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5 Ways You Could Be Scammed Out of Your Retirement Savings

Building up your retirement savings is difficult and often takes a lifetime of hard work and careful planning. That's what makes it so painful when some of the country's most vulnerable citizens are targeted by scams that result in the loss of thousands of dollars.

This past Tuesday, New York attorney general Eric Schneiderman issued a consumer alert for five phone scams that have become commonplace and often show a spike during summer months. Oftentimes, these scams are able to fool unsuspecting senior citizens because they include details one would think scammers don't have access to.

Check out the slideshow below to see what you -- or a senior citizen you know -- have to be on the lookout for.

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Read/Post Comments (3) | Recommend This Article (15)

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  • Report this Comment On June 28, 2014, at 11:11 PM, Dlittle904 wrote:

    Never ceases to amaze me how scum bags will try to steal from others….Why not just spend that energy doing something construction and honest…

    You'll probably end up with more money in the end and will not have to steal to get it…..unless you're

    a lawyer that is.

  • Report this Comment On June 28, 2014, at 11:21 PM, emailnodata wrote:

    No. 1 rule in new modern life:

    NEVER answer a call from someone you don't know.

    If you still have a home phone, let the answering machine answer.

    For cell phones, there are apps that can limit "ring-through" calls to your contact list.

    This isn't even about being elderly, NO ONE should answer calls where they don't recognize the caller.

  • Report this Comment On June 30, 2014, at 11:15 AM, MarkEvans24 wrote:

    I think the most common way to to get scammed is to invest in mutual funds.

    I get lots of calls from unfamiliar numbers. Yesterday I got one from my neighbor's son whom I'd had dinner with the night before. My number one rule is always try to be kind. Another neighbor, with a very similar number to mine got my number on her kid's soccer contact sheet. I had several calls that summer about picking up the kids. I made sure every call got to the right parent and every kid got picked up. The neighbor was very grateful. I feel very sorry for those who live their lives in fear.

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Brian Stoffel

Brian Stoffel has been a Fool since 2008, and a financial journalist for the Motley Fool since 2010. He tends to follow the investment strategies of Fool-founder David Gardner, looking for the most innovative companies driving positive change for the future.

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