Protecting the Golden Years

Not uncommon, unfortunately (Mirror)

Scam artists find the elderly to be inviting targets: paraphrasing Willie Sutton, they're where the money is, and can't protect their finances because of cognitive decline. [bold added]

Studies suggest financial decision-making ability tends to reach its peak in a person’s mid-50s, after when deterioration sets in....But even “normal” ageing can cause cognitive change. Financial-management skills are often early casualties, because they demand both knowledge and judgment.

Older people are more likely to struggle with day-to-day banking and are more susceptible to poor investment decisions. They are also more vulnerable to fraud or to financial exploitation, often by relatives. In 2010 the over-65s in America made up 13% of the population but had over a third of the wealth.

After I turned 60, memory and alertness declined so much that even I could notice. The consequence is that I might well purchase investments, such as annuities, that I would not have previously considered---annuities lock up one's cash and are difficult to steal.

But the best defense is to have children who are financially secure (so they won't be conflicted when handling your money) and who have your interests at heart. No matter what else may have happened to you, if you have such children your life has been a success.