Educational Article
Protecting Older Adults
Many Service members find themselves in the sandwich generation, balancing the responsibilities of raising children while also caring for their parents. It’s important to protect the older adults in your life from becoming victims of financial fraud, scams, and abuse.
According to a recent report from AARP, older Americans lose an estimated $28.3 billion annually to financial exploitation. To help combat this growing problem, here are a few best practices to share and implement with your loved ones.
Raise Awareness of Scams and Fraud
- Alert loved ones to popular scams and their warning signs.
- Encourage skepticism of unsolicited phone calls, text messages, emails, or visits.
Stay Involved
- Regularly check in with elderly loved ones about their financial and overall well-being.
- Attend medical and financial appointments to stay informed about their situation.
- Conduct background checks on caregivers.
- Encourage them to report any suspicious activities and unsolicited contacts to the appropriate authorities immediately.
Simplify Their Finances
- Consolidate accounts to make monitoring easier.
- Use direct deposit to reduce the risk of lost or stolen checks.
- Set up bank alerts for unusual transactions.
- Regularly review bank and credit card statements for unauthorized activities.
- Keep sensitive documents like Social Security cards, financial statements, and legal documents in a safe place.
Use Trusted Contacts
- Appoint a trusted family member or friend as a financial advisor or co-signer.
- Set up a power of attorney with clear, documented instructions.
- Use joint accounts, ensuring joint account holders are reliable.
Check Their Credit
- Regularly review credit reports to catch any unusual activities or accounts opened without consent.