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In 2023, 16,806 Americans aged 60 and older reported falling victim to scams, losing a staggering $1.6 billion. The common thread? Cryptocurrencies. Digital currency scams accounted for over 69,000 complaints and $5.6 billion in losses across all age groups.
Unfortunately, crypto scams are easy to execute due to the complexity of digital currencies and growing interest in new investments. For older adults, losing money to such scams could jeopardize their retirement savings.
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Protecting yourself from common cryptocurrency scams
Crypto scams take many forms, but there are ways you can insulate yourself from the thousands that take place every day.
Financial advisors are trained to recognize legitimate investment opportunities and can help you steer clear of suspicious or overly risky ventures, including those involving digital currencies.
FinancialAdvisor.net is a free matching service that helps you find an advisor who can help you reach your financial goals by matching you with a pre-screened financial advisor from their database of thousands.
All it takes is a few minutes to answer some questions about yourself, and FinancialAdvisor.net will provide you with a personalized match of two to three advisors. From there, you can book a free, no-obligation consultation to confirm if your match is right for you.
Outside of professional help, another great defense against scammers is education. An FBI report showed that fraudulent investments (which caused over $3.96 billion in losses among all victims) and phishing or spoofing scams (an estimated $9.6 million in financial loss) were most likely to fool victims in the 60+ age group. Phishing and spoofing schemes trick individuals into sharing personal or financial information, believing they are interacting with legitimate companies. Learning how to spot these scams is critical to protecting your wealth.
Common scams include fake initial coin offerings (ICOs), which entice victims to purchase worthless currencies, and fake digital wallets, where victims unknowingly provide private keys to criminals.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Solid investments that allow you to avoid crypto entirely
You can avoid cryptocurrency scams entirely by steering clear of this market.
Most older adults and pre-retirees should exercise caution in their investments due to their shorter timelines. Putting money you may need to use soon into such a volatile asset is risky, even if the coin is legitimate.
Instead of risking your investment, consider tried-and-true options like precious metals, real estate, or the stock market, all of which are more accessible than ever and allow for the potential for steady growth over time.
Hold gold to save for retirement
Many investors prize gold as a potential hedge against inflation and a solid store of wealth.
Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.
If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover. Others might offer free gold, silver or other metals up to a certain amount when you make a qualifying purchase.
You can check out our top picks for industry-leading companies offering gold IRAs.
Compare offers instantly and request a free information guide to help you understand how to diversify your portfolio and secure your retirement fund.
Park money in real estate to potentially gain regular income
Another option for investors looking for an alternative to crypto’s volatility and scam potential is real estate. This tangible, stable asset class has a proven track record of long-term growth.
You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.
Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.
To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.
Accredited investors with $50,000 at their disposal can put their capital into larger-scale, necessity-based commercial real estate through First National Realty Partners (FNRP).
FNRP is a private equity real estate investment firm that specializes in acquiring and managing grocery-anchored commercial properties across the U.S. These properties often feature large, well-known retailers like Kroger, Walmart, and Whole Foods, which have the potential to provide steady, reliable income streams.
Investors can research FNRP’s offerings at their convenience, request and execute investment documents and then track and manage the progress of their investments through their personalized investor portal account.
Make smarter moves on the stock market
Companies offering in-depth market research or reliable trading platforms will probably go a little further in helping you prioritize stability and informed decision-making over crypto investments.
Moby, founded by former hedge fund analysts, offers an investment research platform that provides expert stock picks, presenting a safer alternative to the unpredictability of cryptocurrency. Their analysts dedicate hours each week to analyzing financial data and trends to deliver top-tier stock reports.
Over four years, Moby’s nearly 400 stock recommendations have outperformed the S&P 500 by an impressive 12% on average. With user-friendly formats and a 30-day money-back guarantee, Moby gives you the opportunity to become a wiser investor in just five minutes.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
