The baby boomer population is substantial and growing. The key to preventing
financial exploitation of this prime target is careful planning.
More Americans reach retirement age every day – a concerning thought
for many brokerage firms and financial institutions. This is because fraudsters
often target the aging and elderly, going after their often-hefty savings
and retirement accounts.
To avoid this type of exploitation, there are steps retirees and their
loved ones can take for protection. What it boils down to is planning.
Planning, while a fairly simple concept, gets more difficult to execute
with age. Experts suggest a “younger the better” approach
to planning, because as people age, their cognition isn’t the same
as it used to be.
Financial Planning: The Basics
When planning for your future, it can be difficult to know where to start.
Follow these steps below to start on the road to financial protection.
Take an Inventory
In order to know if you are being taken advantage of financially, you
have to know the ins and outs of your finances. Take an inventory of all
your assets – investment accounts, retirement, savings accounts,
etc. Know what you have.
Streamline Your Finances
As you get older, it is a good idea to simplify your finances so you have
less to keep track of. Streamlining everything and consolidating your
assets can make it easier to detect is something is amiss.
Find Someone You Trust
Whether a friend or family member, identify an individual that you trust
with your finances. This trusted individual can be a point of contact
for your financial advisor to get in touch with should they suspect something
is wrong. Additionally, find out if you can trust your financial advisor.
You can research his or her background by searching their CRD number.
Find out more about
CRD numbers and why they are important by watching Attorney Dave Meyer’s helpful video.
Get to Know Common Red Flags
Finally, familiarize yourself with common scams so that, should one arise,
you can identify it before you suffer financially. Meyer Wilson has provided a
helpful video on some common red flags for additional information.
If you or someone you love has lost money through investment fraud or misconduct,
contact Meyer Wilson today for a free review of your case.