'They left us with nothing': This elderly couple was evicted from their home of 20 years — after their son transferred ownership. Here are 3 ways to secure your retirement nest egg

Elderly couple has house stolen by son

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An elderly California couple was devastated when they were served an eviction notice in April for the home they’d been making regular payments on for two decades.

Ismael and Angelita Ramirez purchased their home back in 2003 with their son, who told them they didn’t need to include their name on the title.

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"He told us they told him it wasn't necessary. And well, since we don't know English, that's where they lied to us," Ismael told Fox26 News in Spanish, as translated by the TV station.

The eviction notice reportedly stated that the owner of the home was selling the property, and the couple said they later learned their son had transferred the home to a woman who sent them the notice. Although the couple tried to get legal help, there wasn’t much the lawyer could do since the house wasn’t in their name.

“We thought, why did our boy do that to us if he knew the house was ours?" Ismael said.

Elder financial abuse impacts millions of Americans

It appears the Ramirezes may have been victims of elder abuse — which is far more common than you might think.

In fact, the National Council on Aging reports up to five million older Americans are affected each year, while victims of financial abuse are estimated to lose at least $36.5 billion a year.

The Ramirezes told Fox26 they’ve since been displaced and their Social Security income isn’t enough to buy a new home or even afford rent.

"They left us with nothing," Ismael said.

While not every prospective retiree will face a situation this extreme, unexpected emergency costs are a common problem that can put a strain on your golden years.

Here are three ways you can reduce your stress and achieve financial security for your retirement.

Take care of debt and grow your savings

When you ensure your debt is under control, you can set your mind at ease and enjoy your retirement.

Credible* makes it easy to streamline your debt repayment at an affordable rate. Their online marketplace of vetted lenders provides personalized debt consolidation loan offers based on your needs. By consolidating your debt, you can pay it off quicker at one set rate without having to juggle multiple bills.

All you need to do is fill in some information about yourself* and Credible will provide you with a list of loan options to choose from so you can start tackling your debt.

While working to get debt-free, it’s important to make sure you’re saving money to fund your retirement dreams, too. Acorns* — an automated savings app — makes this simple.

With Acorns, you can save money when you spend on things you were bound to anyway. Each time you spend using a bank account linked to your Acorns app, they will automatically round up the price of your purchase* and put the remaining change into a smart investment portfolio.

Read more: Thanks to Jeff Bezos, you can now cash in on prime real estate — without the headache of being a landlord. Here's how

Consult a financial adviser

Speaking to a financial adviser* about managing your money can be extremely helpful — as long as you’re picking the right one.

To prevent being taken advantage of, you need to do your research. Look into your prospective adviser's credentials, experience and reviews, and make sure to ask them plenty of questions to assess whether they’re the right fit for you.

Luckily, WiserAdvisor* — a financial adviser matching service — can tackle much of this work for you.

Using WiserAdvisor is simple. All you have to do is share some brief details, and in a few minutes, you’ll be matched with registered financial advisers.

You can view their profiles, read up on their experience and book an initial consultation with them on the spot* — 100% free of charge — with no obligation to hire.

Hedge your retirement savings against inflation

It can be intimidating to save for your retirement amid rising inflation and economic volatility. Putting your savings in a place where they can grow safely can be one of the best ways to ensure financial security for your retirement.

A gold IRA is a great alternative investment to protect and grow your nest egg. Unlike the U.S. dollar, which has lost 87% of its purchasing power since 1971, gold’s purchasing power remains stable over time*.

With Goldco* — an industry leader in precious metals, offering physical delivery of gold, silver and platinum — you can open a gold IRA and preserve your retirement* with an inflation-resistant asset.

A gold IRA can give you comfort in knowing that regardless of the economic circumstances, you have the ability to build up a solid retirement fund to rely on.

What to read next

• Millions of Americans are in massive debt in the face of rising rates. Here's how to get your head above water ASAP
• Rising prices are throwing off Americans' retirement plans — here’s how to get your savings back on track
• The US dollar has lost 87% of its purchasing power since 1971 — invest in this stable asset before you lose your retirement fund

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.