Helping Seniors Protect Their Money

Starting September 30, 2025, the Social Security Administration (SSA) will stop sending physical checks to recipients. Instead, benefits will be delivered via direct deposit or prepaid debit card.

According to the SSA, the change will only impact a small number of people, as the vast majority of SSI beneficiaries already receive their funds electronically.

Still, it's a big change for that small handful and a good opportunity to make sure that the seniors and retirees in your life are financially protected. Here are some tips to make that happen.

Organize their finances

Good organization is perhaps the best way to ensure that your finances stay in good health. But good organization can also be a challenge, especially later in life. 

If you're trying to help a senior fortify their finances, consider helping them:

• Create a complete list of account and income sources, including bank accounts, pensions, retirement savings, investments, insurance policies, and Social Security.
• Track all of their expenses, including debts.
• Consolidate accounts (including debts) when possible.

A thorough and accurate accounting of their financial situation makes it much easier to spot potential problem areas and opportunities for improvement or simplification.

Automate their finances

Keeping things simple can go a long way toward protecting someone's finances. The more that happens automatically and the less you have to remember to manage manually, the fewer chances there are for something to go wrong. 

To keep things simple:

• Set up automated payments for regular bills and expenses.
• Use direct deposit for any applicable income sources, like pensions or Social Security.

Create barriers against future fraud

Financial elder abuse is far and away the most prevalent form of elder abuse. Seniors are often looked at as easy targets for fraudsters and (sadly) unscrupulous family members.

To help prevent possible fraud, you may want to:

• Enable account alerts in the event of unusual transactions.
• Freeze their credit to prevent new accounts from being opened in their name.
• Talk about new and common scams, starting with the popular scams reported by the FTC.
• Update their passwords to something stronger and enable two-factor authentication where applicable.

Set-up legal protections

Seniors are at a higher risk of becoming hospitalized or otherwise incapacitated. Without clear directives, things can go sideways in a hurry. That's why it's always a good idea to establish:

• Durable power of attorney to designate someone to handle financial decisions as needed.
• Advance directives to help guide medical decisions.
• A will or trust to make sure that your loved one's wishes are observed and their assets are correctly managed.

Stay connected

Helping a senior with their finances isn't a set it and forget it sort of scenario. You'll need to stay involved or at least ensure that trusted family members, friends, or professional advisors are providing active assistance. This means regularly reviewing their financial statements, investments, spending, and more.

It doesn't need to be a lot of work, either. Simply staying connected and checking for signs that something is wrong can make a huge difference.

If you're approaching retirement and need help becoming debt-free first, we've got you covered! MMI offers a variety of debt relief plans to help you get out of debt and meet your unique goals in the process. Whether you need a smaller payment, the biggest savings, or you're trying to improve your credit score before retirement, we can help.