Kitchen Table Finance

S3E46 – Preventing Identity Theft in Retirement

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Identity theft and fraud can pose significant risks to retirees, especially as scammers adapt their methods to exploit those aged 60 and above. This episode addresses how identity theft impacts retirees, the common scams targeting them, and actionable steps to safeguard your financial security in retirement. With insights drawn from the Federal Trade Commission’s latest findings and real-life scenarios from our clients, we uncover red flags, preventative measures, and the importance of staying vigilant.

https://youtu.be/vnURdPNK-sY

Key Topics Covered

Who Scammers Target

Surprising stats reveal the two age groups most commonly targeted by fraudsters, with retirees in the 60+ demographic at high risk due to tech support scams, fake prize schemes, and impersonation fraud.

Biggest Frauds for Retirees:

  • Tech support scams posing as antivirus or Geek Squad representatives.
  • Social Security and Medicare fraud often prompt victims to “verify” personal data via fake links or calls.
  • High-pressure sales tactics at seemingly legitimate investor dinners.

    • What the Statistics Show:

    • Average financial loss increases significantly with age, reaching $1,500 per scam for those aged 80+.
    • Scams come from various channels, including phone (24%), online (21%), and even social media (15%).

      • Steps to Protect Yourself:

      • Always verify legitimacy by conducting independent research on any unsolicited offers.
      • Never reveal your Social Security number in public or carry your card unnecessarily.
      • Monitor your benefits and secure your accounts through trusted cybersecurity measures.
      • Be wary of offers promising high, risk-free returns, and take time to make investment decisions.
        • Resources Mentioned
        1. Federal Trade Commission Fraud Data
            • Learn about common scams and tips on how to avoid fraud at ftc.gov.
              1. Investor.gov
                  • Check out this trustworthy resource for avoiding retirement and investment scams.
                    1. ssa.gov Security Features
                        • Protect your Social Security with tools and resources on the official website at ssa.gov.
                          • Key Takeaways
                          1. Fraudsters often exploit retirees due to perceived vulnerabilities—stay skeptical, especially of unsolicited calls or emails.
                          2. Scams targeting tech support, Social Security, and investment funds are common; question high-pressure sales tactics and ensure legitimacy.
                          3. Always investigate the credibility of “offers” and rely on licensed professionals or verified government agencies when engaging with your financial details.
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                            If you’re worried about keeping your retirement savings secure, or you’ve encountered a questionable offer, don’t hesitate to reach out to us at Shotwell Rutter Baer. We’re here to help you protect what you’ve worked hard for. Get in touch with us or visit our website to schedule a consultation at srbadvisors.com.

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                            Kitchen Table FinanceBy David Shotwell CFP(r) and Nick Nauta CFP(r)
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