Retirement Examined

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Beware of Inheritance Scams!

by Eric Seyboldt 

In today’s digital age, the promise of unexpected riches can be deeply alluring, often leading people into the clutches of inheritance scams. These deceptive schemes are meticulously planned to prey on individuals by enticing them with a large inheritance from a distant relative or unidentified benefactor. Knowing how these scams operate and recognizing their signs is essential for protecting yourself from financial fraud.

1. The Unclaimed Inheritance Scam

How It Works: Scammers reach out to victims via email, letters, or social media, pretending to be legal authorities or estate executors. They fabricate intricate stories of a deceased distant relative or an unknown benefactor who left a significant fortune. The message often carries a sense of urgency, stating that the inheritance must be claimed quickly to avoid legal issues.

Real-Life Example: In 2019, a man from Texas received a seemingly official email claiming he was the sole heir to a $5 million estate from a deceased uncle in the UK. The scammer, posing as a solicitor, asked for personal identification documents and a $1,500 processing fee. Fortunately, the man researched the solicitor’s name and realized it was a scam before making any payments.

Primary Targets: This scam typically targets the elderly, individuals who have recently lost a family member, or those in financial distress. The allure of unexpected wealth is particularly compelling for these groups, making them vulnerable to exploitation.

2. The Advance Fee Inheritance Scam

How It Works: In this version, fraudsters pose as officials or legal representatives, claiming they are responsible for distributing a deceased person's estate. They ask victims to pay a series of "advance fees" for taxes, legal documentation, or processing costs to release the inheritance.

Real-Life Example: In 2021, an elderly woman in Florida received a letter from someone claiming to be a lawyer representing a long-lost cousin’s estate. The scammer requested $10,000 to cover "international taxes" before the inheritance could be released. The woman paid the initial fee and was continually asked for more money until she realized she was being scammed.

Primary Targets: This scam mainly targets those unfamiliar with international legal processes, especially seniors and individuals who may not be tech-savvy or experiencing cognitive decline.

3. The Foreign Inheritance Scam

How It Works: Scammers notify victims that they have inherited a fortune from a foreign country. They often use names of reputable law firms or banks to make the scam appear legitimate. Victims are encouraged to contact the "lawyer" handling the estate, leading to requests for personal information and money to cover various fees.

Real-Life Example: In 2022, a Canadian couple fell victim to a foreign inheritance scam, believing they had inherited $3 million from a relative in Nigeria. They lost over $30,000 in fraudulent fees before realizing the scam.

Primary Targets: Individuals with family ties abroad or frequent travelers are often targeted. The scam relies on creating a narrative with international elements, exploiting the victim's lack of knowledge about foreign legal systems.

Strategies to Avoid Inheritance Scams

1. Verify the Source: If you receive an unexpected inheritance notification, verify the sender's identity. Conduct a thorough search on the individual or organization's legitimacy, and contact any mentioned law firms or banks directly using official channels.

2. Be Wary of Unsolicited Communications: Legitimate inheritance notifications are rarely sent via email or social media. Be cautious of unsolicited messages and never provide personal information or make payments based on such communications.

3. Consult Professionals: If an inheritance offer seems genuine, consult a legal professional or financial advisor. They can help you identify potential red flags and verify the claim's legitimacy.

4. Do Not Rush: Scammers often create a sense of urgency to pressure victims into quick decisions. Take your time to evaluate the situation thoroughly before taking any action.

5. Use Online Resources: Websites like the Federal Trade Commission (FTC) Consumer Information page and the Better Business Bureau (BBB) Scam Tracker offer valuable information and resources to help identify and report scams.

Conclusion

Inheritance scams prey on people's hopes and vulnerabilities, promising wealth that never comes. By staying informed and cautious, you can protect yourself and your loved ones from falling victim to these fraudulent schemes. Always remember, if something seems too good to be true, it probably is. Take the time to verify any inheritance claims and consult trusted professionals to ensure you aren't being deceived by scammers.

Reach out to us for a complimentary, 10-minute consultation call. Let's explore together how we can help you protect your assets, ensuring your golden years are as fulfilling and worry-free as you’ve always imagined. Email Eric at [email protected] or give us a call today to schedule your consultation. Let's make your retirement dreams a reality!

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Client: "Eric, I'm two years away from retirement. What are the top moves I should be making right now to ensure I’m financially prepared?"

Eric: "The clock is ticking, and this is no time for complacency. The years leading up to retirement are your final chance to fortify your financial fortress. Here's your three-step game plan:"

1. Supercharge Your Retirement Savings

Client: "I've been saving, but is there more I can do to boost my retirement funds?"

Eric: "Absolutely. With only a few years left before you embark on this life-changing journey, the decisions you make now will shape your financial future. In a world where financial security is paramount, it is imperative to plan with precision. Now is the time to supercharge your savings. Maximize your contributions to tax-advantaged accounts like 401(k)s and IRAs. Take advantage of catch-up contributions if you’re over 50, which allow you to contribute an extra $7,500 annually to your 401(k). This is your last sprint before the finish line, so throw every available dollar into your retirement accounts. Remember, this isn’t just saving; it’s an investment in your future freedom."

Client: "But what if I've already maxed out my retirement accounts?"

Eric: "In that case, consider building a diversified portfolio of tax-free investments. Explore solutions for tax-efficient income. Your goal is to build a robust financial buffer that can weather any storm. Remember, each dollar you save now is a brick in the foundation of your dream retirement."

2. Pay Down Debts Relentlessly

Client: "Should I focus on paying off debt before I retire?"

Eric: "Without a doubt. Debt is a thief, robbing you of peace of mind and financial freedom. As you approach retirement, it's crucial to eliminate high-interest debts, such as credit card balances and personal loans. This is your opportunity to liberate yourself from financial shackles and enter retirement unburdened."

Client: "What about my mortgage? Should I aim to pay it off?"

Eric: "If feasible, yes. Imagine a retirement free from monthly mortgage payments—a dream within your grasp. If your cash flow allows, accelerate mortgage payments, but not at the expense of depleting your savings. Balance is key. Remember, a debt-free retirement is a joyous retirement."

3. Craft a Bulletproof Income Plan

Client: "How do I ensure I won’t outlive my savings?"

Eric: "This is the crux of retirement planning—a bulletproof income strategy. Evaluate your expected expenses and match them against guaranteed income sources like Social Security and pensions. Diversify income streams to include investments that generate income. Annuities can provide a steady income stream, adding another layer of security. Index Universal Life policies also have the opportunity to supercharge retirement income if designed the right way."

Client: "And if there's a shortfall?"

Eric: "If there's a gap, consider delaying retirement or working part-time to bridge it. Flexibility is your ally. Revise your budget and adjust discretionary spending to align with your retirement income. The goal is a sustainable withdrawal rate that ensures your nest egg lasts as long as you do."

As you stand at the precipice of retirement, these strategic moves are your compass, guiding you toward financial security and peace of mind. Time is of the essence, and the stakes are high. But with a meticulous plan, your retirement dream can become a reality. Embrace the journey, make informed decisions, and look forward to a future filled with endless possibilities.

Contact us for a free, brief 10-minute consultation. Together, we can discuss ways to safeguard your wealth and ensure your retirement years are as enjoyable and stress-free as you've envisioned. To arrange your consultation, send an email to Eric at [email protected] or call us today. We're here to help turn your retirement aspirations into reality.

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Please feel free to email Eric at [email protected] if you’d like to ask any questions or request information on these fixed annuities or other retirement topics that are on your mind.

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Have You Considered Adding Gold or Bourbon to Your Investment Portfolio?

Given the current economic uncertainties, many informed investors are looking to physical assets to protect their retirement funds. Tangible investments like gold and even bourbon barrels are gaining popularity. These concrete assets serve as a robust defense against the impacts of excessive currency creation and rising prices. They also offer excellent diversification options during stable economic periods.

Historically, physical assets have consistently outperformed other investment types during economic downturns and market instability. They provide a reliable safeguard against potential financial upheavals. Incorporating tangible assets into your investment strategy can be both prudent and rewarding.

In light of today's economic volatility, investing in physical assets could be a sensible approach to maintain the resilience of your financial plans. Would you like to learn how these tangible investments might enhance your portfolio?

Allocating funds into the asset class known as “Real Assets” may be a strategy that you should consider.

Ask us how to Rollover a portion of Your IRA or 401k To A BOURBON IRA (www.bourbon.fund/how-it-works/) or a GOLD IRA (see link below) and:

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• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

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Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

We have a lot of great information, as well as podcasts from our radio show ‘The Financial Insider’, and tools on our website - www.novusfg.com.

[email protected] www.novusfg.com [email protected]

Office: 614-943-2265

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Investment advisory services are offered by duly registered individuals on behalf of CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Novus Financial Group are unaffiliated entities.

The content we provide here isn’t financial advice and cannot be taken as such. Please speak to your financial advisor before making any investment decision. Also, note that every investment comes with its risks and drawbacks. Lastly, we would like to remind you that past results cannot guarantee future returns.

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