BOSTON (CBS) – According to the National Council on Aging, more than 13 million older adults are considered economically insecure, living on less than $22,000 a year. Over 30% of older adults rely on Social Security for 90% of their income. In addition, 6 million seniors are at risk of going hungry every day.

Women outlive men on an average of five or more years. And often as widows their standard of living changes. They have less income. So the next thing on your list is to ask the money questions.

Does your mom have enough money to maintain her current lifestyle? Has time eroded her nest egg? Does she have a nest egg? How much does she have and how is she spending it? Did dad have a pension? Did it go away when he died?

Help her do a net worth statement. What has she got and how is it owned? Then help her create a budget. Write down all of the income; Social Security, pensions, retirement plan withdrawals. Then help her figure out where she is spending her money each month. Review the bills.

Is she using the shopping channels as entertainment? Check for unopened shipping boxes in the garage. Is she making donations to charities that solicit by mail? Giving money to your brother to cover his gambling debts? Is she using her credit cards to supplement her income?

How much debt does she have? According to the Federal Reserve’s latest numbers, one third (32%) of retirees (age 65-74) still have mortgages on their primary residences!

Average household debt for those over age 65 increased 164%, bankruptcy filings have tripled in the past 10 years. Seniors make up the fastest growing segment of the population seeking bankruptcy protection.

If mom is in debt what resources does she have to reverse this situation? What is she willing to do to change the situation? Can you help? Does she need to meet with a Credit Counselor?

On Saturday May 17th Dee will be the keynote speaker at The Money Conference which is a FREE one-day event presented by The Office of Massachusetts State Treasury and the Massachusetts Financial Literacy Trust Fund, in conjunction with local cities and community partners to help households build their financial knowledge and improve their financial behavior through quality financial education.

The Money Conference: Financial Empowerment for Individuals & Families

Saturday May 17, 2014
8:30 am – 3:00 pm

Everett High School
100 Elm Street
Everett, MA 02149

Questions? Contact Sheila O’Loughlin at (617) 367-6900.

Do you feel your need for financial education and empowerment is urgent? You are not alone! Americans are saving less, spending more and carrying credit card debt over from month-to-month, suggesting that the painful financial lessons of the recent past may quickly be forgotten.