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Each year seniors are swindled out of an estimated $2.9 billion dollars, money that could be spent spoiling grandkids, filling blood pressure medication, and saving in case of an emergency. While the mail and Internet are filled with tantalizing offers that promise everything from sizable cash returns to a worry-free existence. Unfortunately, the old adage "it sounds to good to be true," usually means it is.
Don’t let yourself or your loved ones fall victim to the hungry swarms of financial predators that seem to be growing in numbers by the day. To be an educated, intelligent investor, means being a safe investor, it’s time to start educating yourself! According to SmartMoney.com, "Elder financial abuse is not only about financial exploitation: It is a major public health problem," says Dr. Mark Lachs, a professor of medicine at Weill Cornell Medical College, who worked on the new survey. "When older Americans are financially exploited and there are no resources left for their care, these individuals effectively become wards of the state. In these cases, all Americans end up paying. This is a major problem and we know there is significant underreporting."
The EIFE Program
The Elder Investment Fraud and Financial Exploitation (EIFFE) program is believed to be a godsend by many concerned children. The program contains a network of 3,000 doctors located across the country who are trained "to spot the impaired mental capacity that can leave seniors vulnerable to financial abuse." The doctors ask a series of questions designed to protect the senior’s financial interests and sniff around for foul play. They ask questions about their will, their recent financial decisions, and other expertly tailored questions. The EIFE program is worth looking into.
Adult Protective Services
Similar to the EIFE program, the National Adult Protective Services (NAPSA) exists solely to help protect and advocate for seniors. Their mission is "to improve the quality and availability of protective services for adults with disabilities and older persons who are abused, neglected, or exploited and are unable to protect their own interests."
NAPSA offers free forums filled with insider information on scams and what to look out for. Membership provides seniors with fraud training, and can connect them with care providers that meet their needs, or attorneys if foul play or fraud is suspected.
Portfolio Diversification
When it comes to retirement, it’s always best not to put all of your eggs in one basket. As our unstable economy crumbles around us, many have lost their life’s savings to shoddy investments, or just plain bad luck. According to recent trends, there are very few stable investments that have proven the test of time. Investing with the US Money Reserve is one of the few ways to ensure you or your loved one’s money is safe. According to TodaysSeniors.com, "In the last ten years, gold has more than tripled in price and though it will probably slow down some in growth, it’s still a good bet to continue an upward trend. Gold prices have a tendency to fluctuate from day to day, but they stay on a line shooting upwards, which is a very good thing for investors who seek long term growth for their investments." Additionally, gold and silver is one of the easiest investments to sell, there are always interested buyers.
Whether you’re looking to protect your own financial future, or that of a loved one, exploring proper resources and diversifying portfolios are essential for those looking to wise up in this financial landscape.
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