by Structured Settlement Watchdog
What is the leading concern for senior citizens and many Americans, in study after study? Outliving their assets. What do structured settlements annuities do for seniors? Guarantee stable income for the rest of their lives. The tax benefits are secondary. Read our page on Structured Settlements for Seniors and Settlement Planning for the 60+ crowd
Yet Stacking Benjamins, the 2017 "Best Personal Financial Podcast" gave really crappy financial information about selling structured settlements for seniors. Here's what the reckless Benjamin stackers said in 2014:
"Inconsequential loss of tax benefits for senior citizens or unemployed beneficiaries of annuities –Another factor that can make it easier for a person to make the decision of selling off structured settlements is that the implications of losing out on the tax benefits are not too severe. Academic research carried out the Center for Retirement Research at Boston College has concluded that tax benefits of structured settlement annuities do not actually translate into anything substantial in terms of savings. Moreover, senior citizens anyways have tax exemptions, which can make it easier for them to go for selling structured settlement".
Seniors who sell their structured settlements are left with a "short stack" with no syrup. They get raped for pennies on the dollar.
Stacking Benjamins also misrepresented that the structured settlement purchasing industry is heavily regulated. While seniors ARE protected by insurance sales practice regulation of licensed insurance agents solicit or engage them when annuities are established, there is no parallel regulation of sales practices in the structured settlements secondary market for seniors or anyone else. The time frame when the article was published was smack in the middle of unprecedented financial rape and pillage that led to an award winning news story in the Washington Post that in turn has led to multiple lawsuits.
If that isn't bad enough, other seniors have lost or had a hold put on retirement money they had invested in structured settlement derivatives in tertiary market that were originated from the same lawsuits over the subject matter reported in the Washington Post and elsewhere that were marketed to these seniors using the scam label "secondary market annuities"
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