Retirement should be a time of peace and relaxation, not stress over money or scams. Unfortunately, older Americans are often targeted by fraudsters looking to steal their savings.
According to the AARP, people aged 60 and above lost over $28 billion in 2023 to scams. And that number may actually be higher, as many victims don’t report the crime due to shame or fear. But there’s no need to feel embarrassed—scams can fool even the most careful people. The best way to protect yourself is by learning the warning signs before scammers strike.
Here are 14 common scams that target retirees and tips to stay safe.
1. The Grandparent Scam
Fraudsters call pretending to be your grandchild in trouble. They say they need money urgently and may even know personal details that make the story sound real. Some scammers now ask for cash to be delivered via ride services like Uber. Always confirm with other family members before sending money.
2. Fake Government Calls
Scammers may pretend to be from the IRS, Social Security, or Medicare. They often spoof caller IDs to make the call look official and ask for sensitive details like your Social Security number. Remember: real agencies never ask for this over the phone.
3. Tech Support Scams
Looking for help with a device or account? Be careful. Scammers often run ads online pretending to be tech support. If you call them, they may ask for remote access to your computer or demand payment for fake services. Only contact companies through official websites.
4. Elder Financial Abuse
Sadly, scams can come from family members or caregivers. Some may pressure retirees to change their will, give loans, or sign over financial power. Always speak with a trusted attorney or advisor before making big financial decisions.
5. Investment Scams
If something sounds too good to be true, it probably is. Scammers pose as financial advisors and offer fake investments promising low risk and high returns. Never invest without verifying the company or person’s credentials through FINRA’s BrokerCheck or a licensed advisor.
6. Phishing Emails and Calls
You may receive a fake email or phone call from someone pretending to be a company you trust. Clicking on links or answering calls can lead to identity theft or malware. Don’t click unknown links, and always verify by contacting the company directly.
7. Romance Scams
Fraudsters create fake online profiles to trick seniors looking for companionship. They build trust, then ask for money for travel, medical emergencies, or other needs. Avoid sending money to people you’ve never met in person.
8. Sweepstakes and Lottery Scams
Someone calls or emails saying you’ve won a prize—but you never entered. They ask for personal information or payment to “release” the prize. This is a classic scam. You don’t need to pay to claim a real prize.
9. Funeral Scams
Fraudsters attend funerals pretending to be friends of the deceased. They claim the person owed them money and ask family members to pay the debt. Always verify such claims and speak with an attorney before giving out any money.
10. Reverse Mortgage Scams
Scammers target homeowners with fake reverse mortgage offers, using billboards or online ads. Some even steal home titles through fraud. Always work with licensed mortgage companies and never sign anything without reading it thoroughly.
11. Online Shopping Scams
From fake websites to counterfeit products, online shopping scams are on the rise. Scammers may steal your payment details or send poor-quality goods—or nothing at all. Stick to trusted sites and avoid deals that seem too cheap to be real.
12. Fake Charity Calls
After natural disasters or during holidays, scammers create fake charities. They may call, text, or email asking for donations. Always check a charity’s status on Charity Navigator or the IRS tax-exempt search tool before donating.
13. Bank Impersonation
Scammers pretend to be from your bank or mortgage lender, using phone or email. They’ll ask you to verify your account or give login information. Never share sensitive data over the phone or email. Call your bank using the number on their official website.
14. AI Voice Cloning Scams
New scams now involve AI technology that clones voices. You might get a call that sounds like your child or grandchild begging for money. If something feels wrong, hang up and call them back directly to verify.
How to Stay Safe from Scams
Be skeptical. If someone asks for money or personal info out of the blue, it’s okay to say no.
Verify requests. Call family members or companies directly before giving out information.
Don’t rush. Scammers often create a false sense of urgency to pressure you.
Report it. If you think you’ve been scammed, contact the FTC, AARP Fraud Watch, or your local authorities.
Scammers are smart, but knowledge is your best defense. By understanding the tricks fraudsters use, you can protect your money, your identity, and your peace of mind during retirement.
You’ve worked hard for your savings—make sure they stay in your hands.
