10 Things You Should NEVER Tell Anyone in Retirement
The real threat to your retirement savings isn't online criminals...
Americans over 60 lose $28.3 billion to fraud every year.
But the sad part is that most of that money isn’t stolen by strangers.
Research shows that 72% of losses (that’s $20.3 billion) comes from people the victim knows and trusts.
Family members who “borrow” money they never repay. Friends who rope you into bad investments. Neighbors who suddenly have the perfect business opportunity.
Only 28% comes from complete strangers.
The people you trust most are the ones most likely to take advantage of you.
Why? Because you tell them things. Personal things. Financial things. Things that give them the ammunition they need to separate you from your life savings.
There are 10 things you should never share (even with people you’ve known for decades):
Thing #1: Your Bank Account Balance
Never tell anyone your income, net worth, or any other financial details about yourself.
Not your neighbor. Not your best friend. Not even your relatives unless they absolutely need to know.
When people know you have money, they start treating you differently. They might feel uncomfortable because they “haven’t kept up” financially. Or worse, they start seeing you as their personal ATM.
You become a target. Elder abuse is real, and it often starts with someone knowing exactly how much you’re worth.
Once family or friends know your financial situation, they start thinking you have “free money to give away.” Before you know it, you’re getting hit up for loans, business ventures, and sob stories that never end.
Trust me, helping people financially often creates a long-term downward spiral for everyone involved.
The only person who needs to know your financial details is your spouse. Everyone else can mind their own business.
Thing #2: Your Social Security Number
You should NEVER give anyone your Social Security number. Period. No exceptions.
Only give it when tax reporting is required - like for a job, mortgage, life insurance, or investment account.
Your dentist doesn’t need it. The Medicare Advantage insurance agent at the mall doesn’t need it.
A criminal only needs your SSN and a few other pieces of information to apply for a loan in your name, take the money, and disappear. You’re guilty until proven innocent when it comes to credit fraud.
They can also use your SSN to get a driver’s license in your name (so any legal trouble comes back to you) or even get a job.
My recommendation: Lock your credit reports right now. This fixes most of these problems before they start.
Thing #3: Your Home Address
I’m not saying you can’t give Amazon your address when you order something. That’s different.
The problem is when someone seeks out your home address without your permission or involvement.
A scary scenario that happens more than you think:
You park your nice car at the mall. Some friendly person approaches you with a clipboard, says they’re doing market research, and offers you a gift certificate. All they need is your home address “for their files.”
They know your car is at the mall, which means you’re not home. They make a quick call to their partner, who breaks into your house and is long gone before you even finish shopping.
Only give your address when YOU initiate the transaction.
Thing #4: Your Financial Email Address
If you only have one email address, you’re making a huge mistake.
You need three separate email addresses:
Email #1: Strictly for financial institutions, like your bank, brokerage, 401k provider, IRA. Nobody else gets this email.
Email #2: For family and friends only.
Email #3: Your “junk” email for retail transactions, political donations, and all the spam that comes with modern life.
If someone gets access to your financial email address, they’re just one phishing scheme away from getting into all your financial accounts.
Any company that holds your money should offer two-step verification (where they text you a code). If they don’t offer this, don’t do business with them.
Thing #5: Your Cell Phone Number
Your mobile phone number is your last line of defense.
Don’t give it out unless YOU’RE starting the conversation, like calling a friend, applying for credit, or buying something at a store.
If you have two-step verification set up (and you should), criminals usually can’t get into your accounts unless they have access to your phone.
But if a hacker gets into your computer remotely, they can read every text you receive on an iPhone (including those security codes from your bank).
They don’t need to steal your phone. They don’t need to be in your house. They just need to hack into your Mac remotely, and suddenly they have access to every security code, every banking text, every private message you receive.
This happens more than you think. People click on bad links, download infected files, or fall for phishing emails that give hackers backdoor access to their computers.
Thing #6: Your Political Views
In today’s climate, sharing your political views is downright dangerous.
Whatever you believe, about 50% of people will think you’re wrong.
Unlike countries like Australia or the UK, where people can disagree politically and still be friends, Americans right now view political differences as good versus evil.
You’re automatically alienating half the people you meet.
Keep your political views to yourself until this country gets back to normal. Your safety and relationships are more important than making a political point.
Thing #7: Answers to Password Questions
Never share answers to common password questions like:
Your first dog’s name
Your mother’s maiden name
The street you grew up on
Your first concert
The city you were born in
Someone strikes up a friendly conversation and asks these questions naturally. Or you get an email survey that seems innocent but is actually fishing for this information.
These answers can be used to reset your passwords and gain access to your accounts.
Watch out for answering oddball questions from people you don’t know, or surveys that ask for this type of personal information.
Thing #8: Your Daily Routine
Never tell strangers about your daily schedule - when you go to the gym, grocery shopping, or doctor appointments.
Criminals love predictable patterns. If they know you’re at physical therapy every Tuesday and Thursday at 2 PM, they know exactly when your house is empty.
This includes posting on social media about your regular activities. That innocent Facebook post about your weekly bridge game just told potential thieves when you’re not home.
Vary your routine when possible, and keep your schedule private unless someone actually needs to know.
Thing #9: Your Medical Information
Your medical information is incredibly valuable on the black market - sometimes worth more than your credit card number.
Never discuss your specific health conditions, medications, or medical history with strangers. This includes casual conversations at the pharmacy or doctor’s office waiting room.
Criminals can use your medical information to:
File fraudulent insurance claims
Obtain prescription drugs in your name
Access your medical records
Even blackmail you if you have sensitive conditions
Be alert when someone calls claiming to be from your insurance company or Medicare. Legitimate companies already have your information and they don’t need to ask for it.
Thing #10: Your Travel Plans
Stop announcing your travel plans to everyone who will listen.
Telling people when you’re leaving town, how long you’ll be gone, and where you’re going is like putting a “Rob Me” sign on your front door.
This includes:
Social media posts about upcoming trips
Casual conversations with neighbors you barely know
Telling service providers (like lawn care) more than they need to know
Only tell people who absolutely need to know, like someone picking up your mail or watching your house. Everyone else can find out about your amazing vacation when you get back.
Next Steps
Retirement should be about enjoying your golden years, not worrying about scammers and thieves.
Criminals specifically target retirees because they often have money and can be more trusting.
Follow these 10 rules, and you’ll dramatically reduce your risk of becoming a victim.
Remember: It’s not about being paranoid. It’s about being smart.