Retirement: Opportunities and Pitfalls in Securing Extra Income
Retirement is here, whether you’ve been eagerly anticipating it or dreading its arrival. Now that you have more time on your hands, you might be wondering how to supplement your retirement income.
While the poverty rate for Americans aged 65 and older has significantly decreased over the past 50 years—from nearly 30% in 1966 to 10% in 2024—this doesn’t mean retirees are living luxuriously. In fact, more than 17 million seniors (roughly one in three) face economic uncertainty, with an average annual income below $30,000. A third of them are forced to return to work because their savings can’t cover their expenses.
If you’re in this situation or know someone who is, keep reading for tips on how to navigate these challenges.
The Rise of Task Scams: A Growing Threat
Task scams, a form of online job fraud, have surged in recent years. According to the Federal Trade Commission (FTC), such scams led to losses exceeding $220 million in the first half of 2024 alone. These scams lure victims with promises of easy online tasks, like reviewing products, only to take their money. In 2024, task scams accounted for a staggering 40% of all reported job frauds.
Red Flags to Watch For
Task scams are becoming increasingly sophisticated, but there are clear warning signs:
- Unsolicited job offers via text or WhatsApp.
- Vague job descriptions like “application optimization” or “product enhancement.”
- Requests to complete tasks on unfamiliar platforms.
- Small initial payouts to build trust.
- Demands to invest your own money.
- Promises of high returns for minimal effort.
- Pressure to use cryptocurrency for payments.
Avoiding these scams is half the battle; the other half is preventing scammers from contacting you in the first place.
Protecting Your Personal Information
You might wonder, “How did they get my number?” Unfortunately, personal data like your phone number, address, and even your date of birth are easily accessible online. People search sites and data brokers collect and sell this information, often to marketers and scammers.
Cybercriminals also exploit data from forums, social media, and other online platforms. Since the U.S. lacks comprehensive federal data privacy laws, anything you share online can be sold without your consent.
Tips for a Safer Retirement Side Hustle
If you’re considering a side gig, here’s how to stay safe:
- Use Data Removal Services: These services can help erase your personal information from people-search sites and data brokers, reducing your online exposure. While no service can remove all your data, it’s a proactive step toward minimizing risks.
- Be Skeptical: Ignore unsolicited job offers and be wary of vague job descriptions. Legitimate employers won’t ask you to pay for job opportunities.
- Verify Platforms: Research unfamiliar platforms before completing tasks. Avoid any requests to invest your own money or use cryptocurrency.
- Limit Data Sharing: Be cautious about sharing personal details on forms, forums, and social media.
- Install Antivirus Software: Protect your devices with robust antivirus software to block malicious links and prevent malware.
By taking these precautions, you can safeguard your finances and enjoy a more secure retirement.
Final Thoughts
Returning to work during retirement can be a rewarding way to boost your income and stay socially active. Leverage your experience, stay vigilant, and explore legitimate opportunities.
Have you considered a side hustle in retirement? Share your story at Tech Word News.com/contact.
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