The Consumer Financial Protection Bureau released a first-of-its-kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.
CFPB Report Warns That Taking Out a Reverse Mortgage Loan Can Be an Expensive Way to Maximize Social Security Benefits
CFPB Releases Consumer Guide and Video Explaining Reverse Mortgages
Guide Highlights Trade-Offs Between Lump-Sum and Lifetime Monthly Payout Options WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is releasing a guide to help consumers navigate their pension payout options and make the right decision about their retirement income. The guide gives near-retirees the information they need to understand the trade-offs of taking […]
Prepared Remarks of CFPB Director Richard Cordray on Retirement Planning at the Brookings Institution
This year marks the 80th anniversary of the Social Security Act. As Franklin Roosevelt said in 1934, “Old age is at once the most certain, and for many people the most tragic of all hazards. There is no tragedy in growing old, but there is tragedy in growing old without means of support.” Actually, at […]
CFPB Report Shows Many Consumers Base Critical Claiming Decision on Limited Information WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. According to a report released by the CFPB, many older Americans are […]
CFPB and New York Department of Financial Services Sue Pension Advance Companies for Deceiving Consumers About Loan Costs
Companies Hid Loan Interest Rates and Fees and Deceived Consumers About Other Terms of the Deal WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) and the New York Department of Financial Services (NYDFS) filed a lawsuit in federal court against two companies, Pension Funding, LLC and Pension Income, LLC, and three of the […]
For most Americans, retirement security depends on starting to save early and protecting those savings by making informed investment decisions. The retirement savings market can be complicated and confusing. It can be challenging for consumers to make well-informed decisions about important issues that determine their future economic security. Many Americans rely on professional financial advice when they make decisions about their retirement savings. So it is critical that when they seek out professional guidance, they can trust the financial adviser to put the consumer’s interests first.