Imagine this, you have worked 40 years, and earned every penny you could, and now you are about to enjoy your golden years. However, in this case, the shocking truth is that Americans aged 60 and above lost between $3.4 billion and $3.5 billion to scams in 2023. That is not some things on paper. It is actual individuals who believed the wrong people and paid a lot of money.
When you retire, you become a moving target. You have time to spend, cash in the bank, and decades of believing people as they look. But some people see the dollar signs behind your smiling face.
The only way you can protect yourself is to be aware of whom to keep an eye on. The 10 types of people may appear credible, but they may be targeting your nest fund as opposed to your health.
Pushy salespeople
That salesman with the big-time offer that he is calling you is not doing you any favor. Two out of every five Americans confess that they have experienced buyer’s remorse after purchasing a product or service they later regretted. To retirees on a fixed income, these errors are even more damaging than a missed ball in golf.
Aggressive salespersons particularly target the seniors because they are perceived as easy targets. They will coerce you into purchasing boats, RVs, timeshares, or expensive cars that you do not actually require. According to reports by the AARP, these are some of the biggest regrets made by retirees.
Overly helpful neighbors
You have a neighbor, Jim, who seems pleasant when he talks over the fence about your roses. However, when he begins to provide unsolicited financial advice or tips in the line of business, you should raise the warning bells.
Other neighbors overstep others’ boundaries by proposing an investment, recommending them a financial advisor they hardly know, or selling them a business opportunity that, at best, appears to be too good to be true. They may be sincerely trying to assist, but their advice could cost you a fortune.
Unlicensed financial advisors
This is a big red flag, even big enough to be observed from space: anyone who guarantees returns on investments. FINRA cautions that retired people are the easiest targets of investment scams and unregistered advisors.
These fraudulent counselors usually have official-sounding titles and impressively appearing materials to appear valid. I would never give out a single dollar without verifying credentials.
Adult children with financial problems
This is not an easy one because we are dealing with family. However, family members are the perpetrators of 60% of the elderly financial abuse, with adult children being the biggest offenders, who would use their parents’ savings to help them solve their issues.
Perhaps your son has lost his job once again, or your daughter is not doing well in business. They may request a small loan, which turns into a bigger loan, another, and so on. You are now subsidizing their life as opposed to securing your own retirement.
Religious or community leaders
Religious groups and social institutions are significant in the lives of most retirees. However, in most cases, some unscrupulous individuals take advantage of such trusted relationships to part you with your money.
These people may pretend to be religious leaders seeking exceptional contributions, or they may use their influence in the community to sell investment opportunities to congregation members. They depend on the belief and respect that you have for the true community leaders.
Caregivers with access to finances
You may require assistance in the daily routine activities or health care as you get older. Caregivers may be saviors- National Center on Elder Abuse states that among all types of elder abuse, financial exploitation by caregivers is one of the most rapidly increasing.
Usually, it begins small and innocent. They may assist you in writing checks or making errands. Little by little, they get increased access to your accounts and financial information.
Old friends with business ideas
What if your college friend calls out of the blue after 20 years? He may actually be interested in reconnecting; however, if the discussion soon turns to a fantastic business opportunity he wants you to invest in, be suspicious.
According to CNBC, friends often sell risky businesses to retirees, exploiting the sense of nostalgia and old friendship. These opportunities may include restaurant franchises and cryptocurrencies.
Social media influencers
Social media can be beneficial for communicating with grandkids and posting pictures of your garden. However, it is also full of fraudulent financial vultures who claim to make easy money.
According to the FTC, scams against the elderly have increased through Facebook and Instagram. These influencers share images of expensive cars and exotic holidays, stating that it was all possible with the help of their investment system.
Romantic interests
In 2022, Americans lost more than $1.3 billion due to romance scams, with retired individuals being the most vulnerable victims. These are the scammers who create fake accounts on dating sites or social media, spending weeks or months developing an emotional attachment before requesting money.
According to the FBI, these criminals are advanced. They will be available to explain that they are going to work abroad or that a medical emergency is preventing them from meeting. At some point, they will require cash to buy flight tickets, healthcare costs, or attorney fees.
“Helpful” strangers offering financial tips
The sociable person who initiates a conversation at the coffee shop may seem innocent. However, in case they suddenly shift to talk about their terrific investment approach or promise to assist you in making a profit, watch out.
The Consumer Financial Protection Bureau cautions that when strangers provide unsolicited financial advice, they are likely to have a hidden agenda. They could be collecting intelligence about letters of fraud or attempting to part you with your money on the spot.
Key takeaway
You should spend your retirement years enjoying life, rather than recovering from financial catastrophes. Note, the individuals on this list are not necessarily bad people; some of them do believe that they are doing good. Nevertheless, good intentions and misplaced trust are usually the pits along the road to financial ruin.
Trust your instincts. When something does not feel right, then it is likely not. Strategize financially by doing research. Check credentials and receive a second opinion from people you are close to.
Disclaimer – This list is solely the author’s opinion based on research and publicly available information. It is not intended to be professional advice.
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