Some Americans over 65 are selected to hear pitches for financial services products that promise high returns in exchange for access to their hard-earned retirement funds, and Texas senior military veterans are no exception. The Federal Trade Commission (FTC) offers advice on its website about actions senior veterans can take to keep retirement money in their control.
Veterans may be contacted by brokers who are attorneys, insurance companies or financial planners. They try to convince veterans to transfer their assets to a trust or to invest their retirement money in insurance products. Veterans should know that such a transaction could disqualify them for other services or carry high fees.
The FTC’s advice if a senior veteran is contacted by such brokers? Just say no.
Some people may approach senior veterans with promises of plans that offer supplemental pension benefits. They may approach veterans through an ad or a website promoting a free seminar making claims of additional benefits. The seminar tends to be a high-pressure sales pitch for products that may actually disqualify veterans for the supplemental pension benefits, and more government benefits besides.
If senior veterans see or hear advertising involving the Enhanced Pension with Aid and Attendance, or A & A, they should know this program has strict qualifications and is available only in limited circumstances. If a veteran is under 65, or is of sound mind and body, it is best not to apply for A & A.
Senior veterans are urged to view the FTC’s advice on its website and understand it thoroughly before buying any financial services products from anyone.
