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Kiplinger: What Retirees Need to Know About 3 High-Cost Financial Products

What Retirees Need to Know About 3 High-Cost Financial Products

Retirement should be a time when you can kick back and smell the roses. But for many retirees, managing savings and benefits is a full-time job, and not an easy job, either. Poor choices could cost you your home, jeopardize your health care, or leave you without enough money to pay the bills in your later years.

Con artists thrive on confusion, and as we reported last November, seniors are a prime target for financial scams. More than half of all certified financial planners have worked with a senior who has been the victim of unfair, deceptive or abusive practices, according to a recent survey by the Certified Financial Planners Board of Standards.

But even legitimate -- and often appropriate -- financial products come with drawbacks that aren't always explained in the marketing pitches. We've focused on three products that are heavily marketed to retirees: reverse mortgages, long-term-care insurance and annuities. Unlike a faulty lawn mower, they can't be returned if you're unhappy with their performance. Before you buy, you need to understand the risks.

(iStock)

More From Kiplinger:
QUIZ: Are Annuities Right for You?
10 Least Tax-Friendly States for Retirees
10 Things You Must Know About Social Security



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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