Retirement Planning Store, Inc.
  • Home
  • LTC
  • Insurance Review Service
  • Privacy Policy
  • Contact Us
  • Blog CMS
  • Annuity
Like us here

How Seniors Can Avoid Financial Fraud

5/7/2021

0 Comments

 
Picture

It is quite common for seniors to be taken advantage of financially. As people age, their mental faculties are decreased, they become more trusting and optimistic, and they might not be as adept at making decisions. This makes them particularly susceptible to fraud and it’s important to know good practices to avoid it happening to you.

Only Buy From Reputable Companies

As you amass more wealth, you might want to turn to investing to help grow your money. If this is the case, you’ll end up purchasing some financial products. It’s important to only buy these products from reputable companies. Working with these companies can help you avoid fraud because they are trusted by many and are properly vetted. Make sure anyone you work with is properly licensed and ask them to prove it if necessary. You want to carefully choose a financial advisor so you can remain safe.

Read the Fine Print

While it does take extra time and effort, it’s a wise idea to read the fine print of any contracts before you sign anything. When reading over contracts, it’s easy to focus on the benefits you’ll receive. The fine print is where most of the drawbacks will be located, including extra fees, exclusions, and more. Reading the fine print can also help you see if you are being taken advantage of. For example, there are predatory loan services out there that use fraudulent tactics to take advantage of people financially. Predatory loans often have high fees and interest rates. Identifying these and other factors can help you avoid being taken advantage of.

Be Aware of Common Scams

People will try to take advantage of seniors because they believe it to be easy. If you want to stop fraud from occurring, you need to be aware of common scams and practices. Many scams will use relationships to get to your money. Someone might call pretending to be a grandchild in trouble and in need of money. Others will engage in online dating, claim to be in love, and then begin siphoning money. People may also claim you’ve won the lottery, that they’re collecting money for charity, or that they are offering you much-needed home repairs. In every situation, it’s important to ask lots of questions and thoroughly vet people before giving any money.

Unfortunately, some people will target seniors due to their age and status in life. If you want to keep yourself and your finances safe, you need to educate yourself on finances as a whole and especially on good practices. Doing so can protect you from fraud.

Read this next: How to Protect Yourself against Wild Market Swings in Retirement

0 Comments



Leave a Reply.

    Author

    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2023 will be the start of my 35th year in the business. 

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    November 2020
    August 2020
    July 2020
    June 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    May 2019
    April 2019
    December 2018
    November 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.