Think of all the day-to-day tasks that involve our money from paying the bills and balancing the checkbook to giving to charity, filing insurance claims, managing investment income, and more. It’s too much for many seniors, especially when you factor in memory issues, arthritis, failing eyesight and hearing.
If you or a relative is having trouble paying bills and managing life’s paperwork, hiring a daily money manager or a bill paying service might help maintain independence — and protect nest eggs too.
Daily money managers are part of an emerging profession, says Mindy Luebke, the Chicago president of the American Association of Daily Money Managers. Money managers are not exclusively for seniors. Wealthy individuals have used them for generations. But over the past 10 years some have tailored their services to helping seniors at home with money management and the associated paperwork and mail.