Legal Protections, Benefits and LGBTQ+ Retirement Planning

Episode 34: Audio automatically transcribed by Sonix

Episode 34: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in, no matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.

Speaker1:
Hello and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your pal, your confidant. I appreciate you taking time to join me because, you know, I mean, and I say this a lot, but I'll say it again until I'm blue in the face. Um, the fact that you take time out of your day, out of your week or month, or however often you listen, it doesn't matter. I am very excited that you are here. And that means so, so much to me that you actually do take the time to learn more about retirement planning, specifically for LGBTQ plus folks. I really do appreciate it. As always, the thing today is going to be, um, I believe one of my favorite shows that I've done at least topic wise. Um, so we've got a lot of ground to cover here. Um, first of all, I want to remind you, take pride in retirement. Com is the place to go. Take pride in retirement. Com that is the website for the show. You can find all the episodes there. You can also find out more information about me. There's great welcome video there. Um talking about why I do what I do. And um, so if you're wondering like how did all this start? Like, why did, uh, why did you start doing this thing? Um, and, and how do you, um, you know, go about relating all of this information to people who are part of the LGBTQ plus community? That is a great place to go once again, take pride in retirement.

Speaker1:
Com if you want to reach out to me, you can do that. 85524692118552469211. That is the number there. You can also go search for Take Pride in Retirement on YouTube. Uh, follow me at take Pride in retirement on Instagram. Uh, also on Facebook. Like we're all over the place with the show. So if you can't find us, you're just not looking, basically. And here's the thing. If you are watching any of the video highlights that we do post on Instagram or on Facebook or on YouTube, you'll probably notice this time around it's it's sweater weather. Yeah, it's sweater weather. Um, I am so glad that it's sweater weather here in Atlanta where I am. And that, by the way, is where I am based in Atlanta. Georgia is where I grew up here in the Atlanta area. Um, moved to New York, lived there for about ten years, moved back just pre-pandemic, actually to the Atlanta area. And I'm glad to serve as a financial advisor here and also as, um, host of this show to spread the good word about, you know, different issues that are of relevance to LGBTQ plus folks. Um, but it's it is sweater weather, as they used to say, as as Amy Poehler and, Maya Rudolph used to say on SNL, the, you know, fall is in the air.

Speaker1:
Finally, I feel like it's going to be one of those things where it's it feels like fall for about a day or two, and then it's going to be winter, and then we will have skipped fall altogether, which, you know, it happens global warming and all that. But this is a great time of the year. It is an exciting time of the year because we're just about to get into the holidays. And so there are a lot of issues, of course, that come up specifically every four years after big elections when the holidays have just happened. So my thoughts and prayers are with you. Before you go sit down at the Thanksgiving table with, you know, your crazy uncle or your, you know, uh, different family members and things like that. Um, you know, just try to avoid the debates, I guess, and just eat some turkey or whatever it is you want to eat ham, or if you're if you're vegan, some some. What do they call it? Tofurkey. Uh, on Thanksgiving. Whatever it is that you eat, I do hope that you have a great Thanksgiving and we'll talk again before that. But I wanted to just mention, of course, it's an exciting time of the year and that is all coming up. All of the different holidays are on the horizon and it's almost 2025. So redouble your efforts in focusing on, okay, what is the best thing to do for me as I am planning for retirement? Have I done what I need to do this year? An end of year checkup for your finances is a great thing to do.

Speaker1:
I'd be glad to help you out with that. By the way, you can actually schedule a free consultation with me at the website. Take Pride in retirement.com. The link up there will say schedule a consultation. It'll actually take you directly into my calendar where you can see my real time availability and book an appointment right there. We can either do it in person in Atlanta, if you happen to be in the metro Atlanta area, or we can do it via zoom no matter where you are. Right. So there you go. I'd be glad to help you with that end of year check in of your finances before we hit 2025. I will also say interest rates are going down right. So you'll want to make sure that anything that you have that's part of maybe your safe money portion of your portfolio, right. The safe money portion of your portfolio, anything that really does fluctuate in its returns based on what the interest rate might be, or if you're considering moving some money that's, you know, you want to be your safe money around. I would do that sooner rather than later before interest rates come down again, because then, you know, when interest rates come down, let's say if you have an annuity, for example, and or you or you want to get an annuity, you usually if you're in an annuity already, those interest rates or participation rates or whatever are locked in for a certain period of time.

Speaker1:
So you're not going to be affected by that. But if you have been disappointed by the performance of the bonds in your portfolio, for example, and you want to explore a different kind of, you know, vehicle for that safe money portion of your portfolio or what should be the safe money portion. I would love to explore with you going into something maybe like a fixed indexed annuity, for example, because that can offer that safety and a lot of guarantees on the, you know, annuity side that you're not going to lose your principal, you're not going to lose any gains that are credited to that annuity. But also right now, participation rates and all of that are tending to be pretty high still historically speaking. And so you'll want to lock in that rate of gain and that rate of, of growth in your fixed indexed annuity before interest rates come down again, because those annuity companies will then say, okay, well, interest rates are coming down. We're not going to earn as much on the money that we use to, you know, stay in business and all of that. So we're not going to credit as much to the annuity accounts, at least the new ones that are opened up.

Speaker1:
So that is a heads up for you to if you want to just explore that or any other options for you. We have options in, you know, maybe brokerage CDs or, you know, other securities, things that are also an insurance, like a life insurance product that could be used for your safe money. It would grow tax free. You'd be able to make tax free withdrawals in retirement and turn on another stream of income. That way there are a lot of different opportunities and and things that we can explore, but you can't do it unless you reach out and once again, go to take Pride in retirement.com. That's take pride in retirement.com. And you can reach out to me there. Schedule an appointment for a free consultation again free of any cost or any obligation. All right. You can also give me a call 55. 24692 11 (855) 246-9211. I'd be glad to talk to you and help you out. Okay, so I mentioned we got a lot of stuff to get to today. And I wanted to focus on something that's very important to LGBTQ plus folks and kind of break it down how it sort of applies to retirement and retirement planning specifically for LGBTQ plus folks. And and it's actually kind of a two parter here, but it's legal protections and benefits, right? Legal protections and benefits. So we're talking about things like marriage, marriage equality, social security benefits.

Speaker1:
We're talking about inheritance and estate planning and other things. And I'm going to actually highlight here the importance of working with someone like me who is an LGBTQ financial advisor. I am a member of the community. My husband and I live here in Atlanta. And so we are, you know, going through this process ourselves as well and trying to plan for our retirements. And so I want to help you along that same way. But I am not just an LGBTQ+ friendly financial advisor. I am one who is a member of the community as well. But you want to ensure that you know, your your, uh, estate plan, for example, is in place. Those beneficiary designations are made. You want to make sure that your Social Security benefits are going to be maxed out. You want to make sure that you know you are taking advantage of all of the different benefits that are available to you whether you are married, single, widowed, whatever your situation, no matter where you come from, no matter who you are, no matter who you love, how you identify any of those things, you deserve a retirement you can take pride in. That is the whole point of the show, and we're going to focus on a lot of those different issues today. Okay, no more time to waste with me yapping. Uh, let's get right into it with our quote of the week.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week in.

Speaker1:
This week's quote comes from Brene Brown, who is a wonderful LGBTQ plus ally and is an American academic and podcaster. She is, as an academic at the University of Houston, at the Graduate School of Social Work, and a visiting professor at McCombs School of Business at University of Texas, Austin. She is just a wonderful person who has done a lot of work about courage and vulnerability and shame and empathy and leadership, and really has done a lot of work as far as human connections and how they work and is a big, big supporter of LGBTQ plus folks. So I wanted to share a quote from her this week that goes along with a lot of what we talk about on the show all the time, but kind of specifically this week. All right, so Brene Brown in her book The Gifts of Imperfection, which I love that title because nobody's perfect, right? The Gifts of Imperfection by Brene Brown. She said this owning our story and loving ourselves through that process is the bravest thing we'll ever do. God, I love that. Owning our story and loving ourselves through that process is the bravest thing that we'll ever do. I just relate so much to that, not only in my own personal life. Um, just because it's like, you know, I had heard so much growing up. Oh, well, who you are is wrong and you can't possibly be this and, you know, sort of all this self-hatred and stuff that built up because of that.

Speaker1:
And, you know, getting past that and learning to own my story, learning to love myself, um, and learning to love myself through that whole process. It's so powerful. But then also because of, you know, people who I work with each and every day coming up with financial plans for them and their individual situation. It's so important to do that, right. Like come up with plans for people in their individual situation, meeting people where they are. Not only is it my fiduciary responsibility to do that right. That's what I do. I work in my client's best interest, in your best interest. If you would choose to to work with me. But your best interest, not my own. That is, you know, number one, what I am doing and what I, I have to do. But what I would do anyway, right? Even if it wasn't my fiduciary responsibility, it's. It's the kind of person that I am, is meeting people where they are and working in the best interests of those who I work with and on behalf of. Um, it's just it's my thing, and it's why I love doing what I do in large part. Right. And so there's that part of it. But then there's also, you know, the part that is kind of the bravery part of this quote. It's not always the easiest, especially when society has told you that you're wrong or that you are less than or any of those things.

Speaker1:
It's not easy to be someone who is easily trusting. It's not easy to be someone who is considering considers themselves brave. It's not someone who is not easy, rather to be someone who loves yourself because of all those outside factors. But the thing that we can do is just own our own story, accept ourselves for who we are, and then love ourselves through that process. That's true bravery. That is absolutely true bravery. And Brene Brown says it so, so well there. And it really goes to a lot of the different things that we're going to talk about today. Because, you know, just in a lot of ways, living as an LGBTQ plus person today and throughout history really is such a brave thing, literally just accepting who you are right and loving yourself through the process. But you also have to do that when it comes to planning for your retirement as an LGBTQ plus person. You know, it's not like that is something that happens in a silo. You know it doesn't happen isolated from everything else. It's part of your overall picture as a human being, and we all want to get to that place where we can retire. We can retire with confidence. We can retire with pride, right? We can plan for our retirement years with a sense of knowing who we are.

Speaker1:
Owning that and with a sense of love for ourselves and for our loved ones. And so we're going to talk a lot today about legal protections and the benefits that go along with being LGBTQ plus here in the US today. And what they kind of boiled down to when it comes to planning for retirement and how that affects you and your retirement, because, you know, legal protections and benefits have a big influence on retirement planning for LGBTQ plus folks. And they do affect areas like social security, inheritance rights, healthcare decisions, access to spousal benefits if you are partnered or have a spouse. And so number one thing here that we're going to kind of touch on is Social Security benefits. You know, the recognition of same sex marriages has been around for a while now. It was the Obergefell decision in 2015 by the Supreme Court that legalized marriage. Same sex marriage across the country, across all 50 states, legalized the recognition of it in all 50 states. And, you know, before that, you know, my husband and I were actually we were married in New York in 2011. And then we actually moved for a short time to Florida, where we literally had no rights. And I don't know about you. I don't want to go back to that. Um, personally, some on the Supreme Court might be saying that, oh, we need to revisit that decision because, you know, was that the right decision? Um, yeah.

Speaker1:
First of all, it was. Secondly, um, we don't want to go back to that. We don't want to go back to a time when, you know, our relationships were seen as perfectly 100% legal and recognized in one part of the country. But then you cross a state line and you don't exist as a couple. You're not recognized as a couple. You know, my husband, I think he's talked about it, actually, when he was a guest on the show here, um, several weeks ago, that when we did live in Florida and we had no rights as a married couple at all because it wasn't recognized there at the time that he had to go to the hospital. He had kidney stones and had to go to the hospital, to the emergency room. And thank God it was a situation where he was conscious and could sign a form saying that I am, you know, allowed to be back in with him and that I, you know, have this status in his life. I am his next of kin and all of that, and that I can make decisions and, and go back and be involved. Otherwise I wouldn't have been able to go back with him in the emergency room. I would not have been recognized as anybody who had any say at all, even though, yeah, I was his spouse.

Speaker1:
So yeah, the recognition of same sex marriages has been around, and it's enabled spouses who are LGBTQ plus to access Social Security benefits, including spousal benefits and survivor benefits. But those who were not able to marry previously before legalization, may have missed out on those benefits for the years prior. And even for, you know, years after, if you either have, you know, been maybe in a domestic partnership situation or, or just a, you know, a living arrangement that's not a spousal relationship, for example, something like that. You've been missing out on those benefits and that can impact your retirement income even after your spouse is gone. God forbid that spouse passes away. Um, you are, you know, kind of stuck with whatever you have benefit wise if you are not married, if you're not legally married, or if that, you know, somehow gets overturned or something. You know, something like that happens. You have no sort of legal recourse to get a an uptick in your benefits. If that spouse had a greater benefit paid out monthly than you did, because spousal benefits for Social Security are such an important thing. Take my mom, for example. After my dad passed away, he had the larger of their two Social Security benefits. Well, when one spouse passes away, you don't keep both of them. You know, those checks don't keep coming for both. The lower of the two goes away and the surviving spouse gets the greater benefit the rest of their life.

Speaker1:
Well, if you're not married, first of all, you can't take part in that, right? Um, and so that's something to explore if you are not married to your partner, that's one reason to be, um, if that's your choice. And obviously it's your choice. But I'm talking about from a money standpoint here because that's the that's the whole crux of the show, right? It is what we talk about on a on a regular basis here on take pride in retirement after all. And so yeah, so I mean from a standpoint of income in retirement, being married specifically if one of you has a higher income, so you're going to have a higher benefit, a higher Social Security benefit monthly that could benefit the surviving spouse greatly after you are gone. It's almost like a little bit of an estate planning kind of a thing, right? To take care of your loved one after you are gone, because that's what an estate plan really is in and of itself. And we'll get to more on inheritance and estate planning and all of that. But the good news, though, is that the Social Security Administration actually does provide resources tailored to LGBTQ, plus people to navigate those benefits and get your your house in order, as it were, and to be able to understand a little bit better. Now, one of my colleagues and my mentor in the financial advisory world that I work with, he is actually a registered social security analyst.

Speaker1:
And so he will run a Social Security maximization report for you and for your spouse or your partner or whomever to see what the the maximization of your benefit would look like, right? How to get the most money for you in your retirement. And so he can run that and will do that absolutely for free as part of the planning process and as part of that initial consultation with me. And again, you can get one of those consultations free of any cost, free of any obligation. Go to take pride in retirement.com. Take pride in retirement.com schedule that consultation. Now that's really just part of what we give you by the way. It's that Social Security analysis. It's that that maximization of your Social Security benefits. But it's also, um, a financial plan to your 95th birthday. Absolutely. For free, using our recommended portfolio and any other products that we might recommend for you in your situation. Now, your situation might look different from your friends or neighbors or relatives situation. And that is, again, what it's all about. It's all about what's best for you, not what's best for me, not what's best for anybody else, but what's best for you in your situation. No matter who you are, where you come from, who you love, or how you identify, you deserve a retirement you can take pride in.

Speaker1:
And that is why I am here to help you out. 855246 9211 is the number 855246 9211. You can also call that and set up an initial consultation with me as well. So we kind of covered their Social Security and you know, let you know of course, that one of my colleagues can run that Social Security maximization report for you, which really is an in-depth look at your Social Security benefits, what they're projected to be at this point. Great resource for you there. And it's absolutely free. All right. So let's also talk about things like inheritance and estate planning because without proper legal documentation. Let's say if you are not married for example, or if you don't have a will in place, if you don't have your beneficiary designations all straightened out on your insurance policies and your investment accounts, your retirement plans, all of that, your retirement accounts, I should say. Then you could find yourself in a situation where the surviving partner is going to really face challenges in inheriting those assets, especially if you are in a state that has limited legal protections. Who knows what the future holds as far as marriage equality Goes in this country. As you know, the Supreme Court does whatever it's going to do. This is why I am so big on putting a plan together that's going to be good for you and your situation, no matter what happens.

Speaker1:
Outside of that, we want to get you the legal protections. Now, again, I am not a lawyer. I'm not a tax attorney. I'm not anything like that. But we want to make sure that you have those resources to get the legal protections that you need, to make sure that your inheritance is taken care of for those who will be left behind after you are gone, or for a charity or something like that, that you might want to leave some resources to. Do you have a house? Who is that house going to go to? Is that in writing? Is it all in writing somewhere? Because you do not want to be in a situation where you are subject and your your belongings and your assets are subject to probate, that process? I've known some people who have gone through it. That is not a fun process. Right, somewhat. A loved one died is actually a couple of former co-workers of mine. Within a couple of years, both had this happen in their family. A loved one died. They didn't have a will, or maybe they had a will, but there where there was a will, there was not a way. And so it had to go through probate. And that was a process that got messy. And, you know, you've got family members sort of fighting over what you want, and then you've got really the state or the, the court is going to be the one that in the end, in that situation, divvies things up as it sees fit.

Speaker1:
And that may or may not be your loved one's wishes, but you can avoid that by making sure that you are invested in ways that will avoid probate, and that you have everything in writing as far as beneficiaries go, so that you know what goes where. And so that everybody knows there is no question what goes where after you are gone. So ensure that your assets are distributed according to your wishes. You can work with me and we'll get that plan in place for all. Your beneficiaries are designated and there is no question about that. Right. So again take pride in retirement. Com the place to go set up that initial consultation healthcare directives. This is kind of related here. I wanted to go through this because it's so important because LGBTQ plus individuals depending especially upon where you are in the country, you may encounter some obstacles, some roadblocks in making medical decisions for your partner. If you don't have proper legal documentation, if they are a partner, obviously, and not a spouse, it makes that situation a lot more complicated and a lot more cloudy. Um, so thank God that that option is there, right? That you can have the documentation of a marriage certificate, a marriage license, a, you know, civil union, whatever type of legal documentation you have.

Speaker1:
Have that and have it in your possession so that you can do that. But here is is another option. If you decide, you know, if marriage just isn't for you, for example, and for a lot of people it isn't. And this is why I say no matter who you are, where you come from, who you love, how you identify your marital status, how much money you have, any of those things I will work with you and I want to make your your life better, essentially, and your retirement years better. And I want to make things better for those who might be left behind when you're gone. And then if you are to fall ill, I want to make things better for everybody. And that's what this part is about, because health care proxies or healthcare directives are so important. Living wills, for example, so important. And that will ensure that, you know, you can actually make as part of that. Here is my, you know, designated person to make health care decisions on my behalf should I become incapacitated or here is what I want to happen to me if I should become incapacitated, if you know, some God forbid accident happens that, you know, renders me, you know, unconscious or in a, in a bad way, health wise or whatever. God forbid that would were to happen. You can actually designate, you know, people to make those health care decisions on your behalf and that, you know, if that's your partner, that really goes a long way to safeguarding your rights and make sure that you are protected and your wishes are are looked after and granted in those medical type situations.

Speaker1:
Employer sponsored retirement plans. You know, historically, people in the LGBTQ plus community faced a lot of challenges accessing benefits, spousal benefits, domestic partner benefits if they even existed in certain corporations or workplaces right from those employer sponsored retirement plans. You had a hard time doing it. And while a lot of employers, most employers now offer equal benefits to everybody, it's really essential that you review and update things like your beneficiary designations again to reflect your current relationships and ensure that your partners are protected. Here's the thing too. With that, if you weren't, and as I know, you know several people who this is their situation. Maybe if you're if you're a guy, for example, and you were married to a woman for many years and you came out late in life, for example, and then you went your separate ways, you got a divorce, and now you are with a new partner or spouse. Make sure that the beneficiaries on your workplace retirement plans and all of that are designated according to your current relationships and how you want things to go now, because you don't want to find yourself in a situation where maybe your ex-spouse is inheriting everything that you have.

Speaker1:
And again, this goes back to making sure that your estate plan and all of that is in place, like we talked about a couple of minutes ago. But it's important to look at it with those employer sponsored retirement plans also. And here's the thing that I also want to talk about. I've got a couple of guests in mind for this for future episodes of the show. But legal recognition and protections, again, as I say, I am not a lawyer. Nothing here that I say constitutes legal advice. Anything that is going to be legal advice is going to come from a lawyer, and it's going to be specific to your situation. I'm providing general information here. And you know, when I work with you individually, one on one, I'll work in a fiduciary capacity. So I will work on your behalf and in your best interest, not my own. So that's what all of that, you know, boils down to, right? But I will say this just kind of generally for informational purposes here, the legal landscape for LGBTQ plus people, it's yes, we do. We have marriage equality across the country thanks to the Supreme Court decision in Obergefell. So at least there is that. There are a lot of places, though, where the legal landscape for our community varies by state. As far as the rights that you have, whether it's in the workplace, whether it's, you know, having to do with certain benefits or protections from a legal standpoint.

Speaker1:
So you got to stay informed about state specific laws and consulting with legal professionals. And we can connect you with those. We can connect you with legal professionals. When you reach out, you go to take pride in retirement. Schedule a consultation. I can recommend folks who I have worked with, whom I know from, you know, being in this, in this business for a while. Um, I can, you know, make those sort of connections with you. And that can be part of the more holistic process of getting all of your finances in line and making sure you have legal protections. Right. So staying informed about those laws that are state specific or even, you know, county or city specific, wherever you are is super, super important. And working with or consulting with legal professionals can really help you navigate a lot of the complexities that go along with that and ensure that legal protections are in place, and they're what you need to to have. They're good for your situation, whatever that situation may be. Be proactive about that because it's essential. As I said on the last episode, a couple of weeks ago, we got to control the things that we can control because there are so many things in this world that we can't control. You have to control what you can.

Speaker1:
This is one of those things that you can control, even though you might say, oh, I can't control what the Supreme Court does. I can't control what Congress does or whatever. I can't control what happens in Washington or whatever my state capital is and what lawmakers do and all of this. And while all of that is true to a certain extent, obviously you can vote, you can make your voice heard. You can call your your representatives and say, I don't want you to vote for this legislation because X, y, z reasons that it would be detrimental. Or I really want you to support this legislation because X, Y, z reasons that it would be great for me in my situation, like calling your representatives is huge, especially if we do it enough numbers, right? So there's all of that, all of those things that you can do. So you can influence things that happen on a larger scale in certain ways. But yeah, there are a lot of things in this life that we cannot control. So making sure that you have those legal protections and things in writing, especially in an uncertain landscape right now for LGBTQ plus people get everything in writing. Make sure that all your T's are crossed, your I's are dotted. Make sure that, as I said, those employer sponsored retirement plans, your beneficiaries are designated and everything is good to go there.

Speaker1:
You have healthcare directives, living wills in place, inheritance and estate planning is taken care of. You've got a you've looked at your Social Security benefits. Maybe you've reached out and take pride in retirement. Com scheduled a consultation and gotten a Social security maximization report free of charge. I can do all of that for you and more. And that is what I love to do each and every day. Once again, the website is Take Pride in retirement.com. Take pride in retirement. Com. Again that is the website. Okay. So before we wrap things up, I had I did have a special guest I wanted to bring on just for a little bit of a discussion about the holidays coming up and some things to watch out for this holiday season as far as scams go. Yeah, I know they happen all the time. They happen every year. It's something that we can sort of predict. But their methods, these scammers methods are always changing. And so I spoke with Cathy Stokes. She is from AARP and I spoke with her about the latest scams, what we're seeing right now, what's the most prevalent and how you can protect yourself headed into the holidays? Here is Cathy Stokes talking about that with me, and we will close out the show on the other side. I'm speaking with Cathy Stokes, director of fraud prevention programs at the AARP Fraud Watch Network. Cathy, Kathy, great to have you again. Thank you so much for taking some time.

Speaker4:
Well, thanks for having me, Matt.

Speaker1:
Well, this time of year, you know, we kind of try to focus in on fraud and those scams that are out there because they seem to only get worse and worse, not only as the years go by, but during this time of the year as we approach the holidays in particular. Um, it just seems like things really ramp up. I know that you all do a report each year from the Fraud Watch Network there at AARP. What are maybe some of the highlights of this year's report? First off?

Speaker4:
Yeah, I think the the most eye opening is that 82% of Americans have experienced fraud this past year, and that's either being targeted or actually losing money or personal information. So it's just everywhere.

Speaker1:
Uh, yeah, that it seems like it is. And I was we were just chatting just a second before we went on air here about my mom was actually been bombarded with text message after text. Message after text message. Is is that one of the most common ways these days that scammers and fraudsters try to get Ahold of folks and and get them to enter their information in a place where it's not going to be safe.

Speaker4:
Absolutely. I think that criminals have figured out what we all sort of inherently know is we respond very quickly to text messages, and that's what the criminal needs us to do is to respond quickly, maybe be worried about something so that we just want to solve it. And we don't engage in logic because that's the way our brain works. But I bet your mom has received at least a few messages from the Postal Service or Fedex saying that there's a problem with the shipment, and she has to click on a link. We've had 56% of Americans have experienced that in the last 12 months.

Speaker1:
Wow. And those again this time of year really do get more and more believable because there are people, you know, making mailing shipments and all of that and sending gifts across the country and things. So that's one to watch out for. Definitely. And and also, you know, buying gifts online. What are some things to look out for when actually doing your holiday shopping this year?

Speaker4:
Well, you know, I think it's it's unfortunate for the entrepreneurs out there who are trying to break through, but I think you really just need to go to the websites that you have accounts with that you trust that maybe you have an app access and ignore those social media ads that say it's a, you know, 60%, 70% off and it makes it look like you're going to go to a target page or Walmart. It's very likely these days that it's going to send you to a fake site that looks a lot like the one that they're trying to pretend they are. Half of us have experienced purchasing something online through social media ads this year, and a third of us have experienced fraud, so we just can't trust it.

Speaker1:
Yeah. Wow. And then, you know, a couple of ways that people like to, you know, either pay or gift, um, this, uh, you know, in this day and age, I guess I should say, are things like either gift cards, you know, those are those are always common during the holidays, but then also just sending money through those sort of peer to peer apps, right? Like Venmo, Zelle, Cash App, those kinds of things. Paypal, even, um, talk about those sort of different ways of either gifting or sending payments and kind of what to watch out for there.

Speaker4:
Well, you know, gifting through a Venmo or a Cash App account is fine because you're gifting a loved one, a friend, and you know them and have a relationship with them. Um, if you're trying to purchase something for them instead of sending the money directly and you don't know or don't have a relationship with who you're buying it off of. It's just too risky because these apps don't have the same protections that, say, a credit card would. And then on on the gift card thing, don't we all love the gift card? We love to get them. We love to give them. However, in the past 12 months, 30% of us have experienced getting or giving a gift card that has no value on it.

Speaker1:
Wow. And that's and that is something that you don't want to have happen. That that would just not be good. And and so refresh my memory about the gift card scam that was really going around last year. And is that still a prevalent thing as well?

Speaker5:
Yeah, these these.

Speaker4:
Cards are being drained in one of two ways. And the traditional way, which I think is, is really building up again, is going into a retail store and the criminal grabs cards off the rack, exposes the information off the back, records. It covers the back stuff. Back up puts it on the rack, and then they just wait. And when you grab that card, that one of them that they've manipulated, they know when you've purchased that, as soon as it goes to point of sale, they get a ping and they can drain those funds. But more concerning, and what we started seeing a lot last year is using electronic technology to find cards with balances online. They call them ghost bots, I believe, and they just sort of ping around looking for cards with value and drain them. So what we really need to be doing is as soon as we get the card, if it's a gift to us, register it. If you can, check the balance and then use it. We let them languish and the longer they're sitting in a desk drawer or the bottom of your purse, the more opportunity a criminal has to drain the funds.

Speaker1:
Pretty sure I actually have one in my wallet right now, so I need to actually need to check that.

Speaker4:
And it's and it's probably something you got last Christmas.

Speaker1:
Yeah. As a matter of fact, it is. Um. But I'm guilty holding my hand up and and admitting that right now. Um, but if you let, let's say that you have, um, you know, received either received a gift card that that has a zero balance on it. I'm not exactly sure what you could necessarily do about that in, you know, after the fact, but if you have received, um, you know, one of those scam messages via text, let's say, and you've accidentally clicked on that link, that is a fraudulent link, or you've been scammed some other way. What are some things that you can do after you've been the victim of a scam, where you think you've been the victim of a scam?

Speaker4:
Well, you can always look to AARP. We have a Fraud Watch Network helpline. You don't have to be a member of AARP or of a certain age. You can call us if you're not sure that you know you've been exposed in one way or another by clicking on something. If that letter that you got from Publisher's Publishers Clearing House saying you've won $2 million in a Mercedes Benz is legitimate. Hint it's not. Or sadly, if you've actually experienced a fraud loss in some way, we can help you through that and help you on where to report. And one of the most important things we all should be doing is if we experience fraud ourselves or a loved one does, we have to report this to the police. They may do nothing about it, but at least have a record because who knows, a couple years down the road there may be some means of restitution and there's really no way to prove what happened to you unless you have that police report.

Speaker1:
Yeah. And then that's the way, of course, they establish a pattern and that sort of thing. You know, if you don't report it, then then they don't get to do that. So it just helps everyone in the long run as well. Well, Kathy, just about time for us to wrap things up here. But where can our listeners go for more information online? I know that you there at AARP and Fraud Watch Network have a lot of great resources online.

Speaker4:
Yes. And that website's Aarp.org slash Fraudwatch network. And for you analog folks who happen to be members of AARP, our November bulletin is heading your way. And there's a great piece on how to stay safe from holiday scams.

Speaker1:
Very good. Cathy Stokes with AARP Fraud Watch Network really do appreciate every year we get together and talk about these things, and I look forward to doing it again next time.

Speaker4:
I look forward to it too.

Speaker1:
Matt and I am, of course, super thankful to Cathy Stokes for joining me for this week's edition of the show. Really do appreciate that and really appreciate you joining me for this. And each and every edition of Take Pride in Retirement that you are a part of. I really, really do appreciate it. Once again, take pride in retirement. Dot com is the website that's take pride in retirement.com. Go there. Schedule a free consultation. Um, absolutely free of any cost, free of any obligation as well. You're only going to work with me if we decide mutually that it's the best thing for you, and decide that we can work together to help you achieve your goals for retirement, that's what it's all about. I want to work with you and for you on your behalf, and with your best interests at heart, to make your retirement what it should be. Give you a retirement you can take pride in. No matter who you are or where you come from, who you love, how you identify, or how much money you have, I want to help you achieve your retirement goals. Well, that is going to do it for this edition of the show. And until next time, take pride in yourselves and take care of each other. We'll see you.

Speaker2:
Then. Thanks for listening to Take Pride in Retirement. Members of the LGBTQ plus community deserve to work with the fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call (855) 246-9211 or go online to take pride in retirement. Dot com investment advisory services offered through Brookstone Capital Management LLC, BCM, a registered investment Advisor, BCM and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure and Active Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Registered investment advisors and Investment Advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosures of any conflicts of interest. Please refer to our firm brochure, the Adv2 to item four for additional information. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not in any way refer to investment advisory products. Rates and guarantees provided by insurance products and annuities are subject to the financial strength of the issuing insurance company, not guaranteed by any bank or the FDIC.

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