Financial Scams Affecting Seniors

There are many financial schemes out there and many people who will target the elderly. Most older people are very trusting and when they are presented with an investment opportunity, they will take it. Unfortunately, most of these investments are scams, leaving the senior with a supposed investment and no money. Below is some more information on how seniors are being scammed.

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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