RJ and Makay

In the United States, the market for investors who are age 65 and older is swiftly growing.  In the next decade alone the U.S. Department of Health & Human Services projects that the 65-plus population in the U.S. is expected to grow from 40 million to 55 million, which is a 36% jump.  For the financial services industry, this means we can expect to see a lot more senior investors in the future.  However, this also means that we may be seeing more investors who are suffering from the many chronic illnesses or conditions that accompany older age, such as arthritis, diabetes and senile dementia.  Because these vulnerabilities are more prominent in the 65-and-older age group, this set of investors has very specific needs that are different than those of investors in other age groups.

Besides actively developing new products and seeking to provide financial advice and services to investors who are at or past retirement, the financial services industry also seeks to protect them. The Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) all see the protection of senior investors as a top priority. Seniors are particularly vulnerable to fraud and abuse.  An article from the Washington Post explained that more than a third of the elderly population over seventy has some sort of memory disorder.