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It makes me so mad when I hear about scams targeting older adults. My colleague told me recently that her elderly father, who has cognitive decline, fell victim to a so-called vanity scam. Fraudsters call older people and tell them that their prior professional achievements are being honored, and they just need to give their credit card number to pay shipping on the plaque that will be sent to them. The ones who contacted my co-worker’s father went so far as to conduct a bogus radio interview with him. Today’s featured story talks about another fast-growing scam, this time involving the promise of romance. It targets people of all ages, but those over 70 experienced the biggest losses from it in 2018, according to the Federal Trade Commission. The upshot for caregivers? Be mindful of any new “friends” in your loved one’s life, especially those who are very different in age, and consider the pros and cons of establishing joint accounts, which would help you monitor for fraudulent activity.

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
Thousands of People Fell for This Romance Scam Last Year. Here’s How to Protect Yourself

If your online boyfriend starts asking for money, don't give it to him.

This Is the One Big Tax Change Every Senior Should Know About in 2019

Some provisions of the 2017 Tax Cuts and Jobs Act could disproportionately affect retirees.

What Do 2020 Candidates Really Mean When They Say ‘Medicare for All’?

Support for “Medicare-for-all” is becoming a front-runner topic among Democratic presidential candidates. But the phrase is being used to describe any number of policies.

READER INSIGHTS

Have you gotten your copy of Second-Act Careers yet? Mine came in the mail yesterday. I’m excited to dig in and to discuss with you and the book’s author, Nancy Collamer, on February 26th at 1pm EST in our Retire with Money Facebook group!

RETIREMENT NEWS FROM AROUND THE WEB

The Realist’s Guide to Online Dating After 50

Prepare to put in some effort, and other advice from someone in the trenches. CONSIDERABLE

Starting Late But Retiring Early: A Case Study

A retirement blogger profiles a couple who buckled down in their 40s and more than made up for a slow start to retirement savings. THE RETIREMENT MANIFESTO

Everything You Need to Do Before You Retire

Go through this checklist to make sure you have your bases covered. MARKETWATCH

All About Prenups for Second Marriages

The pros and cons of prenups when you’re tying the knot for the second time. 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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