In This Economy, Know Who You Can Trust

Posted on

Aug 29, 2017

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The average income for an individual 65 years and older is $18,657 annually. The National Council on Aging reports that 25 million adults 60 + are at or below the federal poverty line, and in many instances, grossly below the federal poverty line as evidenced above. Older Americans are facing significant economic challenges including maintaining cost-efficient housing, affording skyrocketing insurance rates, meeting basic everyday needs, and more.


In Dallas County, the Elder Financial Safety Center, a collaborative partnership made up of The Senior Source (a nonprofit dedicated to helping older adults), Dallas County Probates Courts, and District Attorneys Office reports the average social security benefits their clients receive is $998.72. Retired adults are in the spending phase of their lives, many still have mortgage payments, are paying rent, or facing foreclosure, center director Julie Krawczyk explains.

Regardless of socioeconomic status, all older adults 50 and over are at risk of financial exploitation from family members, con artists, and strangers. True Link reports financial abuse of older adults is a $36 billion dollar annual problem. 42% of the exploitation cases in Dallas County occur by a family member, caregiver or close friend according to the Elder Financial Safety Center.

In a time where economic stability is plaguing older adults and vulnerable elderly, you and your loved ones need a trusted resource to turn to for support with questions and guidance regarding aging and financial longevity. Services provided by the Elder Financial Safety Center include unbiased and professional financial coaching, insurance counseling, help with debt management, assistance with benefits, and help to find a job. If you believe you or someone you love is a victim or could become a victim of exploitation, fraud or a scam, call 214-525-6130 to reach the experts at the Elder Financial Safety Center.

Regardless of income or debt, if you are considering retirement, need to change jobs or go back to work, if you need help creating solutions to stretch your money, or if you know a vulnerable elderly adult that needs ongoing support with their finances, we can help. The Elder Financial Safety Center serves older adults 50 and over in Dallas County of any income level.

Editors Note: To learn more about the Elder Financial Safety Center, call Julie Krawczyk at 214-823-5700.

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