Social Security Scams are On the Rise

//Social Security Scams are On the Rise

Social Security Scams are On the Rise

For Mark Roberts’ Use: Frequently, con artists target retirees. They know that dealing with large government agencies, like Medicare or Social Security, can be confusing. They also understand that retirees sometimes feel anxiety over living on a fixed income or losing benefits (which almost never happens anyway). Unfortunately, fear and anxiety, along with unfamiliarity with how government agencies operate, can make retirees the perfect target for scammers.

One popular scam involves fake calls from Social Security representatives, who inform you that there is a problem with your benefits. Using fear to their advantage, this person might tell you that unless you provide personal information or a payment today, your benefits can be interrupted. This high-pressure tactic often works on unfortunate victims, who are tricked by the very official-looking number on their Caller ID.

If you fall for these tactics, you will find yourself giving away personal information that can be used in identity theft schemes. Or, you might simply hand over your bank account or credit card numbers to criminals. The best way to protect yourself is simple: If you receive one of these calls, hang up the phone. Then, report the call to Social Security’s fraud hotline, at 1-800-269-0271.

The truth is, Social Security does not call beneficiaries to inform them of problems with their benefits. These issues are handled by mail, so in the event that there is an issue, you will receive a letter about it. These letters contain clear instructions, and do not demand immediate payments. You have the right to appeal the case, or to call Social Security yourself and request more information.

If you ever feel worried about the status of your benefits, call Social Security yourself, so that you know for sure that you’re talking to a real representative. Or, you can visit your local office. Problems with Social Security benefits are rare, so the odds are good that once your benefits have started, you won’t ever face this situation.

By |2019-01-21T10:19:07+00:00January 14th, 2019|Retirement|0 Comments

About the Author:

In addition to managing clients’ money and giving investment and diversification advice, Mark offers something that “the other guys” don’t - a unique approach to Retirement Tax Strategies and distribution. Time and time again, Mark meets with new clients who tell him they have a great relationship with their financial advisor but have never been offered information on this kind of approach to securing their financial futures. Mark has taken this feedback to heart and works tirelessly to ensure that his strategies focus on taxes and distribution. Mark started selling insurance for a major insurance company right out of high school to help put himself through college. After graduating with a degree in finance, he dove into estate planning on the financial side to set himself apart from other financial advisors. However, as changes were made to estate tax laws over time, Mark shifted his focus to income tax strategies. Mark’s philosophy is “the blue prints are more important than the wall paper or carpet.” The wall paper and carpet represent products like investments and insurance policies, whereas the blue prints represent the strategies. Once strategies that truly fit the client’s needs are put in place, our focus can shift to providing you with the right products. According to Mark, “It doesn’t matter what carpet we use if the walls are not in the right place.” Our approach to money management is designed to generate the largest alpha (quality) with the lowest standard deviation and beta (risk). By doing this, we help provide clients with the highest return on the lowest risk. Generating income for our retirees is also very important. Because withdrawing money from your portfolio hurts the account rather than helping it, our goal is to design income strategies to harm the portfolio the least making the money last longer.