Stay One Step Ahead: Recognizing and Avoiding Scams in Retirement
- Kyle Rolek, Retirement Planning Specialist
- May 28
- 3 min read
As technology becomes a bigger part of everyday life, it also opens new doors for scammers—and unfortunately, those nearing or already retired are often prime targets.
Whether you're receiving Social Security, viewing your retirement savings, or just browsing online, understanding how scams work is key to protecting your identity and finances.
🎯 Why Retirees Are Often Targeted
Scammers often target those nearing or already retired for a few reasons:
They may have built up savings or assets.
They might have excellent credit.
They may be less familiar with newer forms of online fraud or digital security.
🚨 Common Scams That Target Retirees
1. Phishing Emails and Texts
Messages that look like they’re from:
Your bank
Medicare
Amazon or delivery companies
Even friends or family
They may say:
“Unusual activity detected—click here to secure your account.”
“Your package couldn’t be delivered. Confirm your details here.”
“You’ve won a $500 gift card. Click to claim it now!”
What to do: Never click links or download attachments from unknown senders. Instead, go directly to the company’s official website or call them using a verified number.
2. Tech Support Scams
You may see a popup or receive a call like:
“Your computer is infected. Call Microsoft Support now.”
“We detected a virus on your system. Let us help fix it remotely.”
What to do: Hang up or close the popup. Real tech companies don’t make unsolicited calls. Never give someone remote access to your computer unless you know them personally.
3. Romance Scams
These often start on social media or dating sites:
“I feel like we’ve really connected.”
“I want to come visit, but I need help with a plane ticket.”
“I’m in trouble and need help—please don’t tell anyone.”
What to do: Be cautious with anyone asking for money or gifts—especially if you haven’t met in person.
4. Medicare or Social Security Scams
Fake calls or emails might claim:
“Your Social Security number has been suspended.”
“We need your Medicare number to continue benefits.”
“You owe back taxes—pay now or face legal action.”
What to do: Government agencies won’t call you asking for personal information or payments over the phone. Hang up and contact the agency directly if unsure.
5. Grandparent Scam
A scammer calls pretending to be your grandchild or someone speaking on their behalf:
“Grandma, it’s me—I’m in trouble and I need money. Please don’t tell my parents.”
They’ll often request:
Gift cards
A wire transfer
A peer-to-peer payment like Venmo or Zelle
What to do: Take a breath. Call your grandchild or a family member directly to verify.
6. Investment or Retirement Scams
You may receive emails, calls, or seminar invites promoting:
“Double your money in 60 days!”“A once-in-a-lifetime investment opportunity.”“Secret strategies Wall Street doesn’t want you to know.”
What to do: Be skeptical of “too good to be true” offers. Speak to a qualified financial advisor before making investment decisions.
✅ How to Reduce Your Risk
Use these simple habits to stay safer online and offline:
🔐 Cybersecurity Best Practices
Use strong, unique passwords for each account
Enable two-factor authentication (2FA)
Update software on your devices regularly
Don’t share personal or financial info via email or text
Use a password manager if needed
🗂 Physical Security Matters Too
Shred documents with personal details
Lock up financial records
Be cautious with unsolicited phone calls or home visits
🧠 Talk About It
Scammers rely on secrecy. Talk with your spouse, kids, or trusted friends if something doesn’t feel right. It’s always okay to pause and verify.
🆘 What to Do If You Think You've Been Scammed
Stop Communication: Hang up, stop emailing, and don’t send money.
Change Your Passwords: Focus on email and financial accounts first.
Call Your Bank or Credit Card Company: They can freeze accounts, stop payments, and monitor activity.
Place a Fraud Alert or Credit Freeze: Contact one of the credit bureaus (Experian, Equifax, TransUnion).
Report the Scam:
FTC: reportfraud.ftc.gov
Your local police department (especially if money was stolen)
Your financial advisor or bank
📝 Scam Prevention Checklist
✔ Use strong, unique passwords
✔ Enable 2FA on key accounts
✔ Don’t click links from unknown senders
✔ Never send money to someone you haven’t met in person
✔ Hang up on suspicious calls—especially if they ask for secrecy
✔ Verify requests independently
✔ Stay updated on common scams
🧭 Final Thought
You don’t need to be tech-savvy to stay safe—just informed and cautious. Awareness is your best protection.
When in doubt, slow down, talk to someone you trust, and always verify before acting.
Want To Discuss This Individually?
1 - For clients: Call or email me any time as always.
2 - For non-clients: Complete the form on the website to request a retirement planning consultation: www.rolekretirement.com
This is article is for informational purposes only and should not be considered as tax or legal advice. Advice is only provided after entering into an Advisory Agreement with the Advisor. See other disclosure here: Disclosures
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