CFPB: This Holiday Season, Don’t Let Scammers Take Advantage of Your Generosity
Protecting your money is always a big deal. But keeping an eye on your wallet and everything in it becomes even more important during the holiday season when many people are buying gifts and giving generously to those who are less fortunate. Charity scams often pop up during this time of year as scammers attempt…
ABA: Foundation Releases Inaugural Survey Detailing Bank Efforts to Serve and Protect Seniors
In recognition of Family Caregivers Month, the ABA Foundation released its inaugural Older Americans Benchmarking Report, an unprecedented survey detailing how banks across the country are working with seniors and their financial caregivers to address the growing threat of elder financial fraud. To produce the report, the ABA Foundation surveyed 103 banks of all sizes…
CFPB: Things to Consider before Borrowing a Reverse Mortgage to Delay Collecting Social Security
For most people, the amount of money you bring in each month decreases after you retire. Yet your expenses, particularly for health care, may not follow suit. So the question on the minds of many approaching this life stage is: how do I replace or supplement my monthly income when I retire? The most obvious…
CFPB: Report Warns that Taking out a Reverse Mortgage Loan can be an Expensive Way to Maximize Social Security Benefits
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage…
CFPB: Don’t Let Marketers Tell You How to Age in Place
We often hear that older Americans want to “age in place.” Aging in place means living at home in the community, rather than in an institutional setting, like a nursing facility. This is the choice most people want to make even if they need services and support to do so. With over ten thousand people…
Census Bureau: The Nation’s Older Population is Still Growing
The nation’s population has a distinctly older age profile than it did 16 years ago, according to new U.S. Census Bureau population estimates released today. New detailed estimates show the nation’s median age — the age where half of the population is younger and the other half older — rose from 35.3 years on April…
HUD: Report Calls for Greater Action to Reduce Injuries to Seniors in Their Home
WASHINGTON – Approximately one-third of adults age 65 years or older fall in their home, resulting in injury, long-term disability and premature institutionalization. By 2020, the Centers for Disease Control and Prevention estimates the cost related to these kinds of injuries to be nearly $60 billion a year. In an effort to reduce and prevent…
CFPB: Preventing Financial Exploitation on World Elder Abuse Day
By Stacy Canan June 15, 2017, marks the twelfth annual World Elder Abuse Awareness Day , or WEAAD. This day isn’t likely to show up on your calendar, though it is recognized globally. Elder financial exploitation is one of the most common and devastating forms of elder abuse. It can destroy the financial security of…
CFPB: Helping People Plan of Retirement
With help, consumers can better visualize outcomes, plan their decision-making, and make the best decisions about their retirement finances. By Irene Skricki In a recent study, we tested ways to help people better visualize the results of their retirement choices and plan ahead for significant decisions. When people approach retirement age, they have to make…
ABA: How to Protect Your Loved One from Financial Abuse
ABA Foundation offers tips to help families and individuals stop elder financial abuse WASHINGTON — Financial exploitation is one of the most common forms of abuse committed against older Americans. According to a Metlife study, an estimated $2.9 billion is lost annually to scams explicitly targeting seniors. In recognition of World Elder Abuse Awareness Day…