America is aging. Between 2011 and 2050, the United States
is projected to experience rapid growth in it’s senior population. The
78-million member baby boom generation (born between 1946 and 1964) began
turning 65 in 2011. Over the next 10
years the older American segment is projected to grow 23%. By 2020, this market
segment should be nearly 119 million people and represent 35% of the total
population.
The number one fear expressed by many seniors regarding
their retirement years, is the fear of outliving their money. Managing
financial resources wisely for this generation has become more important than
ever before. A rising concern for many seniors and their family members is the
issue of elder fraud.
Seniors tend to be trusting and charitable to strangers
making them more likely to fall prey to a solicitation for money. They often
live alone, isolated from family and friends who could otherwise advise them.
Con artists, unethical repairman and contractors are aware
of the possible effects that age has on memory, and a seniors’ potential lack
of financial savvy. These individuals realize that seniors are often poor
witnesses. Being victimized or taken advantage of can also make seniors so
embarrassed that they are reluctant to come forward or even tell family
members.
Seniors are often dependent upon family members and
caregivers, making them susceptible to being taken advantage of by these very
same people. Children and grandchildren often approach their loved one
for a loan. Too often these loans go unpaid creating a financial hardship
for the senior later in life when they need that money to provide supplemental
income or to pay for long-term care expenses.
One solution that many seniors and their caregiving family members are turning to is to hire the services of a professional daily money manager (DMM) to pay bills, reconcile accounts, maintain records, prepare monthly or quarterly financial statements, and more.
Studies have shown that DMM services can help seniors to maintain their independence and remain in their homes longer avoiding costly nursing home care. DMMs also provide adult caregivers relief from some or all daily money management tasks while at the same time providing outside financial controls which can reduce or eliminate claims of caregiver fraud.
The best way to start your search to locate a DMM is through referrals from trusted friend, family members, and community organizations. You may also wish to contact the American Association of Daily Money Managers (AADMM). This organization will provide referrals to DMMs in your area. You can visit their website at www.aadmm.com.
