Retirement & Financial Planning Report

Financial abuse of seniors has become a growing concern. How can you help your parents?

Try a direct approach. Suggest to your parents that they arrange for their income to go straight into their bank account. That can be arranged for Social Security benefits and pension checks. At the same time, see if their utility bills and other recurring charges can be paid directly from their checking account.

Lighten their wallets: The fewer credit cards they have, the less chance they’ll be victimized. One credit card and perhaps an ATM card should be sufficient.

Spread the word: Ask the branch manager of your parents’ bank to report any unusual activity in their accounts. If your parents have a broker or a tax advisor, request their oversight as well.

Call and visit: Drop by as often as possible or make frequent phone calls. Listen to what your parents have to say and be alert for mentions of great investment opportunities or new "friends" who need a little loan. The sooner you hear of such developments, the faster you can act to safeguard your parents’ pockets.