The topic of financial abuse has been in the news quite a bit lately, a testament to the increasing awareness of the problem. Financial exploitation of disabled and older adults has always been a problem, but as the baby boomer generation reaches retirement age, the number of incidents will grow.
Some good suggestions for protecting your future older self can be found in a recent Wall Street Journal's article by Anna Prior which appeared in the January 2-3, 2016 paper edition. Good ideas include: create an inventory of your financial assets, simplifying your financial affairs by consolidating accounts spread across multiple firms and combining multiple 401(k)s into one account, and provide prior authorization for your financial adviser to contact a trusted family member or attorney if she or he feels you are making financial decisions that are out of the ordinary. Note that an important part of every estate plan is to name a trusted person to make financial and medical decisions for you if you are unable to make them yourself.
Protect yourself now and in the future and familiarize yourself with common scam tactics. AARP has great resources for consumers of all ages. The AARP blog has a list of the top 2015 scams and an article with some tips to make yourself scam free in 2016. Sign up for the AARP Fraud Watch Network which allows you to sign up email alerts about new scams and ID theft tactics.
If you suspect a friend or family member is a victim of financial abuse, contact local police or Adult Protective Services in your area. In Illinois, the Adult Services hotline number to report abuse or neglect of adults is 1-866-800-1409 and more information can be found on the Illinois Department of Aging website here.
Some good suggestions for protecting your future older self can be found in a recent Wall Street Journal's article by Anna Prior which appeared in the January 2-3, 2016 paper edition. Good ideas include: create an inventory of your financial assets, simplifying your financial affairs by consolidating accounts spread across multiple firms and combining multiple 401(k)s into one account, and provide prior authorization for your financial adviser to contact a trusted family member or attorney if she or he feels you are making financial decisions that are out of the ordinary. Note that an important part of every estate plan is to name a trusted person to make financial and medical decisions for you if you are unable to make them yourself.
Protect yourself now and in the future and familiarize yourself with common scam tactics. AARP has great resources for consumers of all ages. The AARP blog has a list of the top 2015 scams and an article with some tips to make yourself scam free in 2016. Sign up for the AARP Fraud Watch Network which allows you to sign up email alerts about new scams and ID theft tactics.
If you suspect a friend or family member is a victim of financial abuse, contact local police or Adult Protective Services in your area. In Illinois, the Adult Services hotline number to report abuse or neglect of adults is 1-866-800-1409 and more information can be found on the Illinois Department of Aging website here.
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