Help elderly loved ones avoid financial abuse - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Help elderly loved ones avoid financial abuse

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Friday, June 14, 2013 12:37 pm

It’s unfortunate, but true: The elderly population may be the most vulnerable group in our society. In fact, in an effort to call attention to the problems of physical, emotional and financial abuse of the elderly, the United Nations has designated June 15 as World Elder Abuse Awareness Day. If you have older parents, or even grandparents, can you do to anything to help prevent them from being victimized, especially with regard to their finances?

Actually, there’s a lot you can do. First and foremost, you need to maintain good communications and a trusting relationship with your older family members. As long as these elements are present, you should feel free to make the following suggestions:

• Increase awareness. When it comes to financial fraud and scams, many seniors think: “It can’t happen to me.” But the facts suggest otherwise: Some 20 percent of Americans over the age of 65 admit to having been victimized by financial swindles, according to a survey by the nonprofit Investor Protection Trust. Let your loved ones know that no one in their age group is immune to financial predators.

• Guard private information. Ask your parents or grandparents to not divulge personal information over the phone. In fact, urge them to get caller ID, if they don’t have it already, and tell them that if they don’t recognize the number, don’t answer. Legitimate callers are more likely to leave messages than scammers.

• Don’t send money. Exhort your parents or grandparents to never wire money to a random account — no exceptions.

• Ignore “limited-time offers.” Your loved ones should ignore callers, mailers or emails that demand they act immediately. These offers are often overblown at best and may be fraudulent at worst.

• Don’t trust “no risk” offers. Financial offers that sound too good to be true are likely just that — untrue. Legitimate investments carry both potential risks and rewards.

• Avoid “debt-settlement” claims. If your older loved ones have debt problems, they may be especially susceptible to offers that claim to “clear up” all their debts. But there’s no quick fix to this problem and any caller who claims otherwise is likely being deceitful. Encourage your parents or grandparents to discuss their debt situation with an honest, professional debt counselor or a financial advisor.

Here’s one more thing you can do to help your parents or grandparents avoid financial fraud: If they don’t already work with a trusted, qualified financial professional, introduce them to one. If your parents have a relationship with such a professional, they will be less likely to listen to any questionable, unsolicited offers than if they were trying to manage their finances on their own.

You’re in a good position to know how much, or how little, help your elderly loved ones may need in terms of avoiding financial abuse. So be willing to do whatever it takes to help them enjoy their retirement years comfortably.

• This article was written by Edward Jones for use by Ahwatukee Foothills Edward Jones Financial Advisor Joseph B. Ortiz, AAMS, CRPS. Reach him at (480) 753-7664 or joseph.ortiz@edwardjones.com. Accredited Asset Management Specialist and AAMS, Chartered Retirement Plans Specialist and CRPS are registered service marks of the College for Financial Planning.

More about

More about

More about

  • Discuss

Kerry’s Blunt Words for Israel Denounced by Lawmakers in Both Parties

A bipartisan chorus of lawmakers, upset with President Obama’s decision last week to allow the passage of a United Nations resolution condemni…

Published: December 31, 2016 - 10:14 am @ http://www.nytimes.com/2016/12/28/us/politics/john…

Gov. Brown Appoints New Public Utility Commissioners to Replace Florio and Sandoval

Martha Guzman Aceves and Clifford Rechtschaffen both come from the governor’s office with strong environmental protection backgrounds. Martha …

Published: December 31, 2016 - 10:14 am @ https://www.greentechmedia.com/articles/read/gov.-…

Presidential vote in congressional districts points to Democratic risks in 2018

Democrats started the 2016 election cycle with pessimism about their chances of taking back the House of Representatives. For a few moments th…

Published: December 31, 2016 - 10:13 am @ https://www.washingtonpost.com/news/post-politics/…

Obama preparing to penalize Russia for hacking

WASHINGTON — The Obama administration is preparing to penalize Russia over the hacking of Democratic officials during this year's presidential…

Published: December 31, 2016 - 10:16 am @ http://www.usatoday.com/story/news/politics/2016/1…

Mail truck tips on Mesa street

MESA, Ariz. - A mail truck ended up on its side in a crash Wednesday. Mesa police say a single-vehicle collision left the United States Postal…

Published: December 31, 2016 - 10:12 am @ http://www.12news.com/news/local/valley/mail-truck…

Reports of mall disturbances light up social media

A flurry of reports of mall melees and disturbances rippled across social media Monday on a day Americans swarmed shopping hubs for post-holid…

Published: December 31, 2016 - 9:51 am @ http://www.usatoday.com/story/news/nation/2016/12/…

Graham, McCain want Russia sanctions after election hacking

Top Republican senators said Wednesday that the incoming Congress and President-elect Donald Trump should impose new and tougher sanctions on …

Published: December 31, 2016 - 9:13 am @ http://www.foxnews.com/politics/2016/12/28/graham-…

Immigration Is the Only Hope for States That Helped Trump

The decline of manufacturing does not explain the decline of Wisconsin. Photographer: Daniel Acker/BloombergFacebook Twitter Email Print Share…

Published: December 31, 2016 - 7:17 am @ https://www.bloomberg.com/view/articles/2016-12-28…

Creator of the Red Solo Cup dies at 84

FOX 32 NEWS - The creator of the Red Solo Cup died on Wednesday, December 21, 2016 at the age of 84. Robert Leo Hulseman lived in Northfield, …

Published: December 31, 2016 - 7:07 am @ http://www.fox4news.com/trending/225996868-story

12 Cars You Can Legally Import to the US in 2017

slide-4320347 There were plenty of great vehicles produced abroad that Americans (outside of Canada) haven't been able to import until they hi…

Published: December 31, 2016 - 7:06 am @ http://www.autoblog.com/photos/cars-you-can-legall…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…