MoneyWise


Scammers Target Seniors

April 2, 2019

Just when authorities warn us about one scam targeted against seniors, the crooks come up with another one! There’s no doubt if you’re an elderly person, bad people want to separate you from your money. The latest is yet another ruse involving Social Security and tricking the elderly into giving up personal information. On this Moneywise, Rob West and Steve Moore give us the details. 

Next, they answer your questions at (800) 525-7000 and questions@moneywise.org about the following:

  • If you bought a timeshare several years ago and would relieve yourself of the annual payments but you've been told that you have to pay a fee to remove your names from the deed, could this be legal?
  • Is it wise to take some money out of you 401(k) to pay your mortgage so your wife can stop working?
  • If you have $10,000 in savings earning little interest  should you invest it somewhere?

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