Senior Money Guide USA

A credit freeze is one of the simplest, strongest steps you can take to protect yourself from new accounts being opened in your name. It is free, it does not affect your credit score, and it stays in place until you choose to lift it. This guide walks through it one bureau at a time, in plain language. Please read: This article gives general information only, not individualized financial advice. See our Financial Disclaimer for more detail. In this article What a credit freeze does — and does not do Before you start: what you will need Step by step: freeze at all three bureaus How to lift a freeze when you need credit Freeze or fraud alert: which one? Your credit-freeze checklist Frequently asked questions What a credit freeze does — and does not do When you place a credit freeze (also called a security freeze), the credit bureau will not release your credit report to most new lenders without your permission. Because lenders usually check your report before opening a new...

  After Social Security announced a 3.6% cost-of-living increase for 2027 , scammers began using that announcement to target beneficiaries, claiming the reader must pay a fee, confirm details, or change direct deposit or miss the increase. That message is false. The COLA is automatic. Social Security will not charge you to ‘activate’ it, and you do not need to register for it. The scam script The Social Security Administration's Inspector General warned about this pattern on 21 October 2026. Scammers may: call, text, or email claiming the COLA needs to be “activated” or “unlocked”; ask for a fee; ask to confirm Social Security number, bank details, or direct-deposit information; send a link, document, or software-download request, sometimes using a real employee's name or fake official-looking letter; pressure immediate action, warning the increase will be delayed or lost. None of these is how Social Security works. A real COLA does not require a fee, registration step, direct-...

Older adults reported about $3 billion in fraud losses in 2025 , according to the Federal Trade Commission's report to Congress, "Protecting Older Consumers 2025–2026," released on 19 October 2026. That is about five times the roughly $600 million reported in 2020 . Those numbers need careful reading. They are reported losses — money that people told the FTC they lost. They are not the total cost of all fraud, and they are not a prediction about any individual reader. But they do show a clear pattern: fewer older adults report losing money than younger adults do, yet when older adults do lose money, the losses are often much larger. Quick answer Reported fraud losses for adults aged 60 and older: about $3 billion in 2025 , up from about $600 million in 2020. The largest category: investment scams , up 42% in one year. The median reported loss was about $900 for adults 60 and older , and about $2,000 for adults 80 and older . A median means half of reported losses were sma...

Scammers often target older adults because they may have retirement savings, own a home, and be polite to callers. Knowing the warning signs in advance can help you pause, check, and protect your money. Key takeaway: Pause before you act. A real agency will not rush you into paying by gift card, wire transfer, or cryptocurrency, and will not ask you to share your Social Security number, bank account number, or verification codes with an unexpected caller. In this article The three warning signs Warning sign vs. safer action Common scams to recognize What to do if you are contacted Action checklist Questions and answers Official sources Pause before you act on an unexpected call. Warning sign 1: Urgency and threats Be suspicious of any message that says you must act now, or your account will be closed, your Social Security number will be suspended, or you will be arrested. Real agencies do not use threats to force immediate payment. Warning sign 2: A request for unusual payment Gift ca...