Retirees/Seniors/Caregivers

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Retirees/Seniors/Caregivers

Keeping track of your retirement savings can seem difficult enough in your pre-retirement years. What will happen in later retirement, when you might find this task more confusing? The worst scenario is that your retirement savings could become more vulnerable to fraud.

Although not pleasant to think about, the reality is that pre-retirees, retirees and their families need to address these important issues:

Financial fraud is a leading form of elder abuse.

Seniors often suffer from financial abuse by someone they know – a friend, family member or “trusted” adviser.

Even if you do not fear becoming a victim of financial abuse, there are other good reasons to take precautions for the day when you become less able to make sound financial decisions:

A study found that older adults may become more willing to take financial risks, due to changes in the frontal lobe of their brain.

Older adults with mild cognitive impairment can do most daily tasks, but have reduced ability to make more complex decisions about financial management.

Top medical and financial experts say it is critical that more be done to increase awareness of this serious threat among retirees, pre-retirees and their families.

Here are some early warning signs of financial abuse from the Alberta Elder Abuse Awareness Network:

Unusual bank withdrawals;

Substantial decrease in your investment account;

Failure to meet financial obligations;

Abrupt changes in wills, trusts, contracts, powers of attorney, property titles, deeds or mortgages; and

Changes in beneficiaries on insurance policies.

Steps to protect yourself include:

Keep a list of all property, bank accounts and belongings.

Hire a conflict-free investment professional, such as Wittenberg Law, to monitor your investment accounts.

Have a succession plan in place in the event of a serious illness or incapacity.

“Victory awaits him who has everything in order — luck, people call it. Defeat is certain for him who has neglected to take the necessary precautions in time; this is called bad luck.”Ronald Amundsen, The South Pole (1912)

Your finances are too important to rely upon luck. Contact Wittenberg Law to discuss how we can help you plan for success.

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