Many older adults who haven't paid off their student loans may have their Social Security benefits reduced. The government can take up to 15% of benefits to cover unpaid student debt. This reduction, averaging $2,500 annually, can severely impact those who rely on Social Security as their main income source. Lawmakers have expressed concern that millions of seniors will face this consequence when the pandemic-related pause on student loan collections ends in late 2024.
Financial scams targeting older adults, particularly women, are on the rise due to social isolation, cognitive decline, and ease of digital manipulation. Scams include phishing emails and impersonations, aiming to extract sensitive information. The impact is significant, with seniors losing billions annually. To combat this, recognizing warning signs, organizing support networks, conducting security audits, and establishing legal protections is crucial. Vigilance and awareness are essential to protect seniors' financial well-being.
