Scams in Retirement: How to Get Fraudsters to Scram

If a caller asks you for money or personal info like account numbers and passwords, you should hang up. Here’s how to spot scammers and protect yourself.

An older person holds a phone that says "unknown caller" on the screen.
(Image credit: Getty Images)

Retirement is a time to celebrate, relax and reap the rewards from decades of working. However, it can be hard to enjoy the fruits of your labor when you're being targeted for fraud. While scammers don't discriminate, the people most vulnerable to scams tend to be older adults.

According to a new study from the AARP, scams targeting older adults cost them more than $28 billion each year. From strange phone calls to fake sweepstakes wins, older people are faced with a variety of outside threats. Many retirees are living on a fixed income and cannot afford to fall for any of these scams. They need their money to last for their entire retirement, and in most cases, the money stolen from them is never returned, which could be devastating to their financial situation.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Tony Drake, CFP®, Investment Advisor Representative
Founder & CEO, Drake and Associates

Tony Drake is a CERTIFIED FINANCIAL PLANNER™ and the founder and CEO of Drake & Associates in Waukesha, Wis. Tony is an Investment Adviser Representative and has helped clients prepare for retirement for more than a decade. He hosts The Retirement Ready Radio Show on WTMJ Radio each week and is featured regularly on TV stations in Milwaukee. Tony is passionate about building strong relationships with his clients so he can help them build a strong plan for their retirement.