Retirement-killing money mistakes

7 common ways seniors lose their savings

Most families have a tragic story about elderly relatives who lost their savings. Maybe it’s Aunt Mary falling into the hands of unscrupulous swindlers. Or Cousin Bill foolishly giving his last dime to a ne're-do-well son. Sometimes the story is so painful, nobody will even tell you exactly what went wrong. It's bad enough that seniors are vulnerable to the ravages of old age. The simple fact that they aren't quite as sharp as they once were plays a role in many losses. Sometimes it's the only cause. But there are also the larcenous vultures who pluck seniors clean. Retirees are often lonely and trusting, making them susceptible to scams and corporate strategies that feign concern and kindness to get at their money. Here are the seven most common, often heartbreaking, ways seniors are separated from the nest egg they've worked all their lives to build. Maybe you’ll recognize a family member among the victims.
By Nolan Walters
Interest.com Contributing Editor