A Senior Decision
Have you ever received an email that says send over a thousand dollars to save your relative in India? Who would ever actually do that right? Well, it happens more than you think. A survey conducted by the Investor Protection Institute say elders may be wiser in many ways, but not so much when it comes to money. And it’s not just scams like these, but seniors are preyed upon by everyone. Family members, caregivers and con men swarm seniors to get a piece of the nest egg they have been saving. Believe it or not, relatives accounted for 80% of scams against the elderly.
Seniors are ill-equipped and very vulnerable when it comes to these types of decisions in their later years. When the glory days of retirement is nearing, it is time more than ever to choose a well accredited advisor that fits and is able to address the needs of the retiree. Financial regulation has heightened to levels never seen before, but are needed. It will take an effort for all parties, both public and private, to help protect us moving forward.