by Structured Settlement Watchdog
What is a leading concern of senior citizens and generations of Americans in study after study?
Outliving their assets (a/k/a Fear Of Running Out)
What do structured settlement annuities do?
- Guarantee stable income for a fixed certain period, the rest of their lives, or both if they’re set up to do that.
- Tackle the fear of outliving your settlement money.
- The tax benefits you receive are secondary.
Read Structured Settlements for Seniors | Settlement Planning
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 settlement payments are left with a “short stack” with no syrup, financially 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 holds slapped on—retirement money they invested in structured settlement receivables in the tertiary market, all originated from the very same lawsuits reported in the Washington Post and elsewhere, and all marketed to them under the scam label “secondary market annuities.”
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