Author: Chris Clark

After decades in the workforce, the prospect of a relaxing retirement might seem like paradise. Imagine waking up without an alarm, enjoying leisurely mornings and finally diving into all those hobbies you’ve dreamed about for years. Sounds perfect, right?

But what happens when the novelty wears off and boredom creeps in?

Picture this: Jake is 67 years old, one year into retirement and the leisurely lifestyle isn’t as fulfilling as he expected. Restlessness has him craving the stimulation and social connections work once provided. On top of that, the Canada Pension Plan (CPP) cheques feel a little underwhelming, which had him thinking about re-entering the workforce.

If this description puts a fright in you, you’re not alone. A 2024 report from the National Institute on Ageing found that 43% of Canadians over the age of 50 are at risk of social isolation, while 59% experience some degree of loneliness. Additionally, 36% of Canadians over the age of 50 have very (13%) or somewhat (23%) weak social networks.

So, what’s a frustrated retiree to do? Lucky for Jake, he found a solution. He decided to work as a driver for a ride share and courier company. Now, he gets the social interaction he craves while making a bit of cash. He also works only a limited number of hours.

If you want to go back to work, you don’t have to jump straight back into a 40-hour workweek. Even a part-time gig can offer financial, psychological and lifestyle benefits. Let’s dive into why staying busy could be your secret to a truly satisfying retirement.

Mental stimulation

Picking up a side gig or part-time work during retirement is more than financially rewarding, it can also keep you socially engaged. Work provides plenty of opportunities for social interaction, either with customers or coworkers.

It can also encourage a structured routine, helping to restore a sense of control and purpose. The American Psychiatric Association notes how some research indicates those who maintain a clear purpose experience less stress and greater resilience in challenging situations.

Your expertise has value. If you find work in your old field — let’s say through consulting or freelancing — you have an opportunity to both refine your skills and pass on what you’ve learned. Sharing and growing your knowledge can be gratifying, and you can make a few extra bucks while you’re at it.

Financial benefits

Living on a fixed or limited income can be stressful, especially if you’re trying to balance achieving your retirement goals with paying the bills. Getting a side gig can help ease some of this stress, giving you extra cash flow for expenses that the CPP won’t cover.

Even better, returning to work and finding a gig offering health benefits might cover reduce any prescription costs you may have.

While your CPP payments get adjusted annually the longer you wait to start collecting it (8.4% per year), for many seniors this may not be sufficient in the current cost of living crisis. A side hustle can help limit uncomfortable belt-tightening so you can have money to travel, spend time with family and cross off some of your bucket-list items.

Thankfully, if you choose to continue to work in some capacity after 60 (when you are eligible to receive CPP), you will not reduce how much you earn from the benefit. In fact, you could increase it by means of the CPP post-retirement benefit. The government will automatically pay you this benefit the following year and you’ll receive it for the rest of your life. However, CPP contributions will be cut off when you reach 70 years of age, even if you’re still employed in some capacity.

Preparing for the calm

If you’re nearing retirement and fearing a perceived boredom of life after your career, there’s still time to plan for a stimulating and fulfilling retirement. Let’s look at some ways you can prepare for the lifestyle change:

Experiment now, avoid trouble later: There’s no time like the present — why not pick up some different hobbies before you retire? If you find one or more that really interest you, make that your passion project once you finish work. Consider picking an activity that can involve social interaction via clubs or classes you can join. That way, you get the benefits of social engagement and mental stimulation.

Prepare a routine: Create a daily or weekly structured routine before retirement. In his 2022 TEDx Talk, Dr. Riley Moynes, author of The Four Phases of Retirement, says that phase two for retirees can bring on a sense of loss in identity and purpose. Avoid this by setting daily tasks and focusing on ways to keep yourself busy, ahead of time.

Stay near friends and family: If you’re able, retiring near friends and family can provide a nearby support network and help avoid social isolation and loneliness. If you and your spouse are retiring together, consider building a plan that keeps you both active, engaged and communicative with each other.

Sources

1. National Institute on Ageing: Perspectives ongrowing older in Canada: The 2024 NIA Ageing in Canada Survey survey, by Natalie Iciaszczyk; Gabrielle Gallant; Talia Bronstein; Alyssa Brierley; Dr. Samir Sinha (Jan 28, 2025)

2. American Psychiatric Association: Purpose in Life Can Lead to Less Stress, Better Mental Well-being (Dec 7, 2023)

3. YouTube: The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey (May 26, 2022)

This article I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Balancing your work life with your personal life is hard enough — especially when both rely on the same car.

Say you’ve just taken a new job that has you driving constantly in your own vehicle. The company helps out by reimbursing you per mile and even offers a monthly stipend. Altogether, that’s about an extra $1,000 a month added to your paycheck.

At first glance, it seems like plenty to cover the costs. But there’s a catch: your personal vehicle is a notorious gas-guzzler, averaging just 20 miles per gallon. Between frequent fill-ups and ongoing maintenance, you’re watching more than half of that extra money disappear every month.

Faced with these rising costs, you might think buying a second, more fuel-efficient car is the obvious solution. But before making that move, it’s worth asking: Will it really save you money in the long run?

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

Getting a second car pros and cons

While many Americans toil behind a desk during the workday, others are chasing checks, in part, by hitting the road. According to the U.S. Bureau of Labor Statistics, 30% of civilian jobs require some form of driving, including jobs like food delivery, sales and social work. Additionally, the average age of cars on the road is nearly 13 years old. That means a growing number of Americans are putting serious mileage on aging vehicles.

There are pros to shifting some of that use onto a second, newer and more fuel-efficient car — the main one being that it could save you significantly at the pump.

Let’s say you drive 12,500 miles per year just for your job, gas is $3.25 per gallon and your personal car only gets 20 miles per gallon. Switching to a car that gets 40 miles per gallon could save you a little more than $80 a month, or $998 per year on work-related commuting. Not bad.

Getting a second car just for work can also help extend the life of your current car, and you may be able to make tax deductions on mileage and vehicle-related expenses.

But that doesn’t mean there won’t be other costs, both up-front and in the long run.

At the Department of Motor Vehicles, you would have double the registration costs and property tax payments (depending on your state), not to mention double the state inspections, insurance premiums and monthly payments if you don’t buy the car in cash.

And even if your second vehicle is new and efficient, that doesn’t mean it won’t need some maintenance along with your other car. Plus, if you live in an apartment complex or condo, you might need to pay for an additional parking spot, which can cost hundreds per month.

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Budgeting for a second vehicle

Getting a second car for work is not a simple decision, especially if you can’t pay cash for the additional ride. Americans have a whopping $1.64 trillion dollars in car loan debt, with the average payment for a new vehicle being $745. You should evaluate your budget and job situation to see if it’s worth taking on another vehicle.

Figure out how much you’re spending on gas per month and how many miles you are driving for your job, including how much your employer reimburses you. The IRS’s 2025 mileage rate is 70 cents per mile for businesses, and some employers may reimburse more than that or add monthly stipends on top of the mileage rate. Use a calculator to compare gas costs for your car versus a fuel-efficient model.

Consider your financial situation and ability to make monthly payments on a new car. Will the savings at the pump, potentially lower maintenance costs and employer reimbursement outweigh the hundreds you may owe per month?

Two cars for a single person may be too much, especially if you want to keep one car strictly for work and the other for personal use — not to mention multiple annual registrations, maintenance and payments. Do you have the space to house both cars? Can you afford a second parking spot (if your apartment or condo complex even allows multiple vehicles)?

And finally, if your personal vehicle bites the dust, will you be okay with making your second car your primary ride? Ultimately, the right move depends on both your lifestyle and your bottom line.

What to read next

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• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

It’s a family scenario more common than you might think: one adult child leans heavily on aging parents for support, while another sibling feels caught in the middle — frustrated, worried and responsible.

On a recent episode of The Dave Ramsey Show, a caller named Grant from Houston, Texas described just that. His 59-year-old brother had been relying on their parents for years, even as they reached their 80s. It was more than occasional help: His brother had two loans on his own home and had persuaded their elderly father to take out a home equity loan on his house to cover costs.

“He’s always been a mooch,” Ramsey co-host John Delony said bluntly. “He’s always going to be a mooch and so talking to him is futile. It’s a waste of time.”

The caller admitted he felt angry at his brother but also uneasy confronting him. He worried about seeming unfair or overstepping. And as someone who’d agreed to be co-power of attorney with his brother, he felt deeply uncomfortable being legally tied to decisions that risked draining their parents’ financial safety net.

The show’s advice was characteristically direct, but behind the blunt words was an important truth. The brothers’ parents who continue to bail out adult children well into middle age aren’t doing them any favors. Their core message: Sometimes real love means setting limits.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

The cost of lifelong financial support

Ramsey urged the caller to skip trying to reform his brother. He argued that after decades of relying on others, change was unlikely without real consequences. Instead, he encouraged the caller to focus on his parents — having the hard conversation they’d been avoiding. Ask about their financial plan, the decisions that could jeopardize their own security and whether it’s right to enable their son with support while seemingly shielding him from responsibility.

Half of all parents with children aged 18 and older provide regular financial assistance to their adult offspring, according to a 2025 Savings.com report. The average monthly support per adult child is $1,474, a roughly 6% increase from the previous year that totals nearly $18,000 annually. And often the support seems indefinite, with millennials up to age 44 getting significant help with rent, groceries, health insurance and mobile phone bills, the report found.

Rising housing costs, student debt and a challenging job market have made launching into adulthood genuinely more complicated. Many parents want to give their kids a leg up.

But when support goes on without clear expectations or end dates, a bridge becomes a crutch with real consequences. Parents who prioritize their adult children’s expenses over their own needs may sacrifice their retirement security. They may have to work longer, reduce their lifestyle in old age, or even rely on those same children later on.

Setting boundaries without breaking relationships

For families grappling with this dynamic, balancing compassion with self-preservation is crucial. It starts with open, sometimes uncomfortable conversations.

Parents need to be clear about what they can afford. Supporting an adult child isn’t automatically wrong, but it has to fit within a sustainable plan.

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Ramsey’s advice also touched on the tricky issue of power of attorney. The caller had agreed to share that responsibility with his brother, the very person he didn’t trust financially.

Ramsey warned that arrangement was a recipe for conflict. His suggestion? Don’t agree to something that makes you an accomplice to a bad plan. “You’re not helping them [by joining with the brother as power of attorney],” Dave Ramsey told the caller. “You’re just another enabler in this story.”

Having the hard conversations

And what about talking to the dependent sibling? That can be even harder. Ramsey acknowledged the emotional messiness here. The caller loved his brother but felt disrespected by his choices.

Ramsey advised viewing the brother with clear eyes — not demonizing him, but recognizing his struggles. He even suggested that in person, the caller might say, "I know that Dad’s propping you up and keeping you going. I don’t like it but I’m not involved.”

That’s the tension many families face: wanting to help but needing to be honest about limits. Enabling is easy in the short term because it avoids conflict and guilt. But in the long run, it can create dependency and resentment that damages families even more.

Parents who want to avoid this trap can start by setting clear expectations. Define what support looks like, how long it lasts and what steps the adult child will take to regain independence.

Talk openly about their own financial needs, including retirement plans and medical costs.

What to read next

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• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Imagine you’re a high school senior nearing graduation and eyeing the start of your college career. You have the grades to get into a good school, but fall short of earning a full scholarship.

However, your parents are well-off and can afford to pay for your schooling, so you always figured money wouldn’t be an issue, right? Until one day they drop the bombshell: college costs will be your responsibility.

It turns out they have nothing saved up for your education, and suggest that taking out student loans and managing debt will build accountability and financial smarts.

Is that true, or are your parents just throwing you to the wolves?

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• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

How to prepare

It’s no secret that college costs in the U.S. are high these days. The average cost for undergraduate students — including books, supplies and living expenses — stands at $38,270 per student each year, according to the Education Data Initiative. Stripped down to tuition alone, the average cost of attending college in-state is $9,750, while out-of-state tuition costs $28,386.

If you had known beforehand that you’d be footing your own education bill, you might have had time to prepare by saving and working toward getting scholarships to help with some of the incoming debt. But there are still ways to tackle the cost of college.

First, it’s important to note that there’s no strict income cutoff to qualify for federal student aid. Any student can apply through the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal grants, work-study funds and loans.

Keep in mind there are plenty of scholarships that don’t focus on grades or income. Explore receiving awards based on community service, job experience and extracurricular activities.

Getting a part-time job to chip away at loan costs upfront can save you money over time. Try to get in as many hours as you can over the summer and pick up a student job once you get to school. Even if you’re not eligible for a federal work-study, many universities offer traditional part-time roles that can be fit around your class and exam schedule.

And if you do need to take out loans, consider opting for federal loans first before private loans, as interest rates are typically lower and they often don’t require parents to cosign.

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Conversations about college

Conversations between parents and children about what will be expected of each party financially when it comes to college can help prepare everyone to navigate expenses, and maybe save some family relationships.

Parents should be direct and honest about what help they plan to offer. Talk about what will be contributed, and whether it may depend on good grades or which schools accept the child. Determine if any amount will be expected to be paid back, if your kid is expected to work part-time or if you will cosign any loans. Do this far enough ahead of time so all parties can prepare.

Make sure to fill out the FAFSA form with the child. Even if household income disqualifies a student from need-based aid, they still may be eligible for federal loans. Plus, it can be beneficial to have a FAFSA on file if applying for anything else.

Also determine if any money will go to other expenses besides tuition, including housing, transportation, food or spending money.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Retiring in a warm climate sounds like a good idea, no matter where you’re from or what time of year it is.

And it’s not just because cold weather cuts into beach and shuffleboard time. The high-temperature states are also where the discerning American retiree finds the most favorable tax rules.

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• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

If you’re looking to retire to a place that’s not only warm but also keeps thirsty governments away from your hard-earned, post-career assets, you have options. Some U.S. states even have a golden combination of temperate climates, no income taxes, no pension taxes, and no taxes on distributions from retirement plans — regardless of your age or wealth.

Florida

Let’s get the obvious choice out of the way: The Sunshine State is very hospitable to retirees and their money. The state famously lacks a state income tax, which means you won’t pay any tax on your pension.

Assuming you can stomach the state’s real estate costs and the occasional hurricane, your 401(k) and IRA distributions will go further since Florida doesn’t tax distributions from those plans. And Social Security? No taxes on that, either.

Nevada

Retiring to the Silver State is a safe bet, since Nevada is another state that doesn’t have income tax, which like Florida means no taxes on pensions, retirement plan distributions or Social Security.

Nevada is home to many of the nation’s top retirement destination towns, with the suburbs outside of Las Vegas offering the tempting combination of warmer temperatures in winter and access to casinos and other entertainment year-round.

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Texas

Though recent winter conditions have proven challenging even for Texas, you can generally expect to stay warm in the Lone Star State. The tax breaks will warm your heart, too.

Texas doesn’t tax state income. Nor does it tax Social Security, pension income or distributions from retirement plans. Those factors, combined with a general lower cost of living and comparatively lower real estate costs, make Texas an attractive landing spot.

But government money lost to those tax breaks has to come from somewhere, which explains why the state has some of the nation’s highest property tax rates.

Tennessee

If it’s good enough for Dolly Parton, why not you too?

There’s no income tax in this state, which means residents of Tennessee don’t pay taxes on their pensions, 401(k)s, IRAs or Social Security benefits. The state also boasts a low cost of living, including low property taxes.

And if you’re looking for company in your golden years, Tennessee is also home to a number of retirement communities, which it promotes through the Tennessee Department of Tourist Development.

Honorable mention: Hawaii

What about that other idyllic landing spot, Hawaii?

Unfortunately, Hawaii doesn’t quite make the cut: While Social Security income isn’t taxed in the state, private pensions and retirement plan distributions are.

Of course, there’s a good chance that if you’re even considering Hawaii — with its high cost of living and soaring real estate valuations — you’ve probably determined that you can survive those levies.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Payday should be routine — but for a Wayne County, Michigan, employee, it turned into a million-dollar-plus shock.

At the end of May, the woman — a 20-year county employee — discovered her paycheck had ballooned to an astonishing $1.6 million. She quickly did the right thing by notifying her manager and returning the money. But the mistake had broader consequences: Two county employees were fired over the error and a third was suspended.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

County officials told WXYZ 7 News Detroit that no such payment should’ve been authorized, yet the massive sum landed in her account anyway — raising serious questions about how such a glaring error slipped through.

The payroll mishap

The employee had just gotten a raise and needed her payroll information updated, but her new compensation was entered incorrectly. Instead of typing in her new hourly rate, payroll staff typed in her (much longer) employee ID number.

The payroll system didn’t flag the outrageously high sum.

“I can tell you that there are multiple failsafes, theoretically, built into the system," Wayne County executive Warren Evans told WXYZ. "And at least three of those didn’t work."

Wayne County had recently upgraded its payroll system to a new software platform run by Oracle, and this wasn’t the first time the new platform had authorized incorrect payments. In fact, 400 county sheriff employees reported severe underpayment in August 2024, with some receiving less than a single dollar.

WXYZ reports that county employees say the switch to the new system has been anything but easy. The upgrade was delayed for years and employees say many of them are still not properly trained on it. County commission Alisha Bell says the whole system should be investigated for other errors.

“It could have been $100 here, $200 here, you don’t notice the small amounts,” she said. “But obviously you’re going to notice if it’s a million dollars.”

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Ensuring your checks are accurate

There’s nothing more stressful than receiving incorrect paychecks, whether you’ve been overpaid or underpaid. You could be getting shortchanged for your hard work or risk getting in trouble for receiving too much.

Make sure to always review every paycheck you receive to ensure the correct amount has been paid, as well as for accurate tax and benefit deductions. Always keep your time sheets, salary offer letter and employment contract accessible.

Financial planning apps can also help by sending instant notifications when your paycheck hits your account, making it easy to catch errors right away.

If you suspect your paycheck is wrong, notify your employer immediately. Provide clear, written documentation to human resources, including the exact dates and amounts involved. Compare what you were paid to your offer letter and, if you’re an hourly employee, bring your time logs. Be sure to document when you alerted HR in writing so there’s a clear record that you didn’t try to withhold or hide any overpayment.

If you’re overpaid, avoid spending any of that money. Even if the mistake was your employer’s fault, they’re still entitled to recover it. That said, employers often must follow specific rules about how much they can deduct from each paycheck to recoup overpayments.

If you’re being underpaid, you may be entitled to back pay or even interest payments. But if your employer doesn’t address the issue, you may need to escalate it. You can file a complaint with your state labor department or consult a labor attorney for further guidance.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

After decades in the workforce, the prospect of a relaxing retirement might seem like paradise. Imagine waking up without an alarm, enjoying leisurely mornings and finally diving into all those hobbies you’ve dreamed about for years. Sounds perfect, right?

But what happens when the novelty wears off and boredom creeps in?

Picture this: Jake is 67 years old, one year into retirement and the leisurely lifestyle isn’t as fulfilling as he expected. Restlessness has him craving the stimulation and social connections work once provided. On top of that, the Canada Pension Plan (CPP) cheques feel a little underwhelming, which had him thinking about re-entering the workforce.

If this description puts a fright in you, you’re not alone. A 2024 report from the National Institute on Ageing found that 43% of Canadians over the age of 50 are at risk of social isolation, while 59% experience some degree of loneliness. Additionally, 36% of Canadians over the age of 50 have very (13%) or somewhat (23%) weak social networks.

So, what’s a frustrated retiree to do? Lucky for Jake, he found a solution. He decided to work as a driver for a ride share and courier company. Now, he gets the social interaction he craves while making a bit of cash. He also works only a limited number of hours.

If you want to go back to work, you don’t have to jump straight back into a 40-hour workweek. Even a part-time gig can offer financial, psychological and lifestyle benefits. Let’s dive into why staying busy could be your secret to a truly satisfying retirement.

Mental stimulation

Picking up a side gig or part-time work during retirement is more than financially rewarding, it can also keep you socially engaged. Work provides plenty of opportunities for social interaction, either with customers or coworkers.

It can also encourage a structured routine, helping to restore a sense of control and purpose. The American Psychiatric Association notes how some research indicates those who maintain a clear purpose experience less stress and greater resilience in challenging situations.

Your expertise has value. If you find work in your old field — let’s say through consulting or freelancing — you have an opportunity to both refine your skills and pass on what you’ve learned. Sharing and growing your knowledge can be gratifying, and you can make a few extra bucks while you’re at it.

Financial benefits

Living on a fixed or limited income can be stressful, especially if you’re trying to balance achieving your retirement goals with paying the bills. Getting a side gig can help ease some of this stress, giving you extra cash flow for expenses that the CPP won’t cover.

Even better, returning to work and finding a gig offering health benefits might cover reduce any prescription costs you may have.

While your CPP payments get adjusted annually the longer you wait to start collecting it (8.4% per year), for many seniors this may not be sufficient in the current cost of living crisis. A side hustle can help limit uncomfortable belt-tightening so you can have money to travel, spend time with family and cross off some of your bucket-list items.

Thankfully, if you choose to continue to work in some capacity after 60 (when you are eligible to receive CPP), you will not reduce how much you earn from the benefit. In fact, you could increase it by means of the CPP post-retirement benefit. The government will automatically pay you this benefit the following year and you’ll receive it for the rest of your life. However, CPP contributions will be cut off when you reach 70 years of age, even if you’re still employed in some capacity.

Preparing for the calm

If you’re nearing retirement and fearing a perceived boredom of life after your career, there’s still time to plan for a stimulating and fulfilling retirement. Let’s look at some ways you can prepare for the lifestyle change:

Experiment now, avoid trouble later: There’s no time like the present — why not pick up some different hobbies before you retire? If you find one or more that really interest you, make that your passion project once you finish work. Consider picking an activity that can involve social interaction via clubs or classes you can join. That way, you get the benefits of social engagement and mental stimulation.

Prepare a routine: Create a daily or weekly structured routine before retirement. In his 2022 TEDx Talk, Dr. Riley Moynes, author of The Four Phases of Retirement, says that phase two for retirees can bring on a sense of loss in identity and purpose. Avoid this by setting daily tasks and focusing on ways to keep yourself busy, ahead of time.

Stay near friends and family: If you’re able, retiring near friends and family can provide a nearby support network and help avoid social isolation and loneliness. If you and your spouse are retiring together, consider building a plan that keeps you both active, engaged and communicative with each other.

Sources

1. National Institute on Ageing: Perspectives ongrowing older in Canada: The 2024 NIA Ageing in Canada Survey survey, by Natalie Iciaszczyk; Gabrielle Gallant; Talia Bronstein; Alyssa Brierley; Dr. Samir Sinha (Jan 28, 2025)

2. American Psychiatric Association: Purpose in Life Can Lead to Less Stress, Better Mental Well-being (Dec 7, 2023)

3. YouTube: The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey (May 26, 2022)

This article I’m 67, retired and was bored out of my mind until I found a side hustle to keep myself busy while earning extra cash. Here’s how you can stay engaged in your golden years originally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

As home prices and mortgage rates remain stubbornly high, finding an affordable place to buy a home has become a nearly impossible dream for many Americans.

The national median home price hit $419,000 in early 2025, pricing out potential buyers across the country. And with mortgage rates hovering near 7%, even modest homes now come with hefty monthly payments.

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A new WalletHub study is naming the most and least affordable cities for homebuyers, based on more than just listing prices.

The ranking of 300 cities is based on 10 key affordability metrics, including home-price-to-income ratios, rent-to-buy comparisons, property taxes, insurance costs, vacancy rates and housing availability.

Here’s a closer look at the three cities that topped the list for overall affordability, and why they stand out despite today’s tough housing market.

Top 3 most affordable cities in the US

The cities at the top of the list aren’t solely based on the lowest home prices, but they offer the best balance of income, housing inventory and ownership value, according to WalletHub.

3. Pittsburgh, Pennsylvania

Homes in Pittsburgh may cost more than the No. 1 and 2 spots on the list, but WalletHub ranks it third thanks to strong fundamentals.

It has one of the best rent-to-buy ratios in the country, meaning purchasing a home often makes better financial sense than renting. The median home price is also only 3.8 times the city’s average household income, which is considered a sustainable and healthy affordability benchmark.

On top of that, Pittsburgh ranks 14th in housing availability in WalletHub’s study, offering buyers more options than most metros. Combine that with a stable economy, robust job market and high livability, and Pittsburgh becomes the most balanced city in the top three.

2. Detroit, Michigan

Detroit ranks second in affordability according to WalletHub, largely due to its extremely low home prices relative to local income — the second-lowest price-to-income ratio in the country. The median price per square foot is just $87, and many homes are still listed well under six figures. That makes Detroit one of the few large U.S. cities where homeownership remains financially accessible.

The city also has a vacancy rate of 22.1%, one of the highest in the nation. While that reflects lingering effects of population loss and economic decline, it also gives buyers considerable leverage and a wide range of options. WalletHub notes that Detroit, like Flint, has a favorable rent-to-buy ratio, meaning it often costs less to buy than rent — a key driver of its high ranking.

Like Flint, Detroit’s low housing costs are driven by long-term economic decline and urban flight — though some neighborhoods are seeing investment and renewal.

1. Flint, Michigan

Flint tops WalletHub’s affordability list as the most affordable city in the U.S. to buy a home, thanks to a rare combination of factors. It has the lowest price per square foot in the study at just $61, and homes in the city are also the most affordable relative to local incomes. WalletHub also notes Flint’s high rent-to-price ratio, which means it’s often cheaper to buy a home than rent one — a rare dynamic in today’s housing market.

On top of that, Flint has a 21% vacancy rate, giving buyers more choices and leverage when shopping for homes. This high inventory contributes to the city’s affordability, even though it also signals a weaker housing demand.

However, affordability doesn’t always mean livability. Flint has long struggled with economic hardship and infrastructure issues, most notably its ongoing water crisis. High vacancy rates reflect a still-recovering housing market and weak demand in some areas.

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The 3 least affordable cities for homebuyers

While some cities offer a financial foothold for buyers, others have reached sky-high prices and offer limited inventory.

• Irvine, CA
• Santa Monica, CA
• Santa Barbara, CA

These cities rank at the very bottom of WalletHub’s affordability list. Each city’s affordability metrics make it nearly impossible for median-income households to purchase a home. Buyers in these markets face high prices, low inventory and often intense competition.

What this data means for you

Median home prices have jumped from $313,000 in 2019 to $419,000 today, while the 30-year fixed mortgage rate has risen to 6.81%, a sharp climb from the historic low of 2.65% in 2021.

With prices rising, homebuyers might consider other factors when determining whether they can afford a home, and the WalletHub study shows that affordability also depends on factors like how local home prices compare to income, property taxes, vacancy rates and cost of living.

Cities like Flint and Detroit top the list thanks to bargain home prices, but buyers have to weigh those savings against real challenges, like aging infrastructure, limited job opportunities and long-term investment potential.

A city like Pittsburgh, while more expensive up front, offers a more balanced equation: strong rent-to-buy value, healthy inventory and better access to amenities.

Thinking of relocating?

Before packing your bags for a more affordable city, ask yourself these questions to ensure you’re making the right long-term move.

• Does this city have the jobs, schools and health care I need?
• Are home prices low because of short-term issues, or long-term disinvestment?
• Can I afford the full cost of homeownership — including taxes, insurance and repairs — at current interest rates?
• Will I be happy living here, not just paying less?

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Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Homeowners across Texas are nearly helpless as insurance costs in the state are rising faster than almost anywhere else in the country. Skyrocketing premiums and property taxes are pushing homeowners to the brink and giving prospective buyers serious pause.

Dallas-area resident Doreen Diego says her home insurance premiums have been climbing by $1,000 a year since 2021: “The next year we went to $2,700,” she told Fox 4 News. “The next year we went to $3,700. And our renewal just came up this month. We just paid it at $4,700."

In 2024, the average annual premium in Texas reached around $6,000, nearly double the national average of $3,200. Projections suggest this could rise by another 9%, potentially surpassing $6,500 by the end of 2025. Ballooning premiums are turning homeownership from a dream into a financial stress test, and many residents are asking the same question: What can they do about it?

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What’s behind the insurance hikes?

A mix of factors is driving insurance rates higher across Texas:

• Frequent severe weather, including hurricanes, hailstorms, tornadoes and floods
• Rising home repair and construction costs
• Inflation, pushing up the price of materials and labor
• Harsh winter storms, which have caused frozen pipes and power grid failures
• Limited competition among insurers, giving consumers fewer options

Nearly 70 disasters — each doing $1 billion or more in damage — have struck Texas in the last five years, data analyst Chase Gardner with Insurify, an insurance comparison company, told KPRC in Houston. “From hurricanes to hailstorms, almost every kind of natural disaster that can damage a home is a threat here.”

Property taxes pile on the pain

Although Texas is one of nine states that doesn’t levy a state income tax, the burden is shifted elsewhere, most notably through property taxes.

Texas homeowners pay an average effective property tax rate of 1.63%, among the highest in the country. Combined with rising insurance premiums, Texans are now paying thousands more annually just to stay in their homes, and realtors say buyers should weigh these costs heavily before moving forward.

"How about let’s get the insurance checked on before we even do any other due diligence on the home. That’s the first thing during your option period that I’m telling my buyers to do,” realtor Ashley Gentry told Fox 4 News. To avoid the premiums pricing buyers out of homes, she said to "make sure they can actually afford the insurance premiums" first.

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Can lawmakers bring relief?

In 2023, the Texas Legislature passed a $12.7 billion property tax relief package, but only addressed taxes. When it comes to insurance, there’s far less movement.

Despite calls from consumer advocates, no sweeping legislation has been passed to curb home insurance hikes. Many lawmakers point to the private nature of the market and the complex web of climate-related risk models insurers use to help set rates.

Tips for homebuyers braving the market

If you’re looking to buy a home in Texas, insurance costs should be part of your budget from day one. Here’s how to approach it:

• Get a full monthly cost estimate upfront. Don’t just ask your realtor about mortgage payments — ask them to factor in home insurance and property taxes as well. These can significantly impact your ability to afford the home.
• Be cautious with older homes or properties in high-risk areas. While these listings may be cheaper upfront, they often come with much higher insurance costs due to increased vulnerability to wind, flood or foundation damage.
• Request a CLUE report (Comprehensive Loss Underwriting Exchange). This report shows the property’s insurance claim history and can reveal hidden red flags before you commit.
• Ask about bundling discounts. Many insurers offer lower rates when you bundle your home and auto insurance.
• Shop around. Not all insurers weigh risks the same way, especially in storm-prone regions. It pays to compare quotes.
• Look into additional discounts. Some providers offer savings for home security systems, wind mitigation features, fire-resistant materials or recent upgrades that reduce risk.

Strategies for current homeowners facing rising premiums

If you’re already in your home and watching premiums rise, don’t panic. There are steps you can take to rein in costs:

• Invest in preventative upgrades. Improvements like reinforced roofing, updated wiring, leak detection systems and storm-proofing can reduce your home’s risk profile — and may make you eligible for insurer discounts.
• Re-shop your policy annually. Loyalty doesn’t always pay in insurance. A different provider may offer the same or better coverage at a lower rate, especially if your home improvements reduce perceived risk.
• Re-shop your policy every year. Loyalty doesn’t always pay in insurance. A new provider might offer similar or better coverage for less.

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• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.