Taking Care of Elderly Parents
The significant cost of formal long-term care services is leading many aging adults to rely on informal care from adult children. And although many parents are living longer and healthier lives, it’s likely that many Americans will assume this role during their lifetimes. Roughly 6% of adult children today serve as caregivers, and 17% will take on this role at some point. Those who do provide care devote an average of 77 hours per month.
Is my retirement account protected from identity theft?
Most retirement plans have advanced identity theft and fraud protection safeguards, and a recent IdentityForce survey indicated that 68% of HR executives are actively looking at identity theft protection as an employee perk. To determine how safe your account is, review the online fraud policies and recommendations of your retirement plan provider. Check your account balances and activity at least once a month to be sure there has been no unauthorized trading. To be extra vigilant, be sure to change your username, password and security questions every six to nine months.
Finances are already top of mind as you head into tax season. As you gather your tax information, explore areas of personal finance beyond your taxes due and whether to apply your refund to next year’s bill. Review your retirement plans and accounts with your financial professional to help determine whether your portfolios are well positioned to meet your retirement goals. And if you are over the age of 50, don’t forget to take advantage of catch-up contributions available to you in your plan.
Tools & Techniques
Are you at risk for investment fraud?
If you’ve ever made an investment in response to an ad on television, email solicitation or a phone call from someone you did not know, you may be vulnerable to investment fraud. AARP has developed a short quiz to gauge your susceptibility to this risk. To access it, visit aarp.com and enter “investment fraud vulnerability quiz” in the search window.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Barnes Capital Group, a Registered Investment Advisor. Barnes Capital Group is a separate entity from LPL Financial.