Navigating Medicare: Understanding the What, When & How of Benefits
With Andea Naone-Waters, Licensed Broker & Agent
Thursday, May 23rd, 12pm-1pm. Click HERE to RSVP!
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Navigating Medicare: Understanding the What, When & How of Benefits
With Andea Naone-Waters, Licensed Broker & Agent
Thursday, May 23rd, 12pm-1pm. Click HERE to RSVP!
Open Mobile Menu

Senior Financial Safety: A Workshop Series Presented by The Kensington Sierra Madre and WayWiser

The Kensington Sierra Madre, in collaboration with WayWiser, recently hosted part one of an interactive virtual workshop series on senior financial safety.

The April 26 event featured a panel of experts from various backgrounds who shared crucial information on protecting our seniors from financial scams and fraud.

Don’t miss the second part of this series on May 18, “The Best Offense is a Good Defense.” RSVP to reserve your spot and learn how to help prevent your loved one from financial exploitation.

Senior financial security overview

As the population across America ages, ensuring our loved ones’ financial well-being becomes a major priority—and The Kensington Sierra Madre is committed to helping families navigate this critical transition.

A successful first workshop: “Knowledge Is Power”

On April 26, 2023, the first part of the workshop series, titled “Knowledge is Power,” was presented online to a wonderfully receptive and enthusiastic audience.

Luis Carvajal-Kim, a Cyber Security Executive and former Cyber Counterintelligence Special Agent, and Christine Kieffer from the FINRA Investor Education Foundation provided in-depth knowledge on the most common types of fraud targeting seniors.

They also shared valuable tips on safeguarding personal information and assets.

Upcoming workshop: “The Best Offense is a Good Defense”

On May 18, 2023, the second part of the workshop series, “The Best Offense is a Good Defense,” will be presented virtually with special guests:

  • Lindsay Faeder, CEO of WayWiser, will discuss changing our mindset when it comes to financial fraud and emphasize the importance of being proactive in protecting our loved ones.
  • Tami Anastasia, a Dementia Caregiver Support Counselor, will share the warning signs of financial abuse and provide guidance on talking to your loved one about these issues.
  • Kristin Owens, formerly of the NY Federal Reserve, will offer her expertise and advice on navigating the complex financial landscape.

Don’t miss this opportunity to learn more about safeguarding your loved one’s financial future by RSVPing for part two of our workshop series.

Trust officers, money managers, and estate administrators for senior financial safety

Preparing for the future and ensuring the financial safety of an aging loved one can be a daunting task.

As part of your network of resources, financial professionals such as trust officers, money managers, and estate administrators can provide invaluable assistance in this process.

Trust officers play a central role in helping clients make key financial decisions that impact them both professionally and personally.

Furthermore, money managers and estate administrators assist clients in organizing and managing the day-to-day finances of their loved ones and provide guidance on achieving short or long-term financial goals.

By working with these professionals, families often feel much more confident that they’re making informed decisions and taking the necessary steps to protect their loved ones.

The importance of senior financial independence

As we age, financial independence becomes an even more critical factor—both for our own lives as well as for everyone who cares for us.

Maintaining direct control over our finances allows us to make choices that directly impact our quality of life, such as where we live, the type of healthcare we receive, and the activities we enjoy.

Financial independence also gives us the opportunity to give time, attention, and support back to our families and contribute to our communities.

Additionally, achieving financial independence can lead to reduced stress and increased mental and emotional well-being. Knowing that we have financial support means a sense of security that is invaluable as we enter our golden years.

Diminished capacity and the risks to senior financial safety

One of the reasons financial safety is so important for seniors is the increased risk of diminished capacity and cognitive decline.

As we advance in years, our cognitive abilities may decline, making it more difficult for us to manage our finances effectively—leading to unintentional mismanagement of funds, unpaid bills, and even bankruptcy.

Mild cognitive decline—a greater risk than moderate or severe decline?

Strangely as it may seem, seniors with mild cognitive decline may be more vulnerable to financial scams and fraud than those with more acute symptoms.

A recent study published by the National Institutes of Health (NIH) suggested that “older adults with mild cognitive decline” had higher “scam vulnerability.”

This idea might seem contradictory at first glance. But the authors explain that older adults who have “moderate to severe cognitive decline” may have greater difficulty understanding situations and making follow-through decisions that give the scammers what they want.

Regardless of you or your loved one’s situation, scammers have always preyed on the elderly—taking advantage of their reduced ability to recognize fraudulent schemes.

By prioritizing financial safety, seniors can protect themselves and their assets from potentially devastating financial losses.

The role of family and professional support

While it’s essential for seniors to maintain control over their financial affairs, it’s also crucial to have a network of trusted family members and professionals who can offer support and guidance.

Ideally, family members should be aware of their loved one’s financial situation and be prepared to step in if necessary.

In addition to family support, caregivers who engage professional advisors like trust officers, money managers, and estate administrators can help seniors create a comprehensive financial plan.

Professionals from all different sectors and areas of expertise can offer expert advice and assistance, ensuring that seniors are well-equipped to manage their finances safely and effectively as they age.

The Kensington Sierra Madre: Your partner in senior care and financial safety

At The Kensington Sierra Madre, Our Promise is to love and care for your family as we do our own.

Beyond the comprehensive levels of assisted living and memory care that we offer our residents, we understand the importance of financial safety and planning for the well-being of our aging loved ones.

Our team is always dedicated to providing support and resources to families navigating this journey.

If you’re seeking additional resources on caring for your elderly loved one or exploring solutions for their care and quality of life—reach out to The Kensington Sierra Madre.

With our experience and insight, we can help you and your loved one find your best years. This includes the financial safety and planning of caring for an aging loved one.

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