Your savings are probably on the radar of at least some exploitative individuals. It’s common knowledge that most retirees have at least some wealth to live on, and that makes them vulnerable to bad actors.
Not only should you be wary of scammers, but also some of your friends and family who may not have your best interests at heart.
Here are five types of people you should watch out for in 2026 and beyond.
From home equity agreements to reverse mortgages, there are many loan products designed for seniors and retirees.
These loan deals may not be outright scams, but the complex terms and conditions they contain give predatory lenders plenty of room to maneuver and take advantage of unsuspecting retirees.
The Senate Special Committee on Aging, along with agencies such as the Government Accountability Office (GAO) and advocacy groups such as the American Association of Retired Persons (AARP), has repeatedly examined how older Americans are targeted by subprime and home equity lenders, including schemes that encourage refinancing, high-cost loans, or other credit arrangements with unfavorable terms. (1)
Simply put, retirees are more likely to be approached by a predatory lender. If something seems wrong, politely decline and seek independent advice.
Everyone, regardless of age, is vulnerable to pushy and aggressive salespeople. However, older adults are especially targeted because they are often considered better off financially and more confident.
From unnecessary medical safety products and expensive home improvements to inappropriate financial products, mis-selling merchants have many tools to ensnare vulnerable older consumers.
For example, a Senate Finance Committee report found that insurance companies had significantly increased their spending on brokers and agents to promote Medicare Advantage plans, which were often aggressively marketed to seniors and, for many insurers, were nearly twice as profitable as other private market plans. (23)
This is one of many examples of how seniors and retirees are targeted by aggressive sales and marketing tactics that often trap them in bad deals.
To limit your risk, block unsolicited calls and emails, look for red flags such as false urgency when dealing with sellers, and reach out to a loved one or trusted advisor before signing any contract.
Since you’re spending a lot more time at home in retirement, it’s tempting to splurge on home projects and improvements. But it is essential to choose the right contractor for the job.
Older clients are often targets of bad contractors, who can leave their home in disrepair and their savings diminished.
According to a survey cited by the National Council on Aging (NCOA), one in 10 Americans has been scammed by contractors, and those over 60 were particularly vulnerable. (4) On average, victims of these home improvement scams lost $2,426.
Protect yourself by carefully researching contractors and looking for references and testimonials before signing up for a new project.
Read more: This is the quiet portfolio shift many wealthy investors are making in 2026. Should you consider it too?
Combining money and relationships is often complicated, especially if some of your friends and family see you as an easy bank.
It’s not easy to deny financial support to people in your network, but it doesn’t always end well.
More than half (51.6%) of those surveyed by JG Wentworth said they had borrowed money from a friend or family member in the past year, and just under half (46.6%) said the financial arrangement led to “serious arguments or conflicts.” (5)
Providing financial support frequently, with little hope of getting the money back, can cause stress and jeopardize your own retirement plan.
Protect your savings by strictly limiting the amount of support you offer and, if possible, formalize the agreement so that there are clear payment deadlines and expectations.
The Consumer Financial Protection Bureau offers a specific worksheet for managing informal loans between friends and family. (6)
Expert and investment advice from social media influencers can be tempting when you’re living on a fixed income and looking for ways to expand your savings.
But these unregulated investment tips often carry hidden risks. Many of them are outright scams that could reduce your wealth rather than increase it.
In 2023, the FBI’s Internet Crime Complaint Center (IC3) received 6,443 reports of investment fraud. (7) Although it is not the most common type of fraud, the agency says it is the most expensive. That year, victims collectively lost $1.2 billion to these get-rich-quick scammers.
So, if someone is pitching a new cryptocurrency or penny stock idea that seems suspicious, don’t follow their advice.
We rely only on verified sources and credible third-party reports. For more information, see our editorial guidelines and ethics.
Congressional Women’s Policy Institute (1); Boston College Retirement Research Center (2); Senate Finance Committee (3); National Council on Aging (NCOA) (4); JG Wentworth (5); Consumer Financial Protection Bureau (CFPB) (6); FBI (7).
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
