Study: Financial Exploitation Connected to Brain Changes in Healthy Older Adults

Older adults with otherwise healthy brains sometimes develop biological changes that could put them at risk for financial exploitation, according to a study published earlier this year by researchers from Cornell and York universities. Previous studies had identified a link between brain disease (mild cognitive impairment, Alzheimer’s disease ) and increased risk of financial exploitation, but this is the first study to look for biological risk factors among otherwise healthy adults who are aging normally.   What the Study Reveals …

New FINRA Rules Provide Big Benefits in the Fight Against Financial Exploitation

The fight against the financial exploitation of older Americans is about to get a whole lot easier.   The 50+ are prime targets of financial exploitation because they own 67 percent of U.S. bank deposits – and because factors including health status, cognitive ability, and social isolation can make them more vulnerable. Beginning February 5, the Financial Industry Regulatory Authority (FINRA) will enact a pair of rules that will provide brokers with additional tools to protect their older clients and …

Get a Power of Attorney (But Make Sure It’s Not a License to Steal)

Many of us understand that saving for retirement and for the long term is one of the most important actions you can take to ensure a secure future. So is protecting that savings. One in five older adults fall victim to some form of financial exploitation. Sometimes the loss is minor, but sometimes it can be disastrous. In a single case, the average victim loses $120,000, which is roughly the average amount of a 50-year-old’s entire retirement savings. AARP understands …

Brooke Astor’s Grandson Tells Senate Panel of Financial Abuse

The Senate Special Committee on Aging held one of its periodic hearings on financial abuse of older people the other day, this time inviting a relative involved in one of the more spectacular headline-making cases in recent years to testify. The grandson of socialite Brooke Astor, who blew the whistle on his father for plundering millions from his grandmother’s estate, told the Senate panel Wednesday that his grandmother’s greatest legacy may be the national attention focused on elder financial abuse. “While my grandmother …

Across the States: Fighting for You in 2015

This month, state legislatures throughout the nation are convening to mark the inauguration of new governors, state legislators and other state leaders. We will then begin to hear State of the State messages from governors that detail the challenges, opportunities and priorities they have defined for the year ahead. At AARP, we’ve also set our priorities for 2015 with a state advocacy agenda that highlights how we will continue to fight for you in every state, the District of Columbia, Puerto …

White House Announces Coordinated Effort To Combat Elder Financial Abuse

Federal programs that target the devastating and increasing problem of financial abuse against older Americans will be improved and tightly coordinated, replacing the current “fragmented” approach,  Health and Human Services Secretary Kathleen Sebelius announced Thursday. At a White House forum on elder abuse and financial exploitation, Sebelius says a $5.5 million grant under the Affordable Care Act will be used to create a federal elder justice coordination team, including officials from the Justice Department and the Consumer Financial Protection Bureau (CFPB). That team will examine previously “fragmented” elder abuse …