The debate on the nation’s debt has left its senior citizens worried after President Obama announced that he cannot assure social security checks to be mailed on 3rd August.
Obama made this statement in front of the reporters on last week, leaving the senior citizens of the country in a state of alarm; unsure of how they are to cope.
“If we don’t get our social security checks, we don’t get to pay any of our bills,” said a resident of Nashville, Dorothy Cunningham.
She added, “It pays the utilities, the rent, the groceries, and prescriptions.”
With the intention of meeting the financial needs of the ever increasing senior citizen population, the Synovus Financial Corp have announced that they are to set up a selection of bank accounts designed specifically for seniors.
Nursing homes, assisted-living facilities and senior communities can all benefit from the new accounts, which have been created especially for seniors and senior facilities.
Synovus is offering the accounts under the company name the Senior Housing Group.
With the growth in the population of senior citizens, the Minnesota Department of Commerce has recently announced its venture to protect its senior citizens from investment fraud and other financial scams.
The Elder Investment Fraud and Financial Exploitation Prevention Program has been established as an effort to identify senior citizens who are vulnerable to investment fraud. Seniors are initially identified by medical practitioners, who then refer them to Adult Protective Services (APS).
Medical research shows, more than one third of Americans over the age of 71 suffer from Alzheimer’s disease or mild cognitive impairment (MCI), making it more importanrt than ever to identify and protect vulnerable seniors.
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