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This is a tough economy that we’re living in. Now more than ever, how we use our money is of the utmost importance, especially when it comes to the income that we have stored away in our savings accounts, college funds for our children…oh, and especially when it comes to our retirement.

Unfortunately, there are many people who lose their retirement money. It’s not from gambling or even poor spending habits; it’s from getting involved in a scam. Do you want to know how to protect yourself from being a victim? Keep reading.

Beware of the “free lunch”. According to a recent article in U.S. News and World Report, one of the latest scams aimed directly at retirees is called the “Free lunch scam”. These are introduced to people by an ad that promises an opportunity to make a high profit with a low risk and there’s even a free lunch thrown into the deal. These individuals are told that they have to do is roll their 401K over to the broker that made the presentation. Once they do, the money ends up disappearing over time and according to the broker, it was due to the unpredictable stock market when the real reality is that the broker pocketed most of the cash.

Avoid online scams. Another way that a lot of people end up being taken advantage of is by scams that happen online. Therefore, when it comes to interacting in cyberspace with commerce or otherwise, make sure you are on a secure network, don’t do business with poorly constructed websites, avoid clicking on hyperlinks that are featured in emails, don’t share your Social Security number, make sure you have a really strong password and use your credit card as much as possible; this is because most credit card companies come with their own type of fraud insurance. And speaking of insurance and protecting yourself, while there are “businesses” that are out there to scam you, another way that you can end up losing retirement money is by an unfortunate situation happening as it relates to you if you’re a small business owner. Matter of fact, any business owner that provides a service, even when it comes to an opinion or recommendation, can be at risk for a lawsuit. So, if you don’t already have business insurance, make sure to visit PublicLiabilityInsurance.org - Business Information for some business liability insurance quotes.

Ask until you’re sure. Sometimes people are taken advantage of because the people that are out to rip them off has a lot to say while trying to keep them from asking questions for clarification’s sake in the process. If there is a potential investment that appeals to you, request the person’s accreditation (degrees, licenses, certifications) and references; don’t allow them to rush you into anything you’re not ready for by using the “You’ll miss out if you don’t get involved now” or “Trust me, everyone is getting on board with this” pitch and be extremely cautious about the get-quick-overnight concepts. No one gets rich overnight but someone who wins the lottery and most of us know that is a one in a multi-million dollar shot. You worked hard for your money, work even harder to hold onto it.