Posts tagged ‘retirement’

Elderly Scams

No. 1: Healthcare fraud
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[F]raudsters may attempt to collect payment from you for medical products or services that have never been performed by sending bills that look real but aren’t.

No. 2: Funeral and cemetery fraud
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Scammers may also scour the obituary section of the newspaper for details on a recently deceased person and then show up at the funeral claiming that the individual owes them a debt. For this reason, always verify debts are real before handing over any money.

No. 3: Telemarketing fraud
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[S]cammers usually tell a retiree that they must act quickly to get their special deal when in fact there’s no deal to be had and the only action that a senior should take is to hang up the phone.

No. 4: Investment schemes

No. 5: Power of attorney fraud
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Because a financial power of attorney is an important planning tool that seniors should have in their toolbox, it’s important that seniors don’t wait until they’re hospitalized to make a decision on whom to trust with the handling of their finances. Instead, consider the matter carefully beforehand so that a power of attorney can be crafted by your lawyer.

5 Ways Scammers Try to Steal Money From Seniors

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Don’t let your grandparents steal your money.

In 1950, there were 16 workers paying payroll taxes for each retiree collecting Social Security benefits. Today, there are 3.3 workers supporting the Social Security and Medicare benefits of each retiree. In the future there will be only 2 workers paying taxes to support the benefits of each retiree.

Demographics is a bigger problem than health care costs

Stan Druckenmiller, one of the best- performing hedge fund managers of the past three decades, has a warning for the youth of America: Don’t let your grandparents steal your money.

Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, will bankrupt the nation’s youth and pose a much greater danger than the country’s $16 trillion of debt currently being debated in Congress.

“While everybody is focusing on the here and now, there’s a much, much bigger storm that’s about to hit,” Druckenmiller said in an hour-long interview with Stephanie Ruhle on Bloomberg Television’s Market Makers. “I am not against seniors. What I am against is current seniors stealing from future seniors.”

Druckenmiller said unsustainable spending will eventually result in a crisis worse than the financial meltdown of 2008, when $29 trillion was erased from global equity markets. What’s particularly troubling, he said, is that government expenditures related to programs for the elderly rocketed in the past two decades, even before the first baby boomers, those born in 1946, started turning 65.


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The Future Of Social Security


Thomas Sowell

If you’re like most Americans, Social Security is a key part of your retirement plans — around 96% of the workforce is currently covered by some sort of Social Security plan. But the current economic downturn has many people seeing an increasingly uncertain (if not downright bleak) future for their Social Security benefits.

This article describes how the Social Security benefit process works and explains how your Social Security benefits might be impacted by funding shortages.

Are Social Security Benefits in Trouble?
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Live Like a Prince on a Pauper’s Budget – Minimalist Living

First, a PES video:

On to minimalist living!

A new movement is gaining steam in America: overseas retirement. Kiplinger, a personal finance and business forecast site, recently put out a list of eight great places to retire abroad. The attractions of these places are impressive. Bracketing off the one entry from Spain, the most expensive of the seven places was $2,700 per month per couple for comfortable, high-class living, and many were much less than that. That’s not to mention the other benefits: temperate weather, culture, history, beaches in some places and mountains in others, and even special state-backed perks for U.S. retirees.

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