Retirement is fragile.
As if it isn’t hard enough to save enough money to survive, there are people who are trying to wipe your retirement to ZERO and transfer all that cash into their pockets.
It’s predatory and disgusting behavior. And YOU need to be armed enough to spot these scammers outright!
According to recent studies, a growing number of friends and family of retirees are concerned about their loved ones becoming targets of financial abuse.
…The newest in a long list of threats facing retirees these days.
While the retirees themselves believe they can handle their money and aren’t worried about financial abuse, it’s a real issue.
According to the American Journal of Public Health, roughly 1 in every 20 retirees was facing financial abuse by a family member.
As sad as that is, it’s the reality that we must deal with as a society.
But family members aren’t the only worry for retirees. Caregivers and others encountering older adults can be abusers as well.
And these older Americans are especially vulnerable to fraud due to the large amounts of money in their hands. Approximately 70% of the nation’s wealth is controlled by people over the age of 50.
That considered, it may not come as a surprise to learn that seniors’ average loss to fraud is about $30,000, according to Allianz Life.
Those losses are crippling for older adults who no longer have the time and resources to make up for it.
Perhaps the most concerning part of this entire dilemma is that most victims of financial abuse in this regard don’t even report it.
The majority of those victims face one of the following complications:
- They feel their abusers have a legitimate claim for their money,
- They’re afraid of losing their independence or feel ashamed, or
- They suffer from overconfidence.
And with the American population graying, financial abuse among older adults figures to become an even bigger problem.
While policymakers need to step up and do something, you can take action today to be aware of these threats and keep your retirement safe and sound from these scammers.