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Tips To Avoid Financial Scams In Retirement

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Tips To Avoid Financial Scams In Retirement

Security breaches, identity embezzlement, online fraud – it all could happen when you are the least prepared and even during retirement.It’s happening everywhere and leaves the countless sufferers in its sweep. If you aren’t careful, you could have con artists get access to your financial data quickly. While you wouldn’t want to lose any money anytime, it could hurt even more after your retirement.

Here are some top common scams to be aware of once you’re retired and tips to avoid them!

Medicare Identity Theft

You could have a person at your door or calling you claiming himself to be a Medicare representative. This person will ask for personal information. You may be asked to cover the cost of Healthcare services you did not receive.

Never share such information, since once you do, the scammer will utilize it to bill Medicare or for fraudulent services. Whenever someone tells you that you need a replacement Medicare card or perhaps even a supplemental policy, it is time hang up the phone. Make a report with the police department if someone is canvassing your neighborhood. With Medicare, they will not have representatives coming to your home. Everything will be sent to you without charges.

Grandparent-Relative-Friend Fraud Scheme

You could get contacted by someone either regarding or claim to be your grandson, granddaughter or other relative or friend and need some money immediately. The con would act very swift and smart. They try to get a quick decision before you can assess the situation and realize the truth. Do not transfer funds, hold on, sit tight and contact your family members or friends.

IRS-Government Imposter

You may get a call claiming to be from the IRS. However, the real IRS will only communicate with a taxpayer through Postal Services. You will be told by the scammer that you owe back taxes, and you have to either wire or use a prepaid gift card for the payment.

Mover Cons

Moving? You might encounter a cheap too good to be true quote. Guess what? It is. Check and go through the details.  Make sure the mover is legitimate. These movers can load your belongings into a truck and hold them captive until a specific price is paid.

Investment Schemes

A fake person calls over and claims to be a financial advisor. You will be asked to pass the information about your savings and retirement funds. When you do share your personal information, the con would access your account, transfer the money and go away. Before trusting anybody as your financial advisor, verify the credentials, memberships, and experience. Question them why you can not retrieve profits and a principal amount.

Your Passwords

Online hackers have mastered themselves in cracking easy passwords like “12345” or your name, or even your birth date. Always use eight characters including upper and lowercase letters. Financial scams are everywhere and impact everyone. We all have to do our best to avoid them. These con artist target retirees thinking they can trick them and knowing they have retirement savings. These few tips should help you avoid the tricksters targeting retirees.

After Fifty Living™ was founded by Jo-Anne Lema, a genuine Boomer and member of the 50+ generation. As she likes to say, “Our enormous generation is charting new territory – we’re healthier, better educated, and more financially fit than any other generation at this time. And, as we march through history, 110 million strong – unique, new issues are developing. It’s exciting to be a part of the development and growth of AfterFiftyLiving.com. This is a historic solution for a historic generation.”

Jo-Anne spent many years in the financial and operations side of higher education after having received a doctorate in education management and administration from Harvard, and an MBA from Southern New Hampshire University. Launching out on her own, though, has been the fulfillment of a life dream. Jo-Anne believes that “AfterFiftyLiving™ will delight its visitors, catalyze its partners, and will significantly benefit those who engage it.”

Residing in New England along with her husband of 35+ years, she never ceases to brag about her two children and 4 grandkids!

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