RIP-OFF ALERT: Whenever Clark delivers a speech to seniors, he's always approached by those interested in doing reverse mortgages. Reverse mortgages offer a way for retired folks who are running out of cash to be able to remain in their home and get a check each month by borrowing against the value of the property. This can be a good option if you don't want a family member to inherit the house. Historically, however, the fees on reverse mortgages have been about 300%-500% higher than those associated with a regular mortgage.

Clark knows that most insurance salespeople are decent. But then there are those awful ones looking to perpetrate an equity stripping scam. They gain the confidence of an elder; strip the equity out of their home as a lump sum (instead of a monthly payout); and put it into piece-of-trash annuities, which net massive commissions for the salesperson.

If you have aging parents or other elderly loved ones, Clark wants you to put the warning out for them. Only a small sliver of insurance agents are this sleazy. But the sad thing is that if they're caught, they may only have to give the money back. How is that supposed to discourage them from doing it again? States need to pass criminal sanctions that will allow for hard time for equity strippers.

One final note: There's only one type of annuity that's absolutely fine for seniors -- immediate payout annuities, also called life annuities. The irony is that you won't hear about these from most insurance salespeople because they have tiny commissions.