Protect
your financial future by thwarting identity theft now
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[June 22, 2011]
(ARA)
- With a combination of good decisions and some luck, you've managed
to build a tidy little nest egg for retirement. Having enough saved
for retirement can help ensure your golden years are the best they
can be. But what are you doing right now to protect the nest egg
that's essential to your future financial well-being?
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"Retirees
are a favorite target for identity thieves," says Jennifer Leuer,
general manager of Experian's ProtectMyID. "Seniors usually have
more investments and cash reserves, and are less likely to check
their credit regularly. Identity thieves target seniors in a
number of ways, from phone scams in which they pose as a
relative in need, to raiding 401(k) accounts."
Your nest egg doesn't have to be at risk from common types of
identity theft. Be aware of the ways in which thieves can make
use of your personal information, check your credit report
regularly, and take these steps to thwart identity theft:
Monitor your credit
Your credit will be an important part of your financial health
even after you retire. Just because you stop working doesn't
mean it's safe to stop checking your credit report. Review your
report regularly and consider enrolling in a protection product
like ProtectMyID, which is designed to detect ID theft, protect
against it and help resolve the situation if you're a victim
while enrolled. It works by monitoring your credit daily,
performing daily Internet scans for your personal information,
and alerting you when key changes occur.
![](http://archives.lincolndailynews.com/2011/May/18/images/ads/current/vonderleith_bch120310.png)
Watch over your 401(k)
Employer-administered retirement accounts are becoming
increasingly popular targets for thieves, who can defraud these
funds of millions of dollars. Always thoroughly read your 401(k)
statements. If you only get a quarterly statement, ask for more
frequent account summaries and review them with a financial
professional. Review your account online regularly so that you
can quickly detect any activity that doesn't look right. And
once you retire, consider rolling your 401(k) into an IRA.
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Take care of
your Social Security
You probably protected your Social Security number throughout your
professional life. Continue protective measures in retirement,
including not carrying your Social Security card in your wallet, and
being cautious about whom you give your SSN to. As a retiree, your
SSN is particularly valuable to identity thieves, who can use it to
pilfer your monthly Social Security payment, access your medical
records or even falsify your tax return so that your refund goes to
them instead of into your bank account.
Stay alert and educated
Identity thieves come up with new ways to scam people all the time.
With seniors being a favorite target, it pays to keep abreast of the
latest scams. Check online resources like IRS.gov, FTC.gov and
IDtheftcenter.org, the website of the Identity Theft Resource
Center, for updates on current identity theft scams.
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