Retirees Relying on Pension Loans

more+
less-

A recent article in the New York Times reports on a development in the ongoing saga of how people will meet their expenses in retirement. A borrowing technique has been heavily marketed, called pension advances, which are high interest loans that require borrowers to sign over part or all of their monthly pension checks. Interest rates on these loans are typically very high, ranging, according to one survey, from 27% to 106%. Concerns have been expressed that retirees are mortgaging their futures, at a high cost, in an area where there is little or no state or federal regulation.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Saul Ewing LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×