Author: Christy Bieber

Dominique Ward’s squeals of delight are relatable as she shares the thrill of seeing her first home — a pre-fab — literally fall into place.

The Chicago resident sounds like a lottery winner, and in some ways she is. The single mother of two is one of a number of first-time buyers in the city who have been able to purchase new homes for under $300,000 in areas where they would normally cost over $500,000.

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Ward paid just $275,000, including the price of the ringside seats from the sidewalk as her new modular home was lowered onto its foundation.

"For people like myself — single parents just trying to raise your kid and survive the world — it’s a great opportunity,” she told CBS News Chicago.

She purchased it from Chicago-based Inherent Homes, an innovative company that aims to make homes more affordable for everyday people.

"Finding ways to keep our costs down can meet more families where they’re at," founder Tim Swanson said.

Here’s how it works.

Cheap lots and factory-built homes

To keep land costs down, Swanson buys vacant city lots for as little as $1. The city offers financial incentives to help homeowners transform these abandoned lots.

For example, Chicago’s Building Neighborhoods and Affordable Homes Program provides forgivable loans to homeowners who can transform these vacant lots into tax-paying properties.

Read more: 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

Inherent Homes intentionally chooses sites that qualify for these incentives, which brings down the cost for property owners.

For example, although Swanson sells the homes for $395,000, the city subsidies can bring the price down significantly ($100,000 or more) closer to the $275,000 that Ward paid.

"Once I found out about these types of programs is when I went ahead and pulled the trigger," Ward told CBS. "I was able to show my girls that anything is possible. It’s an amazing feeling."

Swanson keeps the cost of the manufactured homes low by constructing them indoors. That removes weather and construction delays from the equation.

"We have six homes here that are not getting wet, which means they’re not drying, which means we’re not wasting a week to get back into the home," Swanson told CBS.

He added that it takes three weeks to frame out each home and another eight weeks to add the tiling, paint, and finishes. This speedy process keeps labor costs affordable, as does buying in bulk.

The company even buys appliances so all its homes are turn-key properties ready for families to move right in.

Could modular homes solve the affordability crisis?

As the debate over housing affordability rages, modular homes are gaining attention as one solution.

Shelftrend predicts that demand for prefab homes will continue to grow, noting that the U.S. modular home was worth more than $36 million in 2024 and is expected to reach $60 million by 2033. The popularity of Accessory Dwelling Units (ADUs) in people’s backyards is driving part of this trend, along with affordability challenges.

Modular homes are definitely cheaper to build — $270,000 on average compared to $317,786 for a traditionally built home, according to Detroit-based Rocket Mortgage.

Pre-fabricated homes have other advantages. Better Homes & Gardens notes they’re more energy efficient than traditional homes because the seams are tighter.

But there are some downsides. Manufactured homes are less customizable. Zoning rules may limit where they can be built. And they might not withstand serious weather events, such as hurricanes, so they may not be a good option for places like Florida.

Prospective homeowners may wish to talk with a real estate agent about how well modular homes hold their value in the local market.

Of course, the resale value may not matter much for those looking for a place to call home for the long term, especially if a modular home makes the property affordable when otherwise homeownership would be out of reach.

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• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

You only get one life, and so you only get one shot at preparing for a comfortable, rewarding retirement.

Every step leading up to the end of your career is important, but the closer you get to retirement the more critical your decisions are — and the more costly are your mistakes.

Ufortunately, some retirees end up making unforced errors.

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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

If you want your golden years to be golden indeed, avoid these mistakes that haunt many older Americans.

1. Maintaining risky asset allocation

Where you put your money during your golden years can have a big impact on your financial health.

Close to half of all Vanguard 401(k) investors aged 55 and up actively managing their money had more than 70% of their portfolio in stocks, The Wall Street Journal reported in 2023. For those aged 85 and up, one-fifth with taxable Vanguard brokerage accounts had almost all their money in the market, as did nearly a quarter of investors between ages 75 and 84.

The Journal also cited similarly troubling Fidelity data, which showed close to 40% of investors between the ages of 65 and 69 holding at least two-thirds of their portfolio in stocks.

While it’s good to have some money in the market, having too much can be asking for trouble. If you’re heavily invested in stocks and find yourself in need of cash or are taking regular withdrawals to comply with [required minimum distribution rules](https://moneywise.com/retirement/required-minimum-distributions, you may find yourself forced to take money out at a bad time.

This could lead to big losses on your investments when you’re unable to wait for a market recovery after a crash. Being forced to sell low could deplete your savings quickly.

To avoid this issue, make sure your money is allocated appropriately. A common formula is to subtract your age from 110 to calculate the percentage of assets that belong in equities. You can also talk with a financial adviser about the asset allocation that works best for you given your account balance, age and future goals.

The important thing is to avoid just sticking with the status quo and to ensure you aren’t taking on too much risk out of habit or lack of knowledge about where your funds belong.

2. Forgetting about emergency savings

Many folks assume they don’t have to save anymore once they’re retired. Sadly, this couldn’t be further from the truth.

An estimated 13% of households aged 55 and up wouldn’t be able to cover an unexpected $400 expense, according to research conducted by the JP Morgan Chase Institute, and that figure jumps to 37% for a $1,600 expense. Both figures are higher than those for young (18-34) and middle-age (35-54) households.

Some older Americans assume that since they no longer need to worry about a job loss, they don’t need emergency savings. On the contrary, surprise expenses can happen to anyone at any time, and without money to pay for them, retirees could be forced to withdraw too much from investment accounts or rely on debt.

It’s important to maintain an emergency fund for these situations. If you sock away a few months’ worth of expenses in a high-yield savings account, you can earn a little bit of money while it sits there.

Read more: 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

3. Claiming Social Security at the wrong time

Social Security mistakes are another costly fumble retirees can make — and this error is a big one. According to Forbes, citing research published by United Income in 2019, households missed out on $111,000 in potential Social Security retirement income on average because they claimed benefits at the wrong time. In addition, only 4% of retirees claimed benefits at the most financially opportune time.

Everybody’s situation is unique, and your optimal claiming strategy might be different from others — even your spouse. One of the problems is that many older Americans get benefits too early. Checks become available as young as age 62, but continue to grow if you delay claiming up until age 70.

A retiree who starts receiving checks at 62 will see their benefit shrink by as much as 30% from the amount they would get at full retirement age — 66 or 67 depending on when you were born. Meanwhile, retirees who wait to claim until after full retirement age can increase their benefit by 8% a year until age 70.

But, again, everybody’s financial needs are different. United Income’s study found 57% of retirees at the time would build more wealth if they waited until age 70 to claim retirement benefits, per Forbes, while only 4% had actually done so. Only 6.5% of retirees would have gained more wealth if they received Social Security before age 64, which is when 70% had claimed. The firm did acknowledge, however, that in some cases it’s financially necessary for people to claim benefits early. Speaking with a financial adviser about the best claiming strategy may be wise.

If you haven’t claimed Social Security yet, it’s worth looking into whether you can put it off. However, if you’ve already started receiving retirement benefits and it’s been less than 12 months, you can withdraw your claim but you will have to pay the money back. If you’re getting checks, once you reach full retirement age you can suspend payments up until age 70 to receive delayed retirement credits. Finally, if you decide to work while receiving Social Security, while the checks you get before full retirement age may be reduced or wiped out depending on your earnings, it’s possible to wind up with a higher adjusted benefit in the end.

4. Not planning for health-care costs

Failing to plan appropriately for health-care costs can be a huge bungle.

Fidelity estimates a 65-year-old retiring in 2024 will spend an average of $165,000 on health care and medical expenses in retirement.

Planning for these costs can include having dedicated savings (health savings account and shopping carefully for Medigap or Medicare Advantage Plans for comprehensive coverage. It may also be prudent to look into long-term care insurance.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

A financial windfall in your 20s presents both a challenge and a powerful opportunity to build wealth early. Let’s say you’re 26, with no credit card debt, a $27,000 car loan at 8% interest, and minimal monthly expenses beyond rent and insurance. After taxes, you have $36,000 left over from the windfall to do what you want with.

The decisions you make now could shape your financial future. So, what should you do with the money?

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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

Should you pay off your car loan?

Since you have $27,000 in car loan debt, paying off your $27,000 car loan might feel like the most obvious choice to make — especially since you have a fairly high interest rate at 8%.

It makes good financial sense. Eliminating the debt would earn you an immediate 8% return on your money with zero risk. That’s especially appealing since auto loan interest isn’t tax-deductible.

Let’s say that you originally borrowed $32,000 on your car at 8% using a 48-month loan, and you have 40 months left to pay with a balance of $27,348.42. If you paid off your full balance next month, you’d save around $3,899.01 in interest. Getting the definite 8% ROI from avoiding auto loan interest is likely worthwhile.

You could then redirect your former monthly car payment into savings or investments.

Should you invest the windfall?

Given how high the interest rate is on the auto loan, paying off the car loan might be the best decision, but you could choose to keep making payments on your vehicle and instead invest all $36,000 of the windfall.

Alternatively, you could pay off the car loan, and then invest the remaining $8,651. Either way, putting at least part of the windfall into the market can help your money grow.

Although the stock market isn’t risk-free, you can generally expect around a 10% average annual return over the long term by investing in an S&P 500 index fund.

Read more: 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

Other options to take advantage of the windfall

Whether you choose to pay off the car or invest part of the money, there are other important financial considerations, too. For example:

• Retirement contributions: If you haven’t maxed out your 401(k) or IRA for the year, consider using the windfall to boost your long-term savings.
• Emergency fund: Having three to six months of living expenses in a dedicated fund can protect you in case of a job loss or unexpected expense.
• Short-term savings goals: If you’re planning to buy a home or make another big purchase in the near future, you may want to keep some of the money in a high-yield savings account.*

It may also be worth speaking with a financial advisor to create a personalized strategy, especially when dealing with a large sum of money at a young age.

With the right approach, a $50,000 windfall could be more than just a lucky break — it could be the foundation for a stronger financial future.

What to read next

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• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Aside from saving for retirement, one of the best things you can do with your money is build an emergency fund. Life happens, and a designated stash of cash can come in handy when you’re suddenly hit with a major car repair or a medical emergency.

Take Kerry, for example. Kerry, a self-employed artist that earns roughly $80,000 a year, was wise enough to create an emergency fund. But thanks to a major home repair that wound up being quite costly, her emergency fund is down to $1,000.

Having experienced the benefit of emergency savings first hand, Kerry knows she needs to rebuild her savings before another potential bump in the road puts her in debt. With this in mind, Kerry is left wondering if she should pause her retirement contributions to rebuild the emergency fund.

To figure out what’s best for Kerry, let’s get into the numbers.

Arguments for and against pausing retirement contributions

First things first, pausing contributions to your retirement savings is generally a bad idea for most people, especially if you have an employer that matches contributions to an RRSP account.

Since Kerry is self-employed, she doesn’t get that matching contribution, so she wouldn’t be giving up as much if she were to pause retirement contributions for a while. She would, however, be losing out on the tax breaks that she would receive from contributing to her retirement accounts, as well as the compound interest that the invested money would earn.

Pausing her retirement contributions, even for a short period, could make a significant difference in Kerry’s retirement nest egg.

At the same time, since she’s self-employed and may face a greater risk of financial problems without emergency savings, there’s a solid argument to be made that Kerry should pause her retirement contributions while she shores up her emergency fund. Otherwise, she could risk going deep into debt if she doesn’t have the money to take care of another major emergency expense.

So, what should Kerry do? One option is to temporarily pause retirement contributions and save up for a mini-emergency fund, then begin splitting her extra money between retirement investments and emergency savings until the latter fund is back to where it should be.

This could be a good approach as she could give herself an financial cushion to fall back on and wouldn’t have to pause retirement contributions for too long, allowing her to slowly build up both her retirement and emergency accounts at the same time.

But if Kerry prefers to maintain her retirement contributions while rebuilding her emergency fund, she’s got to get serious about saving.

Shoring up emergency funds without putting retirement at risk

Unfortunately for Kerry, the cash that she tries to save for her emergency fund is going to have to compete with her living expenses. This makes reallocating her money a little harder to do, but that doesn’t mean it can’t be done.

In order to rebuild her emergency fund, Kerry should keep an eye out for any potential options to save some money or boost her income. Here are a few ideas to help Kerry with stashing some cash away for emergencies.

• Budgeting: The first thing Kerry should do is establish a budget that accounts for all of her necessities, while also allowing her to put some money away for her emergency fund. Creating this budget, however, may require a few sacrifices.
• Cut down on spending: As mentioned above, Kerry may have to make some changes in order to save money for her emergency fund. Making meals at home, reducing electricity use, taking advantage of public transportation and cancelling pricey streaming subscriptions are all ways that she can cut down on spending.
• Consider working a side gig: Sometimes cutting down on spending to save money is easier said than done. If Kerry finds this to be true, picking up some extra work on the side could be the solution. Driving for a rideshare service, delivering packages and pet sitting for neighbors are all decent side hustles that could allow Kerry to save some money without sacrificing anything from her personal life and set her own working schedule.
• Sell used items: This could be a good way for Kerry to boost her income and save some money. Depending on what she has that she’s willing to part with, selling used items could fetch a decent return that Kerry could then put straight into her emergency fund.
• Save your windfalls: Putting away cash that lands on her lap, such as a cash birthday gift or tax return, is another good way for Kerry to add to her emergency fund.

In the end, it’s up to Kerry to figure out what works best for her, but the good news is she has a few options to explore.

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

In our modern era of advanced technology and sophisticated security systems, one might think that successfully robbing a bank — let alone multiple banks — would be virtually impossible. Yet remarkably, a Seattle woman managed to evade authorities while committing eight bank robberies during a yearlong crime spree before law enforcement finally apprehended her.

“She took immense personal satisfaction from her ability to rob banks and outsmart law enforcement,” Senior Deputy Prosecuting Attorney Brynn Jacobson wrote in a bail request. “The fact that she was a focus of a significant law enforcement investigation appears to have been a source of great pride for her.”

While she’s only been charged with robbing eight banks so far, Leena Chang actually robbed, or tried to rob, a total of nine banks before she was finally caught by law enforcement. She’s facing serious charges, and victims of the banks she robbed may be left wondering if their money is safe when a robbery occurs.

Here’s what Chang did, and what you need to know about how your funds are protected if someone steals from your financial institution.

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Seattle woman is a "serial bank robber," but a tipster tipped off police

According to KIRO 7, Chang’s bank robbery methods were fairly elaborate. She wore multiple disguises and handed tellers notes that said things such as: “I have a gun. Give me all the money from your register (except bait$). No tracking device. No silent alarm. Keep it discreet.”

Chang reportedly displayed an airsoft pistol to some bank tellers, which appeared to be a real firearm. Following her arrest, police searched her apartment and discovered the weapon was merely a replica. According to authorities, while Chang became more brazen in 2025 by targeting additional financial institutions and making less effort to conceal her identity, she maintained her core approach. She continued to calmly present her demand notes to tellers with the same methodical demeanor.

She was also good at making sure she didn’t get traceable funds. The police said the last two times she robbed a bank, she examined the money to look for things that could be traced, and she was able to find a currency tracking device that she gave back to the teller.

Chang typically netted between $385 and $4,180 from each heist, and appeared to take pride in her criminal activities. During a search of her residence, authorities discovered several incriminating items, including a painting featuring FBI wanted posters with her image, the written demands she had presented to bank tellers and various disguises she had worn during the robberies.

Police were ultimately able to catch her because a tipster told them that Chang was robbing banks. The person who called law enforcement gave police Chang’s address, said that Chang steered clear of phones due to the fact they were traceable, and called herself a "serial bank robber," who enjoyed reliving the thrill by listening to police reports.

Armed with info from the tipster, the police began to watch Chang, and they found her movements matched with robberies that were occurring.

Following her capture, the suspect faces an upcoming trial with authorities seeking $500,000 bail and electronic monitoring for home detention. Law enforcement has expressed concerns that she presents both a flight risk and a potential danger to public safety.

Read more: 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

What happens if your bank is robbed?

Bank robberies are more common than you might think. The FBI reports 1,362 violations of the Federal Bank Robbery and Incidental Crimes Statute in 2023. This includes:

• 753 cases where the perpetrator used a demand note
• 230 cases where a firearm was used
• 25 cases where another kind of weapon was used
• 539 cases where the perpetrator threatened to use a weapon

According to another FBI 2019 report, banks suffered the highest monetary losses from robberies among all institutions, with an average loss of $4,213 per incident.

But, who bears the cost of these losses? Fortunately, it’s not consumers who bank with the institution that was robbed.  While FDIC insurance doesn’t cover you, even though you may think it does, the FDIC explains that banks will bear the cost of losses in a robbery and not individuals with accounts at the bank.

The FDIC also says that many financial institutions have a banker’s blanket bond, or multi-purpose insurance policy, that protects against loss.

While you won’t lose money, though, it’s possible that your bank could be temporarily closed for a short period of time in the robbery’s aftermath as the situation is investigated.

Normal business operations typically resume quickly after a bank robbery, so you shouldn’t be concerned about any permanent effects on your finances if your financial institution becomes a target. Banking systems are designed to continue functioning with minimal disruption in such situations.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Nephtali Santiago-Garcia and Yuli "Nissy" Esther Degante Vigueras must have had a house that smelled pretty good recently. That’s because the couple had an estimated $355,000 worth of Bath & Body Works products stashed on their property.

The two individuals involved weren’t just really (really) into candles and lotions, of course. They were part of an intricate theft operation, involving a Bath & Body Works delivery driver and an organized retail theft ring that was stealing merchandise to the couple to illegally resell.

"Their living room was set up like a retail store," the Phoenix Police shared in a news conference. "You were invited to shop around. When you made a purchase, they went so far as to wrap it up in a Bath & Body Works paper shopping bag just like you would have at a real store,” adding, “None of it was legitimate."

Here’s how the theft ring operated, along with some advice for customers who want to avoid inadvertently participating in a similar illegal scheme.

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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

Large-scale retail theft ring

Police came across Santiago-Garcia and Degante-Vigueras after a long investigation that began in 2023, following a tip from a loss prevention department at an Arizona Bath & Body Works. According to that tip, criminals were coming into their store and clearing out the shelves in a matter of a few minutes.

"When it is scaring customers, employees are running for the back type of thing, you realize that this is a serious thing," police officials said.

In total, criminals ended up stealing over $160,000 in merchandise from stores in Arizona, Texas and Nevada — and police found they were selling most of this stuff to the husband-and-wife team, who lived in Glendale.

While the couple is accused of trafficking a large amount of their merchandise from the robbers, they also teamed up with Marcos Ortega-Hernandez, a delivery driver, who was paid more than $72,000 to provide the couple with products instead of delivering them to the stores where the items were intended to go.

The couple set up a storefront in their living room and would hold garage sales every weekend, where he would have tables of stolen merchandise to sell and advertising on OfferUp, Facebook Marketplace and TikTok.

Fortunately, police were able to unravel the scheme and arrest the couple, along with the crew members and a number of other people accused of physically stealing the goods. The couple and the delivery driver are facing charges including fraud, illegal control of an enterprise and trafficking stolen property.

And the impact extends beyond a financial hit to the company’s bottom line.

“It is a part of a much bigger problem. It affects prices, public safety and the health of our local economies,” officials said.

The Arizona police are actively investigating other retail crime operations in the area.

“So you can either go out there and make an honest living, or you can keep looking over your shoulder wondering if your name is next on our list,” cautioned a spokesperson for the Phoenix Police.

Read more: 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

What happens if you buy stolen goods?

Santiago-Garcia and Degante-Vigueras were making profit selling their stolen merchandise, which means there were customers who may have been participating in the scheme. But, the big question is, would those buyers have known the items were stolen and, if so, what happens to people who knowingly buy stolen property?

Under Arizona law, buying or possessing stolen property is a crime. According to Criminal Code 13-2305 you could be charged with a criminal offense if:

• You have property in your possession that was recently stolen and don’t have a good explanation for how you got it.
• You purchased stolen property at a rate that’s much lower than what the items normally cost and you don’t have a good reason for why you paid so little.
• You bought stolen property in a way that’s outside of the regular course of business without a valid explanation.

Many other states also have similar laws.

Based on these laws, people who went into the home of this Glendale couple and brought products could very likely be charged, as this transaction was definitely out of the ordinary course of business and as most people don’t have Bath & Body Works stores in their homes.

Of course, no one wants a criminal record and especially not for buying scented body lotion — or similar relatively inexpensive personal items. To avoid unwitting participating in a similar scheme:

• Don’t buy goods from sellers you don’t know, or whose reputation you can’t verify
• Request that a seller provide proof they own an item legitimately before you buy it
• Be cautious if a deal seems too good to be true
• Avoid situations that are out-of-the-ordinary pathways to ownership, such as buying Bath & Body works from someone’s living room

While a cheap candle, home fragrance, or other item at a rock bottom price may seem tempting, taking these steps to help you avoid buying stolen goods ensures you won’t unintentionally support a criminal enterprise — or end up with a criminal record yourself.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

When devastating wildfires swept through California earlier this year, many buildings were destroyed beyond repair. In fact, the Eaton and Palisades fires alone destroyed 40,000 acres of properties, and 6,800 buildings were damaged in the Palisades fire, affecting the Santa Monica Mountains.

Now, the rebuilding process is leading to some conflict. Specifically, many residents of Pacific Palisades have recently expressed serious concerns about Senate Bill 549, which would create “Resilient Rebuilding Authorities" funded by the government through property tax collection. These concerns were recently raised in a Fox 11 LA news report.

These authorities would be given the power to purchase lots where homes had been destroyed by fire, and to build low-income housing on a significant percentage of those lots.

However, residents of Pacific Palisades, where Realtor.com reports the median home listing price is $4.9 million, are not happy with what they see as a "land grab." Many have voiced opposition, and, in response, Senate Bill 549 has been put on hold until at least 2026.

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What would the California affordable housing bill do?

Senate Bill 549 explains that existing law gives the government the authority to establish an "infrastructure financing district to finance public capital facilities or other specified projects of communitywide significance" and to "allocate tax revenues… to the district, including revenues derived from local sales and use taxes."

Lawmakers now want to use this power to create Resilient Rebuilding Authorities, which would use some of the money to buy lots in Pacific Palisades and build homes for people with incomes between 60% and 30% of the median income, as well as homes that would be occupied by people with incomes below 30% of the area median and permanent supportive housing aimed at finding homes for the homeless.

Governor Gavin Newsom also separately allocated $101 million in taxpayer money for the construction of more low-income housing to "accelerate the development of affordable multifamily rental housing so that those rebuilding their lives after this tragedy have access to a safe, affordable place to come home to."

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Why is the California housing bill causing so much controversy?

While lawmakers may want to build affordable housing in Pacific Palisades, residents are not so sure they want this to happen.

Jessica Rogers, Pacific Palisades Residents’ Association president, wrote a letter expressing her objections to lawmakers, which over 2,300 other local residents signed onto.

"[Lawmakers are] asking for a land grab," Rogers said. "This is a rebuild, this is not a politicians get to decide a pet project on what they’re going to decide in the Palisades. This is residents of this community get to decide what happens in our rebuild phase, period."

Rogers also stated that while there was some affordable housing in the area in the past, residents don’t want more of this housing built because they don’t want things to change — they want their neighborhood back the way it was.

"We had some low-income housing, and we had affordable housing," Rogers explained. "We want what we had on January 7 [the day of the Palisades Fire]. Nothing more, nothing less."

Another resident was also upset about the idea of the government coming in and making sweeping changes without the consent of those who already lived there. "It does sound quite a bit like Big Brother deciding what’s good for all of us," commented Aileen Haugh, another local resident. "It’s irritating to think that other people [not local residents] are going to make decisions of what gets built and how it gets built."

Misinformation may have also played a role in stoking opposition, as the LA Times reported that Spencer Pratt, a reality TV star, had shared information on social media about his opposition to the bill, who claimed that the government was focused on dense reconstruction and wouldn’t be abiding by local zoning rules.

The LA Times has also said that some of the other posts opposing the legislation were based on prejudiced views towards affordable housing and distrust of the government, as well as fears that the character of Pacific Palisades would change. Some even floated the conspiracy that the fires were set on purpose to replace the wealthy community with one where homes were more affordable.

Regardless of whether the objections are based on conspiracy theories or fact, however, lawmakers have taken notice, and the controversial bill has now been put on pause.

"I appreciate the input of the folks who have weighed in about the bill, and along with legislative colleagues have decided that it would be best for us to pause the bill until next year to give us more time to see if we can get it right," State Senator Ben Allen said in a recent statement. "For me to feel comfortable proceeding, the bill will have to be deeply grounded in community input, empowerment, and decision-making, including the support of the impacted councilmembers."

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

When retirement is scheduled within three years or less, you’re nearing the finish line and must do everything possible to end up in a good financial position. You don’t want to be in a situation where you’re ready to give notice, only to find yourself unprepared to thrive or even live comfortably once you no longer have a paycheque coming in.

To make sure you’re in a good place to leave work and start enjoying the rest of your life, here are five things you should do with your money ASAP.

1. Explore your health insurance options

First and foremost, you’ll have to tackle the health insurance issue.

While provincial plans will cover some healthcare expenses in retirement, the extra benefits you might need depend on where you live, your overall health and savings.

According to to Scotiabank, nearly half of Canadians who have reached their late 80s will need to access a long-term care facility, even though less than one-third consider it while planning or put any money aside for it. Hence, purchasing personal health insurance may be useful to substitute any benefits you had from your employer before retiring.

Whatever you decide, you must know how much your insurance will cost, what it covers versus what you are responsible for, and where the money is going to come from to pay for all of this.

2. Get your cash flow right

Next, you must make a plan for how you’ll manage your money. This means considering income coming in and income going out to ensure you can live within your means. A BMO survey found that Canadians believe they’ll need around $1.54 million to retire comfortably.

Income sources typically include the Canada Pension Plan (CPP), Old Age Security (OAS), any pension that’s provided by your employer and money from savings/investments. You’ll need to make sure this covers your spending needs so you don’t outlive your savings. One popular rule of thumb says that if you take out 4% of your balanced portfolio in year one and adjust that amount for inflation in the following years, your nest egg will last 30 years.

3. Maximize retirement account contributions

If you have just a few years or less to build your savings account balance, you should get serious about doing so.

Your last years of work are key to helping you to bulk up your account balance. As you contribute to your account, don’t forget to make sure you also have the right asset allocation. You’ll need to draw from your funds soon so you can’t be too aggressive with your investments. One popular method for asset allocation is subtracting your age from 110 and putting that percentage of your portfolio in equities.

4. Decide when to take CPP

Your CPP is going to be a crucial income source, as unlike most money retirees get, these benefits are not expected to run out and are automatically protected against inflation.

You can claim CPP between 60 and 70, but if you wait until 65 or over, you will see your benefits increase.

If you claim CPP before 65, your benefits are reduced by 7.2% per year. If you wait until you’re 65 they will increase 8.4% per year.

You’re typically financially better off getting fewer, but bigger cheques once you eventually claim them. However, this won’t be the right choice for everyone since there are other factors to consider, so be mindful of your own situation. You can also contact a financial advisor to get a professional opinion based off of your unique financial profile.

5. Pay off high-interest debt

Finally, if you have any high-interest debt, you should aim to pay it off before leaving work. Covering interest costs only gets harder on a fixed income, especially with the average credit card interest rates ranging from 19.99% and 25.99%.

If you can get serious about repaying what you owe, then you can enter retirement with a clean slate and free up the money you’d have sent your creditors to do other things.

By taking these steps, you can get yourself in the best financial position so when the time comes to enjoy life with no job holding you back, you’ll have the funds to do it.

Sources

1. Scotiabank: Rethinking Retirement in an age of Longevity, by Rebekah Young (Jul 6, 2023)

2. BMO: BMO Retirement Survey: Over Three Quarters of Canadians Worry They Will Not Have Enough Retirement Savings Amid Inflation (Feb 12, 2025)

3. Government of Canada: When to start your retirement pension

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

Making the decision to retire is a big deal, and signifies a major lifestyle change is coming. Let’s say you’re just four months away from your planned retirement, odds are you’ve been gearing up for this next stage and getting everything in order to enjoy your life of leisure for a while now.

You’ve got a decent nest egg and you’re ready to really hone your golf game. What happens, though, if a perfect job comes along in this situation?

Let’s say you’re offered a position that’s five minutes from your house, with good benefits, no workplace drama or stress and a good friend who works at the same company and says it’s great.

Oh, and let’s say that the job provides just half of your current pay — but the pay is pretty close to what your retirement income would be.

Should you stick with your plan for retiring in this situation or should you take the lower-paying job that allows you to get out of your current work environment sooner, keep insurance coverage for you and your spouse and delay collecting your retirement benefits to make your money last longer?

Here’s what you should consider as you make this decision.

How will taking the new job impact your retirement savings?

When you take a big pay cut, obviously you’re not going to be able to save as much for retirement as you would at your current job. However, with only four months left to go until you stop working, chances are good that you weren’t going to be adding much to your nest egg anyway.

In fact, by delaying when you start drawing from your retirement accounts, you can end up in a much better place financially.

Your money can stay invested and keep benefitting from compound growth instead of you beginning to make costly withdrawals. You can also delay claiming CPP and keep increasing your monthly benefit until as late as 70 years old, which could more than double. Instead of receiving $800 per month at 60, you will receive $1,775 at 70. That’s a big increase, on top of the fact you’ll also be growing your invested funds.

How much income do you need to live on?

You’ll also need to consider how much income you need to live the lifestyle you’d like to live in retirement. While your new job may provide an income similar to what you’ll earn in retirement, continuing to work rather than being at home can come with added costs.

You may have more commuting expenses, for example, although that should be negligible with the office just five minutes from your house. However, you may also be more likely to buy lunch at work or need costlier work clothing, which can mean you need a little more money.

At the same time, keep in mind that working longer will likely increase the income you eventually have as a retiree. If you have more of a cushion to live on in your later years because you take this new job, you may be better off — especially given uncertainty around the nation’s economic prospects in the near future.

Would retirement make you happier than working?

Your happiness matters when it comes to retirement decisions. If you have been looking forward to retirement and don’t want to spend more years working, then you should likely not put off quitting even if the perfect job comes along. Especially if you already have enough money to retire.

And with 30% of retirees being at risk of becoming socially isolated, it may be prudent to take a new job if it will help you maintain social connections. You can always work on your golf game on the weekends.

You should carefully consider all of these issues as you decide what’s right for you. An unexpected change in circumstances can be shocking when you had plans in place, but it may just end up being a blessing that makes your future retirement a much more enjoyable one.

Sources

1. Government of Canada: Deciding when to start your public pensions

This article I’m 63 years old, have $800K in savings and I was all set to retire in four months — but now I’ve just got a fantastic new job offer. Should I take it or stick to my plan? 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.