Seniors Need to be Aware of Con Artists

Seniors need to be aware that there are many untrusting people just waiting to take their money. It is common for seniors to be approached with an offer for a financial investment. Seniors should take caution in these situations because there are many scams that are affecting recent retirees. More information on this troubling issue is provided in the list below.

1.    Seniors who are isolated or have disabilities are often the target of these schemes.

2.    One out of every five retiree over the age of 65 has been a victim of a financial scam. More than 7.3 million seniors have been taken advantage of each year.

3.    Older people are targets because they are more willing to invest in something that is supposed to help them through their retirement years. The elderly are also much more trusting than the younger generation.

4.    Many of the people doing the scamming are retirees as well. This is how they know who to choose for a target. Elderly con artists are more common than most people believe.

5.    Veterans are also a target. There are many groups who offer to help a former soldier. While many of the programs do actually exist, these seniors are being told they must liquidate all of their assets to become eligible for benefits, which is not true at all.

Source: MSNBC

Home Care Boston providing elderly services in Cambridge, Boston, and Somerville. Call us at 617.557.4600.