecting Your Finances from Scams as You Age

3 Tips for Protecting Your Finances from Scams as You Age

Here are three tips for protecting your finances as you age or those of you with an elderly parent or other relative:

1. Assemble Your Defenders. This tip emphasizes choosing the right person – someone who is money-savvy, trustworthy, and ready to act in your best interest – to step in and manage your finances when you are not able. This is accomplished through naming an agent to act on your behalf in financial matters in a legal document called a Power of Attorney. While your spouse may be your first choice as agent, be sure to choose a younger alternate agent in case your spouse also becomes impaired.

2. Open Up Your Finances. This tip emphasizes sharing your financial information with your agent so that he or she will be able to notice when things go awry. For example, you can set up email or text alerts with your financial institutions that notify both you and your agent when unusually large transactions take place. You should also give your doctor and financial advisor permission to contact your agent if they become concerned about your cognitive abilities.

3. Design a Money Blueprint. This tip emphasizes putting together an “investment policy statement” (IPS) which spells out your financial goals over time, what types of investments you will hold, and how much of your portfolio should be allocated to safe and riskier assets. An IPS will not only help you keep your investments on track, but it will also help you resist sales pitches that fall outside of your plan.

We can help you set up a plan that will protect you, your family and your finances as you age.