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.
Ever get those invitations for a free financial seminar at a restaurant? "Nothing will be sold - we only want to educate you on your financial future," is the typical pitch. Most specify that "financial professionals may not attend." However, I recently received one that didn't exclude me, and decided to see what I might learn about my financial future. Here's my experience and what you need to know.
You've seen this subject here before. I'm bringing up financial elder abuse again because of a new resource for readers. But some background first: Americans age 60+ lose nearly $3 billion a year to financial abuse. That's 5 million older Americans who get duped annually. According to studies by the Consumer Law Center, sham telemarketers direct 56-80% of their calls at older people. And, the Consumer Financial Protection Bureau says that for every case that is reported, 43 are not.
The notion that older adults are generally more trusting than younger folks (because they grew up in less complicated, more trusting times) has been busted.
It's about as ugly as a story can get. An employee with JPMorgan Chase in Louisiana has been accused of siphoning $100,000 from the bank account of a customer suffering from Alzheimer's, according to a lawsuit reported by the Huffington Post.
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.
Hey all, Jenn here from the AARP Illinois Communications team. In this post I wanted to tell you about some of the legislative work that AARP staffer Ryan Gruenenfelder has been doing down in Springfield. I spoke with Ryan yesterday about House Bill 1689 - a bill that goes into effect in Illinois this month which addresses an issue that he's been working on for about 3 years - cracking down on those sad, sad souls who try to steal Social Security checks and any other sort of money from the elderly and disabled.
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