Protecting your parents from CNBC. A 2015 study by True Link Financial estimated scammers drain around $36.5 billion from senior citizens every year, but a more recent report by CNBC claims this number might, in reality, be much higher. According to President of the North American Securities Administrators Association, Mike Rothman, current retirees represent some…
If you ever thought the term “silent epidemic” was a little overkill: it’s not.
That’s the term financial experts and seniors advocates use when they talk about the ever-increasing problem of senior financial exploitation. “Silent” because it often goes unreported, unrecognized, and ignored, and “epidemic” because reports in recent years are showing thieves are making off with billions–and perhaps even more than we realize.
The Seniors Center Blog is featuring a recent report by CNBC discussing the over $36 BILLION dollars in stolen assets and income scammers are taking from America’s retirees every single year.
If THAT isn’t epidemic, we don’t know what is.