How to avoid senior scams
What follows is a commentary from the Gettysburg Times. It seems this is from a financial services professional discussing their experience with the cesspool of financial victimization. This problem is severe but it is totally disgraceful when it focuses fully upon senior citizens. The baby boomers have been the most productive and profitable demographic society in the history of the US. Business owners, Executives, Union workers, private market employees and Government workers all comprise the productivity of the baby boomer movement. Now that population is reaching the retirement years when they will no longer produce but they will reap the rewards of their financial sowing. As a society we cannot allow predators to compromise this boomer society. We need to proactive protect all citizens from financial victimization and we need to provide special consideration to the most financially self-sufficient citizens in our society “Our baby Boomers”
Here is that commentary:
The greatest financial scams are perpetrated on the most vulnerable group in America, aging senior citizens who are slowly losing mental capacity. The aging process invokes emotions of fear, consequently triggering emotions of anger or greed because the mental capacity to control these emotions with logic is impaired. Emotions are the trigger switches that sales people use, and scam artists represent the magnification of the dark side of a salesperson. Scam artists are corrupt sales people who try to illegally manipulate money from you. Financial salespeople can manipulate money from you, too, but they stay within the boundaries of the law. As we or our parents’ age, we must be aware of these risks and develop a fail-safe plan to minimize the occurrence of this nightmare scenario.
First step, be aware of the potential of being scammed if you are a senior citizen, or discuss this issue with aging parents. During my 35-year career, I have seen some horrifying cases in which thousands-even hundreds of thousands-of dollars were lost as a result of senior scam abuse. I can also tell many heartwarming stories in which the threat of being scammed was minimized or mitigated because of good proactive planning