Financial Planning, Retirement Issues


Signs and Symptoms of Baby Boomer Elder Abuse

 

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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