Retirees are at risk of exploitation by scam artists, friends, and family members seeking financial gain. The Senate Special Committee on Aging and advocacy groups have highlighted predatory lending targeting older Americans, including complex credit products with unfavorable terms. Vigilance and seeking independent advice are crucial to protect your nest egg. Aggressive sales tactics and mis-selling schemes also target older adults, leading to financial harm. Protect yourself by blocking unsolicited calls, identifying red flags, and seeking advice before making financial decisions. Contractors targeting older customers with scams and shoddy workmanship can deplete savings. Vet contractors carefully and seek referrals to avoid falling victim to home improvement scams. Financial support from friends and family can strain relationships and jeopardize retirement plans. Limit support, formalize arrangements, and seek clear repayment terms to safeguard your finances. Beware of unregulated investment advice promising quick wealth, as many schemes are scams that can lead to significant financial losses. Trust credible sources and avoid risky investments to protect your nest egg.

Read more at Yahoo Finance: US retirees should not trust these 5 people. Keep them away in 2026 (and beyond)