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Senior donations expose larger problem

Richard Benjamin’s story highlights a broader trend affecting both Republican and Democratic donors, as revealed by CNN. The investigation documented 52 seniors who had donated large sums, totalling $6 million. Many of these donations were made while donors were experiencing cognitive decline, according to family members.

An 80-year-old retired communications engineer, known for his frugal lifestyle, donated $450,000 to Republican campaigns. When his son found out, he managed to recoup $151,000 after his father was diagnosed with dementia.

Other stories include a 78-year-old widow who unknowingly contributed $200,000 to Democratic campaigns, leaving herself with mounting financial burdens, and an 80-year-old Taiwanese immigrant who donated $180,000 to Trump’s campaign, passing away with only $250 in her bank account.

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The mechanics of small donations

These substantial contributions often result from a series of small, automatic payments. Both Republican and Democratic donation forms typically default to a “weekly contribution” setting, which donors must actively deselect.

Once someone donates, their information may be shared with other fundraising campaigns, resulting in a relentless flow of requests. One message from Trump’s fundraising team read, “I truly mean this: you’re worth far more than hundreds of millions of dollars to me”.

Protecting seniors from over-donating

To help prevent unwanted recurring donations, check whether a campaign’s donation is set to one-time or ongoing. Setting up credit card alerts for each charge can also help monitor spending. For families caring for older adults, it’s worth having open discussions about finances, as many of them may be unaware of recurring deductions on their accounts.

Encourage your older family members to check their bank and credit card statements, and if they can’t, seek help if needed. Many of the victims in the CNN investigation had never been politically active before making large donations, underscoring that no one is immune to elder abuse.

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William Koblensky Varela is a Staff Reporter at Wise who has worked as a journalist for seven years covering finance, local news, politics, legal issues and the environment.

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