Clients should always have a written will expressing
their intentions for inheritance. Ideally, a will should be prepared by an
attorney, but some written document is essential in any case.
Always read
labels on food products to determine
ingredients and additives. If unsure about
a specific ingredient, look up information about that ingredient on a neutral
source, such as Wikipedia.
Always ask
your doctor about possible side
effects of any medication prescribed for you.
In addition, check up through a reliable website source (e.g., U.S.
government agency or major university research group) to gain additional
information about interaction among different medications.
Consult the
Social Security website
(www.socialsecurity.gov) to get a reliable forecast of what your benefits from
Social Security will be at retirement.
When facing tough decisions, try using the "Ben Franklin" method. Sit down with a piece of paper divided into
two sides and then write down all the reasons for, and against, the decision on
two sides of the page. Then put the
paper aside and look at it again in a day or so, and, if necessary, revise it.
Never agree to be a client of an advisor or consultant without
receiving clear and full disclosure from that advisor about how the advisor is
compensated.
Never agree to be a client of an advisor or consultant without
checking out the reputation of that person in ways that go beyond
recommendation from a friend or relative.
Take time to check out reputation to make sure that the advisor or
consultant is right for you.
Never send money to unknown parties promising financial returns or requesting help in an
"emergency." These are just a
few of common scams that target seniors as victims.
Never believe claims or assertions simply because "I read it on the
Internet." Examine closely the
sponsorship and reputation of any website that you visit for information.
Never believe claims for any medication or intervention that
promises to "slow or reverse aging."
Biological science has never come up with any such intervention, despite
ongoing research efforts to find such approaches. It may be that success will come some
day. So far it hasn't happened. Interventions that make false promises can pose
a risk to health or money or both.
Advise people planning for a serious surgical
procedure get a second opinion. Advise clients contemplating a major
financial move to get a second opinion.
Long-term care insurance can be a useful financial tool in planning. But whether an insurance product is right for
an individual depends on specific circumstances and the policy in question.
Be cautious in following financial advice given by famous TV
personalities, even if these personalities appear on familiar or well-known
channels (CBS, Public Broadcasting, etc.)
If
a financial opportunity or a healthcare product seems "too good to be true," then it
probably is too good to be
true. Look for hidden costs and risks
when any offering looks "irresistible."
When making
major decisions about money or medicine, give
yourself a "waiting period" like 24 or 48 hours to consider
factors that may have been overlooked.
When getting advice from people, friends or professionals, always find out if they've
considered both sides of the question or problem at hand. Always find out if they have any vested
interest in how you make your decision.
Blog posting courtesy of Dr. Harry R. Moody, Ph.D.
Director of Academic Affairs, AARP
