Tag: finances
Retirees targeted with investment scams
MSNBC
Annuities. Reverse mortgages. Life insurance pools. Principal-protected notes. The options being offered to senior citizens hoping to ensure a comfortable retirement are dizzying. And in a growing number of cases, that may be the intention as more scammers — often elderly themselves — try to con retirees.
Though hard numbers are difficult to come by, many lawyers and advocates for the elderly say more seniors than ever are being lured into investment schemes that are unsuitable for people of their age or are outright swindles.
“Seniors who suffer from isolation and diminished capacity make ideal targets,” says Steve Riess, a San Francisco attorney who represents elderly victims of con artists peddling bogus investments.
One out of five Americans over the age of 65 has been the victim of a financial scam, according to the Washington-based Investor Protection Trust, a nonprofit that promotes shareholder education.
via Scams: A sucker retires every minute – Business – Your retirement – msnbc.com.
Posted on July 27, 2010 | No Comments | Category: Alzheimer's, Caregiving | Tags: Alzheimer's, finances
Patient Money – A Road Map to Help Parents Deal With the Financial Burden of Autism – NYTimes.com
The New York Times
When Jeff Sell’s twin sons were found to have autism 13 years ago, he, like so many other parents in the same situation, found himself with a million questions: Will my children be able to function? What are the best treatments and where do I find them? How will this affect the rest of my family?
Jeff Sell, with his sons, Ben, at left, and Joe, in a family photo taken last April at an event called “Bounce for Autism.”
And besides those monumental worries, Mr. Sell kept asking himself another fundamental question as he began the long string of doctor and therapist visits with his sons: “How in the world am I going to pay for all this?”
Autism trends, treatments and therapies routinely make headlines. Often overlooked, though, is the financial burden for many families with autistic children.
via Patient Money – A Road Map to Help Parents Deal With the Financial Burden of Autism – NYTimes.com.
Posted on January 22, 2010 | No Comments | Category: Autism, Caregiving | Tags: Autism, children with Autism, finances, insurance coverage
Dementia poses threat to aging boomers’ portfolios
Investment News
A startling number of older adults either lack the cognitive abilities to manage their finances or delegate that responsibility to others — a finding that could have implications for plan executives and other fiduciaries as a wave of wealthy Americans approach retirement.
In a soon-to-be published re-search paper, “The Age of Reason: Financial Decisions over the Life-Cycle with Implications for Regulation,” David Laibson, a professor at Harvard University and noted expert in behavioral economics, found that the prevalence of dementia among Americans “explodes” after 60, doubling every five years to more than 30% of the population over 85.
via Dementia poses threat to aging boomers’ portfolios – Investment News.
Posted on October 19, 2009 | No Comments | Category: Caregiving, Dementia | Tags: finances
Tough Talk for Adult Caregivers of Aging Parent(s) By Eve Kaplan, CFP® Practitioner
TheAlternativePress.com
Here are some startling statistics regarding the prevalence of a somewhat ignored subset of the US population: adult children caring for their aging parent(s).
Did you know approx. 21% of our adult US population (44.4 million people) are caring for their parents in some capacity? As our population ages, we see that more than 50% of 60 year olds in this country have at least 1 living parent. The average adult caregiver in the US is 46 years old. Nearly half juggle 40+ hour work weeks (and running their own households) with an average of 8 hours/week of care for a parent or loved one. Although the average span of care giving is 4.3 years, 30% of caregivers have been doing so for 5+ years. This process rarely runs smoothly – and rarely isn’t burdened by irritation, impatience or resentment.
Here are some tips for making this process go as smoothly as possible:
Posted on October 7, 2009 | No Comments | Category: Alzheimer's, Caregiving, Dementia | Tags: family caregiving, finances