5 Common Scams Targeting Retirees (and How to Avoid Them)

5 Common Scams Targeting Retirees (and How to Avoid Them)

As retirees enjoy their well-earned relaxation, scammers often see them as prime targets. Fraudsters use various tactics to exploit retirees’ trust, financial stability, and sometimes unfamiliarity with evolving digital threats. Here are five common scams targeting retired seniors and tips to stay safe.

1. Medicare and Health Insurance Scams

Scammers pose as Medicare representatives, claiming seniors need to update their information or pay for a new card. They may ask for Social Security numbers or banking details, leading to identity theft.1

Avoidance Tip: Never share personal information over the phone. Medicare representatives will not call unexpectedly for such requests.1

2. Grandparent Scam
A scammer pretends to be a grandchild in distress, claiming they need urgent financial help due to an accident or legal trouble. They often beg the victim to keep it secret.2

Avoidance Tip: Always verify with another family member before sending money. If possible, call the grandchild directly.2

3. Tech Support Scams

Seniors receive calls or pop-up warnings claiming their computer has a virus. The scammer asks for remote access to fix the issue, often installing malware or demanding payment for fake services.3

Avoidance Tip: Never give remote access to your computer. If you need tech help, contact a trusted professional.3

4. Lottery and Sweepstakes Fraud

Seniors are told they’ve won a large sum but must pay fees or taxes upfront to claim the prize. Once they send the money, the scammer disappears.4


Avoidance Tip: If you didn’t enter, you didn’t win. Legitimate lotteries do not require prepayments.4

4. Investment and Pension Fraud

Scammers offer “too good to be true” investment opportunities promising high returns with no risk. Some even pose as financial advisors targeting retirement savings.5


Avoidance Tip: Consult a licensed financial advisor before making any investment decisions. Verify credentials through official regulatory bodies.5


Final Thoughts

Education and vigilance are key to avoiding scams. Retirees should remain skeptical of unsolicited calls, emails, and offers that seem too good to be true. If in doubt, consult a trusted family member or professional before taking action.

By staying informed, retirees can protect their financial well-being and enjoy their retirement without falling victim to fraudsters.

 
About Harlow Wealth Management

Harlow Wealth Management, Inc. is an independently owned and operated advisor. We serve clients living in the greater southwest Washington and Portland metropolitan areas, with an office in downtown Vancouver, Washington. While our firm was officially created in 2005, our founding president, Danny Harlow, has been serving the retirement financial planning needs of our community since 1973. We focus on helping those who are retired or about to retire by building a customized retirement strategy. Our proprietary approach, the “Harlow Way”, addresses the following 5 key areas: designing a sustainable retirement income strategy, addressing healthcare and long-term care risk, investments and growing your portfolio, taxes, and estate/legacy strategies.

References

  1. https://www.ncoa.org/article/5-warning-signs-of-a-medicare-scam-and-how-to-protect-yourself
  2. https://www.fcc.gov/consumers/scam-alert/grandparent-scams-get-more-sophisticated
  3. https://www.justice.gov/elderjustice/senior-scam-alert
  4. https://www.banking.nh.gov/news-and-media/new-hampshire-attorney-general-announces-consumer-alert-regarding-lottery-and
  5. https://www.the-ifw.com/blog/lifestyle-wellness/seniors-avoid-financial-scams/

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