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  • ELIZABETH EDWARDS

Solo Agers and AADMM Daily Money Managers - A Perfect Fit!





Solo agers, also known as "solo seniors”, refers to an individual who is aging without the traditional support network of a spouse, children, or close family members to assist with their financial, healthcare, and daily living needs. This demographic is becoming increasingly prevalent due to factors such as changing family structures, longer life expectancies, and a growing number of people who choose not to marry or have children. Solo Agers often face unique challenges and may require specialized assistance to navigate the complexities of aging independently, which is why AADMM Daily Money Managers (DMMs) are an important piece to their financial picture.


A DMM is a financial professional who provides a range of services aimed at helping individuals manage their day-to-day financial affairs. AADMM - the Association of Daily Money Managers - started in 1988 and is celebrating its 25th anniversary this year.


One of the primary reasons a Solo Ager should engage a DMM is that they are professionals who can work with the established financial/care team that the Solo Ager already has. This includes financial planners, estate attorneys, CPAs, and Care managers.


DMMs can help the solo ager with the following areas:


Financial Organization: Solo Agers may accumulate a variety of financial documents and accounts over the years, leading to disorganization and confusion. DMMs help them streamline their financial paperwork, create a comprehensive inventory of assets and liabilities, and establish a structured financial system for easier management.


Bill Payment and Budgeting: Managing regular expenses, budgeting, and ensuring bills are paid on time can be challenging for Solo Agers, especially if they face cognitive decline or physical limitations. DMMs assist in helping with manual systems or setting up automated payments, tracking income and expenditures, and establishing a sustainable budget that aligns with their financial goals.


Tax Preparation: Tax obligations can become increasingly complex as individuals age, especially if they have multiple sources of income or investments. DMMs can coordinate with tax professionals to ensure Solo Agers remain compliant with tax laws and take advantage of available deductions and credits.


Fraud and Scam Prevention: Solo Agers can be more vulnerable to financial scams and fraud. DMMs educate and protect their clients by implementing security measures, monitoring financial accounts for suspicious activity, and providing guidance on how to recognize and respond to potential scams.


Estate Planning: DMMs work in partnership with the Solo Agers current Estate Attorney to navigate the intricacies of estate planning, including the creation of wills, trusts, and advance healthcare directives. They can also assist in organizing important legal documents and ensuring they are up-to-date.


Advocacy and Support: For Solo Agers who may not have family members to advocate on their behalf, DMMs can serve as trusted advocates and liaisons with other professionals, such as attorneys, healthcare providers, and insurance agents, ensuring that the Solo Ager's best interests are always at the forefront.


Peace of Mind: Perhaps one of the most valuable aspects of a DMM's role is providing Solo Agers with peace of mind. Knowing that their financial affairs are well-managed and that they have a reliable ally in navigating the challenges of aging can significantly reduce stress and anxiety.


Solo Agers are a growing demographic with unique financial and personal needs. AADMM Daily Money Managers play a crucial role in supporting their financial well-being by providing organizational, budgetary, and advocacy services. By enlisting the assistance of a DMM, Solo Agers can enjoy a more secure and comfortable retirement, knowing that they have a dedicated professional to help them navigate the complexities of aging independently.


If you are interested in connecting with a DMM in the greater Treasure Valley area, contact Elizabeth Edwards at Black Swan Money Management.



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