The May 2017 Monthly Complaint Report summarizes the complaints submitted by people age 62 and older. The report highlights issues that older consumers are more likely to experience than their younger counterparts, including issues with traditional and reverse mortgages, credit cards, and bank accounts and services.
Most people don’t know how much their Social Security benefit will be, nor how the age at which they begin claiming their benefits will affect the amount.
As the number of older Americans with student debt has quadrupled, older borrowers complain about many problems with lenders, loan servicers, and debt collectors that exacerbate their financial challenges.
Financial exploitation robs millions of older people of their money and property annually. To prevent and respond to the growing crisis of elder financial exploitation, people are working together in hundreds of communities across our nation.
If you co-sign an auto loan, you will be responsible for making payments if the primary borrower can’t pay. It could affect your future access to credit and your overall credit score. Here are some tips for co-signers and a new auto loan resource for you. Share it with your co-borrower so you can shop for a loan that works for both of you.
Banks and credit unions are in a unique position to prevent financial exploitation of older Americans and to intervene effectively when older account holders are targeted or victimized. That is why today we are releasing an advisory and report for banks and credit unions on how they can better protect older consumers from financial abuse.
After reviewing complaints submitted by consumers, we’ve discovered a financial scam targeting older consumers who had previously been victims of fraudulent money-making schemes. So-called asset recovery companies are contacting these past victims, promising to get refunds for a substantial fee, failing to deliver promised services, and leaving consumers financially worse off than before.
A lump-sum payout can give you the flexibility of choosing where to invest or save your money, and when and how much money to withdraw. However, it also shifts responsibility from your employer to you for making your money last and protecting it from a variety of risks ranging from inflation to fraud.
To help you make a more informed decision about when to claim, we created a new tool called “Planning for Retirement”. You’ll see how your claiming age affects your benefits and get tips relevant to your situation, which can help you start the conversation about your retirement needs and goals. Try it out!
RSVP to attend an expert panel discussion about retirement planning hosted jointly with the Brookings Institution in Washington, D.C.