Retirement Saving Plan Scams A guide by Money 2.0 Conference
● What are retirement saving plan scams?
Table of Contents
● Categories involving retirement saving plan scam ● Recommendations to avoid retirement saving plan scams
What are retirement saving plan scams?
● Fraudsters prey on people of all ages, but older adults with retirement savings are especially appealing. And the effect of fraud and exploitation can be disastrous for older adults who rely on their retirement savings after leaving the workforce.
● Crooks posing as financial advisers who aren't breaking the law but are pitching investments that aren't appropriate for retirees frequently solicit older investors.
Categories involving retirement saving plan scam
Scroll down to see some of the most common retirement savings plan scams.
Medicare Scams
Someone who purports to be from Medicare calls or knocks on your door. Following that, you'll be asked for personal information, such as your insurance identification number. Once the scammer has this information, they will use it to charge Medicare for fraudulent services and pocket the money. Cut the phone or close the door if someone suggests you need new supplemental coverage or a replacement Medicare card.
Investment Scams
A caller claims to be a financial counselor and provides investment advice. After that, the individual inquires about your retirement money and savings. If you provide the fraudster with these details, he or she will gain access to your accounts, take the money, and vanish. Make sure the financial advisor you're delegating your financial records to isn't a con artist. If you decide to deal with a financial advisor, do your homework before entrusting your money to them. Examine qualifications, expertise, and affiliation with well-known professional groups.
Fake Prescription Drug
If you order prescriptions online, be alert if you see an advertisement for a less expensive drug. The fraud artist will create a website that promotes bogus, low-cost prescription medications. You may receive drugs that will not treat your ailment if you provide money. Check that the pharmacy is licensed by your state and has a licensed pharmacist on staff to secure you're getting the medication you need from a genuine source.
Lottery Scams You receive a pop-up that you have won a prize in the form of a letter or a phone call. You'll be requested to put in a payment to cover taxes and other costs in order to claim it. The fraudster may send a false cheque to be placed in the bank after you wire money or send money. The fraudulent check will be rejected by the bank, and the money you paid will be taken by the scammer. Knowing that authentic lottery prizes do not come with upfront financial fees is your best defense against lottery con artists. Do not give anyone money in exchange for a prize.
Recommendations to avoid retirement saving plan scams
● Check out the answers to the questions you've asked. ● Before you invest, do some analysis of the company. ● Know who your salesperson is. ● Never assess a person's honesty based on how they sound. ● Keep an eye out for salespeople that take advantage of your anxieties. ● Don't rush into investment decisions; take your time. ● Unsolicited offers should be avoided. ● Keep an eye on your investments. ● Ask yourself why you can't get your money back or cash out your earnings. ● Never be scared to express your dissatisfaction. ● Research on additional information ● It would be difficult to do it manually, but attending a financial and insurance conference, such as Money 2.0 Conference, would be useful!
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