(Click on the image for Harold Pollack's advice in The Washington Post)
- Particularly when I talk with seniors, some of the toughest issues concern the need to avoid overpriced financial products and scams. “Affinity frauds” are depressingly common in every ethnic, religious and political group. Be wary.
- It’s a red flag when anyone asks you to invest your money through a church or community group, or through any product advertised on your favorite political TV. Vanilla investments such as target-date funds offered through Vanguard, Fidelity or other national firms are much better and safer places to put your money.
- Then there are more straightforward scams. When someone calls or emails, you really don’t know who is communicating with you. Don’t give that stranger your credit card number, bank account number, or a password to anything over the phone or email. If an email says that it’s from your bank and that a check just bounced or your account was hacked, don’t reply directly or click any link in that email. Go to your bank’s website or to the bank itself to investigate the alleged problem. The same applies when a charity or political cause contacts you.
- Be smart about computer security and passwords, too. Don’t use your birthday, your address or some lame combination like 1234.