Kevin Lum Urges 7 Steps to Shield Retirement Savings as Scam Losses Hit $4.9 Billion
Updated
Updated · GOBankingRates · Jun 2
Kevin Lum Urges 7 Steps to Shield Retirement Savings as Scam Losses Hit $4.9 Billion
1 articles · Updated · GOBankingRates · Jun 2
Summary
Seven steps outlined by certified financial planner Kevin Lum aim to protect retirees’ money before cognitive decline erodes judgment, a risk he says often goes unnoticed by the person affected.
Age 53 is when financial decision-making peaks, Lum said, citing research showing mistakes grow costlier afterward and financial literacy falls about 2% a year after 60 while confidence stays high.
His playbook starts with reducing decisions: build a guaranteed income floor, consolidate scattered accounts, automate bills and withdrawals, and create a single file listing accounts, bills, policies and advisors.
Legal safeguards are another pillar — durable power of attorney, trusted contacts at brokerages and possibly a revocable living trust — because families otherwise may face slow, costly conservatorship proceedings.
The urgency is rising as warning signs can appear 5 to 7 years before dementia diagnosis and Americans over 60 reported $4.9 billion in scam losses in 2024.