Senate Aging Panel Highlights the Importance of Financial Literacy

Published in RINewsToday on May 18, 2026

Chairman Rick Scott (R-FL) and Ranking Member Kirsten Gillibrand (D-NY) of the U.S. Senate Special Committee on Aging held a hearing last month called “Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence.” The hearing, held during National Financial Literacy Month, focused on the need for financial education and income security for older Americans.

The April 15 hearing lasted just over an hour and focused on improving financial and retirement security for older Americans. During his opening remarks, Sen. Scott announced the release of a bipartisan 2026 Financial Literacy Booklet to help older Americans spot and avoid scams.

At SH-216, the Senate Aging Committee confirmed its continued work to protect older adults from financial exploitation and built on earlier efforts, such as the 2025 Fraud Report.

New Resource for a Secure Retirement

The new 39-page bipartisan booklet, Guarding Your Nest Egg: A Financial Resource for Older Adults, helps older Americans manage their finances, protect themselves from fraud and scams, and plan for a secure retirement.

As Sen. Scott noted: “For so many Americans, especially our seniors, it’s hard to find the information,” Sen. Scott said in his opening statement. “And when you do find it, it’s often incredibly complicated. As a country, we have done a poor job of ensuring people know their options and what route will work best for their needs.”

Sen. Scott says financial literacy is one of the most powerful and most underused tools to protect older Americans. “When they understand how their benefits work, they make better decisions,” he says.

“When they know how to read a financial statement and recognize bad actors, they’re harder to deceive. When they understand the difference between a legitimate investment and a pitch that’s too good to be true, they protect themselves. And when they know where to turn for trusted help, they realize they are not navigating this alone,” said the Florida Senator.

Finally, Sen. Scott added, “The best part is that this doesn’t require a new government program or more federal bureaucracy.” He stressed that the solution is not more federal spending, but “clear information, trusted messengers, and a commitment to getting that information into people’s hands.”

The Senate Aging Committee’s new booklet helps readers make smart retirement and financial decisions. It covers an array of topics, including Social Security, Medicare, housing, charitable giving, disaster preparedness, and even planning for unexpected events. Throughout its pages, practical advice is given to help older adults protect their savings and avoid fraud and scams.

Sen. Gillibrand, in her opening remarks, noted that over 11,000 Americans turn 65 every day. Longer lifespans mean more years in retirement, so careful retirement planning is needed, she says, stressing that aging populations put pressure on budgets and healthcare programs at all levels.

The New York Senator mentioned a recent statement by President Donald J. Trump, who suggested that Medicare and Medicaid should be managed by states rather than the federal government. She countered that comment, noting that since Medicare and Medicaid were enacted in 1965, older Americans have come to rely on these federal programs and expect them to be in place when needed.

Sen. Gillibrand pointed out that the Centers for Disease Control and Prevention data show about 44% of adults over 65 have a disability. Many people don’t see themselves in these statistics, and some find it difficult to plan to take care of a child or adult with special needs. Even when people set financial goals and save, unexpected events can still occur, she says.

Expert Witnesses disclose Insights on Financial Literacy

The Senate Aging Panel brought four expert witnesses from the Financial Industry Regulatory Authority (FINRA), the American Bankers Association Foundation, AARP, and the financial planning community to testify at the hearing. These witnesses stressed the value of financial literacy and highlighted the growing complexity of fraud schemes. They also called for a coordinated approach that leverages education, training, partnerships, and legislation to protect older Americans’ finances.

“For older Americans, financial literacy is not a luxury; it is key for building wealth, protecting savings and preserving autonomy,” says Christine Kieffer, Interim President of the FINRA Investor Education Foundation. Kieffer explained that financial literacy helps manage financial difficulties, but it is not enough to prevent scams. It should be combined with awareness of scams, an understanding of persuasion tactics, and a coordinated approach to ensure real protection.

Sam Kunjukunju, Vice President of Consumer Education at the American Bankers Association Foundation, suggested banks protect and educate older consumers, train bankers, work with law enforcement and adult protective services, and use technology. He also called for a nationwide education campaign and federal laws allowing banks to delay suspicious transactions.

From large banks to small community banks, these financial institutions offer fraud prevention workshops, online banking training, and financial wellness seminars, and coordinate outreach efforts with community organizations, says Kunjukunju, citing several examples.

Carly Roszkowski, AARP’s Vice President of Financial Resilience Programming, shared that 64% of adults worry about having enough money to retire, and nearly one in five non-retirees have no retirement savings. She discussed the real financial challenges older adults face.

AARP provides practical, easy-to-use digital tools (calculators, guides, and other resources) that enable older adults to make informed decisions about their financial future, thereby strengthening their long-term retirement security, says Roszkowski.

“The retirement system now shifts risk to the individuals, but education and support never caught up,” said Roszkowski in her testimony, explaining that the U.S. retirement system now places primary responsibility on individuals to manage savings, investing, and turning those savings into lifelong income.

“Financial literacy works – but only when it’s practical, sustained, timely, and paired with decision support,” adds Roszkowski.

Furthermore, Roszkowski argued that since individuals now bear more risk, financial literacy should be taught throughout one’s life. This approach should cover complex decisions that must be made in later years, as well as fraud risks, drawing on trusted, accessible sources.

In his testimony, Scott Kahan, a certified financial planner, also shared his experience navigating Medicare at age 65, even after 40 years in finance, to illustrate how complex it can be.

“Many people don’t use a financial planner for retirement planning. They might think they don’t have enough money or believe free help online is enough,” says Kahan, warning that this belief is often wrong and misleading.

Getting help from skilled, ethical financial planners like CFPs is essential and should not be considered a luxury, Kahan states, describing this assistance as a lifeline for managing financial complexity and avoiding fraud.

At this hearing, the expert witnesses said that today’s scams are sophisticated schemes that use Artificial Intelligence, voice cloning, and psychological manipulation. They also pointed out how hard it is to make wise choices about when to take Social Security, enroll in Medicare, and manage savings, especially when information is complex, hidden, and difficult to find on government websites, or even biased.

The witnesses also called on banks, government, regulators, nonprofits, and law enforcement to work together to help older Americans make better financial decisions and avoid scams. They often said that information and warnings should come from trusted sources such as family, bankers, financial planners, or groups like AARP.

 A Final Note…

Hopefully, the testimony at the Senate Aging Committee hearing will push Congress to move quickly to establish a “uniform national framework” that eliminates inconsistencies among state laws and better protects older Americans from today’s increasingly sophisticated fraud and scams. Possible steps include a federal “safe harbor” law allowing banks to delay disbursements or temporarily hold transactions when fraud is suspected, the creation of new task forces focused on combating elder fraud, and increased funding for national financial literacy campaigns.

The witnesses’ testimony about scams and complex systems may prompt federal agencies, such as the Securities and Exchange Commission, the Social Security Administration, and the Centers for Medicare & Medicaid Services, to make their communications and processes easier for older adults to access.

To watch the April 15 Senate Aging Committee Hearing, go to Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence | United States Senate Special Committee on Aging

Download/read the “Guarding Your Nest Egg, a Financial Resource Guide for Older Adults:   https://www.aging.senate.gov/imo/media/doc/guarding_your_nest_egg_a_financial_resource_guide_for_older_adults.pdf

Older adults attract scammers with popularity of cyberdating

Published in RINewsToday on February 10, 2025

Digital technology is not just a way to find information and news, shop, or even search and apply for jobs.  For older single adults, getting back into the dating scene can be difficult. It could be after a divorce, or death of a spouse, or just deciding some years too late that having a mate is something desirable at this time of your life.

Dating rules have changed since years ago. But, since the mid-1990s, when Match.com, the world’s first online dating website was launched, millions have utilized internet dating as a way to meet potential partners without leaving their home.

Today, online dating, sometimes referred to as cyber-dating, has replaced traditional ways (like belonging to civic groups, clubs and attending church) singles use to find that special person.

Even though many might consider on-line dating a crap shoot in finding that perfect person to spend the rest of your life with, a growing number of older adults are using online dating platforms.  And many, unfortunately, are falling for online dating scams, as well.

A Snapshot of Older Online Daters

Last July, an article penned by Olivia Sidoti, research assistant, and Michelle Favero, research associate at Pew Research Center, provided an analysis of how older adults experience dating sites and apps and their views of online dating.

The data, obtained from a survey conducted in July of 2022,  was taken from a 74-page report, “From Looking for Love to Swiping the Field: Online Dating in the U.S., released on Feb. 2, 2023.

According to the Pew study, about a quarter of older Americans in their 50s have used an online dating site, compared to 14% percent in their 60s and 12% in their 70s and older.

However, just 3% of the older respondents are currently using online dating platforms or have used them with the last year, compared with 15% of those under age 50.

The Pew study found that 6% of the respondents over age 50 who were married, living with a partner or in a committed relationship, found their significant other online.

With so many dating sites and apps available to choose from, the survey findings indicate that about 1 in 5 online daters have used Tinder.

About half of the adults age 50 and over cite seeking a long-term partner or spouse as the reason they have online dated in the past year. Meanwhile, about 36% say they want to date casually, with 22% saying their motivation is casual sex.

The researchers found that women aged 50 and over are more likely than males who use a dating site or app to say their dating experiences have been negative.

About half of the online daters ages 50 and over say they have encountered someone who they thought was trying to scam them.  Furthermore, about four-in-ten online daters ages 50 and older (45%) report unwanted behaviors while seeking a date online. Specifically, they were sent sexually explicit content they didn’t ask for (33%), and 26% were continually contacted after they expressed disinterest. Seventeen percent of the older users report they were called offensive names, and 4% were physically threatened.

Protecting Yourself When Online Dating           

According to the Centers for Disease Control and Prevention (CDC), nearly one in four individuals older than age 65 are considered socially isolated. Older adults are at risk of isolation and loneliness due to living alone, loss of family and friends, chronic illness and hearing loss.  

CDC says that there are also physical health risks as well. Those dangers include significantly increased chances of an early death, 50% increased risk of dementia, 29% increase in the likelihood of developing heart disease and a 32% higher chance of having a stroke.  

There’s a Class for that!

With so many older adults not having meaningful relationships with their family or without having a significant partner, Sun City, Arizona-based Banner Olive Branch Senior Center offered a class covering the basics of finding love and companionship online.    

“We feel this is an important topic to address because there are many seniors [in our community] who are alone,” says Jackie Cromer of Banner Olive Branch and instructor of the online dating class held last April. “It’s an approach to add some fun and excitement into their lives and allow seniors to feel connected and potentially even find love,”  she said.

The class covered which dating sites to select, how to write and choose photos for your dating profile, the best ways to find and connect with potential matches, how to handle rejection, and emphasized safety tips such as not giving personal information, meeting in a public place, transporting yourself to the date and letting loved ones know your whereabouts. 

Tips on Protecting Yourself Against Romance Scams

As a growing number of older adults go online to search for that special person, scammers take advantage of these individuals. According to the Federal Trade Commission (FTC), in 2022 almost 70,000 people reported being a victim of a romance scam.

Be aware of “red flag” indicators of a potential romance scam, when approached on a dating site, warns Home Security Investigations (HSI), the principal investigative arm of the U.S. Department of Homeland Security, noting that scammers seek to gain the victim’s trust and then provide false information or misrepresentation to gain a financial benefit.

Here is some advice from Home Security Investigations (HSI):

HSI urges older online daters to watch out for the following indicators of a potential romance scam, when a potential partner:  

·         Claims they live, work or are traveling abroad.

o    Lacks proper grammar, although they claim to speak English.

·         Claims to be notably younger than you.

·         Quickly professes love to you.

·         Has a story that is inconsistent.

·         Has a minimal online presence.

·         Sends general photos (mostly fake/AI generated) of themselves traveling, shopping, or dining at luxurious locations.

o    Sends or requests explicit photos or videos.

·         Mentions the idea of meeting and being together soon.

·         Provides periodic excuses for being unable to make a video call (e.g., Facetime).

o    If a video call happens, you’re unable to see their face clearly.

·         Requests to have conversations/texts be moved to a separate app (e.g., WhatsApp, Telegram).
Asks for money, often via non-traditional methods such as cryptocurrency or gift cards.

o    Asks if you’ve ever invested in cryptocurrency and/or foreign exchange market.

o  Sends a business link of a cryptocurrency and/or foreign exchange trading platform.

o    Is combative with you or tries to divert your attention when you question their intentions.

Lastly, if your bank contacts you to express concern you are being victimized, this is perhaps the most significant red flag that you are being targeted.

You can also call the AARP Fraud Watch Network Helpline at 1-877-908-3360 to talk with a trained specialist about protecting yourself when seeking a relationship on a dating site.

Matchmaker, Matchmaker, make me a match!

Many are now saying that the most successful way to find that appropriate partner is to be introduced to her/him by someone you know – be that family or friend. And, while not plentiful, and sometimes expensive, matchmaking services that match you up for a date, one on one, are around, even in Rhode Island. The good part is they will coach you on what to where, what to talk about if it’s been awhile since you had a date-convo, and if after the date, it doesn’t work out, they will handle the uncomfortableness of that conversation with the other party – and keep working on your behalf. Some matchmaking services advertise on local radio, and that may be a good place to start. All the rules of scams and checking out the company or person are still advisable, of course – ask for references!

And let us know how it goes – until then – Happy Valentine’s Day (week)!

___

Rhode Island’s 5-year plan to support persons with Alzheimer’s, related disorders

Published in RINewsToday on February 19, 2024

Last week, state and federal leaders, and the Alzheimer’s Association of Rhode Island, gathered at the East Providence-based PACE Rhode Island to announce the release of  the latest Rhode Island Alzheimer’s Disease and Related Disorders (ADRD) 2024-2029 State Plan. This 25-page strategic plan, details 36 recommendations to improve the quality of life and accessibility of care for Rhode Islanders with ADRD by the end of this decade.

The 5-year plan provides Rhode Island a “Rhode map” to channel its resources to provide care for a growing number of persons with ADRD. In 2020, an estimated 24,000 adults in Rhode Island ages 65 and older were living with ADRD (being cared for by over 36,000 unpaid caregivers). This makes Rhode Island the state with the third highest percentage of Alzheimer’s disease in New England. And this number is expected to increase by nearly 13% over the next few years, with state officials calling it a growing public health crisis.

The State Plan was developed by the RI Advisory Council on Alzheimer’s Disease and Related Disorders and statewide partners consisting of researchers, advocates, clinicians, and caregivers. This public process resulted in identifying dozens of strategies to empower all individuals impacted by dementia to achieve their best quality of life.  (Editor’s note: Weiss serves on the Rhode Island ADRD Advisory Council).

To ensure that the State Plan was community-led and inclusive, the Rhode Island Department of Health (RIDOH) hosted an in-person strategic planning session at PACE-Rhode Island in July of 2023 with nearly 50 attendees representing community-based organizations, people with lived experience, health system partners, academia, and social service agencies.

The released State Plan also calls for the creation of accessible neighborhoods with walkable sidewalks, greater access to healthy food options, and safer public spaces for people living with dementia.  It highlights the importance of convening a workgroup focused on elevating and addressing issues of health equity in dementia care.  It even recommends working closely with Rhode Island cities and towns that have a high prevalence of ADRD to develop action plans that promote age and dementia friendly resources and information that identify local supports for people with dementia and their caregivers.  

From the Plan: Goals for the next 26 years in staffing call for adding 15 more gerontologists and 2,069 aides by 2050 – or on average: .58 gerontologists and 80 aides per year. (Editor’s Note)

The announcement and launch

Lt. Gov. Sabina Matos and RIDOH, joined by Gov. Dan McKee, Sen. Jack Reed, Office of Healthy Aging Director Maria Cimini, and the Alzheimer’s Association of RI, along with Kate Michaud of Congressmen Gabe Amo’s Office, gathered on Feb. 15 at PACE Rhode Island, to launch the release of Rhode Island’s road map to coordinate resources to combat the growing incidence of ADRD cropping up throughout Rhode Island communities.

“This State Plan brings together every part of our government to support Rhode Islanders whose lives are affected by ADRD,” said Lt Gov. Sabina Matos, kicking off the 30-minute press conference. “Under this plan, we’re connecting federal, state, and local government resources to build strong communities where people with dementia can thrive. I’m grateful to be able to serve alongside the community leaders and experts on our state’s Advisory Council on ADRD in coordinating these efforts and carrying on the work started by Gov. McKee,” she said.

“The Plan is our state’s promise that you will never face these things alone – because Team Rhode Island is behind you,” pledged Matos.

“Rhode Islanders and their loved ones affected by Alzheimer’s or related disorders are at the heart of this new state plan,” said Gov. McKee, who as Lt. Governor finalized and distributed the previous five-year ADRD STATE Plan in 2019. 

“Giving them the necessary resources and information to enhance their health and well-being is critical,” said the Governor, stressing that a cure is possible. “We all can play a role, and one of the most important roles people can get involved in is through clinical trials,” he says.

Gov. McKee recognized the efforts of Matos, the ADRD Advisory Council, and the researchers, advocates, and caregivers across our state for crafting, he said, “a very comprehensive plan that promotes inclusion and support.”

Under McKee’s previous five-year plan and its update, the state has accomplished the main goals of dedicating a full-time employee (funded with federal dollars) to coordinate ADRD strategy and promoting ADRD research opportunities in Rhode Island, and including brain health in the state’s other chronic disease management activities. 

Sen. Jack Reed, who serves on the largest and most powerful committee in the Senate responsible for crafting bills that fund the federal government and its operations, left Capitol Hill to travel back to the Ocean State for the press conference, to assure the attendees that he will continue pushing Congress to invest in finding a cure for ADRD. 

Last year, Reed noted that Congress increased the NIH budget to $47.5 billion, and set aside $3.7 billion specifically for Alzheimer’s disease reach. “I’m working hard to raise that total by at least $100 million this year,” he said.

Reed stressed that it is “critical for state officials to continue to focus on effective ways to improve the quality of life for those impacted by dementia and deliver caregiver support.”  But, when it comes to brain health studies, Rhode Island-based researchers are on the “leading edge of the fight against Alzheimer’s.” 

Sandra Powell, Deputy Director at the Rhode Island Department of Health called launching of the State Plan a “big deal” stressing this work is so critical.

According to Powell, the State Plan takes a comprehensive approach focusing on lifestyle modifications, supporting healthcare professional engagement to increase early detection and diagnosis, building a workforce to deliver person-centered dementia care, and using data to drive decision-making and to tackle health disparities. 

Since receiving funding in 2020 from the Centers for Disease Control and Prevention, “we’ve done a lot to connect with partners and advocates to leverage resources for persons with dementia,” says Powell.

“Although most Rhode Islanders and Americans likely know somebody who is living with Alzheimer’s, if people think it’s not their concern, consider these facts. 1 in 3 senior citizens will die as a result of Alzheimer’s or a related dementia. Alzheimer’s disease costs the government more than $350 billion per year for care and more, and by 2050, this disease is expected to cost the government alone 1 trillion dollars,” said Donna McGowan, Executive Director of the Alzheimer’s Association of RI“So, think again if you believe it’s none of your business. This killer is all of our business!” she says.

“With the great progress and improvement, the plan has seen, our focus remains on creating the infrastructure and accountability necessary to build ADRD-capable programs and services,” says McGowan. With the U.S. Food and Drug Administration approving drugs, like Leqembi, that are proven to effectively slow down the progression of the devastating disease for those living with early onset Alzheimer’s, she calls on Medicare to cover most of the costs. “At the moment, the $26,000 cost copayment for the drug makes access largely prohibitive,” she notes.

“It is high time that the discrimination against those living with Alzheimer’s stops,” says McGowan, stressing the Medicare covers most of the costs for drugs and treatment of major disease, specifically cancer, diabetes, HIV/AIDS, heart disease and COVID.

According to Joseph Wendelken, RIDOH’s public information officer, funding from the CDC, for a five-year implementation grant, $500,000 for each year of the grant cycle from Sept. 30, 2023, to Sept. 29, 2028, has been secured to support the development and implementation of the State Plan. And state funds allocated to key partners such as the Office of Healthy Aging, will help to advance the work of the plan,” he says.

Sen. Sheldon Whitehouse, attending the Munich Security Conference, and Congressmen Seth Magaziner and Gabe Amo, at the Capitol expecting a vote, couldn’t attend the press conference. The federal delegation sent its support for the newly released Alzheimer’s State Plan.

A Final Note…some ideas left in the “parking lot”, but can be included in other plans

The new 5-year State Alzheimer’s Disease and related Disorders Plan builds nicely on the prior Plan from 2019,” observes Maureen Maigret, Policy Advisor for the Senior Agenda Coalition, who also serves on the state’s ADRD Advisory Council. “The five-year plan continues to be based on a strong public health approach emphasizing education about brain health, information on available resources, early detection, training of the healthcare workforce across care settings on the care and service needs of persons dealing with dementia, caregiver supports and includes a strong focus on equity,” she says.

According to Maigret, a former Director of the former state’s Department of Elderly Affairs, it includes some new areas of focus for community involvement and attention to ‘age-friendly’ issues. “The next step — developing the Action Steps needed for Plan implementation is critical as it requires collaboration among many parties,” she says.

“The fact that we have a federal grant and dedicated staff should ensure the Plan will be a working document and guide development of needed actions moving forward. There are also a number of concrete ideas and suggestions contained in a “parking lot” that merit consideration,” says Maigret.

As to the phrase “contained in a parking lot,” Maigret noted that ideas were generated by participants in the Strategic Discussion that took place in July 2023. Some of the input that was provided did not fit into the existing plan objectives and strategies and was placed in a “parking lot,” she says.

“Many of the “parking lot” suggestions could be addressed in other State Plans such as the Rhode Island State Plan on Aging or the Rhode Island State Plan on Caregiving. As the current strategies are achieved, these ideas may be considered for inclusion in the plan, with input from stakeholders,” says Maigret.

The 2024-2029 ADRD State Plan is available for all Rhode Islanders to read online by going to https://health.ri.gov/publications/stateplans/2024-2029Alzheimers-disease-and-related-disorders.pdf, or read or downloaded, below.

This is the second in-depth policy report developed and released by Lt. Gov. Matos’s policy councils, following the 2023 release of Meeting the Housing Needs of Rhode Island’s Older Adults and Individuals with Chronic Disabilities and Illnesses from the Long Term Care Coordinating Council.

If you or someone you know needs supported related to ADRD, call 1 800-272-3900. The Alzheimer’s Association website (www.alz.org) offers a wide range of dementia and aging related resources that connect individuals  facing dementia with local programs and services.

Herb Weiss, LRI-12, serves on the state’s ADRD Advisory Council and is a Pawtucket-based writer who has covered aging, health care and medical issues for over 43 years. To purchase his books, Taking Charge: Collected Stories on Aging Boldly and a sequel, compiling weekly published articles, go to herbweiss.com.