8 Ways People Waste Their Social Security Check

Falling for Financial Abuse and Scams

Senior citizens lose more than $36 billion to financial exploitation each year, according to a 2015 study by True Link, a San Francisco-based financial services firm. That figure includes not only criminal activity — such as scammers demanding money while posing as the IRS or a creditor — but also exploitation by businesses or even charities that try to get seniors to part with their much-needed cash. Friends, relatives and trusted monetary advisors also take financial advantage of seniors on occasion.

To reduce your odds of falling victim to a scam, be careful about sharing your financial information. Beware of anyone — family, friend or salesperson — who tries to pressure you into a decision. When in doubt, turn to people who have earned your trust for help.