Senior Editor, Money Team

Eileen Ambrose is a senior editor and writer for the Money Team. She previously was a personal finance columnist with the Baltimore Sun.

Banks Advised on Ways to Protect Older Customers

En español | The statistics are grim and are predicted to only get worse as the boomer generation ages. Nearly 1 in 5 Americans over 65 say they have been a victim of financial exploitation, according to a poll released this week by the nonprofit Investor Protection Trust. And estimates of the total losses each year suffered by these older consumers range from $2.9 billion to nearly $36.5 billion. To combat this, the Consumer Financial Protection Bureau issued an advisory …

Older Workers Haven’t Recovered Retirement Optimism

En español | Older workers are less confident today than a decade ago about having enough money for a comfortable retirement, according to a new survey by the Employee Benefit Research Institute. Among workers 55 and older, 20 percent say they are very confident of their retirement prospects. That’s down 6 percentage points from 2006 and the steepest decline in optimism among all age groups, EBRI reports. Enter to win a Volvo V60 Cross Country, a national parks vacation for two …

Double Whammy: A Scam That Targets Victims of Scams

It’s bad enough being scammed out of your money once. But some older consumers are being conned a second time by so-called asset recovery companies promising to help recover the money lost in the initial fraud, the Consumer Financial Protection Bureau (CFPB) warns. The companies charge hundreds or thousands of dollars up front but offer services that victims could do on their own for free, the agency says. Ways to save, expert investment advice, scam alerts and more! — AARP …

Seniors Tricked Into Being Drug Mules

International drug traffickers have found a group of new couriers to transport their cocaine, heroin and methamphetamine: older Americans. This new scam, which is ensnaring seniors and landing some of them in foreign prisons, was the focus of a hearing of the Senate Special Committee on Aging this week. “This is a huge problem,” Scott Brown, acting assistant director of investigative programs for Immigration and Customs Enforcement, told the committee. Foreign governments have arrested at least 145 people, mainly seniors, …

Debt Levels Double for Older Americans

Older Americans have more than doubled their amount of debt over a dozen years, and many of them make ends meet by forgoing home or car repairs and cutting medications in half, according to a new report by the National Council on Aging. “We need to recognize that debt is a problem among this population, and help prepare older adults to better manage their future medical, housing and other daily expenses as they age,” Maggie Flowers, the council’s associate director …

New Tool to Help Victims Recover From Identity Theft

Identity theft has become so prevalent that some regulators say it’s not a matter of if you’ll become a victim, but when. Last year alone, the Federal Trade Commission received 490,000 complaints of identity theft from consumers, a 47 percent increase over the year before. And that’s just the tip of the iceberg. An estimated 17.6 million consumers’ identities were stolen in 2014, according to the Department of Justice. Ways to save, expert investment advice, scam alerts and more! — AARP …