The brief’s key findings are:
- Retirees with dementia need help managing their money to prevent mistakes, fraud, and abuse.
- One source of help is Social Security’s Representative Payee Program, which allows a designated person to receive and manage a retiree’s benefit check.
- Among people over age 70 with dementia, only 9 percent have a payee.
- However, the vast majority of those without a payee have other potential sources of help, often a family member.
- Those without any help are more likely to be isolated from family, less educated, and non-white.