Your senior years can be wonderful and full of joy. This is when people most commonly retire and finally have a chance to enjoy the fruits of their labor. Unfortunately, there are plenty of people out there who will take advantage of the kindly nature of many seniors and attempt to involve them in fraudulent situations. Given the nature of living off of a fixed income, you must take measures to avoid such situations.
Don’t Give Out Information
To start with, it’s important to not give out sensitive information just because someone asks for it. Sensitive information could include things like your PIN, SSN, credit card or bank account information, or Medicare details. If you know the company you’re talking to and were the one to initiate contact, it’s usually okay to disclose such information over the phone. If they called you, don’t give it to them. Don’t send it in an email either. Make sure any documents containing such details are shredded instead of just throwing them away.
Read the Fine Print
Unfortunately, some seniors may find themselves outliving their retirement income. While living a healthy, long life is something to celebrate, not having the money to fund it can be stressful at best. Such a situation can lead people to seek additional financial resources, some of which may not be as upright institutions as you might hope. Predatory lending targets desperate borrowers who often have poor credit. These people often get hit with high interest rates and cruel terms and conditions. Make sure you carefully read all the fine print in any agreements before signing them to protect yourself from such practices.
Watch Out for Scams
Seniors are often the targets of various money scams. These people take advantage of the goodwill, love, and desire to do the right thing that many seniors possess in abundance. Before you give out any information or money, verify that the request is legitimate. That will often entail you ending the initial conversation and making additional calls to verify what you’ve been told. Keep in mind that agencies like the IRS don’t make calls to tell you that you owe money. They send letters instead. If anyone calls claiming to be the IRS, it’s probably a scam.
Avoiding financial fraud is one of the ways you can protect yourself financially in your senior years. Make sure you don’t give out sensitive personal information unless it’s truly warranted, read the fine print whenever signing agreements and be on the lookout for scams. If you’re ever concerned that you could be getting targeted in a fraudulent scheme, reach out to experts and loved ones who can help you protect yourself.
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