Navigating Legal and Financial Resources for Seniors in Long Beach

Smart legal and financial planning is critical for seniors. The truth is that nobody knows what the future will bring. As we get into our golden years, it becomes more important than ever to plan for both the expected and unexpected. However, many seniors don't get the support they need because they don't know how to access services and resources that can help them manage their finances and protect their assets.

You may be trying to navigate your finances on your own because you never felt that you needed to use professional finances services in the past. Most people don't use professional advisors for financial planning and investments during their working years because their employers handle their retirement plans. However, there are many considerations that come into the picture once you're a retired person who hits big age milestones. In fact, you could be leaving benefits on the table simply because you don't know about them. In addition, you could be making yourself vulnerable to fraud. Fortunately, seniors in Long Beach have access to a wide variety of programs offered by local governments and advocacy groups. Take a look at the resources you can turn to if you have questions about navigating the financial and legal aspects of aging.

The California Department of Aging offers legal services to older adults and adults with disabilities. These services are completely free to anyone over age 60. There are no income requirements to qualify. You can find support locally through the Department of Aging using this link. These services are designed to help seniors with concerns related to:

• Housing
• Consumer fraud
• Elder abuse
• Social Security
• Supplemental Security Income (SSI)
• Medicare
• Medi-Cal
• Age discrimination
• Pensions
• Nursing homes
• Protective services
• Conservatorships

Medicare Counseling

California's Health Insurance Counseling & Advocacy Program (HICAP) provides free and objective information and counseling about Medicare for seniors. These services allow seniors to partake in 100% free and confidential counseling sessions that provide education and assistance for seniors and their families. Topics covered include how to enroll in Medicare in Long Beach, long-term care insurance, and planning ahead for care needs. HICAP also provides legal referrals and assistance for dealing with care-related issues. With healthcare needs playing such a big role in budgeting as a senior, these services can help you to make the right choices. For example, getting clear answers on the different parts of Medicare can help you decide if it's time to enroll in A, B, C, or D. These counseling services also provide answers on drug coverage and appointment payments. Getting connected with HICAP can also get you invited to community presentations and conferences that provide important information on Medicare or Medi-Cal enrollment and plan changes.

Financial Empowerment Services

For seniors who want to begin financial planning, knowing how to find reputable service providers can be difficult. The Consumer Financial Protection Bureau (CFPB) points out that losing money or possessions to scams, fraud, and exploitation can be especially devastating to older adults because they may not be able to earn back what they’ve lost. The Los Angeles County Department of Consumer Affairs operates a Financial Empowerment Services division to help all residents connect with organizations and companies that can help them to manage their finances. This includes organizations that provide financial counseling and coaching, tax assistance, legal services, consumer protection, credit counseling, and much more.

Volunteer Income Tax Assistance (VITA)

Seniors who are struggling with filing income taxes can access free basic income tax return assistance from IRS-certified volunteers in Los Angeles County through a program called Free Tax Prep Los Angeles. This program is designed for persons with disabilities, the elderly, and limited English-speaking taxpayers who need assistance with preparing their returns.

Basic Financial Planning Tips for Seniors

It's also important to work with a certified financial planner specializing in helping seniors protect their assets. Many of the resources shared above can help you to optimize your assets to access benefits and long-term care services. However, it's also important to do some individualized planning. This includes making sure that your estate plan and will are up to date. Keep up with changing laws, changing life situations, and other factors that may influence your plans for aging. When shifts happen, don't hesitate to update your will and estate plan with these changes in mind. For example, you may want to update your estate plan if you're moving into a retirement community or assisted living facility in Long Beach, CA. This is vital for protecting both your assets and the best interests of your loved ones.

Don't let accounts just "sit." When it comes to your investments, working with a financial advisor is smart. Trying to manage your accounts on your own can be complicated. You may also lose track of accounts that are put aside for family members. Professional financial planning services can help you to optimize your investments to make your various accounts work together for both growth purposes and tax considerations.

Final Thoughts on Accessing Legal and Financial Resources for Seniors in Long Beach

It's easy to feel vulnerable and overwhelmed as a senior trying to plan for your financial future. The big lesson to take away is that you shouldn't do this alone. There are many free and paid services available to senior citizens to help them protect their legal interests and assets. Trying to handle it on your own could cause you to miss out on important Medicare enrollment options. You could also miss out on important tax breaks that you don't know about when you're filing your taxes on your own.