Older Adults, Retirement, and Fraud Prevention

Social Security Matters Monthly Blog

Learn about important information from the Social Security Administration’s blog. 

Living in Retirement 

The Illinois Financial Wellness Hub (FinWell Hub) offers free personal finance resources on many topics, including retirement. You’ll find tips on everything from traveling on a budget and insurance to required minimum distributions (RMDs) and more.

Social Security

The Social Security Administration (SSA) offers free tools and information to help you plan for retirement and manage your Social Security benefits. One of the most useful tools is my Social Security account. It lets you:

  • Review your earnings and work history
  • Get an estimate of future benefits
  • Explore how different factors could affect your payments

Treasurer Michael Frerichs also hosted a webinar with Jack Myers from the Social Security Administration to explain how Social Security works and answer common questions. Watch the recording for more information.

Money Smart for Older Adults

The Money Smart for Older Adults Program helps older adults and caregivers learn how to spot scams, prevent financial abuse, and make safer money decisions. It also encourages people to plan ahead to better protect their finances.

The program was created by the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB).

Looking Out for Fraud

The Illinois Department on Aging (IDOA) supports older adults in Illinois and the people who care for them. IDOA runs programs that respect different cultures and help seniors stay independent, safe, and connected—so they can live with dignity and a good quality of life.

Unfortunately, seniors are often targeted by scammers, including:

  • Sweepstakes and prize scams
  • Home repair scams
  • Other types of fraud and con artists

Some estimates suggest that older adults account for most fraud victims, and that seniors may lose billions of dollars each year to scams.

To help protect your money, IDoA shares resources and contacts for seniors across Illinois. The Illinois Attorney General provides a Senior Citizens Consumer Fraud Helpline. If you need assistance, call our Senior HelpLine at 800-252-8966, Monday through Friday, from 8:30 am to 5:00 pm.