Top 10 Reasons You Might Go Bankrupt in Retirement

Worried Senior Hispanic Woman Checking Mailbox.

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Reason: You Become a Victim of a Scam

If someone calls telling you that you’ve won a major sweepstake, it might seem like the answer to your retirement dreams — especially if you don’t have much in savings. But if you’re asked to wire money to claim your winnings, you’re likely the target of a money scam.

“Loneliness and lack of long-term security are fertile ground for scammers to wreak havoc in a retiree’s life,” said Chad Smith, a certified financial planner with Financial Symmetry in Raleigh, N.C. You could be drained of your savings and end up going bankrupt if you become a victim.

Worried Senior Woman Answering Telephone At Home

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How to Avoid Scams

Older adults often are targets of scammers because they tend to be more trusting, according to the Identity Theft Resource Center.

Remember: It’s okay to hang up on anyone who asks you to pay a fee to claim a prize or who makes threats if you don’t provide personal information. It’s likely a scam.

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