Older Americans Month

Each year during the month of May we take part in Older Americans Month. While this is a special time to reflect on the important contributions of older Americans, it’s also a time to raise awareness about the unique challenges seniors face and identify ways to solve those issues so that they can thrive long into their older years.

Powered by Connection

This year’s theme for Older Americans Month is “Powered by Connection” which endorses the profound impact social connectedness has on the financial health and well-being of older adults. Our relationships can play a key role in detecting the early warning signs of financial decline, spotting and preventing financial exploitation, and positively influencing financial decision-making. Whether you’re an older American, a friend, or loved one, it’s important to know how to spot and prevent decline and possible exploitation. Here are some tips to help you. 

Early warning signs of financial decline:

• Having trouble with everyday math
• Being confused by financial concepts
• Taking longer to complete daily financial tasks
• Missing key details in financial documents
• Not identifying risks in investment opportunities

Types of financial exploitation may include:

• Frequent and large ATM withdrawals
• Unexpected transfers of assets
• Large numbers of gift card or prepaid card purchases
• Sudden purchases of or discussions about cryptocurrency
• Uncharacteristic nonpayment for services

Consider a financial caregiver to protect your loved one(s)

• Formal financial caregivers (ex. power of attorney, guardian, trustee, VA fiduciary, and SSA representative payee)
• Informal financial caregivers (ex. trusted contact, conversation partner, and convenience account)

Looking for elder care programs in your area that can help you or a loved one? Visit eldercare.acl.gov for more information.

Being socially connected means more than just having someone to chat with. It's about the transformative potential of community engagement in enhancing mental, physical, emotional, and financial well-being of older adults. By recognizing and nurturing the role that connectedness plays, we can mitigate elder financial exploitation and promote healthy aging for more Americans.