Sunday, September 13, 2009
Children and Friends Can Drain a Senior's Savings
Most elderly Americans don’t have any reason to worry about being swindled by the likes of Bernie Madoff. Rather, there may be more of a need to keep an eye on family — grown sons, daughters and acquaintances who could steal their life savings.
That’s the unfortunate truth. And there are signs the problem is getting worse.
Elder financial abuse costs older Americans more than $2.6 billion a year, according to the MetLife Mature Market Institute, a research arm of the MetLife insurance organization. But those are just rough estimates of obvious losses, the researchers say.
Those dollar losses often lead to further financial calamities such as credit problems, depression, suddenly unaffordable health care and the loss of independence, which push the total incalculably higher.
“Elder abuse is a tragic crime that affects our most vulnerable citizens,” says Missouri Lt. Gov. Peter Kinder, who also serves as the state’s official senior advocate.
Full Article and Source:
Children and Friends Can Drain a Senior's Savings: Tips to Avoid Financial Elder Abuse