Retirement brings new opportunities — more time for travel, hobbies, and connecting with loved ones. However, with that extra time online comes the increased risk of cyber threats targeting retirees. Protecting your financial information is more important than ever as retirees are often seen by cybercriminals as prime targets due to their savings, pensions, and potential unfamiliarity with evolving online threats. 

By following practical cybersecurity tips for retirees, you can help safeguard your personal and financial data, keeping your retirement savings protected and your online activities safe. 

Why Retirees Are Targeted by Cybercriminals 

Older adults are often seen as attractive targets for cybercriminals for several reasons: 

• They may have substantial savings and retirement accounts. 

• They often engage in online banking, shopping, and communication. 

• They may be less familiar with the latest scams and digital security practices. 

With so much of retirement planning and financial management happening online — from monitoring DROP benefits to managing investment accounts — protecting your financial information is a critical part of your retirement strategy. 

Cybersecurity Tips for Retirees: Safeguarding Your Information 

1. Use Strong, Unique Passwords 

Avoid using the same password for multiple accounts, especially financial accounts. Consider using a password manager to generate and store complex passwords. 

• Include a combination of letters, numbers, and special characters. 

• Avoid personal information like birthdays or names. 

• Update passwords regularly. 

2. Enable Two-Factor Authentication (2FA) 

Wherever possible, enable two-factor authentication on your financial accounts, email, and other important services. This adds an extra layer of protection by requiring both your password and a one-time code sent to your phone or email. 

3. Beware of Phishing Scams 

Phishing emails and texts are among the most common threats targeting retirees. These messages may sometimes appear to be from reputable institutions such as your bank, credit card company, or the Social Security Administration, but they are intended to gather personal information. 

Signs of a Phishing Scam: 

• Requests for sensitive information (like Social Security numbers or passwords). 

• Urgent messages pressuring you to act quickly. 

• Suspicious links or attachments. 

If you receive an unexpected message, contact the institution directly using a verified phone number or website — not the contact information provided in the message. 

4. Secure Your Home Network 

Your home Wi-Fi is the gateway to your online life, so securing it is essential. 

• Use a strong, unique password for your Wi-Fi network. 

• Regularly update your router’s firmware. 

• Consider using a separate network for smart home devices to reduce exposure. 

5. Monitor Your Financial Accounts Regularly 

Keep a close eye on your bank accounts, DROP benefits, pension distributions, and credit reports. Early detection of unauthorized transactions can help limit potential damage. 

• Sign up for account alerts to notify you of suspicious activity. 

• Check your credit report at least once a year (you’re entitled to a free report from each of the major credit bureaus). 

6. Be Cautious on Social Media 

Oversharing on social media can expose you to identity theft and scams. 

• Avoid posting personal details, like your birth date, home address, or travel plans. 

• Adjust your privacy settings so only trusted friends and family can see your posts. 

• Be cautious when accepting friend requests from people you don’t know. 

7. Keep Devices and Software Updated 

Outdated software can have security vulnerabilities that cybercriminals exploit. 

• Regularly update your computer, phone, and tablet operating systems. 

• Keep antivirus and anti-malware programs current. 

• Install updates for apps, especially those related to banking and shopping. 

8. Be Wary of Unsolicited Calls and Emails Offering Financial Advice 

Scammers frequently pose as financial advisors, claiming they can help retirees manage DROP benefits or make their savings last longer. 

• Always research any advisor or company before sharing financial information. 

• Verify licenses and credentials through official state or regulatory sites. 

• When in doubt, consult a trusted professional or financial institution directly. 

9. Protect Sensitive Documents 

Not all threats are online. Physical documents containing sensitive information should be stored securely. 

• Use a locked, fireproof safe for documents like tax returns, Social Security cards, and account statements. 

• Shred outdated financial documents before disposing of them. 

10. Educate Yourself and Stay Informed 

Cybercriminals are constantly evolving their tactics, so staying informed helps you avoid falling victim to new scams. 

• Follow trusted sources for updates on new scams targeting retirees. 

• Attend cybersecurity workshops offered by community centers, libraries, or financial institutions. 

The Importance of Cybersecurity in Retirement Planning 

Managing your retirement benefits — including DROP payouts and pensions — often requires online account access. Whether you’re rolling over your DROP funds or tracking investment performance, ensuring your online activity is secure helps protect the savings you worked so hard to build. 

How BENCOR Supports Your Complete Retirement Journey 

BENCOR has been helping Florida public employees manage their DROP benefits and retirement planning for nearly 30 years. We understand that protecting your financial information is essential to your long-term retirement success. 

As part of our commitment to comprehensive retirement support, we encourage all DROP participants to incorporate cybersecurity practices into their retirement planning. Whether you’re enrolling in DROP, managing your payout, or planning your estate, safeguarding your data ensures your hard-earned savings are protected. 

Final Thoughts on Cybersecurity Tips for Retirees 

Retirement should be a time to enjoy life — not worry about online threats. By following simple cybersecurity tips for retirees, you can help protect your financial information, personal data, and retirement savings from cybercriminals. Staying vigilant, updating your security practices, and working with trusted professionals are all key steps to protecting your retirement future. 

For personalized guidance on managing your DROP benefits, retirement planning, and protecting your financial information, schedule a free consultation with our team at BENCOR DROP support!