One of the most common goals for older Americans is to work hard and save enough to have funds for retirement and their senior years. Unfortunately, dishonest, unscrupulous, or greedy individuals or companies may threaten their hard work and investments. Often, many seniors may be unaware that they've been scammed or overcharged until it's too late, and by then there's no way for them to recover their money. Today we begin a two-part series on how to help our senior relatives better protect their finances, first by looking at how seniors may be scammed or overcharged, and then how individuals and families can help their elderly loved ones protect their savings and investments.

Internet Scams and Email Hoaxes

One of the most common ways senior citizens are scammed out of their hard-earned money is through email hoaxes and Internet scams. They may fall victim to spam emails that look like they're authentic messages from banks, government agencies, or other businesses, or they might click on pop-up windows asking them to enter sensitive information. Seniors may also be tricked by fake websites designed to look like legitimate websites they might normally visit. Not only can it be nearly impossible to find and prosecute the true culprits of Internet scams and phishing emails, it can be even harder to recover any funds taken from elderly victims.

Telemarketers

A majority of older Americans still use landlines, which can make it easier for telemarketers to contact them to sell goods and services. Unfortunately, seniors may be confused by the services offered or the tricky sales tactics used by companies, and may inadvertently agree to an expensive product or unnecessary service. Some service providers can make it even more difficult for older Americans to cancel their services by demanding excessive cancellation fees or early termination penalties.  Confusion, fear, or embarassment about their purchases can also keep seniors from pursuing help with cancelling contracts or getting refunds. 

Door-to-Door Solicitors

Another less common but still troublesome threat to senior finances is door-to-door solicitors that can be hard for older Americans to turn away. Their persistent or confusing tactics may make it difficult for seniors to say no to the services or products they're offering, especially service providers like utility or cable companies that are legitimate companies. Seniors could be stuck in long-term contracts because of door-to-door salespeople, or end up with expensive products they don't need and will never use.

Family Members

Sadly, senior citizens may be taken advantage of financially by relatives who abuse the trust of the their loved ones. They might accomplish this by accessing their loved one's banking information and cash, stealing their identity and opening up credit under their name, or making changes to financial records and estate plans. Unsuspecting seniors may have their finances drained, or have financial portfolios that have been altered to benefit someone else.

Regardless of the cause, it can be devastating for a senior citizen to be scammed or tricked out of their savings and retirement funds. It is critical that seniors get the support and assistance they need to protect their finances and have peace of mind for the years ahead. Aegis Insurance & Financial Services is also committed to helping senior citizens get the peace of mind they need through our full range of Personal Insurance policies, including Life Insurance, Homeowners, Auto, and other types of personal coverage. Contact Aegis today at 713-850-7622 for more information, or fill out our online form for a free quote!