Seniors, Retirees and Financial Con Artists

Recent retirees often have financial concerns. They may feel that they will struggle over the next few years to make ends meet. These people often become targets of financial scams. When this happens, seniors are presented with a financial investment that claims to make their retirement years comfortable. The end result is a senior with false information and a depleted bank account. More information on this disturbing problem is provided 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

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