Don’t borrow against your pension
The offers sound like the answer to all your problems – use tomorrow’s pension checks for cash today. But don’t get sucked in.
These pension advances are actually loans that can threaten your retirement savings and increase your debt. After you sign over all or part of your monthly pension checks, the cash you get back have interest rates that are often much higher than those on credit cards.
People with public pensions — military veterans, teachers, firefighters, police officers and others — are being courted by pension-advance companies, which operate largely outside of state and federal banking regulations.