Your greatest financial strengths can also make you a target. As a retiree, assets like excellent credit, homeownership, and a solid nest egg are well-earned—but they also attract scammers.
Deceptions targeting older adults are on the rise, preying on financial security and trust. This article covers common scams and key strategies to help you protect what you’ve worked for.
Contractor Fraud
As you enter retirement, your home may need repairs, especially after decades of use. This can attract contractor hoaxes, including:
- Demanding advance payment and abandoning the job
- Entering homes to commit burglary
- Encouraging fraudulent insurance claims
Door-to-door solicitations are unusual for reputable contractors. To protect yourself, seek referrals from trusted sources or check Better Business Bureau listings. Before hiring, always verify a contractor’s record for complaints.
Reverse Mortgage Fraud
Reverse mortgages, especially Federal Housing Administration (FHA) -insured Home Equity Conversion Mortgages (HECMs), allow homeowners 62 + to access equity without monthly payments.
Be cautious with non-HECM options, which may involve grifts like property-flipping schemes or excessive fees from dishonest advisors. To explore a reverse mortgage, consult your bank or a credible mortgage broker.
Investment Fraud
Investment fraud can target anyone, but golden-agers are often prime victims. Remain skeptical and consult a reliable professional before making financial decisions. Beware of time-pressure tactics—if you’re forced to decide immediately, say “NO.” Tricksters use artificial deadlines to rush victims into bad investments.
Retirement should be a time to relax, but staying alert is crucial. Verify information through third parties and request details in writing to deter fraudsters. If you encounter a scam, report it to help prevent further harm.
Con artists persist when they sense opportunity but retreat when met with knowledge. While you can retire from work, you can’t retire from caution—safeguard your hard-earned savings.
Protect Your Retirement Today: Stay Informed and Vigilant
At Conroy & Associates, Inc., we understand the unique financial challenges and risks that come with retirement. While your hard-earned assets offer a sense of security, they can also attract undesired attention from those looking to exploit your success.
As part of our commitment to providing superior service and strategic solutions, we encourage you to take proactive steps to fortify your financial future:
- Stay Informed: Learn about common financial fraud scenarios targeting seniors, including contractor fraud, reverse mortgage fraud, and investment scams.
- Verify Contractors: Only hire well-regarded professionals for home repairs. Check credentials, seek referrals, and consult the Better Business Bureau.
- Exercise Caution with Reverse Mortgages: Work with established financial institutions and beware of excessive fees from deceitful advisors.
- Consult Trusted Professionals: Always verify investment opportunities with a financial advisor and avoid high-pressure sales tactics.
Your financial security matters. If you suspect a scam, report it immediately to help protect yourself and others in your community.
Contact Conroy & Associates, Inc. https://conroyassociates.com/contact-us/ should you have any concerns about scammers targeting you or your loved ones. We’re here to help you navigate these challenges with integrity, reliability, and thoroughness.
