THE 2 MOST COMMON WAYS CRIMINALS STEAL FROM SENIORS AND HOW TO SPOT THEM
Scamming older adults has become big business. According to the American Journal for Public Health, an estimated 5 percent of seniors are hoodwinked by criminals every year, and that statistic is thought to be a steep underestimate since so many scams go unreported. To stem the tide of seniors unknowingly giving $36 billion to scammers annually, it’s important for retirees and their loved ones to get savvy on the subject. Here are the two of the most common scams older folks fall prey to — and how to avoid them. ADVANCED FEE FRAUD The most common con in 2017 and 2018 was the classic “You’ve won a sweepstakes!” scam. Victims are told they’ve won some exorbitant amount of money, but they must pay a fee to receive the prize. After the “fee” is paid, victims receive a fake check in the mail, but by the time it bounces, the scammers are gone and they’ve taken the money. If you ever receive a contract from an unknown entity out of nowhere, you should start seeing red flags. Unless you remember entering a contest, there is no chance you’ve won something.
And it’s vital to understand that it is never safe to give out financial information over the phone or via email.
COMPUTER SOFTWARE SERVICE FRAUD This type of scam is slightly more sophisticated. First, a hacker will call a victim and claim to be a member of a tech support team or an employee from a trusted company like Microsoft or Apple. Then, they’ll tell the victim there is a problem with their phone or computer and that if they cooperate with the “tech support” representative, they can sort it out. They may also ask you to install a piece of software on your device or provide credit card information to “validate your software.” The fact is that well-known tech companies will never send unsolicited emails to ask for your personal or financial information, and they definitely won’t ask you to install some shady software on your computer. If you ever receive a call out of the blue from “Microsoft,” hang up the phone immediately. The first step to stopping these criminals in their tracks is to be aware of their tactics. With these tips in your arsenal, you’ll be able to defend yourself and your bank account effectively.
TIME TO SPRING-CLEAN YOUR FINANCES HERE ARE 3 TIPS TO GET YOU STARTED
With your 2019 taxes prepared and sent off for review, hopefully you are no longer feeling the stress associated with checking this monumental task off your chore list. While you wait for your refund to come in, you could use this time to do some spring-cleaning — of your finances, that is. During the remainder of the year, it can be easy to get distracted and allow your financial plans to veer off in unanticipated directions. So, as you’re setting aside time to clean up your lawn, organize your closet, or start another in-depth spring-cleaning project, why not ensure that your existing plan still makes sense for you and your family’s current situation?
retirement and savings while still allowing yourself some flexibility for those “rainy days.”
RAMP UP RETIREMENT According to a recent survey conducted by Merrill Lynch, 81 percent of Americans admit that they don’t know how much money they’ll need in retirement. If you’re a part of this percentage, you might want to take some time to do some number crunching and research to determine whether or not the contribution allocated to your retirement account is appropriate. REBALANCE INVESTMENT ACCOUNTS During your financial spring-cleaning, you should also take the time to review your portfolio and make adjustments depending on market volatility or your own personal financial situation. All of us here at Patriot Wealth know that there are several more exciting and fun ways to spend your free time, but if you’re going to be doing some spring-cleaning around the house, why not add
Here are a few tips to help get you started.
REVIEW CASH FLOW How long has it been since you’ve evaluated the exact number of dollars that funnels in and out of your bank account each month? The turn of a new season is a prime opportunity to take a step back and make sure all expenses are being considered and that you’re still allocating enough to your
in your finances? Need help with any or all of these tips? Don’t hesitate to give us a call!
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