Posted by The Frankowski Firm on 07/12/2017

Pension Advance Scams Target the Elderly

Pension Advance Scams Target the Elderly

Pensions are the primary means of support for about one-half of Americans of retirement age or older. This income—set aside throughout the course of a lifetime of employment and work—is often supplemented by social security, or other retirement investing. However, America’s seniors are not usually living in the lap of luxury, bringing in an average of $1,500 per month from all sources, or about $18,000 per year. This can lead to periods of financial instability when unexpected medical bills, housing changes, and other events occur. How do American senior citizens get the money they need? All too often, it comes from exploitative moneylenders, borrowing against future pension income.

What is promised vs. the fine print

Even workers with good income sometimes encounter unexpected bills. For retirees on fixed incomes, these unanticipated costs can be devastating, particularly when it becomes a choice between needed healthcare and accepting unfavorable terms. Also known as “pension sales,” “pension buyouts,” or “pension loans,” pension advance scams all promise the same thing: money now, based on promised repayment from future pension income.

The Frankowski Firm has years of experience representing investors who have lost money as the result of investment fraud.

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