I used to tutor this guy about 20 years ago and we maintained contact over the years and have become friends. He does not have functional literacy so some basic tasks of modern life are very difficult for him. He gets frustrated for many legit reasons but sometimes because he's transacting life via verbal communication. Memory isn't perfect and he sometimes misconstrues or misunderstands what he's heard.
He recently told me that he had no access to money he's been setting aside for his 401k. We did a three-way phone call to ADP, which is handling his 401k, and the rep helped us find the account, account balance, and settings. He has about $34k. He can withdraw as he's 67 years old.
The issue is that customer service would not set up transactions for him and says he has to access his account. But he has no access to his account. People have set up a Gmail address for him (where his ADP statements/notifications go) and a username and password to log into his ADP account. Of course, he's only accessed those accounts with someone helping him, doesn't have passwords, and doesn't know how to use text messages to reset passwords.
Helping him do that crosses a line. He has a social worker at the local healthcare system who has helped him and could do so but I'm not so sure she would cross that line either. Is there an intermediary who can do that, like a fiduciary who helps people in this type of situation? I've contacted a couple of nonprofits and hope to find someone who will help him. But I'm not sure I'll succeed and am looking for other ideas.
He also badly needs some financial counseling, though I've tried to no avail. His intended use of the funds would be a whole 'nother post. His SS check will only be $1k/month and he wants to withdraw all of the 401k.
EDIT: He's a very intelligent guy who lives independently. He doesn't need a guardianship program or a program that manages his money for him, like a payee program. He just doesn't have the skills/ability to use the internet to access his accounts and create transactions online.
He recently told me that he had no access to money he's been setting aside for his 401k. We did a three-way phone call to ADP, which is handling his 401k, and the rep helped us find the account, account balance, and settings. He has about $34k. He can withdraw as he's 67 years old.
The issue is that customer service would not set up transactions for him and says he has to access his account. But he has no access to his account. People have set up a Gmail address for him (where his ADP statements/notifications go) and a username and password to log into his ADP account. Of course, he's only accessed those accounts with someone helping him, doesn't have passwords, and doesn't know how to use text messages to reset passwords.
Helping him do that crosses a line. He has a social worker at the local healthcare system who has helped him and could do so but I'm not so sure she would cross that line either. Is there an intermediary who can do that, like a fiduciary who helps people in this type of situation? I've contacted a couple of nonprofits and hope to find someone who will help him. But I'm not sure I'll succeed and am looking for other ideas.
He also badly needs some financial counseling, though I've tried to no avail. His intended use of the funds would be a whole 'nother post. His SS check will only be $1k/month and he wants to withdraw all of the 401k.
EDIT: He's a very intelligent guy who lives independently. He doesn't need a guardianship program or a program that manages his money for him, like a payee program. He just doesn't have the skills/ability to use the internet to access his accounts and create transactions online.
Statistics: Posted by beagle1 — Tue Jan 14, 2025 3:04 pm — Replies 11 — Views 308