Iowa’s seniors face a number of challenges, from resisting those who want to take advantage of them to making proper plans for passing down the family farm or planning for long term care.
Iowa Insurance Commissioner Nick Gerhart said his office sees issues with attempts to scam seniors, including investment schemes and attempts to steal financial information. When older Iowans face financial challenges in retirement, schemes promising a high return on investment can be tempting, he said.
“You save your whole life trying to accumulate this nest egg and then you’re at a time in your life where you have to de-cumulate your assets. Turn them into income,” he said.
He advised seniors to speak with qualified, licensed financial advisors.
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