IN THIS ISSUE:
Special Announcement: Susan's new website is up and running. Check it out! We think it's GREAT! http://susanbgeffen.com Please tell us if you like it too!
Featured Article: Should you crack open the social security piggy bank?
Featured Video: Susan at the Social Security office
My Watchdog: Ways that SCAMSTERS target seniors
Susan's Upcoming Symposium: "Raising UP Your Parents"
Lunch included! FREE Admission. Limited seating.
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 Upcoming Event: Raising Up Your Parents Saturday, March 10, 2012 9:00 AM to 3:00 PM PST Elder Care Seminar Anaheim South Sheraton Hotel Join Susan and Special Guest Speaker, Dr. Cordula Dick Muelke, Director of Education, UCI MIND. FREE. Lunch is included. Limited Seating. You must be registered to attend. (Click Here) |
Contact Information:SAGE Consulting, Inc. 1732 Aviation Blvd, #228 Redondo Beach, California 90278 susanbgeffen@gmail.comOffice: (310) 406-0608 Fax: (310) 773-9263
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Susan's Featured Article
Should you crack open the Social Security piggy bank?
Hello Pre-Boomers, Boomers and beyond.
Have you ever wondered what would happen if you took your Social Security benefits now, before you hit 66?
This friends, is really not a black and white decision.
Social Security is not a simple system. You will have to employ a calculator, or your fingers. You might even feel like you need to have a degree in math with an emphasis on actuarial science.
I will try to simplify this for you because if you are cash strapped, you may have to look at dipping into this pseudo savings repository.
The cost of making the wrong actually complex decision can be large.
For the oldest boomers, who turned 65 last year, please know that regardless of when you take Social Security and when you stop working, you must enroll in Medicare when you first become eligible at 65, or you could face financial penalties in the form of higher premiums.
For those of you who are about to turn 65, you can start the process in advance which is what I recommend. Plan, plan, plan and then let go and have fun!
Read more...
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Susan's Elder Life Series
Featured Video | |
Susan visits questions about Social Security
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My Watchdog
A weekly update that alerts you to the latest scams , elder abuse, and things that are just plain WRONG!
Here are some ways that scamsters target seniors:
*Church and community group fraud. Con artists often belong to the same social group, church or gardening club that you do. And they won't hesitate to use that connection to their advantage.
Seniors are particularly vulnerable to these scams, Struck points out, because they have more time to join different organizations, and many tend to be trusting.
The financial blow of this misplaced trust can be devastating. In California this year, securities regulators issued a "desist-and-refrain" order to a Korean-American man, claiming he had defrauded 19 Korean-Americans of $2.5 million.
*Fake contests. These scams usually involve a phone call or letter telling seniors that they've won a sweepstakes or lottery but must pay legal fees, taxes or shipping costs before claiming the prize.
Con artists try to get the victim to buy into the scam by "getting the person tied up in anticipation of how they're going to spend their winnings," says Sally Hurme, a lawyer with AARP's division of consumer protection.
"They're very good with their snake-oil pitches," Hurme says, because they make the same call up to 10 hours a day.
Once they've convinced you of your winnings, the fraudsters often urge you to withdraw money for the purported legal fees or shipping costs immediately - before you can second-guess your decision.
That was the tactic used with a retiree in Santa Monica. After she received a phone call in April telling her she'd won a $2 million prize in a People magazine sweepstakes, she cashed out $6,800 from her credit card.
She was told to put the money - all single dollar bills, which are harder to trace - inside a magazine. Within minutes, she says, a courier came and picked the package up. People had no such contest.
She couldn't get the credit card company to reverse the transaction because she had taken out a cash advance. So she's having to deal with the ugly consequences.
Seniors should be suspicious of anyone who tells them they need to make an investment decision on the spot, consumer advocates say.
Check the credentials of the salesperson - with the SEC, NASD and state securities regulators - before putting money into any investment.
And don't think that just because you're fairly investment-savvy, you won't be victimized. A study by Wise Senior Services, funded by the NASD Investor Education Foundation, found that seniors who fall prey to fraud tend to be more financially literate than non-victims are.
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