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When you read about a financial scam, it’s easy to think “oh, that would never happen to me, I would never fall for it.” But one scam emerged this week that made me realize I might succumb under certain circumstances. Reported in New York magazine’s The Cut, this particular crime involved a 50-something widow getting fleeced out of $1 million over two years. The scammer was a young Nigerian man posing as a London-based widower, and his victim was, get this: a former Air Force intelligence officer who had also worked as a senior branch manager at a bank and a paralegal. She had somehow rationalized all the questionable requests her remote lover made. He got her at a particularly vulnerable time, soon after her husband died unexpectedly. And he was a pro who excelled at the con. None of us can say with certainty that we wouldn’t be duped under similar circumstances. That’s why we need our financial institutions -- and our families -- on our side. MONEY just released our 2019 Best Banks for Seniors. In today’s edition, read about the institutions that have the best fraud protections, among other features.

Best wishes,

Elizabeth

P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don’t miss the next issue. To listen on podcast platforms or smart speakers, see here. Retire with Money is presented by Athene.

TIMELY RETIREMENT NEWS, INSIGHTS AND ADVICE
This Is the Best Bank for Seniors — with Fraud Protection, Great Rates, and Tons of Branches

Our pick for 2019.

53% of Americans Want to Live to Be 100 but Are Anxious About Paying for a Long Retirement. Here’s One Solution That Could Help

You'd better prepare for a 40-year retirement.

Filing for a Tax Extension Takes Less Than 10 Minutes. Here’s How To Do It for 2019.

If you owe any money, you still have to pay by April 15.

READER INSIGHTS

This week in the Retire with Money Facebook group a poster asked about long-term care insurance:  “My wife and I have had a premium (old) long term care insurance through Genworth Financial. They are coming to us with a stiff increase for our current terms. Or adjustments with lesser coverage. Is this legal? Who has experienced this. Can anything be done?”

Members responded that this is in fact allowed (assuming your state’s insurance commissioner approved the increase, which would likely be the case if it is in front of you). Some had the same experience and decided to freeze their policies at certain level of benefits--or even reduce their benefits--so their rates wouldn’t go up any further.

Some said old long-term care policies are more susceptible to rate increases than more recent ones, and that’s true: insurance companies priced older policies on assumptions about longevity, interest rates, and policy retention that turned out to be wrong in retrospect. Newer policies are based on more realistic projections, so they are expected to see fewer steep increases.

RETIREMENT NEWS FROM AROUND THE WEB

Opinion: Why Everyone Should Save Like They’re Going to Retire Early

Many of us won’t have the luxury of choosing when we’ll retire, so plan accordingly. MARKETWATCH

Congress May Gut the Stretch IRA That Wealthy People Love

New proposed legislation aimed at improving retirement readiness would force non-spouse beneficiaries of IRAs to drawdown inherited accounts within 10 years of the original owner’s death. CNBC

10 Things to Help You Sleep When Your Partner Snores

First, rule out sleep apnea. Then, try these. CONSIDERABLE

Jean Chatzky’s Money Advice for Women Over 50

The personal finance expert and author of the new book Women With Money says that women need a different money playbook than men. NEXT AVENUE

ABOUT ELIZABETH

Elizabeth O'Brien is a senior writer at MONEY, covering retirement and health care. You can email her at elizabeth.o'brien@moneymail.com and follow her on Twitter at @elizobrien.

 
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