Top 5 Financial Threats Facing Seniors

Top Five Financial Threats Facing Seniors

(FinancialHealth.net) – Seniors are more likely to experience threats to their finances, as more people target them thinking they will be naive to what is happening. Phone call scams and Internet hacks are especially important for older adults to look out for. But, there are five top financial threats facing seniors regularly.

1. Phone Scams

People attempting to steal the identity of others often do so through a phone scam. They call up older adults in the area and pretend to be a reputable company, such as a telephone or cable provider, utility provider, or otherwise. They ask the person on the other end of the phone to verify their information, including social security number, and then they record it to use for their own gain.

2. Internet Scams

One of the most common Internet scams used on seniors is done via email. Scammers send an email claiming to be a reputable company. They say they are in need of information to verify the account after a recent sign-in attempt. Looking like a legitimate email, many seniors are quick to verify their information to keep their accounts safe. What they are really doing is handing their details over to criminals who intend to steal their identities — and their money.

3. Caregivers Taking Advantage

Many seniors have caregivers who handle monetary needs. The caregivers sometimes have access to all accounts so older adults with memory problems do not spend on unnecessary items. Many times, caregivers take advantage of the seniors  they were supposed to be looking after. They access the account without permission and take the money for themselves. Some skim the money for years, taking a little at a time, hoping the owner won’t notice.

4. Healthcare Costs

Not all threats are about hackers and criminals. Seniors can experience a significant loss in finances due to the rising cost in healthcare plans. Prescriptions cost an arm and a leg while out-of-pocket expenses also get exacerbated. Coverage changes year to year, so you could always end up paying more next time around. Shopping around for a low cost plan and prescription discounts is the best option to combat this problem.

5. Transportation Needs

Transportation may not seem like a threat, but it is when it costs more than many seniors can afford to pay. Car insurance, yearly registration, and regular fillings of gas cost much more than people realize. For older adults who do not drive as frequently, this is a major drain on the finances. It is a far better option to get a bus pass for a smaller fee and get rides to and from appointments and into town instead.

These top five threats cause harm to seniors every day. Do your best to stay diligent in the effort to stop these crimes and keep your information safe. You never know who is trying to scam you out of your money.

~Here’s to Your Financial Health!

Copyright 2021, FinancialHealth.net

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