Thursday, February 26, 2015

Baby Boomer's Decision Making - A Reflection on Financial Abuse

Baby boomers make up a large part of the US population, and as they enter their retirement years, experts stated that they need to make important and wise decisions about finances, health and long-term care. This is the stage in their life where they have be in control of their decisions, however, as people age, making smart ad wise decisions over critical issues can be an enormous challenge especially when you are dealing with chronic illness that may affect your decision making ability.

In an article written by  Jodi Mohrmann, he discussed how elderly adults can be vulnerable to abuse when they are suffering from cognitive impairment.  Normally, boomers faced difficulties adapting to changes as they enter retirement which may include adapting to a new and different routine, missing their colleagues and daily tasks and dealing with expenses that are more than what they had anticipated. But these can be more challenging if you are suffering from memory loss like dementia.
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There are predators out there ready to bite on the oblivious boomers, ready to drain their retirement savings. Boomers therefore should have a plan in place to protect them from financial predators. A lot of seniors have been victims to fraud and scams, while others are victim of their own family member who take advantage of their illness.

Baby boomers should prepare and start having conversation with appropriate people: their families - so they can be aware of their family's commitment to assist them in terms of future health and long-term care; financial advisor to organize their finances; a long-term care specialist so they can get the coverage that will protect them from devastation when they start showing signs of dementia; a lawyer - to help them set up an advance directive or a living will to make sure that their desires and wishes will be followed; or if you wish to appoint someone whom you can trust to make decisions on your behalf when you are no longer capable. It is important for boomers and retirees to make sure that they have a plan in place and that this plan is documented so when the need for care arises, you are sure that legal steps will be taken.

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