Scams use the stereotype of a confused, older person giving their money to a scammer is almost cliché at this point in time. Unfortunately, not many people question this idea, leading them to ask why seniors fall for scams in the first place. A better question may be, why does anyone fall for a scam?
Some experts theorize that perhaps heightened isolation and loneliness that many retirees experience primes them to fall prey to scams. Others hypothesize that some degree of diminishment of cognitive abilities might be at play, making seniors more susceptible to believing outlandish claims.
However, it might surprise you that the “seniors fall for scams all the time” trope is actually a myth. In fact, one annual study suggests that year after year—young people fall for scams and hoaxes more than their elders—losing more money to unscrupulous bad actors every year.
Even so, people do target retirees for scams that seek to separate them from their limited funds and income. That’s why it’s crucial to protect your assets by avoiding a financial crisis you’ll find challenging to resolve later on. Here are the 12 top scams that seek to target people during their retirement years.
1. Pyramid Schemes
A pyramid scheme (or Ponzi scheme) depends on a constant influx of new members whose “investments” are then used to pay off earlier members. In many cases, there’s no actual product sold, just the promise of easy money. That’s what makes pyramid schemes so…
