Print

Finance >> Browse Articles >> Credit

Finance >> Browse Articles >> Debt

Finance >> Browse Articles >> Healthcare Finances

Finance >> Browse Articles >> Loans

Finance >> Browse Articles >> Mortgage

Finance >> Browse Articles >> Retirement

Finance >> Browse Articles >> Savings

Finance >> Browse Articles >> Taxes

Rate

Six Steps You Can Take to Financial Prosperity

Six Steps You Can Take to Financial Prosperity

USA Today

Beware of scams that target seniors

It takes decades to build up your retirement assets. But it takes only one scam to rob you of them.

As the first of 79 million baby boomers prepare to retire, regulators report a rise in fraudsters pitching questionable — and sometimes non-existent — services.

“The people selling investment products know that there are a lot of people quitting their jobs and retiring,” says David Massey, deputy securities administrator in North Carolina.

One way for fraudsters to find potential victims is through free-lunch and free-dinner seminars. They offer you a meal, then try to sell you an investment product.

A year-long investigation of hundreds of these seminars in states with large populations of seniors by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) and state securities regulators found that 100% of them led to sales presentations — even though some had been advertised as “educational” sessions at which no products would be pitched.

Regulators also found that “exaggerated” or “misleading” advertising claims were made at half the seminars. Example: “Immediately add $100,000 to your net worth.”

Walk away from any get-rich-quick or guaranteed-return sales pitches. And always check the credentials of a financial salesperson — with the SEC, FINRA and state securities and insurance regulators — before making any investment.

Find more information about industry credentials, and what advisers must do to earn them, at FINRA’s website: www.finra.org.

By Kathy Chu

Next: Avoid taking on too much debt


AllHealthcare School Finder

Save time in your search for a degree program. Use AllHealthcare's School Finder to locate schools online and in your area.


* In the event that we cannot find a program from one of our partner schools that matches your specific area of interest, we may show schools with similar or unrelated programs.