Retirement is meant to be a season of stability, freedom, and peace of mind. But for a growing number of older Americans, those expectations are being shattered by financial scams that drain savings, disrupt lives, and leave lasting emotional damage.

A recent report highlighted by CNBC, based on new data from the Federal Trade Commission, shows that seniors are losing more money to fraud than ever before. While younger Americans may report a higher number of scam attempts overall, retirees and older adults are far more likely to suffer devastating financial losses when they are targeted.

The FTC’s findings reveal a troubling trend: scams against Americans aged 60 and older are becoming both more frequent and more costly. In many cases, victims are losing tens of thousands — and sometimes hundreds of thousands — of dollars in a single incident. For retirees living on fixed incomes or relying on savings to fund the rest of their lives, those losses can be catastrophic.

One reason older adults are particularly vulnerable is the type of scams being used. Imposter scams top the list, with criminals posing as government agencies, banks, tech support representatives, or even family members. These fraudsters often use fear and urgency to pressure victims into acting quickly, claiming accounts have been compromised, benefits are at risk, or legal trouble is imminent.

Investment scams are another major driver of losses among retirees. These schemes frequently promise guaranteed or unusually high returns, sometimes tied to cryptocurrency or alternative investments. Victims are often encouraged to move money quickly, bypass trusted advisors, or keep the opportunity “confidential,” all classic red flags of fraud.

Technology has also made scams more convincing. Caller ID spoofing, fake emails that look nearly identical to legitimate institutions, and sophisticated social engineering tactics make it harder than ever to tell what is real. Even financially savvy retirees can be caught off guard when scammers exploit trust, politeness, or unfamiliarity with newer technologies.

Beyond the financial harm, the emotional toll can be severe. Many victims report feelings of shame, anxiety, and loss of independence. As a result, a significant number of scams go unreported, meaning the true scale of the problem is likely much larger than official figures suggest.

There are, however, practical steps retirees can take to reduce their risk. Slowing down is one of the most important defenses. Scammers rely on urgency and fear, so taking time to verify claims independently can prevent costly mistakes. Legitimate organizations will never demand immediate payment, threaten arrest, or require funds to be transferred to “secure” accounts.

Protecting personal information is equally critical. Social Security numbers, banking details, and even basic identifying information should only be shared with verified, trusted sources. Any request to pay using gift cards, cryptocurrency kiosks, wire transfers, or cash deliveries should be treated as an immediate warning sign.

Staying connected with family members can also provide an extra layer of protection. Discussing suspicious calls or messages before acting gives someone else the chance to spot inconsistencies or red flags that may not be obvious in the moment.

Finally, retirees are encouraged to report scam attempts, even if no money was lost. Reporting helps authorities identify patterns, shut down fraud networks, and warn others before they become victims.

Financial security is one of the cornerstones of a fulfilling retirement. While scams are becoming more aggressive and sophisticated, awareness, caution, and open communication remain powerful tools. Retirees have worked hard for their savings, and staying informed is one of the best ways to ensure those resources continue to support the life they’ve earned.