My 71-year-old father lost his entire 6-figure 401(k) to an online scam. Can he dig himself out of this hole?
From Yahoo Finance: 2025-05-05 15:30:00
Every year, Americans lose billions to fraud, with older individuals being a common target. The FBI reports that seniors lose over $3 billion annually to scams.
If you or a loved one falls victim to a financial scam, report it immediately to the FTC and FBI to prevent further losses. Taking action promptly is crucial.
Recovering from a scam can be challenging, but exploring options like Social Security benefits and local support programs can help seniors regain financial stability.
Beware of recovery scams that promise to recoup lost funds but only steal more money. Moving forward and reassessing retirement plans may be necessary after a financial loss.
Tech support scams and romance scams are common among elders, with investment scams being the most expensive fraud type in 2023. Stay informed and cautious to protect your assets.
If you suspect a scam, cease all communication with the fraudster and seek advice from others, including younger family members. Contact the National Elder Fraud Hotline for assistance in identifying potential scams.