via Washington Post,
by Jonnelle Marte, Washington Post
October 27, 2015
Keith Moore, a 40-year-old military veteran recovering from post-traumatic stress disorder in Oklahoma, remembers the day last year when he sold off a chunk of his pension.
He had left the military after 21 years of service, because his disabilities — PTSD, arthritis and other injuries — made it difficult to work. But the transition to civilian life came with a different struggle: the need to provide for his family and pay the same bills with only half the paycheck.
Moore soon found himself two months behind on rent and at least 10 days from payday. In bed that night, he saw a TV ad for Future Income Payments, a company based in Irvine, Calif., that buys pensions in exchange for a lump sum. The company said it had worked with military personnel and government workers. Ten minutes later, he got up and made the call.
The next day, a company representative called Moore back and explained that he would receive a $5,000 cash advance for selling part of his pension. In exchange, Moore would have to pay the company $510 a month for five years — a total of $30,600.