September 21, 2015
Vanishing Retirement: the Hidden Epidemic of Financial Exploitation
Whether pressured by a desperate family member seeking money or duped by a scam artist who gains access to a bank account, seniors facing financial exploitation can suffer severe consequences.
Here’s how the late actor Mickey Rooney described it to the Senate Special Committee on Aging in 2011: “My money was stolen from me. I was eventually stripped of the ability to make even the most basic decisions … my daily life became unbearable.†In bringing the issues to the forefront, he showed that the promise of a comfortable retirement can quickly be taken away.
By some estimates, 4 to 5 percent of older adults in the United States have been victims of financial exploitation, making this as common as heart attacks in this population.
Financial exploitation is but one facet of elder abuse. Commonly recognized in the form of physical abuse, elder abuse is also seen in neglect and self-neglect. In the U.S, elder abuse affects about 1 ​in 10 individuals over the age of 65, with 23 or more cases going unreported for every one that is brought to light. For the victims of financial exploitation, the consequences can be far-reaching​ and devastating.
Many Americans look forward to the day they'll be able to put their weekly routines aside and enjoy retirement. It takes decades to realize this goal – after putting kids through school, paying mortgages, making car payments and covering myriad other expenses, all while saving for a time when Mondays no longer mean a return to work. So much time and effort goes into building the nest egg – the target of so many schemes in recent years as more and more older Americans face financial exploitation.
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