This week on the Retirement Quick Tips Podcast, I’m talking about the 5 ways to ruin your retirement...and all have nothing to do with the economy, the stock market, social security, inflation, or interest rates. 

Today, I’m talking about how elder fraud can ruin your retirement. If you’ve ever been a victim of identity theft, had your bank accounts compromised, or even your email or FAcebook account hacked, you know how painful and frustrating it can be to fix the problem. 

Elder fraud is becoming more and more common, and costs older Americans more than $3 billion annually. And that’s likely just the tip of the iceberg...many older Americans may not even be aware that they were scammed, or if they are, they are afraid to report it, since it may cause them to lose their independence and the management of their financial affairs. Older people tend to be polite and trusting, and less aware of the ever-changing schemes of the scammers. 

It’s hard to keep up with the ever-adapting schemes of fraudsters, but one of the most important protections is a healthy level of skepticism about anything unsolicited. Whether that be a phone call, someone at your door, an email - clicking links or opening attachments in emails are often the gateway for hackers. Understanding and appreciating how easy it is for fraudsters to scam you will help you be on guard and less likely to click on the link or respond to the email about the sweepstakes you supposedly just won. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance