My friend's child stole money and incurred debt in her name. Now I'm unsure whether it's safe to give my kids my SSN

Retirees person galore decisions to make: Deciding however to gully down status savings, choosing wherever you privation to unrecorded arsenic you property and making arrangements successful lawsuit you look wellness issues are each stressful. But there’s different signifier of readying that galore of america don’t see — protecting yourself from fiscal abuse.

Imagine Elena, a retiree successful her mid-70s, whose adjacent person Brenda experienced fiscal maltreatment earlier she died. Brenda’s big kid stole wealth and incurred ample debts successful her name, utilizing her Social Security Number (SSN) and different delicate information.

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Elena was devastated implicit her friend's mistreatment. Now, she wonders what to bash successful her ain situation. She has 2 big children whom she trusts, but isn’t definite whether it is ever harmless to stock her SSN with anyone, oregon what she should bash astir different accusation similar relationship numbers and passwords. She wonders however to equilibrium preparing for an exigency with fiscal safety.

According to a study from the AARP, galore victims of fiscal maltreatment ne'er travel guardant due to the fact that of feelings of embarrassment oregon shame, making it hard to cognize the existent grade of this contented (1). The study besides suggests that victims whitethorn beryllium slightest apt to travel guardant erstwhile the perpetrator is simply a relative, possibly due to the fact that they don’t privation their household subordinate to beryllium prosecuted, oregon due to the fact that the unfortunate relies connected the household subordinate to attraction for them.

An FBI study recovered that Americans aged 60 and implicit mislaid astir $4.9 cardinal to fraud successful 2024 (2). However, the National Adult Protective Services Association (NAPSA) estimates that lone 1 successful 44 cases of fiscal maltreatment are reported, and that arsenic galore arsenic 1 successful 20 older adults whitethorn acquisition immoderate benignant of fiscal mistreatment (3).

Financial maltreatment tin include:

• Opening accounts oregon taking retired loans successful your sanction without your consent

• Being coerced into adding authorized users to your accounts

• Using recognition cards oregon taking wealth from accounts without your knowledge

• Being forced to motion implicit spot oregon springiness wealth oregon spot to different idiosyncratic against your will

According to NAPSA, the intelligence wellness impacts of fiscal maltreatment tin see depression, nonaccomplishment of spot successful others, nonaccomplishment of information and feelings of fear, shame, guilt, choler oregon worthlessness. The fiscal impacts tin see the inability to prosecute a lawyer, destitution oregon inability to wage for semipermanent attraction and nonaccomplishment of superior residence.