Aging is a beautiful thing. The older you get, the more things in life just start to click…especially your neck, knees, and back! 😵 Someone pass the Icy Hot.
All old people jokes aside, elder financial abuse is no laughing matter. 🫢 Fortunately, lawmakers are working to put more protections in place through a new bill. 💵💪
Here’s Five Fast Facts on the proposed elder financial abuse bill:
- 🚨 Scam Alert - These days, everyone’s a target for financial scams. The elderly get hit especially hard. According to an AARP report, adults 60 and older lose over $28 billion each year to theft. Unfortunately, the criminals in these incidents are most often someone the victim knows (72%).
- 📝 Second Time Around - To cut down on elderly financial abuse, a bipartisan bill was recently reintroduced in the Senate. Originally proposed back in 2023, the Financial Exploitation Prevention Act aims to provide the financial industry with what they need to fight financial abuse for seniors and disabled individuals.
- 💡 Bright Ideas - So how would it all work? First, the bill would require the Securities and Exchange Commission (SEC) to bring to Congress legislative and regulatory ways to prevent elderly financial abuse.
- 🛑 Pause Button - The bill would also let financial institutions delay fishy transactions that smell like abuse or fraud. Firms would also be able to delay the redemption of securities (AKA cashing in mutual funds) in suspicious cases.
- 🤝 All In - Right now, there sure is a lot of bickering between the right and the left, but not on this issue. The recent House version of the bill passed the Financial Services Committee 50 to 0.
🔥Bottom line: If you’ve got elderly folks in your family, help them steer clear of scammers. If you catch any emails in their inbox from a Nigerian prince, send him straight to spam! Boomers and Millennials are two very different animals. How do they differ when it comes to handling their finances? In this article, we break it all down.
Were you ever the victim of a financial scam?
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