As you probably know, interest rates are extremely low due right now due to the Fed’s actions in response to the Covid-19 pandemic.
And that of course has drastically lowered the amount of interest that most retirees are drawing on their interest-bearing retirement accounts.
Millions of retirees live at least partially off the interest earned from those types of accounts, and a great percentage of them depend on earned interest for the bulk of their retirement income.
To be sure, many retirees are hurting hurting financially right now.
Unfortunately, the desperation shared by many of our retirees has made them a prime target for scammers.