Pension Advance Transactions: Questionable Business Practices Identified

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By Stephen M. Lord (au)
Year: 2014
Pages: 65
Binding Paperback
ISBN 978-1-4578-5629-7

Product Code: 1457856298

Description

Pensions are the foundation of economic security in retirement for millions of middle-class families and play a critical role in ensuring financial security at retirement. During an individual's retirement years, pensions are often the key source of income that allows the retiree, along with Social Security, to maintain a reasonable standard of living. Thus, a partial loss of pension benefits can significantly affect a retiree's ability to pay monthly living expenses, medical bills, or other unexpected expenses. Some companies have encouraged borrowing against pensions -- generally referred to as pension advances -- and they may be attempting to take advantage of financially distressed retirees who are in immediate need of a large sum of cash. There have been concerns about companies attempting to take advantage of retirees using pension advances. This report (1) describes the number and characteristics of pension advance companies and marketing practices; (2) evaluates how pension advance terms compare with those of other products; and (3) evaluates the extent to which there is related federal oversight. Tables and figures. This is a print on demand report.

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