Social Security Workshop Scams
Social Security workshop scams are back in full force now that the pandemic is behind us. Some of our clients tell us they have been getting weekly phone calls and cards in the mail for Social Security workshops that include a free dinner.
No Such Thing as a Free Meal
These “free dinners”, are much like timeshare presentations, in which you get 2 nights at a hotel in exchange for 3 hours of your time. It may seem harmless, but these are very skilled salespeople and they can be very convincing.
The premise for these dinners is to learn more about Social Security, and when to take it. However, mingled with information, they also talk to you about annuities. That’s when you realize the whole point of the event: to sell you an annuity. Once they sell you that annuity, they receive a 6% to 10% commission on the annuity sale. That’s how they’re able to pay for large dinner events. Just a few annuity sales will cover the cost of the whole event. In truth, annuities benefit the salesperson and have very little benefit to the person purchasing the annuity.
Finally, stay away from these Social Security workshop scams. To understand this better, we have a free ebook on our website that explains why you should avoid the annuity salesman. Click here to download it.
Have more questions? Contact Us
Casey Smith
President, Wiser Wealth Management
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