In today’s technology driven world, we’re all constantly faced with scammers and their new bags of tricks. It’s important to know what these scams look like and how to avoid them. This is especially important for seniors, as they are often the main targets for scams. Here are a few tips on how to avoid falling victim to the many scams out there keep your retirement money safe.
Via Phone
There’s a story about a senior woman who received a phone call from somebody claiming that her son was in a Mexican jail and that in order to free him she would need to wire the caller bail money. Panicked for her son, the woman complied and wired the caller thousands of dollars. She hadn’t heard anything about her son making a trip to Mexico, and in fact, her son wasn’t there at all. He was safe and sound at his home in the US.
There’s also a common phone scam where a scammer calls a senior and claims that they are with the United States Government and needed very personal information—social security number, address, etc. It’s important that you never give information over the phone to anyone you don’t know. If a caller is asking for personal information and you don’t feel right about it, then you should end the call. If they are claiming to be with a Government organization, you can ask that their request be sent through mail. Any real requests will come on official government office letterhead.
Via the Internet
The internet is a big place where nearly any kind of transaction can take place. Often, these transactions are fraudulent and made by scammers. Email scams are the number one type of internet-based scam. The most common email scams often come from an address that you don’t recognize and will claim that you have won an amount of money or are the winner of some grand prize. In order to claim it you must respond with personal information, like your bank account number. Regardless of whether you’ve recently entered into a contest, you should never have to give personal information out in order to claim a winning prize. If you receive any kind of notification via email or pop-up screen claiming that you won a prize and requests personal information, immediately close out of the window and block the email address.
Keeping Your Money Safe
Saving for retirement isn’t as easy as it once was. While you can plan for a certain lifestyle and budget for your retirement, you never know what life will be like. In order to save the most and keep your money safe, it’s best to avoid any situation that seems wrong, especially ones that require you to provide personal information and numbers to strangers. Many seniors are facing retirement without enough money as it is, and it’s more important now than ever to speak to a trusted financial advisor about how to best save and keep your retirement funds safe. You may even ask about ways to grow your funds, like through a life settlement.
If you’re interesting in selling a life insurance policy that you no longer need or want in order to grow your retirement fund, visit our qualification calculator to see if you qualify for a life settlement!
This article was provided by Leo LaGrotte, President of Life Settlement Advisors.
