Mistake 14: Buying Into Scams
When you retire, it seems like everyone comes out of the woodwork to hit you up for money. Though some products and services no longer make sense in retirement, it is easy to get bowled over by a fast-talking salesman and be pressured into buying.
Insurance policies and investments are areas, for instance, that people commonly wind up spending money on for no reason. Sometimes it can be difficult to realize that you are being scammed in the first place.
Why This Is a Mistake
Some of these things are added services you don’t need, and some of these are downright scams. To avoid being roped into paying for something you don’t want or need, you have to first understand what you already have.
Comb over your insurance policies — perhaps with a financial advisor if you still feel shaky on the matter — to understand what your current policies are. And don’t buy new policies, annuities or other financial products without careful review; call in a family member, lawyer or advisor to review documents if you need to. Too often, older adults are targets for scammers.
