When people have not saved enough for retirement, they feel overwhelmed and are willing to take drastic measures to try to reach their retirement goals, including falling for financial scams such as the “get rich quick” and “work from home” schemes. Those ages 60 and older lost at least $2.9 billion due to these scams in 2010, according to a recent joint study from Metlife Mature Market Institute, the National Committee for Prevention of Elder Abuse and Virginia Tech University.
Setzfand says that when people are approached about financial products, they need to do research to make sure the product really can help achieve their financial goals. She also recommends people do some research on the broker trying to sell the product to make sure no sanctions have been levied on the broker. “If something looks too good to be true, it’s too good to be true,” Setzfand says.
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