Becoming older often means needing help from others, but sometimes that help can turn to harm when someone close steals from the elderly.
October is Elder Financial Exploitation Awareness Month, and groups including A-A-R-P Texas say it’s a growing problem that affects the financial, physical and emotional health of its victims. Tim Morstad with A-A-R-P Texas warns the problem of financial elder abuse is expected to grow as more people reach retirement age.
“The 65-plus-year-old folks here in Texas are expected to double between 2010 and 2030. So, like other states, we have a graying population. We’re concerned that people might get taken advantage of.”
A-A-R-P is also working with financial institutions to be on the lookout for suspicious transactions, as well as to identify community resources to protect seniors and prosecute financial abusers.
Morstad says proper financial planning can prevent abuse by family members or paid assistants. He says because some older Texans may have significant retirement assets, they are often targeted by those close to them.