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Identify Theft: Major Risk to Retirement Income

Identify Theft: Major Risk to Retirement Income

| July 26, 2017

You’re probably familiar with three of the most common risks to your income in retirement: over-spending, market volatility, and longevity. But did you know that identity theft is quickly becoming a fourth risk factor? Over the past six years, more than $107 billion has been lost to identity theft.* As internet fraud, data breaches, and identity theft continue to rise, retirees remain key targets for fraud and scams. Below are some tips to help you safeguard your identity and your finances:

  1. Provide your Social Security number only when necessary and to verified parties.
  2. Never use your name, mother’s maiden name, a child or pet’s name in your passwords. Create more complex passwords using uppercase and lowercase letters, non-sequential numbers, and special character symbols.

  3. Don’t use the same password for multiple accounts; this will minimize the damage in the event one of your accounts is compromised.

  4. Make sure your computers and mobile devices are running the latest versions of operating systems and applications, and regularly update anti-virus software.

And remember, we're only a phone call away if you have questions about managing and protecting your income in retirement. 

References: *Javelin Strategy & Research: 2017 Identity Fraud Study