Retirement scams are becoming more common and more convincing, especially during times of economic uncertainty. Scammers often target older Americans by sending fake letters, emails, or calls that claim they’ve been “pre-approved” for special retirement plans, like 401(k) rollovers or annuity upgrades. These offers seem real because the scammers use actual personal information like age, home value, and estimated savings—data they buy from companies that collect and sell this kind of info. To trick people, they use official-sounding terms like “IRA consolidation" and copy the style of real financial institutions. Many older adults don’t report these scams out of fear or embarrassment, but AARP estimates that seniors lose at least $28 billion each year to fraud.

In 2024, impersonation scams in the U.S. cost people nearly $3 billion, with older adults being the most frequent victims, according to the Federal Trade Commission (FTC). These scams involve criminals pretending to be government officials or representatives from trusted companies. They trick people into sending money through bitcoin ATMs or handing over cash and even gold to fake couriers. Seniors are especially at risk because they may be more isolated or less familiar with digital technology. The rise in these scams is happening during a time of economic stress, which makes people more anxious and likely to fall for fraud.