2020 has been a trying and challenging year for everyone, testing us emotionally, physically and financially. No one has been immune to the challenges faced, but senior citizens are among those most impacted by the pandemic. Beyond protecting their physical wellbeing, senior citizens need to stay financially secure during these tough times. Here are some things to consider:
- Understand and know common fraud scams – During the pandemic, there has been a higher number of fraudulent scams a lot of which have been aimed at seniors. Take a moment to familiarize yourself with some of the most prevalent scams. Scammers may:
- Pretend to be an organization asking for a donation or money.
- Call to say you have won a prize and they need your bank account information to give you your winnings.
- Impersonate a family member saying they are in trouble and need money sent to them.
- Protect yourself from these scams – Follow these best practices to ensure you don’t fall victim to these scammers.
- Never give out important or personal banking information. No one will ask for private banking information over the phone.
- If you do not recognize a phone number, you do not have to answer. If you do answer, verify who is on the line before continuing a conversation.
- If you are suspicious of a call you receive, hang up and call the person back at a publicly listed phone number.
- Review retirement accounts – Many retirees live on a fixed income and rely on social security, annuities and retirement funds for their livelihood. The volatility of the stock market has affected the latter two throughout the pandemic. Be sure to check the status of your accounts so you can make adjustments as necessary.
If you have questions during these uncertain times, Univest is here to help. From providing guidance on avoiding fraud to helping guide people through the financial uncertainties that the pandemic has caused, Univest can help you find peace of mind and achieve your financial goals. Contact us at 877-723-5571.
Univest Bank and Trust Co. is Member FDIC