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Keeping your finances on track can be tough. That’s especially true if you have many sources of income to manage, such as Social Security, pensions, retirement funds, dividends from stocks, and more. Add in the bills you need to pay and the savings you need to budget throughout your golden years and it might be nice to have a little help tracking it all.
Technology for seniors has come a long way. In addition to the convenient technology that keeps you in touch with loved ones, virtual “visits” with doctors that don’t require going into offices, or the personal alarm button that can summon help at the touch of a button, there are many ways seniors benefit from the latest and greatest advancements. Among those advancements are financial apps for seniors, designed to corral all your financials in one place and give you easy access and control over where your money goes.
The use of online means to manage monetary funds and just about anything else has become much more common for seniors. According to Pew Research, 75% of those aged 65 and older have used the internet, and 40% of seniors have a Facebook account. One in every four mobile shoppers is over the age of 55. And among those elderly adults who access the internet, 25% of them do it with smartphones.1
And if you’ve got a smartphone, you can use a financial app!
The Best Financial Apps for the Elderly
Are you ready to hold your financial life in the palm of your hand? Whether you are keeping up with stocks, moving money around, or hoping to budget better, these apps have you covered.
· Mint. This personal finance app is quite comprehensive, allowing you to track expenses, create and modify your budgets, and stay attuned to where your money is at all times. You can see all your accounts, the transactions into and out of those accounts, and the bills you need to pay or have recently paid.
· My Social Security. This is the official app from the Social Security Administration. It allows you to track your benefits, estimate how much your benefits might change from year to year with the cost of living increases, and access all other information about this important financial benefit for seniors.
· Acorns. Named after the premise that tiny acorns can grow into great oaks, this app allows you to invest a tiny bit at a time with no pain to your pocketbook. It works like this: When you purchase something, Acorns will round the amount up to the nearest dollar and invest the spare change. So if you make a purchase for $2.51, Acorn invests $0.49 cents. It’s a small amount but over the span of months it can add up to a surprising bundle of cash!
· Wally. This app focuses on budgeting options. You can set financial goals, track your income and expenses, plan out where your future cash is going to go, and see your spending patterns over time. The insights gained from Wally can give you a better handle on your finances.
· Age Well Planner. Created by the National Council on Aging, this planner offers much more than financial help, but the assistance with money management is a robust part of the app. You can calculate for retirement, figure out where to cut spending, learn what to expect from Medicare coverage, track Social Security benefits, and so much more. It also takes into account that your health and home safety, including fall prevention strategies, play a part in your long-term financial goals and helps you plan accordingly.
· Silver Bills. This unique app is connected to a real person who will receive, monitor, store, and handle all the bills you have coming in, making sure they are paid on time, in full, every time.
· Personal Capital. This app focuses on your investments in the stock market and other financial vehicles with the goal of helping you save for retirement. You are alerted to any hidden fees that occur so you can adjust your path to avoid them, help track your investment accounts, and allocate funds as you wish. This app cuts out the middleman and allows you to be your own stockbroker, but also alerts you to when you might need more help.
Other Apps That Can Help
Though these apps aren’t dedicated financial or investment planners, they supplement your financial options very well. Some of them provide security while others provide tips on savings.
· AARP Now. This app for seniors has a wide range of features, including news, tips for better health, some assistance with understanding Social Security, and more. But the real advantage of this one is the savings you can find through AARP discounts. Before going to a store or restaurant or purchasing anything online, check this app to see what deals might be available to you.
· EverSafe. This app analyzes your bank accounts, investments, and credit cards, and looks for suspicious activity. If anything is spotted, you are alerted clearly and immediately. This allows you to change things right away, dispute charges that you didn’t make, and otherwise keep track of your money to keep it safe.
· True Link. This financial management tool is designed to protect your accounts through alerts and spending controls. Meant for vulnerable populations, including the elderly, this app sends alerts for unauthorized purchases or unusual activity, allows you to block certain merchants from accessing your credit cards, and prompts you to set caps on spending that will prevent that money from coming out of your account until you say otherwise.
· LastPass. This password management app helps you create strong passwords for online accounts and then stores them for easy use. You can ask the app to fill in your passwords as needed so you don’t have to deal with the frustration of a long, unique password for security – the app will handle all of that seamlessly for you.
· AARP Fraud Watch Network. This app is all about protecting the elderly from scammers, and it does so through resources that teach you about scams and how to avoid them, alerts if odd things show up on your financial accounts, and access to a helpline to assist you with determining if you have been scammed and if so, the next steps to take.
· IdentifyForce. As internet usage increases, so does the risk of identity theft. According to the Federal Bureau of Investigation, financial fraud affecting seniors doubled from 2019 to 2021, rising to $1.7 billion dollars lost for those on fixed incomes.2 This app is one of many designed to prevent that from happening by monitoring your credit, looking for places where your identity might be used in fraudulent ways, and alerting you to any changes in your personal information or accounts.
· Privacy.com. If you don’t want to put your debit or credit card information out there, this app will create temporary numbers for you to use while online shopping. Though the funds still come from your accounts, the numbers the merchant sees won’t match up with what your bank has, which protects you from unauthorized charges.
Financial Apps to Help Family Caregivers
Sometimes family caregivers need to be involved in the day-to-day finances of their parents or other loved ones who need assistance as they grow older. Here are some apps to help.
· CareZone. This unique app allows you to document medical expenses, pull documents and notes together into one convenient place, manage prescription medications, and plan out schedules. The financial part of the app allows you to keep tabs on how much money is going where and find places where you might be able to save.
· Splitwise. If you are in a situation where family members or friends share expenses for caregiving, this app allows you to send out requests to split or track costs. This helps individuals share the financial burden and provides transparency to everyone about what was spent, where it was spent, and why.
· AARP Caregiving. This app offers significant tools concerning all parts of caregiving, including the financial aspect. It provides plenty of financial advice and can allow you to look for discounts, find expert advice, and take advantage of outside tools recommended by the team of AARP experts.
· PocketGuard. This app helps you track spending for yourself as well as caregiving duties, giving you the opportunity to separate the two for better record-keeping. As with most other financial apps, it will allow you to set savings plans, budget your spending and track what you’re spending on your caregiving duties, so you can have a snapshot of where your money is actually going.
Safety First Can Save Thousands
Financial apps can work wonders for keeping your finances under control and giving you a firm view of where all your money is going. But of course, the best way to save money is to avoid extensive or surprise bills, such as those that you might face if you suffer a serious fall or other accident at home or on the go. A medical alert bracelet or wristband can keep you safe and secure no matter where you are, so that if you need medical assistance you can get it right away – and that can save you thousands, or even tens of thousands of dollars in medical expenses over time.
By choosing a medical alert system with fall detection, you can avoid one of the most costly problems of all: what experts refer to as “the long lie.”
This happens when a person falls down and lies on the floor for an extended period of time. This often happens because they are alone and can’t reach out for help. When you lie on the floor for a long period of time, you could suffer from serious complications, including muscle breakdown, skin ulcers, dehydration, hypothermia, and many other dangerous health problems.
A medical alert device at your fingertips ensures that you never have to face “the long lie.” That provides you not only with peace of mind, but with the very practical savings that comes from avoiding medical complications in the first place.