Written by Hi, it’s Dre Griggs with Obsidian Wisdom. Today we are going to discuss 10 things that retirees should never disclose. While some may seem obvious, it’s essential to take caution and be aware of the information we share. Unfortunately, scammers often target retirees, and the consequences can be devastating. In this blog post, we will explore the top financial crimes targeting older people and provide practical tips on protecting yourself and your finances.
Retirees are particularly vulnerable to financial scams, with billions of dollars lost each year. According to the National Council on Aging, there were 88,262 complaints of fraud in 2022, resulting in $3.1 billion in losses for individuals aged 60 and older. To safeguard against these scams, it’s crucial to be informed and proactive.
Top 5 Scams for People Age 60 and Older:
Scam 1: Government Impersonation Scams
The most common financial crime targeting retirees is government impersonation scams. Scammers pretend to be government employees, often from the IRS, using scare tactics to obtain your personal information. Caution should always be exercised when disclosing any sensitive financial details over the phone.
Scam 2: Sweepstakes and Lottery Scams
Beware of sweepstakes and lottery scams where scammers pose as representatives from well-known organizations, enticing you with promises of winnings. They may request processing or registration fees upfront, only for you to discover that there was no prize. Be skeptical of unsolicited calls making these claims.
Scam 3: Robocalls and Phone Scams
Robocalls and phone scams are becoming increasingly common. Scammers may try to trick you into saying “yes” during a call, using your voice recording as consent to fraudulent activities. It’s essential to be cautious while interacting with unknown callers and avoid sharing personal information.
Scam 4: Computer Tech Support Scams
Computer tech support scams often involve pop-up messages claiming your computer has been compromised. Scammers may ask for remote access to your computer, gaining access to sensitive information. Remember, genuine tech support will never ask for your personal information or payment over the phone.
Scam 5: Grandparent Scam
The grandparent scam preys on emotions, targeting retirees’ love for their grandchildren. Scammers pretend to be doctors, lawyers, or police officers, claiming your grandchild needs financial assistance for medical or legal emergencies. Be skeptical of urgent requests for money and always verify with family members before taking any action.
Top 10 Things You Should Never Disclose:
1. Financial Details:
Be cautious about sharing specific financial information, such as the exact amount of your retirement savings, investments, or pension income. This information can be used by scammers or even well-meaning individuals to take advantage.
2. Personal Identification Information:
Avoid sharing sensitive personal information like your Social Security number, address, or phone number with strangers. This information can be misused for identity theft.
3. Travel Plans:
While it’s natural to share exciting travel plans, revealing specific details about your whereabouts can be a security risk. It may attract unwanted attention to your home when you’re away.
4. Health Issues:
Personal health information is private, and sharing detailed medical conditions or treatment plans may not be necessary. It can also be used by scammers or lead to unwanted inquiries.
5. Home Security Information:
Avoid discussing the details of your home security systems or sharing whether you have valuables stored at home. This information can be exploited by burglars or others with malicious intent.
6. Family Conflicts or Inheritance Details:
Discussing family disputes or revealing the specifics of your inheritance can lead to complications within the family and may also attract unwanted attention.
7. Passwords or PINs:
Never share your passwords, PINs, or access codes with anyone. Keep your personal information secure, especially when it comes to financial accounts.
8. Social Security Check Arrival Dates:
Disclosing the specific dates when you receive your Social Security checks or pension payments could make you a target for fraud. Relationship
9. Status and Living Alone:
Be cautious about revealing that you live alone, as this information may make you more vulnerable to certain types of scams or criminal activities.
10. Routine Schedule:
Avoid sharing your daily routine in detail, especially if it includes times when you’re typically alone or away from home. This information can be exploited by those with malicious intent.
Final Thoughts
Protecting yourself from financial scams is crucial, especially as a retiree. By being cautious about the information you disclose, you can safeguard your finances and avoid falling victim to scams. The 10 things discussed in this blog post serve as a foundation for protecting your personal and financial security. Stay vigilant, stay informed, and most importantly, stay safe.
We hope you found this blog post informative. If you enjoyed it, please remember to like and subscribe for more valuable insights on creating a wealthy retirement plan. At Obsidian Wisdom, our mission is to help you live more and worry less.
Stay safe and enjoy life!