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Celebrating National Senior Citizens Day: Essential Tips to keep your Finances Secure

At Land of Lincoln Credit Union, we understand the importance of ensuring that seniors can live their lives with security and peace of mind. National Senior Citizens Day gives us the opportunity to highlight key tips to maintain our members’ safety. Let's explore some important areas to help our beloved seniors navigate their financial and personal lives with confidence.

Fraud Prevention

Fraud can be a significant concern for seniors, who are often targeted due to their perceived vulnerability. Here are some strategies to safeguard against fraud:

1. Be Skeptical of Unsolicited Calls: Always verify the identity of anyone who contacts you unexpectedly, especially if they ask for personal information. Hang up and call the business or financial institution back using a verified number if necessary.
2. Monitor Financial Accounts: Regularly check banking and credit card statements for any unauthorized transactions. Set up alerts for suspicious activity to stay informed. Ask an LLCU representative to help you set up alerts for your account.
3. Protect Personal Information: Shred sensitive documents before disposing of them and be cautious about sharing personal information online or over the phone.
4. Educate Yourself: Stay informed about common scams targeting seniors and share this knowledge with family and friends. Awareness is the first line of defense against fraud.

Stay in the know about common and current scams at: www.llcu.org/tools/security-information/

Setting up a Power of Attorney

A power of attorney (POA) is a crucial legal document that designates someone to make decisions on your behalf if you are unable to do so. Here’s how to manage it effectively:

1. Choose Wisely: Select someone you trust implicitly to act as your agent. This person should be responsible and capable of handling financial and medical decisions in your best interest.
2. Understand the Types: There are different types of POAs—general, durable, and medical. Ensure you understand the differences and choose the one that best fits your needs.
3. Regularly Review and Update: Periodically review your POA to ensure it reflects your current wishes and circumstances. Update it as needed, especially if your situation or trusted agent changes.
4. Communicate Your Wishes: Discuss your decisions and preferences with your chosen agent and family members. Clear communication helps prevent misunderstandings and ensures your wishes are respected.

Tips for those handling Dementia

Managing finances can become challenging for individuals with dementia, and it's essential for both seniors and their families to approach banking with care and understanding. Here are some practical tips to help navigate banking with dementia:

1. Simplify Banking Transactions: Simplify banking tasks by setting up automatic payments and deposits. This reduces the need to remember multiple due dates and payment methods, making financial management more manageable.
2. Utilize Alerts and Notifications: Set up account alerts to monitor transactions and balances. This can help in quickly identifying any unusual activity and ensures that important account information is always accessible. Ask an LLCU representative to help you set up alerts for your account.
3. Establish Power of Attorney for Financial Matters: Designate a trusted individual as your financial power of attorney. This person can step in to handle financial decisions and transactions if you are no longer able to do so yourself, providing an added layer of security and support.
4. Engage in Regular Banking Reviews: Schedule regular check-ins with a trusted family member or LLCU Representative to review your bank statements and transactions. This practice helps to catch any discrepancies early and ensures that your finances are being managed according to your preferences.
5. Communicate Clearly with Your Financial Institution: Inform LLCU of any changes in your situation and discuss your preferences for managing your accounts. Banks can provide additional support and accommodate special needs to make banking easier for you.

LLCU has certified staff available to assist members with their needs and to help in maintaining the safety of their accounts. Learn more about dementia friendly practices and services: www.llcu.org/dementia-friendly

National Senior Citizens Day is a perfect occasion to celebrate and support the senior members of our community. At LLCU, we are committed to providing the resources and support needed to keep our members and their finances safe. If you have any questions or need assistance, don’t hesitate to reach out to us.