SAN ANTONIO — Solo seniors are considered adults who have no spouse, children or close family members. If you fall into this group, here’s how to manage aging alone and make the process easier on yourself.
Designate a trusted contact
“It can be a power of attorney from an institution. It could be someone that’s physically on the account as a joint account holder or at the very least, it can be a trusted contact. A lot of brokerage accounts are now requiring a trusted contact for seniors to be on their account,” said Karl Eggerss, senior wealth advisor and partner of Covenant.
Organize personal documents
“This isn’t necessarily just for people who have large estates. These are the practical things that need to be done on your behalf. What are your wishes? What do you want to see happen if you become incapacitated?” said Eggerss. “Do you want to be kept alive on your machine? Those are all important things to decide.”
Automate your bill payments
“If you have a lot of bills, put them on auto-pay as much as possible. The more that you can get in your life automated, the easier it’s going to be on you without having to write physical checks each month, “ said Eggerss. “This will prevent a lot of mistakes. Auto-pay is a great way to stay organized.”
Find the right financial advisor
“Somebody that’s been with you for a long time, knows your situation, knows when something’s going to be out of character. We’re taught in our industry to look out for large withdrawals from a client who normally wouldn’t do that. Is there something going on from a mental capacity standpoint?” explained Eggerss. “It’s very important to have a financial advisor who knows your situation inside and out and who can really help you through those times.”
Be wary of schemes
“There’s financial scams all over the place now but certainly in a COVID world, the elderly are specifically targeted because they’re the most vulnerable,” said Eggerss. “It’s very important to not respond to things like that IRS phone call, social security phone call. Those places do not call you.”