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Jeff Callan

Jeff Callan

Jeff Callan is the Vice President of Retail Wealth Management.

If you are a retiree on a fixed income and you have an urgent need for some extra cash right now, the ads offering to give you an "advance" on your pension checks may seem to offer the perfect solution. However, this solution is not as simple or helpful as it may seem.

Unfortunately, too many people have been fooled by these deceptive offers, and as a result they have found themselves in deep debt with less income to live on. The basic fact to keep in mind anytime you see an offer for a pension advance is that you’re looking at a type of payday loan; according to Stuart Rossman, a lawyer with the National Consumer Law Center who spoke to The New York Times about the issue, "The cost of these pension transactions can be astronomically high." 

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Posted by on in Ready for Retirement

In order to prepare financially for retirement, you need to have a good idea of what your retirement will look like. Ask yourself these questions:

When do you want to retire?

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When you’re looking at retirement plans, you’ll probably come across an item known as the 401(k) retirement plan. This might lead you to wonder what exactly a 401(k) is and why you might need one. For most people, it simply is good financial planning to provide for your retirement, and the 401(k) is one of the best ways that you can do that.

How the 401(k) Works

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