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Old 06-14-2019, 05:49 AM
 
153 posts, read 45,382 times
Reputation: 78

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Quote:
Originally Posted by Redddog View Post
Annuity sales is another industry that blatantly crosses the line into what I think should be illegal suitability practices that should be banned. It's heart breaking to see these people get screwed like that.

These people are sitting ducks and there is little to protect them.
I would not be quite so categorical about the annuity industry. The #1 financial concern among retirees is running out of money. Annuities were created to prevent that from happening.

Admittedly, there are bad products and unethical people who push them. I've run into plenty of that in my work. However, properly designed and used they can be a great tool. Particularly for those with longevity in their family tree.

But you are also right in that little is out there to help safeguard the public or help those who fall prey.
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Old 06-14-2019, 06:02 AM
 
153 posts, read 45,382 times
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Quote:
Originally Posted by chessimprov View Post
Well, these people are seniors and most of them might not be good with the Internet. If you don't know what term(s) to look for or how to read certain things from the Internet, it doesn't always give you information in a properly organized or easy flow through methodology. It does seem to point to our lack of math skills as a society, or at least as a society in the US.

It also points to you shouldn't be taking loans you don't understand fully either then or it shouldn't get to the point where you are wiped out completely. . .
These are complex products with several ways that buyers can be harmed. They are also primarily marketed to those who have built up equity in their homes but trouble paying their bills. The targets are sitting ducks.

Internet research is something everyone should know how to do but unfortunately that is not the case. Particularly for seniors who were 50 or 60+ when Google became a thing.
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Old 06-14-2019, 07:03 AM
 
517 posts, read 403,294 times
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Quote:
Originally Posted by Pennsport View Post
Yeah, all good points in the prior posts. I don't mean to minimize the predatory nature of scumbags organizations who prey on the weak, but IMO, there comes a time when one has to be responsible for his/her own actions. If you're not sure what a reverse mortgage is, don't take it. As a grown up, one needs to figure out a way to make appropriate decisions and then accept the consequences. I mean, a lawyer would review a contract like that for 200 bucks and the individual wouldn't even have to read. Or a librarian might do it for free. Or, just ask the librarian to help you google assistance programs and give you the phone numbers. That's like me buying a house without doing an inspection and then blaming everyone but myself when the foundation crumbles.
You are doing exactly what you claim you arenít doing.
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Old 06-14-2019, 07:16 AM
 
468 posts, read 368,025 times
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Quote:
Originally Posted by BR Valentine View Post
You are doing exactly what you claim you arenít doing.
No, Iím not. Iím espousing that predatory unethical and possibly illegal actions should be prosecuted to the full extent, AS WELL as saying that grown human beings have to understand how to navigate life. There are too few of us (i.e. grown humans who have taken the time and put in the effort to navigate life) to pick up the pieces for the others. Itís becoming unsustainable.
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Old 06-14-2019, 07:21 AM
 
517 posts, read 403,294 times
Reputation: 832
Quote:
Originally Posted by Pennsport View Post
No, I’m not. I’m espousing that predatory unethical and possibly illegal actions should be prosecuted to the full extent, AS WELL as saying that grown human beings have to understand how to navigate life. There are too few of us (i.e. grown humans who have taken the time and put in the effort to navigate life) to pick up the pieces for the others. It’s becoming unsustainable.
No, you are victim blaming. Also, stop polishing your halo. You aren’t that special.
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Old 06-14-2019, 08:09 AM
 
186 posts, read 112,934 times
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Quote:
Originally Posted by Flyers Girl View Post
Well, the linked article states that it disproportionately affects African Americans, which is insulting on its face. What, exactly, are they implying?
The article emphasizes the seniority of all the victims. That many are AA does not, I think, necessarily negate the point that the elderly can have vision, hearing, and cognitive declines that make them easy prey for slick scammers.

IOW, I don't think the article is trying to imply any sort of racial claim here. If anything, the prevalence of urban AAs may be because many of them are now sitting on valuable property in gentrifying neighborhoods, which makes them an especially big target.
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Old 06-14-2019, 08:17 AM
 
186 posts, read 112,934 times
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Quote:
Originally Posted by Pennsport View Post
AS WELL as saying that grown human beings have to understand how to navigate life. There are too few of us (i.e. grown humans who have taken the time and put in the effort to navigate life) to pick up the pieces for the others. Itís becoming unsustainable.
Yes, but it's different when it involves elder scams.

My grandmother is 86 years old. Her eyesight is ok, but her hearing is very spotty, even with hearing aids. And she has early onset Alzheimer's, so she can have trouble following conversations or understanding what's going on around her. She's very easily led and, at this stage, more than a little gullible.

Here is someone who was born during the Great Depression and certainly understood how to navigate life, but physically and mentally she's at a point where, if some ******* wanted to scam her, she would be VERY easy prey. Fortunately she lives with family so she has some support and protection, but a lot of seniors don't.

That's why, for as true as your basic point is, we can't victim shame in cases like these. Yes, they're responsible in the technical sense, but not really in the larger moral sense.
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Old 06-14-2019, 08:49 AM
 
523 posts, read 246,368 times
Reputation: 378
Quote:
Originally Posted by TownDweller View Post
I would not be quite so categorical about the annuity industry. The #1 financial concern among retirees is running out of money. Annuities were created to prevent that from happening.

Admittedly, there are bad products and unethical people who push them. I've run into plenty of that in my work. However, properly designed and used they can be a great tool. Particularly for those with longevity in their family tree.

But you are also right in that little is out there to help safeguard the public or help those who fall prey.
Absolutely. They have a place in one's portfolio and not everyone involved is duplicitous. But for the most part, the experience I've had has been a negative one. We come across people's portfolios all the time that have large amounts of their overall net worth locked up in annuities.
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Old 06-14-2019, 09:03 AM
 
12,617 posts, read 28,091,807 times
Reputation: 7155
Moved from the Philadelphia forum.
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Old 06-14-2019, 11:07 AM
 
153 posts, read 45,382 times
Reputation: 78
Quote:
Originally Posted by Redddog View Post
Absolutely. They have a place in one's portfolio and not everyone involved is duplicitous. But for the most part, the experience I've had has been a negative one. We come across people's portfolios all the time that have large amounts of their overall net worth locked up in annuities.
I've seen the same thing often enough myself and the fees on some of them are disgusting. Fortunately, that is not always the case.
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