Worries over aging investors being abused likely overstated: report
Regardless of gender or education level, most people become considerably less literate when it comes to handling money issues after age 60, according to a recent study.
The result is that retirees with significant cognitive deficits will have problems making sound financial decisions. They may make investment mistakes that cause losses in their retirement accounts that will reduce their retirement incomes and standards of living.
Or, even worse, unscrupulous advisors might take advantage of them by selling them inappropriate investments, or one with excessive commissions -- something that's more more easily done when decision-making abilities and the grasp of financial concepts are diminished.