Financial Planning, Retirement Issues


Signs and Symptoms of Baby Boomer Elder Abuse

September 21st, 2017 ernie Posted in Senior Life Style No Comments »

 

What are the signs and symptoms of baby boomer elder abuse? They are many and anyone who is providing care, or is a friend or a family member of the senior needs to be on the alert. Often the most visible are bruises that really should not be there. Falls do take place causing broken bones etc. These can cause bruises as well. But if there is no fall and the senior you are visiting has a lot of bruises it might be worth your time investigating.

Another common form of elder abuse is financial which is the focus of this web site. Financial abuse takes place when there is outright stealing or when the senior is being charged for things that they really should not pay for or are paying too much for. Often care givers, whether they are family members or not cannot resist the monetary attraction. Several people should jointly monitor the seniors funds to make sure that their savings are not being prematurely spent leaving them destitute.

Elder Abuse from a Financial Perspective

Elder abuse from a financial perspective is pretty difficult to uncover unless there are large amounts of money involved. Regardless of the amount of savings and investments that a senior might have, family members should always monitor what is being spent. Unusual amounts or one time large amounts that you are not familiar with should be investigated.

More than one person should be checking accounts and spending levels. Money can corrupt no matter who it is. With two people monitoring accounts etc, there is less chance of collusion and financial elder abuse.

Elder financial abuse can come in many different forms. One time I was cutting my father in-laws lawn and a person drove in to the yard. He indicated that he was here to collect the monthly fee for the newspaper. The amount was around $45. I asked him how long he had been delivering the paper and how long he had been collecting cash from my father inlaw. This gentleman was around his mid 40’s and indicated he was relatively new, but it had been several months since he started collecting.

I got his name, his license number and then informed him that I had prepaid the subscription for the paper and that no collections should have been initiated. He quickly realized that the jog was up and left before I could say much more. What a scumbag. Taking money from the elderly. It was a small amount but still it makes him a scumbag.

I called the news paper and got him fired. However I am sure he has continued his ways and is taking money from seniors as I write this note.

The point of the story is that everyone must be alert. There are thieves everywhere. The elderly are particularly vulnerable.

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Baby Boomers Elder Abuse

September 7th, 2017 ernie Posted in Senior Life Style No Comments »

baby boomers elder abuse Many baby boomers, born between 1945 1954 are now retiring. Although the financial advisor community, banks and government have talked about building sufficient retirement savings to cover them during retirement, many do not have sufficient funds  to take them through retirement. On top of that there seems to be in increasing level of elder abuse that is taking place. As more and more baby boomers move into their late retirement years this is becoming an increasing problem.  The chart summarizes the various kinds of elder abuse that takes place. Often the most visible or those of physical abuse. But there are five other types of abuse, including financial, verbal, emotional, neglect and even abandonment. How can people be so cruel and treat their elderly family members this way? How can care workers treat people this way?  It can be a terrible thing to experience this kind of abuse. Having lots of money does not always protect you either.

Elder abuse in our Community

Unfortunately in our society everything is driven by sex and money. If it is not sexual abuse, it is some form of abuse that is triggered by the greed of grabbing their money. Sometimes it is the fact that they don’t have enough money to pay for the services that seniors need. We cannot emphasize enough that baby boomers planning to retire  need to make sure that they have sufficient funds to pay for top quality care during their later years.

In addition family members need to take steps to protect their elder parents or relatives. Always have two members of the family looking after a senior, and two members of the family looking after the financial affairs. If you suspect any kind of elder abuse, whether it’s emotional, financial or other takes immediate steps to rectify the situation.

There are the obvious criminal cases that can be dealt with when someone is exposed to physical abuse and the perpetrator is caught and prosecuted. But there many more subtle situations that are never deal with that trouble many seniors today. Elder abuse is rampant and in many cases it is our own family members that are the guilty ones.

Examples of Elder Abuse

What about the son or daughter who slowly drains their parents bank accounts leaving them destitute and abandoned? What about care givers who are rough in their treatment? They never leave bruises, but you know that there is something going on. Then there are situations where they get the parents to pay for everything. The kids could even be well off.

Abandonment is one of the worst. Not everyone wants to look after someone who is old and frail. They may not have the patience and the personality. The senior ends up living by themselves and living as best they can until they cannot look after themselves any longer. They depend on the good will of neighbors who take pity. Where is the family in this situation?

Knowing that this is going on will at least help seniors takes steps to prepare for this situation. Plan now how your frail years will be to ensure that they are as good as they can be. We are going to write a series of posts on this subject so stay tuned.

 

 

 

 

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