Scammers often target retirees because they may have savings, a steady income and more time at home to answer the phone. A single successful scam can wipe out far more than careful budgeting could ever save, so protecting your money is part of stretching it.

Be suspicious of any call, email, text or visit that pressures you to act quickly, asks for payment by gift card, wire transfer or cryptocurrency, or claims a family member is in trouble and needs money right away. Government agencies and legitimate companies generally don't demand payment this way. When in doubt, hang up and call back using a number you look up yourself.

Consider asking your bank about alerts for large or unusual transactions, and review your statements regularly. Some people name a trusted contact with their bank or financial advisor who can be reached if something seems wrong. Talking openly with family about common scams also makes it easier to pause and check before sending any money.