Retirement Scams to Avoid

Scams are on the rise, and they are becoming more and more sophisticated. A 38% increase in fraud losses was reported by people in 2018, according to the Federal Trade Commission, which collected 1.4 million fraud reports. The younger generation lost money to fraud more often than the older generation, with 43% of respondents in their 20s confessing to losing money to scams. Only 15% of those in their 70s reported losing money, and older people lost more. Those in their 70s reported a median loss of $751; those in their 20s reported a median loss of $400.

Fraudulent Scheme Uncovered: Man Charged with Wire Fraud for Millions in Benefit Scams

HARTFORD, Conn. – A man in Hartford, Connecticut, has been accused of wire fraud in connection to the fraudulent acquisition of social security, unemployment, and food stamp benefits. The indictment, handed down on May 1, 2024, alleges that Ricardo Santiago, 58, committed three counts of wire fraud. After pleading not guilty to the charges, he was released on a $25,000 bond. Court documents reveal that Santiago held various jobs from 2002 to 2024, earning over …

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Enrollments Unauthorized: Broker Scams Challenge ACA Marketplace Stability

Charlotte, North Carolina – The Biden administration is facing a concerning trend concerning the federal Affordable Care Act’s insurance exchange, with reports of disreputable insurance brokers enrolling individuals without their consent or switching them to new plans. This issue came to light when Michael Debriae, a restaurant server from Charlotte, discovered he had been enrolled in an ACA plan by an agent in Florida without his knowledge. Despite already having insurance through his job, Debriae …

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**Imposter Scams: How Social Security Combats Rising Fraud with AI Innovation**

Washington, D.C. – Fraud at Social Security remains a prevalent issue that the agency has been actively addressing since its inception in 1995. The primary mechanism for fraudsters currently revolves around government imposter scams, where individuals impersonate Social Security or other agencies to obtain personal information or money. This trend saw a significant increase, with over 110,000 complaints related to SSA impostor schemes reported in September 2020. These scams target vulnerable populations, inundating them with …

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10 Ways to Eradicate Your Wealth and Ruin Your Retirement in Five Years

One of the greatest fears for many people is suddenly being stripped of their wealth through mismanagement or bad investments. Unfortunately, this fear can become a reality in a matter of years if you don’t take steps to protect your finances.  Let’s explore ten ways that can lead to the loss of your wealth within five years and suggest how to be smart with your money and avoid such financial circumstances. Not Sticking to Your …

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The Dark Side of Growing Old: Elder Financial Abuse

In today’s rapidly aging society, the elderly face a myriad of challenges. From health concerns to adapting to new technologies, the golden years can sometimes feel less than golden. Among these challenges, elder financial abuse is one of the most insidious and often overlooked.  This form of exploitation not only robs our seniors of their hard-earned savings but also their trust and peace of mind. The National Council on Aging paints a grim picture, reporting …

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