How seniors can avoid these common scams

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How seniors can avoid these common scams
The grandparent scam, sweepstakes scam, the Medicare scam and the mortgage scam are among the common fraudulent schemes that prey on older people, writes an expert for MarketWatch. "Older adults are often too embarrassed to tell authorities or a family member they have been scammed," writes the expert. "Talk to the seniors in your life and let them know they can confide in you and let you know if they have been scammed." And seniors should remember that scammers can learn quite a bit of information from social media, so even if they have a couple pieces of information about the person's family, it doesn't mean they are legit.

How millennials can maximize savings for retirement
It is never too early for millennials to start building their retirement nest egg, according to this article on The Wall Street Journal. To secure retirement, younger clients are advised to set aside 10% of their earnings in a tax-advantaged 401(k)-type plan and sock away at least 5% in their emergency fund. They can also free more money to save and pay down their student loan debt by keeping track of their expenses, cutting back on costs and getting a side hustle. Buying disability insurance is another option to secure their future finances. “You are your number one asset. What would you do if you become disabled and cannot do your job?” says an expert.

Why you should consider a backdoor Roth IRA
Vanguard's Joel Dickson says that a backdoor Roth IRA is a good strategy for investors who cannot contribute directly to a Roth IRA based on income, according to this article on Morningstar. The strategy allows them to contribute to a traditional IRA and then convert the money to a Roth IRA, explains the expert. The Roth conversion triggers a taxable event, and investors will owe a tax bill based on pro rata basis.

About 90 percent of American men are confident they can manage money
More than 50% of Americans polled by Student Loan Hero said they were confident about the way they managed their finances, according to this article on CNBC. A majority of the male respondents saying that they are on the right track in handling their money, the survey also found. More men than women also felt confident about retirement: 53% of men as opposed to 37% of women. "There's a clear gender gap."

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Retirement income Social Security Financial crimes Roth IRAs