Once you reach retirement, you’d think people would leave you alone to relax and enjoy all the hard work you put into saving.
Unfortunately, scam artists prey on people like you specifically because they think you’re unaware of their schemes.
If you are, allow me to change that. The last thing I want is for you to lose out on your savings and security because some nasty scammer thought they could make a quick buck.
These techniques bring in $3 billion a year from retirees like you. Don’t be their next victim.
Here are some of the most common ways scammers will try to take advantage of you during retirement.
1. Medicare imposters
The recent changes in Medicare identification cards have created countless openings for scam artists to swindle you out of money.
They’ll call you and say they require your Social Security Number (SSN) and payment to replace your old ID card.
It’s a complete fraud. Medicare is an official institution and they will ONLY contact you through postage.
Also, a replacement ID card is free of charge. What these imposters are doing is stealing your identity by obtaining your SSN and stealing your money for a nonexistent card.
Always be wary of unsolicited calls from programs that involve your sensitive information.
If you receive a suspicious call that requests money or information from you, hang up and contact the agency yourself.
2. IRS fakes
The same goes for random calls from the IRS. Scam artists may claim you have back taxes to be paid through a debit card or by wire.
They may even have personal information about you, like the last four digits of your SSN.
This should set off a red flag immediately. Generally speaking, an IRS agent will never call you.
They generally communicate through the postal system, especially if payments are required from you.
If you should receive a call like this, remain calm and end the conversation as quickly as possible.
Then you can take the appropriate steps to confirm with the actual IRS without buying into the phony’s plot.
3. Fake prescriptions
What’s even scarier than Medicare or the IRS calling you is the fact that crooks will try to sell you discounted prescription medications.
Not to mention how dangerous it is to ingest medication not prescribed to you by a doctor, they also prey on your fear and your money.
They may have hacked into a system for access to your online history, and if you order your medications online, they could offer a cheaper alternative.
First things first, do not purchase medication unless it is from a legitimate source and you can confirm the pharmacy is licensed by your state and a licensed pharmacist is on staff.
The hackers get you to send payment and in return they send a medication that won’t help your condition, and do who knows what else, seeing as it is an unknown substance you’ve ingested.
4. Lottery scams
As great as it would be to win the lottery, the actual lottery will not call you and ask for money to cover fees related to your cash prize.
Once you send money, the scammer will send a fake check. Your bank will reject it, then the scammer walks away with your money.
Your best defense is to remember that legitimate lottery wins don’t come with upfront fees. You don’t have to pay to claim a prize.
5. Investment schemes
If someone contacts you about investment advice, claiming to be a financial professional, be cautious.
Here at The Midas Legacy, we always make sure we contact you from a place of trust; you know us, and we try to get to know you.
But when a stranger reaches out with unsolicited financial advice, don’t trust them with your financial account information.
They will ask for access to your investment or retirement accounts, and they’ll literally make off with your money.
To protect your funds, do research on any financial advisor you choose to work with and arrange face-to-face meetings when possible.
There should be complete transparency between you and your financial advisor, and there should never be a time when you cannot access your money.
6. Family-related deception
We all want to do what’s best for our family members, and heartless attackers take advantage of that.
Some nefarious scam artists will pretend to be a family member, often a grandchild calling their grandparent, asking for money to get them out of trouble.
They’ll even call while sobbing on the phone, so you won’t realize that you don’t recognize their voice.
As much as it may bother you, hang up. Then, contact your actual family member to confirm if the call was real or not.
As you can see, nothing is off-limits for these immoral scam artists to get ahold of your money or information.
Here at The Midas Legacy, we want to make sure that your interests are taken care of and you’re prepared to protect yourself against nasty scammers who would take advantage of you.
With these tips, I hope you feel better prepared to protect yourself and your money from people who would try to take it all away.