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10 Scams That Will Ruin Your Retirement

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Scams can hit anyone at any age, but falling victim to fraud is especially painful for retirees, many of whom are counting on the fixed income from their nest eggs and Social Security benefits to last through retirement.

According to Federal Trade Commission data, 1.1 million frauds were reported in 2017, with 21% of the fraud victims suffering a financial loss. Fraud losses for all ages totaled $905 million in 2017, with a median loss of $429 per victim. Retirement-age fraud victims tend to lose more money to scams than younger victims. The median fraud loss was $500 for victims in their 60s, $621 for victims in their 70s, and $1,092 for victims 80 and over. More than 107,000 Americans ages 60 to 69 reported being victims of fraud last year, the highest total of any age range tracked by the FTC.

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So how are retirees being swindled? In more ways than you can imagine. Here are some of the most common scams being run today, along with advice from fraud experts on how to avoid getting ripped off.

SEE ALSO: 9 Worst Things Retirees Keep in Their Wallets

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