A top worry among seniors is the possibility of outliving their savings. Yet, as we explore in the summer cover story of B’nai B’rith Magazine, longevity is not the only threat to their savings. Seniors can also be vulnerable to financial scams and exploitation.
“Most financial exploitation is perpetrated by family members or caregivers at an intimate level,” observes Leah Nichaman, founder and president of Everyday Money Management, a fee-based Rockville, Md. firm that helps seniors with financial matters.
Seniors often need a trusted adviser to help them manage their financial affairs. Unfortunately, she says, too many advisers attempt to control the senior—and their money—through emotional or psychological abuse. “Having an objective third party involved makes exploitation less likely to happen in the first place,” says Nichaman. “It’s also more likely to be detected if it does occur.”
“It’s important to make sure that your financial life is transparent to at least one other trusted person. The ideal relationship would be an attorney, money manager, financial adviser and family members, all working together.”
To avoid scams, Nichaman offers these prevention tips:
B'nai B'rith Magazine Blog
An archive of digital exclusive content that supplements the B'nai B'rith Magazine.
Letters to the Editor
To submit a letter to the editor, email email@example.com.