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Navigating Financial Conversations with Aging Parents

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Having a conversation with your parents about their finances can seem like a daunting task. However, it is an essential step in helping to ensure their financial well-being as they get older. Here are some practical tips to help you navigate these discussions.

Start the conversation

Talking about money can be difficult. However, it’s important to initiate a financial conversation with your parents before they become too ill or incapacitated. Your parents may be unwilling to talk to you at first because they are reluctant to give up control over their financial affairs, or they are embarrassed to admit that they need your help. It’s important to approach the topic sensitively and make it clear that you fully respect their needs and concerns.

If they are still hesitant to talk to you and are capable of managing their affairs for now, you may want to revisit the discussion later. Or you could suggest that they talk to another family member, trusted friend, attorney, or financial professional.

Organize financial and legal documents

Once the lines of communication are open, you can help your parents organize their financial and legal documents. Start by creating a personal data record that lists the following types of information:

Financial: Include all of your parents’ bank/investment account information, including account/routing numbers and online usernames and passwords. You should also list any real estate holdings, along with any outstanding mortgages. Do your parents receive income from Social Security, a pension, and/or a retirement plan? You will want to include that information as well.

Legal: Find out if your parents have had any legal documents drawn up, such as wills, trusts, durable powers of attorney and/or health-care directives. Locate other important documents too, such as birth certificates, property deeds, and certificates of title.

Medical: Determine what type of health insurance your parents have — Medicare, private insurance, or both. You should also have the names and contact information for their health-care providers, their medical history, and any current medications.

Insurance: List what other types of insurance coverage your parents have — life, home/property, auto, or long-term care, for example — along with the names of their insurance companies and policy numbers.

Store the data record and any other pertinent documents either electronically or in a secure, fireproof box or file cabinet.

Help with managing finances

You can help your parents manage their finances by examining their budget and finding out their monthly income and expenses. Track your parents’ spending to make sure that they are living within their means. You should also discuss ways to address any outstanding debts they may have.

Find out how your parents pay their bills and expenses. If they still use traditional methods, encourage them to set up safer and more convenient ways to bank such as direct deposit and making payments online, instead of mailing paper checks. If your parents are uncomfortable with electronic payments, remind them to mail all bills inside the physical post office and not to use outdoor mailboxes, which may be targets for mail theft.

Do your parents need additional support in managing their finances? There are ways for you to obtain the necessary authorization to assist them. One way is to become a joint account holder on certain bank accounts. This can give you direct access to manage transactions, monitor account activity, and ensure bills are paid. However, being a joint account holder may have certain legal and tax ramifications. Another option is for them to obtain a durable power of attorney, which is a legal document that grants you authorization to make financial decisions on their behalf, even if they become incapacitated. It may also be helpful for them to add you or someone else as a trusted contact for their accounts.

Discuss estate planning issues

If they haven’t already done so, make sure your parents have certain legal documents in place — such as wills and/or trusts — to ensure that their estate planning wishes are followed. In addition, they may need to have a durable power of attorney, health-care proxy, and living will in place so they have someone to manage their money and health-care issues if they become ill/impaired. Issues surrounding the care of an aging parent can be complex. Consider consulting a financial professional and/or elder law attorney who specializes in financial and legal issues that affect older adults.

Questions about estate planning? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534. You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

CRPC conferred by College for Financial Planning.

This communication is strictly intended for individuals residing in the state(s) of CT, DE, FL, GA, MA, NJ, NY, NC, OR, PA, SC, TN and VA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.

Renting a Car This Summer? Factor in Potential Fees

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Renting a car can be a smart way to explore new destinations this summer, but it’s easy to get snagged by hidden costs if you focus only on the advertised rate. While rental agencies may market low daily rates, mandatory fees and optional add-ons can add 40–45% more to your total bill. Here are some things to consider prior to booking your next car rental.

Added fees on a car rental might include:

  • Airport or location fees: These can add up and are often not shown in the initial rate.
  • Taxes and regulatory charges: The government tacks these onto your rental bill.
  • Young driver fees: Drivers under age 25 often pay steep daily charges. Some agencies in certain states may also not even rent to a driver under age 25.
  • Additional drivers: Some companies charge for each extra name on the rental agreement.
  • Mileage limits or toll fees: Know ahead of time if there are daily limits or toll surcharges.
  • Refueling charges: Filling up off-site before you return the car will save you money compared to agency refueling fees.
  • Late pick-up fees: Did you reserve your car rental for a certain pick-up time, but your flight got delayed and you picked your car up a few hours later than initially planned? Be aware that some rental agencies may charge additional fees for this. Or if your return flight gets delayed, and you bring the rental car back later than initially planned.

Do you need rental insurance?

Your personal auto insurance or credit card may already provide coverage, so check before you accept the rental company’s typically costly insurance offers. Many credit cards will offer coverage for car rentals, but specifics vary. Check your credit card agreement for details on what you may already have as a credit cardholder.

Optional coverages include:

  • Loss Damage Waiver / Collision Damage Waiver
  • Supplemental Liability Insurance
  • Personal Accident Insurance
  • Personal Effects Coverage

Tips to trim car rental costs:

  1. Book carefully: Surprisingly, booking about one month out can be cheaper than booking way ahead. Expert sources note that last-minute rentals can save you ~13% compared to booking 90+ days ahead.
  2. Rent outside of the airport when possible: Avoid hefty airport surcharges by renting downtown or at nearby off-site lots.
  3. Bring your own extras: Skip rental gadgets like GPS, child seats, or in-car radios —bring them instead.
  4. Inspect the car carefully: Document any damage at pick-up and drop-off with photos or videos to avoid false damage claims.

Renting a car doesn’t have to be complicated, but it does require a closer look at the fine print. By factoring in hidden fees, reviewing your existing insurance coverage, and planning ahead –  you can avoid surprise charges and stay on budget. Wherever your summer travels take you, being informed is the key to hitting the road with confidence. Subscribe to our First Scoop Blog for more tips and information on how to be a mindful consumer.

How to Save Big by Shopping Off-Season

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Looking to make your money go further? One of the smartest and simplest ways to save money is by shopping off-season. From clothing and outdoor gear to holiday décor and even travel, buying items when demand is low can lead to major savings.

When something is in-season, whether it’s winter coats or beach chairs, retailers know consumers are willing to pay more – so prices tend to stay high. But once the season ends, stores typically need to make room for new inventory. That’s when discounts, markdowns, and clearance sales often come into play.

By planning your purchases, you can avoid paying peak prices and take advantage of deeply discounted deals on quality items you’ll use in the future.

Common Items That Cost Less Off-Season

Here are a few examples of how off-season shopping can save you money:

  • Clothing: Buy winter coats and boots in late winter or early spring. Grab swimsuits and sandals in late summer. Retailers often mark these down by 50% or more once the season passes.
  • Holiday Decorations & Gifts: Shop for holiday lights, wrapping paper, and decorations after the holiday season ends. You’ll save big and be ready for the following year.
  • Grills & Patio Furniture: Prices for outdoor gear tend to drop dramatically in fall and winter. Buy during the off-season and you’ll be set for next summer without the high price tag.
  • Travel & Airfare: Consider booking trips during early spring and late fall. You’ll often find cheaper flights, accommodations, and fewer crowds.
  • Home Appliances & Tools: Air conditioners will go on sale in the fall, and snow blowers will be less expensive in the spring. Plan ahead and buy before the next peak appliance season hits.

Tips for Successful Off-Season Shopping

Ready to start saving? Use these tips to make off-season shopping work for you:

1. Make a Year-Round Shopping Calendar: Plan out when major seasonal items will go on sale and mark your calendar. Being strategic can really pay off.

2. Buy Ahead, Not on Impulse: Just because something is on sale, doesn’t mean you need it. Focus on what you’ll actually use in the future.

3. Size Up for Kids: When buying clothes for growing children, purchase next year’s sizes at end-of-season sales.

4. Store Items Properly: Keep your off-season purchases organized and stored well so they’re ready to go when you need them.

5. Stack Savings with Coupons or Rewards: Combine clearance prices with loyalty programs or cash back credit card rewards (like our uChoose Rewards program for First Financial Visa Cash Plus Cardholders), for even more savings.

Small Strategy, Big Savings

Off-season shopping is one of the easiest ways to cut costs without cutting corners. With a little planning and patience, you can stock up on high-quality items for a fraction of the cost and free up more room in your budget for the things that matter most.

At First Financial, we’re here to help you save smart all year long. Looking for more financial wellness tips? Check out some of our other posts on our First Scoop Blog!

Getting Married or Cohabitating Later in Life

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Sometimes life gets in the way of love, keeping people from “walking down the aisle” until later in life. If you’re middle-aged or older and are planning to get married or cohabitate with your partner, there are some potentially awkward issues you should probably talk about to make sure you’re on the same page.

Later-in-life marriages often come with strong tethers to people, places, accounts, and things that can complicate decisions and actions—whether it’s your ex-spouse, kids, grandkids, aging parents, debt, personal goals, or something else. It’s a good idea to be sure your trusted partner knows where you stand on these—and that your partner is willing to share similar information with you. Find a comfortable place to sit, chat, and share information about your assets, your goals and expectations. Also, talk about income, bills, and who will pay what—and when—while you’re living together.

Bowling Green State University’s National Center for Family & Marriage Research reports that 28% of 45-to 64-year-olds, and 31% of those 65 plus—are remarried.1 Whatever the reason, there are both advantages and disadvantages to getting married later in life—or to cohabitating, which increased 75% for those 50 and older between 2007 and 2017, according to Pew Research.2

The potential benefits of marrying later in life include:3

  • Problem solving: Your experience and maturity give you and your partner better problem-solving skills and a stronger understanding of the importance of working together to accomplish goals, and overcome difficulties.
  • Combined incomes: Combining incomes and assets—and potentially selling or renting your home or your partner’s home—can create a healthier financial situation.
  • Tax benefits: Getting married gives you and your partner substantial financial and tax benefits. Also, married spouses can receive an unlimited amount of assets from their spouse without having to pay estate taxes.
  • Longer lives: Single men and women don’t stay as healthy or live as long as their married counterparts, according to a study published in the American Journal of Epidemiology.4

The potential problems that can be created by marrying later in life include:5

  • Lack of communication and financial agreements: Some older adults are reluctant to share information about their assets out of concern that the information may influence their partner’s decisions—including about their own healthcare if they become severely ill or incapacitated. For this and other reasons—including the potential for a “gray divorce”—a prenuptial agreement and a well-thought-out estate plan can give you confidence.
  • Higher medical costs: Medical expenses rise as we age, and you will be responsible for your spouse’s debts. Eventually you and/or your spouse may need to go into an assisted living/nursing home.
  • Responsibilities for children from previous relationship: If one spouse has children from a past relationship, the other spouse might have to share the financial responsibility, as a couple.

Other Considerations for Older Couples

A growing number of older couples are choosing to cohabitate instead of get married. Between 2000 and 2020, cohabitation among couples older than 50 quadrupled.6 Reasons included their desire to pass their assets to their kids, and to be able to retain Social Security benefits or alimony from their former spouse.6

Because of potential financial complications for older couples, it’s a good idea to talk to a trusted advisor, accountant, and/or estate lawyer to help you and your partner navigate and avoid potential stumbling blocks that could send you down the road to “gray divorce.” According to the American Bar Association, couples 50 years old and older currently make up a 25% of all divorces, and those 65 and older make up 10%.7

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.  You can also email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

Prior to investing in a 529 Plan, investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

1. AARP, June 2, 2023: Financial Checklist for Remarrying After 50

2. Pew Research Center, April 6, 2017: Number of U.S. adults cohabiting with a partner continues to rise, especially among those 50 and older

3. and 5. Senior Care Lifestyles: The Pros and Cons of Marrying Later in Life

4. NBC News, August 18, 2011: Single people may die younger, new study finds

6. Time magazine, September 19, 2021: Why Older Couples Don’t Need Marriage to Have Great Relationships

7. American Bar Association, March 9, 2022: 70s are the new 50s: How Grey Divorce Differs from a Typical Divorce

This material was prepared by LPL Financial, LLC

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Avoid Scammers While You Job Hunt: Red Flags to Watch Out For

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In today’s job market – remote and freelance roles are more common than ever, but so are the scams that may come with them. From fake “work-from-home” gigs, to bogus job placement services – scammers are constantly evolving their tricks to exploit hopeful job seekers.

Red Flags of a Job Scam

There are some red flags to spot before you get reeled in, and ways to protect yourself and your finances while you hunt for your next opportunity.

  • You’re asked to pay upfront. Legitimate employers will never ask you to pay for training, supplies, or job placement. Scammers may call it a “processing fee,” but it’s a sure sign of fraud.
  • The offer comes out of nowhere. If you didn’t apply for a job, and suddenly get an “offer” via text, email, or social media – be skeptical, especially if it seems too good to be true.
  • They want your personal info immediately. Requests for your Social Security Number, bank account details for direct deposit, or ID early in the process are major red flags.
  • The job description is vague or inconsistent. Watch for generic descriptions or ones that are copied from other listings. Scammers often can’t describe the role or company clearly.
  • You’re offered big pay for little work. If it sounds like easy money, it’s probably a scam.

Common Job Scams

Here are some trending job scams targeting job seekers, especially those looking for remote or flexible roles:

1. Work-From-Home Scams

You’re told you can “set your own hours” doing simple tasks from your computer. But after you accept, you’re asked to pay for software or a training kit. The scammer then takes your money and disappears.

2. Virtual Personal Assistant Gigs

These often start with a text or email claiming the sender found your resume or profile online. You’re “hired” quickly and sent a check to buy office supplies – but it’s fake, and you’ll be on the hook with your financial institution for any money you spend.

3. Mystery Shopper Scams

You’re paid to “test” a service or retail store. The scammer sends you a check to deposit, asks you to buy gift cards, and then send them the gift card codes. When the check bounces, you’ll be left covering the cost.

4. Job Placement Services

Phony recruiters or companies will promise to place you in a job for a fee. Once you pay, the contact goes cold or gives you access to a database of outdated listings.

Protect Yourself While You Job Hunt

  • Research the company. Google the company name with the words “scam,” “review,” or “complaint.” Check if they have a legitimate website, social media presence, and professional email addresses. Recruiters or legitimate Human Resources departments will email you from a corporate email account, not from a personal email address such as gmail.com or yahoo.com.
  • Never pay to get hired. If you’re being asked to send money for any job, stop and walk away immediately.
  • Guard your personal info. Share sensitive details only after confirming the job and company are real, going through a formal interview process with Human Resources, and accepting the position. Real employers won’t ask for this information before they’ve interviewed and hired you.
  • Use trusted job sites. Stick to reputable job platforms like LinkedIn, Indeed, or company website career pages. Be wary of job ads on social media or unfamiliar websites.

Job hunting can be stressful enough, so don’t let a scam make it worse. Stay alert, trust your instincts, and remember – if it feels off, it probably is. For more tips on avoiding fraud and keeping your finances safe, subscribe to our First Scoop Blog or contact us today.

6 Tips for Downsizing Your Home and Finances

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Downsizing isn’t just about moving into a smaller space, it’s about creating room for what matters most, both physically and financially. Whether you’re preparing for retirement, looking to reduce expenses, or just ready for a simpler lifestyle, downsizing can be a powerful step toward financial freedom and peace of mind. Here are six essential tips to help guide your downsizing journey.

1. Identify Your Why

Start by identifying the reason behind your decision to downsize. Are you aiming to save money, reduce stress, or transition to a more manageable space? Knowing your purpose keeps you focused and motivated throughout the process.

2. Declutter with Intention

Don’t try to pack or remove things all at once. Go room by room and create categories – keep, donate, sell, toss. Start with closets, the kitchen, or storage spaces. Ask yourself, have I used this in the past year? Does it bring value or joy? Also consider digitizing photos and important documents to reduce physical clutter.

3. Measure Your New Space

If you’re moving, make sure to measure your new home to determine what furniture and belongings will fit. This helps avoid hauling items you won’t be able to use and encourages smarter decision-making.

4. Sell or Donate What You No Longer Need

Downsizing is a great opportunity to give your belongings a second life. Host a garage sale, use resale apps like Facebook Marketplace and Poshmark, or donate to local charities.

5. This is a Chance to Downsize Financially Too

 Downsizing isn’t just about your physical space, it can also apply to your finances:

6. Plan with Trusted Experts

From real estate to finances, downsizing involves big decisions. Connect with trusted professionals, like our team here at First Financial – to explore mortgage refinancing options, equity strategies, or budgeting tools to help you make the most of this transition.

Ready to downsize your space and upgrade your financial future? Let’s chat. We’re here to help you navigate the process with confidence and clarity.

*A First Financial membership is required to obtain any account or loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See credit union for details. A $5 deposit in a Base Savings Account is required to establish membership prior to opening any account/loan.