Retirement: 7 scams retirees too often fall for - USA Today

A pitch making the rounds this year promised April 10 would bring a retirement blackout unless investors acted quickly to participate in a little-known tax haven with potentially big returns: the 26(f) program. The Securities and Exchange Commission (SEC) charged a Cache County, Utah man for soliciting investors in a fraudulent scheme involving investments in top secret Iraqi currency and oil contracts. During the seminar, the broker usually pitches a strategy that purports to demonstrate how employees can retire earlier than they expected by cashing out their 401(k) plan or taking a lump sum payment of the cash value of their pension, and investing the proceeds. Using complicated and reportedly phony documents, this scam promises retirees that they can participate in high yield prime bank investments connected to secretive accounts only available to the ultra high net worth families at Swiss, French, English or other overseas banks.

10 Financial Scams to Avoid in Retirement Aging US News

So in response and to raise awareness, we have identified the top 10 scams that plague senior citizens in retirement, along with examples for each. Take time to look through any documents given to you and make sure you understand what youre signing. Never give out financial personal information to a cold caller. Reputable companies and official organisations dont typically make unsolicited calls and are happy to be called back. Many experts recommend withdrawal rates between 3-5 percent per year, especially in the first years of retirement.

Top 10 scams targeting seniors in 2017 Retirement Living

Emphasize the need to safeguard their personal details all the time. Sometimes, the apparent backing of an employer greatly aids them in gaining the confidence of their audience.

How to spot a pension scam - Money Advice Service

Tips to Avoid Being Taken. Caution ahead, scammers are getting more sophisticated. Examples include scammers going to funerals in order to claim that the deceased owed them money, and then pressuring the deceaseds relatives to pay off the debt. Any investment that offers a sky-high guaranteed rate of return is likely trying to deceive you about the fees and risks youll encounter.

Early Retirement Seminars 101: Smart Tips for Spotting Retirement

Trust cautiously, weve discovered from the last 15 months that its not only a matter of retirees being targeted by a particular scammer but being taken advantage of by turning their trusting nature against them, said Joseph Berg, director of the Alabama Securities Commission. Yet annuities still are marketed to those groups. A pension specialist from our team will be happy to help with whatever pensions-related question you have.

Retirement Savings Scams: How to Protect Seniors from Fraud

Figure out the unintended consequences of early retirement. If you have any concerns about the offer youve received, always check with us first. The investments are normally overseas, where you have no consumer protection, and typically promise you a high guaranteed rate of return (typically 7 or 8 or higher).