Fraudsters are targeting retirees with increasingly sophisticated schemes that exploit trust and urgency. Understanding the five most common scams and how to block them protects your retirement savings.

The grandparent scam remains deadly effective. A caller claims to be your grandchild in distress, needing cash immediately for bail, a car accident, or medical bills. Scammers research family details on social media to sound authentic. Always verify by calling your grandchild directly at a known number before sending money.

Tech support fraud preys on retirees less comfortable with computers. Pop-up warnings claim your device has viruses and demand you call a number or download software. Never trust unsolicited tech warnings. Reputable companies like Microsoft and Apple never contact you this way. Hang up and call your actual tech support line.

Romance scams build fake relationships to eventually ask for money or account access. The scammer professes love, then creates an emergency requiring funds. Be suspicious of anyone you meet only online who quickly mentions money or asks for personal details.

Medicare and Social Security scams impersonate government agencies. Callers threaten to suspend benefits unless you verify information or pay fees immediately. Real agencies never threaten over the phone or demand payment by wire transfer or gift card.

Investment scams promise unrealistic returns, often through cold calls or emails. Promises of 10 to 15 percent annual returns in volatile markets should trigger skepticism. Always verify any investment through official SEC databases and consult your own advisor before committing funds.

Protection requires vigilance. Use two-factor authentication on bank and investment accounts. Register your number with the National Do Not Call Registry. Enable call filtering on your phone. Request that family contact you through established communication methods before sending money. Verify unexpected requests independently using contact information you already have.

If you suspect fraud, report it immediately to the Federal Trade