Fighting Senior Financial Abuse

Financial abuse of seniors is becoming far more common than many people realize—or even want to recognize.

About one million older Americans are losing at least $2.9 billion annually as a result of abuse, according to a recent study by the MetLife Market Institute. That’s up 12 percent since 2008, when the institute released its first report. Family, neighbors, friends and caregivers are the biggest culprits in more than half of the cases reported.

The study also found that women between the ages of 80 and 89 were nearly twice as likely to be victims of elder financial abuse as men. And the perpetrators were mostly males, ranging in age from 30 to 59. The cases involve everything from pilfering through bank accounts and other assets to forging checks.
The report also detailed the best steps to protect against such abuse. They include:

Stay Organized—Keep their belongings in order. This will help you to better monitor your valuable possessions and financial accounts.

Stay Informed—Consult with your lawyer about future plans on everything from power of attorney to estate planning. Also, take note that local police, bank employees and government adult protective services are ready to help if you believe you’ve been victimized.

Stay Alert—Everyone should be aware of where their valuables are located in the home. Most importantly, don’t sign any documents unless someone

Record Holders

2011 was a year in which seniors took on great feats to remind us that age is nothing but a number. Three who made it into the Guinness Book of World Records:

Gladys “Glady” Burrill—Completed the Honolulu Marathon in just over nine hours to become the oldest marathon finisher at age 92. The former multi-engine aircraft pilot was a mountain climber and hiker before running in her first marathon at the age of 86 in 2004.

Ernestine Shepherd—Began lifting weights in her 50s, now the world’s oldest female bodybuilder at 74. The former Baltimore school administrator wakes up around 3 a.m. each morning for her workout, which includes a 10-mile run, pushups, pull-ups and a long regimen of weightlifting.

Besse Berry Cooper—Became the world’s oldest living person on Aug. 26, 2011. The former schoolteacher was born in Tennessee and settled in Georgia around the time the U.S. entered World War I. Less than 25 people have been verified to have reached Cooper’s age of 115.

Living It Up

When it comes to health and well-being, those 65 and older have a leg up on younger generations.

A survey of Americans on their overall attitudes, health and behaviors found that seniors consistently have a higher level of well-being than any other age group, according to the Gallup-Healthways Wellbeing Index. That’s even with the growing burden of various health issues that accompany aging. Those with the lowest levels range from 45 to 54.

Healthways, which coordinates wellness programs for health care professionals to help people improve their health, attributes the high spirits among seniors to better eating habits, greater access to health care and elevated emotional health.

Tax Benefits of Senior Living

Did you know there are potentially significant tax benefits that come with a move into a senior living community?

Seniors may be able to deduct part of the one-time entrance fee and their monthly fees as medical expenses. This advantage applies even if you’re moving into residential living as opposed to assisted living or skilled nursing.

The benefits could be significant when you consider the size of entrance and monthly fees at many continuing care retirement communities. The deduction amount depends on the individual’s or couple’s taxable income and whether they have any other qualifying medical expenses above 7.5 percent of adjustable gross income. (Under the 2010 health care reform law, the floor will rise to 10 percent for all taxpayers in 2013, except for those 65 or older, who will see the threshold rise to 10 percent in 2016.)

If a family member provides more than half of the total financial support for these expenses, they also qualify for the deductions. Every individual’s tax situation is unique; check with your tax advisor or the IRS to learn how the rules apply to you.