Not so Obvious Senior Scams
Today's senior and those baby boomers who are soon to be seniors are going to have to forge new paths into their retirement. Seniors are going to have to think on their feet in order to get through their retirement years. Once trusted sources might not be what they seem to be.
Take for example AARP (American Association of Retired Persons) was recently exposed for selling seniors inflated insurance policies. Bloomberg.Com recently reported that AARP routinely sells automobile policies to seniors that are twice the cost of what it would be getting the auto policies directly! Most seniors don't realize this and continue to buy into organizations like the AARP.
What is the AAPR doing here? Is it a rip-off? Not entirely. The AARP while a nonprofit organization, is still a business and must take in money to continue to cover their operating expenses. The AARP takes a cut from the policies they sell to seniors for this reason. And that's why the policies cost more. Not technically a rip-off because seniors are free to shop around. And shop around they should.
This returns me to the point of the new landscape for people reaching retirement age. Seniors are going to need to be more independent thinking than seniors in the past. This will be needed to get through hurdles like the AARP issue mentioned. There is no reason seniors can't get their auto policies directly from the insurance companies. At the very least, seniors should shop around for their policies.
And this isn't just auto insurance, but in all things relating to their retirement. Am I say the AARP can't be trusted? No; that is not the message here. But they must be viewed as a business and any perceived savings on goods or service provided should not be taken at face value. This new twist for seniors adds to the challenges that we face, but at the same time makes us stronger senior citizens.