A person’s financial life does not get any simpler as the person enters retirement, according to Andrea Gallagher, a member of the Ventura County chapter of the Financial Planning Association. “Finding an individual trustworthy to help with financial decisions can be overwhelming,” said Gallagher, who also is president of Senior Concerns. To try to help older adults, Senior Concerns has launched a pro bono service called Financial Concerns. Offered the second and fourth Mondays of each month starting Dec. 11, the program involves volunteer certified financial planners who meet with seniors and their family caregivers. “It is our desire to contribute to our community in a meaningful way,” said Alan B. Ungar, a member of the Ventura County chapter of the Financial Planning Association. A certified financial planner of critical capital management, Ungar is leading the program on behalf of the association. “We think that providing pro bono objective advice to seniors can make a difference in their lives,” Ungar said. One common financial issue for older adults is a failure to stop being parents, Ungar said. “Too often they are contributing to their progenies’ finances while struggling to make ends meet themselves,” Ungar said. “It is extremely difficult for them to stop the subsidies and take care of themselves.” Financial Concerns began after Senior Concerns started a program called Legal Concerns, which provides free 45-minute consultations with attorneys from 1 to 4 p.m. on the first and third Tuesdays of each month. “We could see that we were addressing some of the challenges seniors experience in our community but not all of them,” Gallagher said. Planning for long-term care costs are necessary but often involve tough financial decisions, Gallagher said. “Some seniors are struggling to make ends meet. By identifying financial assistance — subsidized housing, Meals on Wheels, utility subsidies — seniors can meet their monthly expenses.” Gallagher said Social Security provides 40 percent of preretirement income and that seniors need about 80 percent of preretirement income. “Timing of Social Security payments, interest, pension plans, savings and paid work are ways in which seniors are addressing the shortfall,” Gallagher said. “Seniors don’t always manage their finances well. They may lend to others, donate to causes, play the lottery and even overpay for basics,” Gallagher said. “Financial problems may be of their own making but often stem from age or forgetfulness. A loving relative or trusted adviser can help seniors avoid some financial problems with frank discussions and periodic review of bill paying.” If you go What: Financial Concerns When: 3-5 p.m. second and fourth Mondays each month starting Dec. 11 Where: Senior Concerns, 401 Hodencamp Road in Thousand Oaks Cost: Free Appointments: Call Lori Bliss at 497-0189. More …
