Spread the Word: Keeping Seniors Safe and Sound from Financial Elder AbuseSubmitted by HearthStone | Private Wealth Management on March 20th, 2017
Spread the Word: Keeping Seniors Safe and Sound from Financial Elder Abuse
People of the baby boomer generation are reaching age 65 in record numbers. The United States Census Bureau estimates that about 20 percent of the U. S. population will be “seniors” (65 or older) within the next 15 years.*
Many from this generation have felt invincible throughout their lives. The prosperity and economic growth of their youth fueled confidence and optimism. Yet, as Father Time moves on, baby boomers should be wary of how the years may begin to dull their razor-sharp faculties. This is especially true when it comes to safeguarding financial security and retirement savings. It’s not just our elderly parents and other beloved seniors that need protection. Financial elder abuse is proliferating at a record pace, period. Baby boomers should become more cautious themselves.
As a boomer, I don’t relish the prospects of getting older. I prefer to think young, act young, and enjoy life. The harsh reality is that no matter what I think or do, I’m getting older every day. And so is everyone else.
Aging brings with it the prospect for dementia or diminished mental capacity. That in turn poses additional risks to our life savings. It could be the risk of making bad decisions as well as the risk of losing money to scammers, fraudsters and phonies.
My siblings and I experienced financial elder abuse firsthand, at great loss and heartache. Our widowed father lives alone in the Boston area. He is of sound mind and body. Nevertheless, a crook successfully engaged Dad in a long-distance, multi-month lottery scam. Dad took the bait at every step, progressively losing more and more money. Even when we children discovered what was happening and intervened, our father believed this stranger more than his own children. Such is the power of these scam artists. Dad lost more than $100,000 to the criminals before he realized he was being taken. Of course, none of the losses could be recovered since the criminals were overseas.
This is why I created Senior Safe & Sound. This blog hosts information dedicated to educating people about these risks. It’s my hope that increased awareness will lead to better protection for our loved ones and prevention of any loss of their hard-earned nest egg to fraud. It’s up to us to keep our beloved seniors safe and sound.
And for those of us in denial, we may soon be among those appreciating this protection in the future!