F E D E R A L D E P O S I T I N S U R A N C E C O R P O R A T I O N
Summer 2013
F E D E R A L D E P O S I T I N S U R A N C E C O R P O R A T I O N
Also Inside
Preventing wire transfer scams
New protections for consumers
sending money abroad
The comeback of the
adjustable-rate mortgage
Basic points about
Health Savings Accounts
Help for student loan borrowers
having payment problems
Financial Tips for Seniors
• 15 quick tips for protecting your finances
• How older adults can steer clear of scam artists
• Things to consider before borrowing from your home
• Ways to help your relatives…and risks to avoid
• Key facts about your FDIC insurance
2
Summer 2013
FDIC Consumer News
For Seniors: 15 Quick Tips for Protecting Your Finances
FINANCIAL TIPS FOR SENIORS
As many consumers get older, they
often face issues such as how to
maintain their lifestyle and pay for
medical expenses on a fixed income for
years into the future. Here are banking
and other money-management tips for
seniors to consider for their retirement
years.
Getting Help
1. Decide if you need financial help
from an expert, and then choose
wisely. A financial advisor could help
answer questions such as how quickly
to take money from savings and how to
invest in your later years.
But FDIC Community Affairs
Specialist Ron Jauregui cautioned
that “before you follow the advice of a
supposed ‘expert’ who claims to have
special credentials for advising seniors,
research what that title may or may not
mean and the advisor’s background.â€
According to a report by the Consumer
Financial Protection Bureau (CFPB),
the training, standards and regulatory
oversight for more than 50 senior
designations used by financial advisors
can vary significantly.
To learn more about professional
designations and for tips on choosing
an investment advisor, the Financial
Industry Regulatory Authority has a
Web site at www.finra.org/Investors/
ToolsCalculators/Professional
Designations/DesignationsLookup.
2. Prepare for