By 2030, seniors aged 65 and above will make up 18% of the nation’s population. Currently, Americans over the age of 50 account for 77% of personal financial assets in the United States and lose at least $2.9 billion annually to financial exploitation in cases reported by the media alone. Unfortunately, it is estimated that only 1 in 44 cases of senior financial exploitation is ever reported to the authorities. With an aging population and longer life expectancies, the risk of exploitation will continue to dramatically increase, and recent research shows even high-functioning older adults can become vulnerable to financial exploitation as part of the normal aging process. This presentation will review new and forthcoming state and federal laws, as well as innovative financial services practices that will strengthen vital senior protections, and discuss what this means for seniors and gerontologists alike.
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