Top 5 Senior Financial Safety Tips

April is National Financial Literacy Month, a time to promote awareness about financial safety. That makes it the perfect opportunity to reflect on your financial strategies and think about the future. 

While many older adults have a wealth of life experience, the world of finances can be complex, particularly as technology advances. As your local estate trust attorney in Lexington and Fort Mitchell, we want to share some critical financial safety tips to help you protect your wealth from potential scams and fraud.

Safeguard Your Wealth This National Financial Literacy Month

Staying aware of potential scams will help you create long-term strategies for building and maintaining wealth. 

Anyone Can Fall for Scams

Scams can target anyone, and it’s easy to see how someone could fall into their trap. Those friendly phone calls offering you “exclusive opportunities” might seem harmless at first, but before you know it, you could be sharing your personal information with someone whose only goal is to get their hands on your hard-earned money. 

The fallout from falling victim to such schemes can be both financially and emotionally draining. But the Department of Financial Protection and Innovation provides helpful resources, like the free Protect Yourself from Fraud booklet, filled with tips to help you recognize potential scams and protect your finances. Remember, knowledge is truly power, so stay informed and keep your guard up!

Why Are Seniors Targeted by Scammers?

Scammers often view older adults as prime targets. Many predators believe that seniors will have substantial savings (a “nest egg”) and may be less familiar with the latest technology—making their scams easier to pull off. 

Sadly, this has led to staggering losses—over $3.4 billion in 2023 alone for adults aged 60 and over. This financial vulnerability is compounded by the fact that many older adults feel embarrassed to report scams, making them the perfect victims for this type of criminal activity. 

Having a strong support network can help you avoid scams and find much-needed guidance when they happen, so you can try to remediate the losses. 

Financial Scam Resources for Northern Kentucky Seniors

The Kentucky Department of Financial Institutions (DFI) is collaborating with local and state partners to host a variety of informative workshops throughout Kentucky. 

These FREE events aim to empower consumers with knowledge on recognizing scams and protecting themselves from fraud and identity theft. 

Participants can enjoy lunch, access vendor resources, and take advantage of document shredding services, but registration is mandatory to attend.

Click on this link to see a list of upcoming events that you can sign up for. 

Five Essential Financial Safety Tips for Seniors

1. Stay Informed 

Knowledge is your best defense. Understanding the common scams targeting seniors can help you and your loved ones recognize red flags. For instance, the grandparent scam, where criminals impersonate a family member in distress, continues to be a major concern. Always verify the identity of anyone asking you for money.

2. Use Technology Wisely

If you’re not sure about a call, text, or email, don’t respond or click any links. Legitimate organizations, including banks and government agencies, will never ask for personal information in this manner. Consider using built-in safety features on your devices, and take advantage of antivirus software to protect against malicious attacks. There may be resources available through your local library or community centers to aid you with this!

3. Consult Professionals

Working with an experienced trust attorney in Lexington can provide valuable insights into financial planning strategies that safeguard your wealth. For example, establishing an irrevocable trust can protect your assets while ensuring your beneficiaries receive what they are entitled to according to your wishes.

4. Create a Comprehensive Estate Plan

A well-rounded estate plan addresses not only asset distribution but also includes strategies for long-term care. This proactive approach helps secure your financial future and offers peace of mind, knowing that your loved ones will be taken care of according to your vision.

5. Build a Support Network

Surround yourself with trusted friends, family, and professionals. Be candid with these trusted individuals about financial safety and updates in technology and financial management. A network can help you stay informed and vigilant against potential scams.

How Elder Law Lawyers Can Help

Elder Law Lawyers is committed to supporting seniors and their families in navigating these complex financial landscapes. As we celebrate National Financial Literacy Month, we encourage you to take steps to bolster your financial security. Whether it’s through drafting an irrevocable trust or creating a comprehensive estate plan, our team of lawyers is here to guide you every step of the way.

Ready to take the next step? Contact Elder Law Lawyers today and set up an appointment to review your financial and legal documents. Together, we can create a customized plan to safeguard your assets and protect you and your loved ones from the rising threats of financial fraud.

Build Better Financial Literacy and Strength With Elder Law Lawyers in Fort Mitchell & Lexington, KY

Work with our trusted estate planning attorneys to preserve your wealth. Having financial plans in place will safeguard your savings, so you can enjoy your golden years in Northern Kentucky and leave a legacy behind for loved ones. 

Schedule a consultation online or call us today at 859-543-0061 to start your journey towards a more secure financial future.