Every year, thousands of elderly Americans fall victim to elder abuse and financial exploitation scams, sometimes at the hand of their spouses or adult children. In fact, suspicious Activity Reports (SARs) related to elder financial exploitation have quadrupled the last four years, according to the Consumer Financial Protection Bureau (CFPB). Acknowledging the scope of this problem, in 2018, … [Read more...] about Protect Elderly Family Members Against Financial Exploitation
Report Warns Retirees about Potential Downsides of Reverse Mortgages
Reverse mortgages have been around for years. But they're getting a new spin: Some senior homeowners are tapping into their home equity to "bridge the gap" until the time they're ready to apply for Social Security benefits. However, an independent consumer agency — the Consumer Financial Protection Bureau (CFPB) — cautions retirees against using this strategy. A recent CFPB report claims that … [Read more...] about Report Warns Retirees about Potential Downsides of Reverse Mortgages
Should Family Members Be Compensated for Caregiving Services
As we get older, one in four of us will require some level of caregiving services. This could range from simply running errands and providing occasional transportation to doctors, shopping, to providing extensive around the clock care. Experts estimate that family members provide more than $450 billion in elder care services annually. One question is "should family members be paid for this … [Read more...] about Should Family Members Be Compensated for Caregiving Services
