Age-Associated Financial Vulnerability

Posted on July 10, 2020 by Chris Messina under General
Leave a comment

Read this blog even though you don’t want to. Especially if you or your parent is over 65 or living alone. Age Associated Financial Vulnerability is a real thing and it affects intelligent independent people. The Consumer Financial Protection Bureau puts the cost of elder financial exploitation as high as $36 billion a year.

If you are or you know anyone over 65 you know about the exploitation part. Those calls that come many, many times a day and at increasingly unorthodox hours of the day.  Why are older Americans targeted? Because they hold a large percentage of the wealth. Some estimates have the over age 50 population holding as high as 83% of America’s wealth. And as we age, we become more vulnerable. It’s as simple as that.

If you think you are not a likely candidate for fraud, think again. Victims are not who you think they are. They are high functioning seniors and often test as “normal “on cognitive function assessments. It’s complicated. You can check out the report Brains and Losses at marketplace.org. It has to do with changes in our brains as we age. How we process information when we are in emotional state. That includes being angry (at the caller), being scared or just being a nice person. Scammers know how to exploit our emotions.

Bottom line, living alone increases susceptibility because, when you are alone you don’t have that close contact to hash over a call or contact you receive. Prevention is the key. If you are living alone, open-up to someone you trust. If you have a parent or relative living alone check in on them regularly. Don’t judge. Make yourself available. Ask your parent what they know about scams. Teach your parent how to screen calls.

Being susceptible does not mean an older person needs to go to a nursing home or lose independence. It does mean both the aging and those who love an older person need to be on their toes, maintain close contact, and have open conversations.

Some ideas about setting hard and fast lines of defense will follow in a later blog at this site.

 

Elements of a Great Obituary

By West Cobb Admin • February 11, 2025
Some obituaries are simply informative. They let the neighborhood know when someone in their community has passed, inform them about when and where the funeral will be held, and detail the decedent’s family who will be grieving their loved one. These are the most basic versions of an obituary. And while there’s nothing wrong with writing one that’s on the plainer side, there’s a reason why these aren’t the obituaries that go viral.

Jack be Nimble & Quick … Get Your Affairs in Order!

By West Cobb Admin • November 22, 2024
One thing we have come to realize this year is the value of being nimble, agile or light footed. Our world has been turned inside out. We have all come to expect the unexpected and to realize that little is certain. Getting a handle on life in 2020 has been a little like nailing Jell-O! Being flexible and prepared has become more important than ever before.

Am I Too Young to Plan My Funeral?

By West Cobb Admin • November 22, 2024
If you are thinking about planning your funeral it is a good sign you are not too young. Although most people tackle this task when they are preparing to retire or after the children have left home, many plan sooner. In reality, most plan because they want to or need to. Age is not the determining factor. Whatever the reason you are thinking about planning your funeral, trust yourself. It is a good enough reason. Don’t worry that you are not “old” enough.

Do I Have to Have a Burial Vault?

By West Cobb Admin • August 7, 2024
While you might be looking at burial vaults, liners, or urn vaults as simply added expenses, there’s a reason why cemeteries require you to use them. Burial vaults and liners keep a graveyard level, both for safety and to preserve the beauty of the cemetery ground. When your loved ones come to visit, they’ll be seeing a stable gravesite, safeguarded for years to come.

How To Prepare for a Funeral? Contacting Loved Ones

By West Cobb Admin • August 7, 2024
The death of a loved one is often the most challenging thing one will face in one’s life. It’s overwhelming, disheartening, and saddening for you personally, but also for those around you. As you prepare for the funeral, you’ll need to start contacting loved ones. How do you determine who to tell first and how?

What is a Burial Vault?

By West Cobb Admin • August 7, 2024
When you think about the process of burying someone who has passed on, you’re likely familiar with a few terms. You probably know what a casket is for, what it’s made out of, and where it goes. You might understand a bit about the embalming process and how a body is prepared to be laid to rest. But do you know what a burial vault is? It’s a term that many people are unaware of, but it provides support for the deceased and is becoming more and more common, especially in certain areas.

Where Can I Scatter the Remains of a Loved One?

By West Cobb Admin • August 7, 2024
It’s better to scatter your loved one’s remains either on private property that you own or on public land. When it comes to your property, what you do with it is your business. With public land and waterways, local authorities will be able to answer any questions you have to be sure that you are scattering your loved one’s ashes in an ethical, environmentally conscious way. Give your loved one a goodbye in a beautiful location, knowing that you’re not doing harm.

What is Prolonged Grief?

By West Cobb Admin • August 7, 2024
Grief is a normal part of life. After losing a loved one, most people will experience grief in some form. That feeling can go on for a while, but as the adage goes, “Time heals all wounds.” As anyone who has ever lost someone very close to them will tell you, time may help, but it doesn’t fully heal. Years after that person’s death, you’ll still think of them, still wish they were around, but you’ll have moved on with your life. The wound will still hurt from time to time, but the feeling of grief will no longer be all-encompassing.

Is It Bad Luck to Plan Your Funeral in Advance?

By West Cobb Admin • August 7, 2024
Definitely not. In fact, if one were to ask the children and family members of those who planned their funeral in advance how they felt about their family member’s foresight they would no doubt tell you they felt very lucky indeed.

It’s a Funeral … Go Ahead and CRY

By West Cobb Admin • August 7, 2024
People may try to suppress tears if they see them as a sign of weakness, but science suggests that doing so could mean missing out on a range of benefits. There is still much to learn about the science of tears, but newer research indicates:
More Posts
Share by: