OIder borrowers across the United States are increasingly affected by student loan debt, according to our research.
Over ten thousand people turn 62 every day, and with a majority of them homeowners, a growing number of businesses are increasingly using the phrase “aging in place” to market financial products and services to homeowners in the baby boom generation. Many of these businesses and lenders, however, are incorrectly implying that staying in your current home is the only option for aging in place, which isn’t always the best option for everyone.
Research and resources to help communities, volunteers and others in the fight against elder financial exploitation.
More than 31 million people will reach retirement age in the next 20 years. Because most people keep their retirement savings in accounts they manage themselves, like IRAs and 401(k)s, they face a range of complex and important decisions.
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.
Report Shows Older Consumers Report Problems with Reverse Mortgages, Scams, Credit Cards, and Add-On Products
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.
CFPB Warns Student Loan Servicing Problems Can Jeopardize Long-Term Financial Security for Older Borrowers
Growing Concerns as Number of Older Student Loan Borrowers Quadruples, Amount of Debt Per Senior Borrower Doubles in Last Decade
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