Elder abuse is defined [3] as “harmful acts toward an elderly adult, such as physical abuse, sexual abuse, emotional or psychological abuse, financial exploitation, and neglect..” Financial exploitation comes from the banking industry; neglect emanates from the halls of Congress; and emotions are stirred through the stories [4] of impoverished seniors:
From Reno, Nevada: Here I am at an age when I should be thinking about retiring, desperately trying to find a job. I have used my savings…I’m seeking a court injunction to try and save my home.
From Laurel, Maryland:I am over 60, and I was pushed out of my job because of my age. My rent, car note, and electricity are all two months behind. I can barely get food. Utilities will be cut off soon.
From Bend, Oregon: I exhausted all my 401(k) retirement savings…I’m one month away from losing everything and am now on Food Stamps. I’m an unhappy Republican…
In Detroit, Michigan [5]: 74-year-old Willie Smith saw her monthly SNAP benefits cut from $73 to $57. Also in Detroit, 63-year-old J.B. Hillman-Rushell and her 83-year-old mother were going to four different church food pantries for nearly all of their food.
“The Greatest Retirement Crisis in the History of the World”
That’s what Forbes [6] calls it. Most retirement-age Americans have little or no savings.