It typically takes an entire lifetime to raise enough wealth to fund your retirement years, and that process is even more complex when you consider that people are living longer. When you do retire, you’ll want to make the most of your savings. You can help yourself by staying aware of common scams that are used to target seniors. While new scams may come along, being aware of the most common threats in today’s society can help you keep your money safer.

Medicare Scams

There are a number of different ways people use Medicare to scam retirees. In general, you should never share your Medicare information with anyone online, over the phone, or in person. Often, a con artist will show up at retirees’ homes, claiming they need to verify their information to issue a replacement card or supplemental policy. If there is a need for a card replacement, Medicare will mail it to you at no cost to yourself.

IRS Phone Calls

If someone from the IRS calls you or sends you an email, avoid providing any information at all. They may say that you owe back taxes and that they need to take a debit or credit card payment immediately. Do not give them your Social Security number or any banking information. Instead, advise them that you will refer the matter to your attorney and end the conversation. If the IRS needs to contact you for any reason, they will send you a letter through regular postal mail.

Family in Trouble

A con artist may call pretending to be a grandchild, niece or nephew, or your child. They will ask you for money and demand that you send it quickly. The hope is that you will believe there is a real family emergency. Instead of sending the money right away, you should call the family member the caller claimed to be with and verify the information. Don’t be fooled if the caller knows personal details. A smart con artist can find out anything by searching a family member’s social media accounts.

If you have a question about any new financial matter that arises, you should either consult an attorney or a financial advisor. A professional’s insight can help you avoid scams that could cost you the savings you accumulated for your retirement.