If you see something, say something. The U.S. Department of Homeland Security advises us to follow this rule in regards to suspicious activity. Seniors are often easier targets for financial scams. A 2017 AARP survey found that nearly half of financial fraud victims were over 70. However, the sad reality is that 43 out of 44 elder financial scams go unreported. Therefore, it is vitally important for people to report [...]
Our society is becoming more and more technologically advanced. While this is a great way to oversee finances, unfortunately seniors fall victim to financial scams far too often. Older Americans have the highest rates of fraud. In any given year, they make up nearly 25 percent of fraud complaints. Due to these unfortunate statistics, protecting finances for seniors is crucial. This article from Lend EDU says to pay attention to [...]
Who wouldn't love to know that in retirement, they will have a guaranteed income for life? After all, you would not have to worry about running out of money. In addition, the ups and downs of the stock market would be less stressful. Research has even found that retirees with a reliable source of income, like Social Security or pension, are happier than those without. But what if you don't [...]
As the saying goes, "home is where the heart is". This speaks to the reason why most older adults wish to age in their own home. The comfort and familiarity that our homes provide us may seem impossible to live without. However, we must factor in the costs of aging in place versus assisted living. Furthermore, the costs are not only financial. We will end up paying a price on [...]
When we hear the term "estate planning". Many of us think of getting our wills, trusts, and other documents in order. However, there is so much more to it than that. A huge part of helping your aging parents with estate planning is going through their possessions and downsizing. This can be a wonderful opportunity to preserve and understand parts of their lives that you may have never known about. [...]
Medical bills add up as we get older. Especially if you have a serious medical condition, you may quickly find yourself overwhelmed by expenses. An alarming $280,000 is the average cost for medical care for seniors. And if you are paying out of pocket for long term care, you can expect to add in an additional $4,000 to $7,000 per month. But on the bright side, nearly 9 million Americans [...]
Much of the population is living longer than ever before. This is wonderful! However, with this statistic comes not so wonderful news too. There is a higher probability that the majority of us will get to the point where we can no longer care for ourselves. Our capacity to manage our assets, finances, and health may diminish. Knowing and preparing for old age is essential. By planning in advance, you [...]
The process of avoiding identity theft for seniors needs to be taken seriously. Identity theft occurs when someone gets personal information about you. This could include social security number, bank account number, or credit card information. A little known fact is that each year, 17 million people fall victim to identity theft. Sadly, many of these are vulnerable seniors. Avoiding identity theft can feel hard and even overwhelming. Yet taking [...]
The statistics are shocking. In a survey of 1,000 adult children, only 55 percent said their parents had a will or trust document. Furthermore, nearly a quarter of them didn't know where these documents are kept. And further still, 44 percent have no idea what is in the documents. So what do all these statistics mean? They mean that people undervalue the importance of estate planning. When elderly parents age [...]
We often think of elder abuse as physical abuse. Sometimes we only suspect abuse when we see physical signs. However, financial abuse of seniors is a growing problem in America. Everyone is at risk. This AARP article provides ways to help avoid it. Buzz Aldrin, a NASA hero, has been financially exploited. His own children tried to seize control of his estate after claiming he suffered from dementia. Yet financial elder [...]
