Age-Associated Financial Vulnerability

July 10, 2020

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.

www.bisslerandsons.com

Bissler & Sons Funeral Home and Crematory has served families in Kent, Ohio, and all of Portage County since 1913. The company transitioned ownership in 2018 when Rick Bissler retired and arranged to merge his family’s funeral home with the Billow family’s funeral homes, who carry on the tradition of high quality funeral, burial, memorial and cremation services. Their privately owned and operated crematory ensures that loved ones never leave their professional care. Visit bisslerandsons.com to learn more.
February 4, 2025
There’s a lot to consider when looking for either your or your loved one’s final resting place, to the point that it can be easy to get overwhelmed. The decision only becomes more complicated when you’re met with unfamiliar vernacular. One choice you may have to make is between entombment or interment. But what exactly do those terms mean? And what’s the difference between interment and entombment?
February 4, 2025
When saying goodbye to someone you love, you have a multitude of decisions to make. Some you might be prepared for, while other questions are new to you. One topic that many people are unfamiliar with is the concept of burial vaults and grave liners, which you may have to have in your loved one’s final resting place.
February 4, 2025
Food not only nourishes the body but also comforts the soul, making it a significant part of funeral traditions. Offering food signifies care and supports the healing journey during such tough times.
January 8, 2025
When the time comes to think about funeral arrangements, one of the first questions many of us have is, "How much will it cost?" It’s natural to look for a straightforward answer during such an emotionally charged time. However, much like finding the perfect car, the cost of a funeral varies widely depending on personal choices and specific needs.
January 8, 2025
Embalming can be a controversial topic. Some people are opposed to it, whether due to personal or religious reasons, but for others, embalming is an important part of starting their grief journey and getting a chance to say goodbye to the person they love.
January 8, 2025
Attending a funeral is one of those things that makes everyone pause, not just because of the emotional weight, but also the big question: "What do I wear?" Let’s discuss.
January 8, 2025
When it comes time to say goodbye to a loved one, the focus of the funeral often naturally falls on the family. It's the people who loved and knew the deceased best—spouses, children, grandchildren, friends, and even coworkers—who come together to remember and honor their life.
December 3, 2024
A preplan gives you a blueprint for what your parents want for their funeral, ensuring that you have fewer overwhelming decisions to make. But if your parents didn’t talk to your siblings about their plans, it’ll fall to you to walk them through that blueprint. How do you talk to your siblings about your parents having preplanned their funerals?
December 3, 2024
Preplanning a funeral often takes working with a knowledgeable funeral director who will be your guide in the planning process. But what if you can’t visit the funeral home in person? Can you still preplan your funeral?
December 3, 2024
Did you know there are actually quite a few decisions to make beyond whether you choose burial or cremation? Cemeteries offer a wide variety of final resting places for you and your loved ones, but which one is right for you? When you choose a mausoleum, you still have another decision to make: Which type of crypt should you rest in?
More Posts