In our golden years, we’re vulnerable to all kinds of financial abuse. Most of this abuse goes unreported. As we age, we could also struggle from physical declines that makes managing our money extremely challenging. Declining vision can make it difficult to see a bank balance, and health problems can interfere with our abilities to write checks and pay bills. At the same time, tech is evolving to help us out. Consider these three digital tools to help older adults manage their money and sidestep financial crimes.
1. SilverBills (https://www.silverbills.com/)
SilverBills aims to take care of the process of managing bills for seniors. After enrolling in SilverBills, the service pays all your bills on your behalf, and on time. The funds are deducted from a linked account. Additionally, you’ll also get notices of any changes in your statements, such as whether your bills have increased.
Cost: starts at $75 a month.
2. EverSafe (https://www.eversafe.com/)
EverSafe offers a detection and alert system designed to get in front of identity theft and other financial crimes. After signing up with EverSafe online, you can link your various financial accounts to the service. EverSafe can understand your habits, so it can send you alerts when it spots something strange among your transactions. Perhaps a flag is raised when you are taking out money at the ATM at 2 a.m. or when it spots a missing pension check, for instance. EverSafe will also send you convenience alerts, such as when a credit card interest rate has changed. Importantly, users can also appoint a trusted adviser, such as adult offspring, to receive these notifications.
Cost: The basic plan is $7.49 a month.
3. Ready, Set, Bank with Capital One
Capital One offers digital tutorials and training on using mobile banking apps and online banking. The financial institution teamed up with Older Adults Technology, a nonprofit that supports the elderly in using new digital tools, and Grovo – a video series designed to show older adults how to deposit checks on mobile devices or set up automatic bill payment. The series is called “Ready, Set, Bank” and it’s aimed at training seniors on how to complete digital banking.
Cost: completely free.