Consumer Protection and Investor Education for Seniors
New Mexico, like the rest of the country, is experiencing exponential growth of its senior population. Financial abuse of the elderly has also been dramatically rising. Since persons over 50 control at least 70 percent of the nation’s household net worth, they are frequent targets for exploiters, especially if they are homebound and disabled in some way. Victims of financial abuse who become destitute experience a mortality rate three times higher than those seniors who are not victims!
New Mexico Statistics*:
As of 2010, 14.1% elders (65+) live in NM
It is projected that by 2015, 16.8% or 343,000 New Mexicans will be 65 and older & increasing to 26.4% of the population in 2030
As the elderly population increases, so will financial abuse incidents
Investing for Senior Citizens
When it comes to your investments and money as a senior citizen, you may ask yourself many questions, such as:
- I just retired, when do I start withdrawing money from my investments?
- Will my investments last through my retirement?
- Am I invested too heavily in stocks at my age?
- Do I actually need to increase my stock holdings to make my money last?
- Things are getting too complicated to do myself, how do I find a reliable professional for guidance?
- I received something in the mail and I am getting phone calls that “sounds too good to be true,” what should I do?
Whether you ever ask yourself questions like this or if you are assisting someone with these important financial matters, the New Mexico Securities Division can help you find the answers that are right for you.
Check Before You Invest
- Investors with questions about securities representatives can visit FINRA “BrokerCheck”
- Investors with questions about companies can visit SEC’s “Edgar”