It is estimated senior citizens lose $36.48 billion each year to elder financial abuses. Originally, it was estimated the number was only $2.9 billion because it is so underreported to authorities. The problem is 12 times worse in reality. Worst yet, $16.9 billion of this amount is said to be from deceptive yet technically legal tactics taken most often by unscrupulous probate attorneys who are brought in to represent the elderly through guardianship.
Why don’t we hear about these things more often? Simply put, the elderly and the families are embarrassed at what has happened and want to put it in the past.
It is sad to think people who have worked hard their whole lives and retire to live out their golden years are at such a high risk from these predators.
How do we stop this from happening? Be involved with your elderly family members. There are government agencies to assist in helping families such as the Financial Fraud Enforcement Task force (www.stopfraud.gov/protect-yourself.html) as well as non-profit agencies such as the National Consumers League, found at www.fraud.org/learn/older-adult-fraud, or which can assist with the aging process. The National Committee for the Prevention of Elder Abuse website provides a list of organizations that can educate and assist in issues with elder fraud and can be found at www.preventelderabuse.org. Help such as learning how to set trigger alerts on bank accounts can be found through these resources to help prevent fraud the in the future.
Have a conversation with one of our educated Insurance and Financial Services agents to learn about the products offered to prevent financial risk, budgeted spending plans so they can’t outlive their money, and obtaining coverage for home health care and/or long term care needs. Get the help needed sooner than later to enjoy the most flexibility of plans assisting in retirement needs.
If you'd like a review of your situation, please contact Great Lakes Insurance & Financial Services Agency at 888-883-5290 or email Kinzie@GLIBrokers.com