My 71-year-old father lost 'every cent' of his 6-figure 401(k) and savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

It can happen: According to the FBI, the elderly population loses more than $3 billion per year to scams.

If you or a loved one has fallen victim to a financial scam, the very first thing to do is immediately report the crime to the Federal Trade Commission (FTC) and the FBI.

Losing a retirement nest egg

Losing your retirement nest egg due to a scam can be financially devastating. Facing the situation head-on can help you right the ship.

For starters, stop the bleeding. When you discover you’ve fallen for a scam, do your best to mitigate the damage. Stop any additional funds from leaving your bank account.

Depending on the situation, you may actually recover some of the funds with the help of the authorities and your financial institution.

If you don’t have any luck through reputable channels, don’t fall for a recovery scan, which promises to help recoup your funds but actually steals more money from you. If someone asks for an upfront fee to help you recoup your funds, it’s likely a recovery scam.

When you’ve exhausted your recovery options, the only thing to do is move forward. Luckily, there are still some strategies to help regain your financial stability.

Concrete steps you can take

Start by exploring your Social Security benefits. For eligible seniors who haven’t applied for Social Security benefits yet, it might be the right time to tap into this monthly income. Although Social Security income alone likely won’t replace your savings, it can help you cover your needs.

Beyond Social Security, look into senior support programs available through local nonprofits. For example, some might offer packages of nutritious food or healthcare support, both of which might help you stretch out your budget.

Don’t overlook the possibility of returning to work in some capacity. Although you might not feel up to a full-time position, you might take on part-time or remote work to bring in a supplemental income. When combined with your Social Security benefits, it might be enough to live your retirement dreams.

Finally, losing your nest egg might mean you need to reevaluate your retirement plans. For example, if you were planning to move to a more expensive area, staying put might be a viable option now.

Or, if you have a large home with lots of equity, you might consider downsizing in order to lean on that hard-earned equity during your retirement years.

How to protect yourself (and your loved ones) from elder fraud

Falling for a scam can come with serious financial consequences. As more retirees manage their finances online, getting familiar with common scams can help you protect your assets.

According to the FBI, tech support scams are the most widely reported kinds of elder fraud. In this scenario, an elderly person accepts “help” from a bad faith actor online in hopes of solving a tech problem. Instead of receiving help, scammers steal funds and personal information from the victim.

If you need technical assistance, find help from a reputable company. For some situations, it’s best to take the device to a physical location for repair, like an Apple Store or Best Buy, to get legitimate help from tech problem solvers.