Don’t Buy Financial Products from the AARP.

November 7th, 2007 • Related • Filed Under • by admin

The American Association of Retired People is one of the largest lobbying groups in the nation and offers a number of different deals, discounts benefits to its members, but the deals they offer are often only a deal for them! Since the membership group that makes up AARP is such a large and targeted audience, it makes sense that a number of companies that sell products for older individuals would like to market to its members. Some of the deals that the AARP has for its members are great deals, while other products offered by the AARP are actually a lot worse than what you would get if you went and visited a fee-only financial advisor. Just because something is promoted by the AARP to its members, does not mean it’s any sort of a deal.

Since the American Associated of Retired People is a lobbying group looking out for the rights and needs of the senior adults in the United States, a large majority of its members think that the organization is genuinely looking out for them and their needs. This may be true on the political landscape, but this certainly doesn’t hold over to some of the products that they market. AARP is a nonprofit organization, but they also have a for-profit division that operates under the same name. Since they’re trying to make money off of you, they really can’t be seen as any more trustworthy or reliable than any other company selling financial products.

The Los Angeles times recently did a study on the products that AARP offers to its members and found out that the products AARP is offering aren’t always the best deals, sometimes they’re not even close. The AARP isn’t trying to rip its members off, but there are a lot of times that its members could get a lot better deals elsewhere.

If you’re a senior adult looking for long-term care insurance, investments, or other financial products, you would be well served to visit two or three fee-only financial advisors and get their advice as to what financial products you would be well served to have and which you should avoid like the plague.