אודות פרק זה
When a parent sends their retirement savings to someone they met online, learn how to help them recover – without letting it happen again.
What do you do when a parent has spent most of their retirement savings on a romantic partner they’ve never met? Hosts Sean Pyles, CFP®, and Elizabeth Ayoola help from a listener whose father, in his 70s, drained his retirement accounts and ran up massive credit card debt paying someone he met on OnlyFans. Sean shares what happened when his own father lost $150,000 to a crypto scheme while isolated during the pandemic, and Elizabeth talks about being scammed herself and her mother handing money to a stranger promising crypto returns. They get into the shame that keeps victims silent, the chat agencies that mean the person answering may not be the person in the photos, the red flags that show up before money moves, and why a parent who’s lonely is a target long before they’re a victim.
Plus, we talk with an economics professor about the Federal Reserve’s decision this week to hike a key interest rate, and what it could mean for your loans and savings accounts.
If you’re worried a parent is being scammed, you can access free guidance at the AARP Fraud Watch Network Helpline.
Enter for a chance to win a $250 Amazon gift card — and help us improve our show — by taking our listener survey! Find the survey and official sweepstakes rules here: https://docs.google.com/forms/d/e/1FAIpQLSettbeI0yDf8tLt_Q772StVJoWs_Gm-pWa-gSn2fdWEc0XcOw/viewform?usp=sharing&ouid=102666646608198254961
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*The show notes were created with the assistance of AI. They have been reviewed by our editorial team for accuracy and quality.
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