How to Protect Yourself from Retirement Investment Scams
Unscrupulous criminals are now targeting senior’s hard-earned retirement savings. According to a report by WCRG TV9 in Cedar Rapids, Iowa, scammers often post as financial advisors tricking people with schemes promising high returns with low risk or guaranteed profits.
The scammers often use high-pressure tactics to rush individuals into investing. Another red flag is asking for payment in cryptocurrency or gift cards.
A representative from the Better Business Bureau recommends checking your monthly bank and retirement account statements and knowing how much money you should have in each account. If there’s a discrepancy, contact your bank or financial advisor immediately.
The Seniors Trust is committed to helping protect Social Security and that includes providing important information to seniors on how to prevent scams. We also want to see Congress pass The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
