Author: Christy Bieber

West Fargo resident Mary Pickarell was thrilled to get a text that appeared to be from Travis Kelce’s mother, Donna — known to cheer on her football star son alongside his superstar girlfriend, Taylor Swift.

The text said Pickarell had won a special Mother’s Day prize: a personal visit from Swift herself and a brand-new pickup truck courtesy of the pop sensation.

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As the local media outlet Valley News Live reports, Pickarell was told all she needed to do to arrange delivery of the pickup was pay a $100 fee via a Walmart gift card, which she promptly did.

Pickarell couldn’t believe her luck. Turns out she shouldn’t have believed it. Neither Swift nor the truck ever arrived.

“I went into tears,” Pickarell said. “No part of me thought it sounded off. I was just anxious to meet Taylor Swift in person.”

Celebrity scams are on the rise

Pickarell discovered she’d been the victim of a cruel scam after calling the Valley News Live team.

They advised her to contact the police. While Pickarell did just that, it was too late to get her $100 back — a concern given that she’s on disability with limited income.

“I want to let everyone know there are scammers out there and they will get older people,” Pickarell advised. “Don’t believe anything unless you talk to your family, friends, police, even the news.”

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Pickarell is one of countless people to lose money to an impersonator. According to the Federal Trade Commission, victims lost $2.95 billion to imposter scams in 2024.

Such scams take different forms, including criminals pretending to be from the government, family members in trouble or celebrities like Swift. The con artists use high-pressure tactics and may even manipulate people’s fear, demanding sensitive information or unusual payment methods — like gift cards, as Pickarall was asked to provide.

In recent years, the rise of AI has led to an increase in celebrity scams.

The AARP reports that criminals have gotten much more sophisticated than just sending fake texts like the one Pickarell received.

They’re now making convincing deep-fake videos appearing as someone famous to get people to part with their funds. Celebrity scam scenarios include:

Romance scams where victims are convinced they’re in a relationship with a celebrity who then begins to ask for money. Merchandise, investment or crypto scams that use fake celebrity endorsements. Fake prizes, like the Taylor Swift pickup truck scam that ensnared Pickarell.

One recent example of how AI has been used in this way involves a woman who paid $160K to a fake Keanu Reeves after she saw a video and, convinced it was the actor, fell for a romance scam.

In May, Michigan Attorney General Dana Nessel issued a warning about such scams.

"While it may be disappointing to hear, you are probably not in a secret, long-distance relationship with Garth Brooks,” she said. “If someone claiming to be Garth or any other famous figure is asking you personally for money, don’t send it. It’s almost certainly a scam.”

How to avoid falling for a fake-celebrity scam

The FTC advises searching for the celebrity’s name and the product or charity they appear to be endorsing online along with the word "scam.”

If you do fall for a scam and send money to a con artist, the FTC advises calling the police and the financial services firm or gift-card company you used for the transaction to report the fraud and request help recovering your funds.

When you report the incident to authorities, you can help with investigations that will help prevent others from being blinded — and blindsided — by star-power scams.

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

Unused sick leave could be your secret weapon for an easier transition into retirement.

Depending on your employer’s rules, it might boost your pension, bolster your wallet or ease you into part-time work. Around 77% of workers have access to paid sick leave, according to the Bureau of Labor Statistics. Paid vacations are available to 79% of workers, while 81% have access to paid holidays.

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If you are lucky enough to have paid sick leave, you may be able to accumulate it depending on your employer’s policies. For example, some companies — especially in the public sector — allow you to bank your sick leave rather than following a “use it or lose it” policy each year.

If that’s the case, when you eventually leave your job, you may be for a payout for your unused sick leave or receive credit for it when your pension is calculated.

For some workers, taking a payout or increasing a pension benefit makes good sense. For others, using accumulated sick leave to ease the transition into retirement may be more appealing. If you’ve banked a substantial balance, you might consider asking your boss if you can use some of it each week to shift into part-time work.

This approach allows you to gradually wind down your workload, tie up loose ends and ease into retirement while adjusting to a slower pace of life. However, not all employers allow this, and it may not be the best option for everyone. Here’s what you need to know.

How to maximize sick leave and transition into retirement

As a general rule, sick leave is meant to be used when you’re sick. Unless your company offers a blanket Paid Time Off (PTO) policy — allowing you to use your time off for any reason — you typically can’t use sick leave for vacation or retirement planning. Doing so would be considered a misuse of benefits.

If you’re working toward a specific number of service years to qualify for a pension, unpaid sick leave generally cannot be counted as extra service time. For example, if you need 30 years of service to qualify for full retirement but have 29.5 years and six months of unused sick leave, that leave won’t count toward your required service time.

However, if you have medical appointments — such as a knee or hip replacement — you might consider using your sick leave while still covered by your employer’s health insurance. This can make good sense, allowing you to preserve your early retirement days for other priorities.

It’s important to understand your company’s rules before taking extended sick leave, as misusing it could jeopardize your employment or create issues as you approach retirement. If you’re interested in part-time work as a bridge to retirement, your employer may be open to the idea — but sick leave typically won’t be the tool to make it happen unless your company is willing to bend the rules.

A better strategy is to save up PTO or vacation time, if available, and use it to reduce your work schedule. By timing vacations around weekends and holidays, you can stretch your time off and create a gradual transition into retirement.

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Bridging the gap until retirement

If you’re not quite ready to stop working, there are lots of ways to ease into retirement without relying on sick leave — and lots of ways to support yourself financially during this period.

One option is claiming Social Security while working part-time, allowing you to supplement your income while reducing your work hours. However, if you haven’t yet reached full retirement age (FRA), earning too much could temporarily reduce your Social Security benefits. These benefits will be recalculated at FRA to account for any deductions.

You might also consider consulting work or a low-stress side gig to earn extra income during your transition. Various apps and platforms make it easy to find flexible opportunities, from dog walking to rideshare driving, depending on what might be a good fit for you.

Regardless of your approach, ensure you have enough money in your retirement accounts to cover about 40% of your pre-retirement income, as Social Security typically covers the other 40%.

Creating a detailed budget and wisely earmarking every dollar will help ensure that your retirement income stretches far enough. By planning strategically, you can transition smoothly into retirement while maintaining financial stability — without relying solely on sick leave.

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

What do you get when you mix anti-fraud crackdowns, a tech billionaire and millions of vulnerable Americans? A Social Security shake-up that’s creating plenty of anger and confusion.

According to the Social Security Administration (SSA), an estimated $1.6 trillion in Social Security benefits will be paid to almost 69 million Americans in 2025. These benefits support retirees, individuals with disabilities, low-income older adults and children who have lost parents.

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While many people rely on these benefits as a financial lifeline, recent changes to the program are causing concern.

The Department of Government Efficiency (DOGE) is implementing new anti-fraud measures. While the intent sounds positive, critics argue that the rollout has been confusing and could make it harder for vulnerable people to access the benefits they rely on.

Here are the planned changes and the reasons skeptics are alarmed by them.

What changes are being made to Social Security?

When President Donald Trump took office, he created the DOGE, led by Elon Musk. Throughout his campaign, Trump repeatedly pledged not to cut Social Security benefits.

DOGE’s mission is to fight waste, fraud and abuse in government programs. Believing there is fraud within the Social Security system, DOGE introduced new anti-fraud measures, particularly targeting how people apply for benefits. They initially announced that applications for retirement or disability benefits could no longer be submitted by phone because it was difficult to verify callers’ identities. Instead, applicants would have to visit a Social Security office in person or use the My Social Security online portal, which provides better identity verification. This policy was scheduled to start on March 31.

However, because DOGE had already cut Social Security staff and closed field offices, the announcement triggered an outcry. Many were alarmed that older adults and disabled individuals would be forced to travel long distances or navigate a website, which not everyone can do.

The Center on Budget and Policy Priorities estimated that ending phone applications could result in an additional 75,000 to 85,000 weekly visits to SSA field offices — an unsustainable number, especially since 40% of benefit applications are currently completed by phone.

Representative John Larson, a Connecticut Democrat and ranking member of the House Ways and Means Social Security Subcommittee, warned: "By requiring seniors and disabled Americans to enroll online or in person at the same field offices they are trying to close, rather than over the phone, Trump and Musk are trying to create chaos and inefficiencies at SSA so they can privatize the system."

In response to the criticism, DOGE reversed its policy. It limited the phone ban to applications for retirement, survivor and family benefits, and delayed the start date to April 14. But the changes didn’t stop there. As concerns continued about long waits, understaffed offices, and the possibility of applicants going without benefits altogether, officials revised the policy once again.

The SSA clarified on the social media platform X that "telephone remains a viable option to the public," and officially announced: "Beginning April 14, 2025, SSA will allow individuals to complete all claim types via telephone, supported by new anti-fraud capabilities designed to protect beneficiaries and streamline the customer experience."

DOGE claims this solves the issue for most people, while still enabling the agency to reduce fraudulent claims.

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Why are some people critical of the changes?

When DOGE first announced the end to phone verification, numerous organizations raised concerns. The American Association of Retired Persons (AARP), in a letter dated April 7 to the Acting Commissioner of the Social Security Administration, cited website outages, long phone wait times, office closures and complaints from older adults. The organization asked for information on how the SSA planned to accommodate a likely flood of in-person visits.

The Center on Budget and Policy Priorities also reported that an abrupt end to phone service could cause serious disruption, especially as around six million seniors are 45-mile round trip or more away from a Social Security field office so they’d need to figure out how to navigate to the office or online, which they very often can’t.

Although phone applications are still permitted, older adults and disabled individuals may face in-person visits if their identities are flagged for further verification. DOGE estimates that approximately 70,000 of the 4.5 million annual phone claims will be flagged — still a substantial number of people who may face challenges due to age, health or distance from service centers.

Additionally, DOGE has mandated that any changes to direct deposit information must be made in person or online — not over the phone.

With these changes now in effect, it remains to be seen whether they will reduce fraud without creating new barriers. The question now is whether eligible people will be able to navigate the system effectively, or if the feared chaos will come to pass.

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Millions of Americans rely on Social Security benefits to help cover everyday expenses.

This includes not only retirees but also individuals with disabilities and those receiving Supplemental Security Income (SSI) due to low income.

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Unfortunately, recent changes at the Social Security Administration (SSA) — including staffing reductions and website modifications — have led to serious issues. One particularly alarming incident involved a large number of SSI recipients received a message informing them they were no longer receiving payments.

This message set off a panic among the 7.4 million adults and children who depend on SSI, a crucial anti-poverty program that provides income to some of the most vulnerable Americans.

Here’s what caused the error, and what you can do if something similar happens to you.

What happened to cause panic

In March, a significant technical glitch caused widespread confusion and alarm among SSI recipients.

They incorrectly received a notice informing them that they were "currently not receiving payments." At the same time, benefit data and payment histories disappeared from their accounts.

An internal email later confirmed the message was an error. The SSA identified and resolved the glitch by March 31, restoring access to accurate benefit information. Payments were also made on schedule, but the lack of immediate clarification left many recipients deeply unsettled.

While this was the most severe occurrence, it’s not the only one. President Donald Trump created the Department of Government Efficiency (DOGE), led by Elon Musk, which has been making sweeping changes to Social Security that have disrupted operations.

Notably, the Social Security website has experienced frequent outages — some lasting only 20 minutes, others stretching close to a full day. Users have reported trouble signing in, missing account data and slow site performance. Staff also been forced to cancel appointments when the system failed to process new claims.

Many of these problems appear to be linked to a new anti-fraud system implemented by DOGE, which, according to The Washington Post, was not adequately tested. Contributing further to the chaos are the 7,000 eliminated jobs, including 800 positions responsible for managing Social Security databases. Thousands more jobs are expected to be cut in the coming weeks.

DOGE has also shuttered field offices and reduced telephone support, driving more people to the already overwhelmed website just as the new anti-fraud tools were rolled out.

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What to do if you received a message about your benefits

If you receive an alarming message from the SSA, try to stay calm. With ongoing policy changes and operational disruptions, many issues are likely due to temporary glitches.

Here’s what you can do:

• Call your local SSA office: It may take time to get through due to long wait times, but speaking with an agent directly can clarify your situation.
• Check for news updates: Major issues with benefits are usually reported by media outlets. You can also follow trusted Social Security-related forums or social media for similar user experiences.
• Connect with others: if other recipients are reporting the same issue, it’s likely a widespread problem and not specific to your account.
• Check your bank account: Even if the website shows incorrect information, your benefits may still be deposited. SSI recipients who received the erroneous notice were ultimately paid on time.

With changes at Social Security expected to continue for the foreseeable future, it’s important to stay informed. Be sure to monitor your account regularly, and keep the number of your local field office handy in case you need it.

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A 92-year-old man from Sun City Center, Florida, is out $800,000 after getting caught up in a romance and bank scam allegedly coordinated by a 37-year-old man who is now behind bars.

"This was an individual who was lonely," Amanda Granit, a spokesperson for the Hillsborough County Sheriff’s Office, said of the victim to Fox 13 Tampa Bay in a story published May 2. "[He] didn’t have family or friends in the area. He was in a facility, and he was looking for connection. And unfortunately, he found it in the wrong place."

Otiz Swinton Jr. was arrested in Orlando on April 30 and has been charged with multiple counts of fraud. This isn’t the first time he’s been linked to a criminal case involving seniors.

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Here’s what happened, and what you can do to avoid becoming a victim of a romance scam.

Senior citizens targeted

Swinton Jr. was already serving a prison sentence when he initiated contact with his victim, police say.

"Seven years ago, he was convicted of stealing more than $1 million from more than 50 people in Sun City Center," Granit said.

According to Fox 13, police say that offense involved the scammer telling seniors they had fraudulent charges on their credit cards and needed to mail the cards to him to resolve the problem.

In this latest incident, police say the victim transferred money from his Fidelity account into his Wells Fargo account. The funds were allegedly withdrawn to multiple individuals via a cryptocurrency platform, peer-to-peer transactions, ATM withdrawals and other methods.

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From March 13 to April 2, five counterfeit checks were allegedly made payable to Swinton Jr. from the victim’s bank account, totaling $14,300, while over $5,000 in charges were made on the victim’s card. Fox 13 reports the suspect had just been released from jail.

Police say the victim was targeted as early as June 2022.

How to protect against romance scams

Romance scams are incredibly common. As of March 31, the Federal Trade Commission (FTC) had received 13,768 reports of romance scams in 2025, with losses totaling $280 million.

The good news is, there are ways to avoid them. The number one way to not fall victim is to simply not send money, gift cards, crypto or anything else of value to someone you haven’t met in person.

The FTC also advises those making new friends online not believe promises anyone makes about helping you make money. One should also be suspicious if a person refuses to meet, and do a reverse image search of any pictures you receive to ensure they’re legitimate. It’s a good idea as well to tell a trusted friend about your interactions so you can get their opinion about whether things are above board.

In this particular case, the victim was 92 and in an assisted living facility. Seniors living in isolation or experiencing cognitive decline can be ripe targets for scammers. That’s why it’s important for loved ones of people who are aging to stay on top of things and make sure they’re safe, and, if necessary, pursue guardianship and take over management of their assets if it appears they could be vulnerable to scammers.

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

Social Security benefits are the financial anchor that keeps many Americans afloat once they leave the workforce. And they are right now too.

After all, nine in 10 people 65 and older were getting benefits as of mid-2024, and Social Security accounts for about 30% of all income received by people in this age group.

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Since these benefits can impact your finances in big ways, it’s important to ensure you don’t have any inaccuracies that cause you to get the wrong amount of money.

Unfortunately, mistakes can and do happen, so there are certain issues that you should be on the lookout for to make sure that you don’t get less money than you deserve.

1. Your work history could be wrong

The first big issue to watch out for is an incorrect work history.

Benefits are based on an average of your inflation-adjusted earnings during the 35 years you earned the most income. Social Security records your earnings to calculate benefits, but the data may contain errors. If it does, that could cause problems.

If your reported earnings are too low, you’d end up with a smaller benefit payment than you deserve while if they are too high, it could mean someone improperly used your Social Security number. If the Social Security Administration finds out that happened, they could claw back benefits.

According to the Social Security Administration, you have three years, three months, and 15 days from the taxable year when wages were paid to correct your earnings record.

However, there are some exceptions: you can also correct earnings later to conform to records filed with the IRS, correct mistakes due to missing employer reports, include wages paid to you but not shown and correct errors on processed reports.

You can check your report by creating an account at mySocialSecurity.gov. You should also contact the Social Security Administration ASAP to fix those errors, and have proof like W-2s, tax returns or at least your employer’s contact details ready.

2. Wrong start date for benefits

The wrong start date for benefits is also a problem that could lead to you getting the incorrect amount of money. This can happen if the Social Security Administration keys in the wrong info about when you claimed your payments.

Your start date matters because there’s a system of early filing penalties and delayed retirement credits. You see benefits shrink for each month you claim ahead of your full retirement age and increase for any month you delay.

Penalties apply monthly, so if the date is wrong by a few months, you could lose 1- to 2% percentage in benefits. This adds up when you consider that this is your retirement income. You can check your benefit start date on your online account as well.

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3. A calculation area in your benefits calculation

The Social Security benefits formula can be complicated. Your average inflation-adjusted wages are calculated and you’re given benefits equal to a specific percent of your income.

Different income thresholds, or bend points, determine the specific percentage of your earnings that your benefits replace. That basic calculation gives you your standard benefit, which is increased or decreased based on your age when you apply for benefits.

If mistakes happen, such as the SSA using the wrong birth year to determine which bend points apply, your benefit may be incorrect. Catching these errors is tricky, but if you visit your account to see your benefit estimate, or use online calculators to help you determine how much your benefits should be worth, you can get an idea of whether your payments are correct.

If there’s an error, make an appointment with the Social Security Administration to understand how your formula works and ensure any mistakes are corrected.

4. Garnishment errors

There are certain situations where you could have some of your benefits garnished. What garnishment means is if you have debt, a collector can sue you for the amount you owe. A good example of this is if you owe back child support, you have delinquent student loan debt or if you received benefit overpayments.

In some cases, your benefits could be improperly garnished due to problems ranging from mistaken identity to identity theft or an incorrect calculation of how much should be taken out of your check for your unfilled obligations.

You’ll want to review records associated with any garnishment orders and compare them to your Social Security statements to ensure money isn’t taken that rightfully belongs to you.

5. Problems with spousal and survivor benefits

Finally, you could have issues if you’re getting the wrong type of benefits. This could arise if you are divorced, or if you are entitled to spousal or survivor benefits that you have already claimed before your spouse dies.

An older Inspector General report found that over 30,000 individuals were missing out on survivor benefits they were entitled to, losing as much as $193.8 million in payments.

Ensure you understand the rules for when you can claim these other types of benefits, as they are available to those who are divorced after a 10-year marriage, and those who are currently married or widow(er)ed.

If you think you are eligible for spousal or survivor benefits, you should consult a financial adviser to ensure your benefit is correct.

Ultimately, the Social Security process is imperfect and since this money is a vital source of income in retirement, it’s up to you to make sure these and other errors don’t cost you.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

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

On 9/11, first responders rushed to help. Unfortunately, their own lives were being put in jeopardy as they breathed in asbestos, benzene and other toxic dust at Ground Zero, increasing their cancer risk.

Years later, the Zadroga Act was passed to care for these first responders. It created the federally funded World Trade Center Health Program under the umbrella of the National Institute of Occupational Safety and Health (NIOSH). The program provides lifetime monitoring and treatment to responders, 150,000 of whom were enrolled as of 2025, reports ABC News, (up from 76,000 in 2015).

The program has been a great success, with New York City Fire Department (FDNY) data revealing 86% of participants are still alive five years after a cancer diagnosis compared with 66% of patients diagnosed but not part of it. A bill had even been introduced to provide additional funding.

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Unfortunately, the program is no longer working as intended, due to uncertainty created by the Trump administration — and this will have consequences.

"This is a program with zero fraud that only does one thing: It saves lives," Michael Barasch, partner at Barasch & McGarry, a law firm representing thousands of first responders and 9/11 survivors, told ABC News.

"Mark my words: People will die without it."

Confusion about staffing causes chaos

The normal operation of the World Trade Center Health Program has been interrupted as the Trump administration continues to alter staffing levels.

Early in 2025, there was a 20% staffing cut, with 16 doctors and nurses losing their jobs, ABC News reported. NIOSH director, Dr. John Howard was also taken out of his position as administrator. Then, many of the terminated workers saw their jobs reinstated in February, although it wasn’t clear if Howard’s position had been restored or not, despite the doctor requesting an official decision.

In April, another round of layoffs hit 15 employees. However, this has also now been reversed, with the administration going a step beyond previous reinstatements because the new letter sent to workers made clear the termination was canceled entirely. In the past, many workers were only brought back temporarily to train replacements.

While the reinstatements are good news, they don’t undo the damage done or the future uncertainty.

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

9/11 first responders pay the price

Workers may be back on the job soon, but disastrous things happened while they were off.

"We postponed chemotherapy for a firefighter this week, hoping this could be fixed," Dr. David Prezant, chief medical officer of the FDNY and director of its World Trade Center Health Program told ABC News.

"He’s too young for Medicare, and this delay may cost him his life."

This firefighter was one of three who had treatment interrupted, putting them all at risk since every moment can count when it comes to fighting cancer.

Unfortunately, many people have also been denied the opportunity to start treatment, as they aren’t eligible to begin until their illness is certified as being caused by exposure on 9/11. The certification must be signed by Howard, and an internal Department of Health and Human Services newsletter shared with ABC explained that the program had "been directed not to process any new certifications."

Prezant told ABC that this a clear sign Howard hadn’t actually been reinstated, and explained that while clinics found a workaround and started treating some patients under initial approvals while awaiting certification, this loophole was recently shut down.

This pause on enrollment will affect 9/11 first responders throughout the country, and Barasch thinks lawmakers are simply unaware of how big the scope is.

"People in all 50 states are enrolled in the program. Thousands of them no longer live near the original attack sites. They need care where they are," he explained.

If the latest staff reinstatements last, this could provide opportunities for responders nationwide to get the help they need. Further, despite the chaos, there is reason for optimism in the long term as the Trump administration insists it doesn’t want to end the World Trade Center Health Program, nor does it intend to end other critical functions NIOSH performs.

"Those programs were not terminated, as the media has reported. But they’ve simply been consolidated into a place that makes more sense," Health Secretary Robert F. Kennedy Jr. said in a recent interview, explaining they would be merged into a newly-created agency dubbed the Administration for a Healthy America.

Other programs that were on the chopping block have also been granted at least a temporary reprieve, with some food safety workers at various FDA labs also receiving notification that recent layoffs had been reversed.

Still, since the Trump administration has already gone through multiple hiring and firing cycles, it remains unclear how safe any of these NIOSH operations have a stable future.

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

Faced with the rising cost of living, many American retirees are looking to control one of the most fundamental expenses: housing.

Since the pandemic, the cost of housing has remained stubbornly high. According to a recent report, home affordability slipped further in January, as rising prices raised the income needed for a mortgage in 12 of 13 major markets.

Moving is not easy at the best of times, but for retirees, deciding whether to rent or own their home will have a long-term impact on their finances and their lifestyle. To help clarify whether renting or owning is your best option, retirement author and YouTube host Geoff Schmidt advises following what he calls the 5x5x5 rule.

About the 5x5x5 formula

The 5x5x5 rule is a way to gain clarity on your decision to move by breaking down the pros and cons of renting versus owning both short- and long-term. Most importantly, retirees need to consider where they’ll be — not just geographically speaking — 10 years down the road. Here’s a breakdown of each of ‘five’ in the 5x5x5 rule.

5 pros of ownership

The first step in deciding if you want to buy a new home as a retiree is to think about the five big perks of having your own property. For retirees, the pros of owning a home allow you to:

1. Build equity in your home: Each mortgage payment you make brings you closer to owning your house free and clear with no payments. If you can buy a new home or condo outright by selling your current home, you can still build equity in your new dwelling over time.
2. Predictability: If you have a fixed-rate mortgage, your mortgage payments will remain consistent for years and you don’t have to worry about a landlord ever making you move.
3. Tax benefits: While mortgage interest and property taxes are not tax-deductible on a principle residence, you could find tax deductions if you use a portion of your home for a home-based business or to rent out as short-term accommodation or to a long-term tenant.
4. Customization: You don’t need a landlord’s permission to alter and improve your home.
5. Home appreciation: Homes generally increase in value, so you can increase your net worth by owning a property.

5 pros of renting

Renting also has five significant upsides, particularly for retirees who want greater freedom to travel and to make bigger moves — potentially across the country or even abroad. These include:

1. Extreme flexibility: You can leave your property after giving notice and go wherever you want much more easily than with an illiquid home you’d have to sell first.
2. Lower upfront costs: You only have to pay first and last month’s rent and a security deposit to move into a rental, not make a large home down payment.
3. No maintenance concerns: If something breaks, your landlord is responsible for the cost of fixing it and the actual repairs. You don’t have to build up an emergency fund for maintenance.
4. Predictable expenses: For the duration of your lease, your monthly housing costs including utilities will remain consistent, even if the cost of energy goes up, for example.
5. Lack of worry: If you’re in a rental apartment, you won’t have to concern yourself with shovelling snow, mowing grass or other matters of general, external upkeep.

5 variables that help you make the decision whether to rent or buy

The last step in the 5x5x5 rule is to consider specific variables that affect you. These include:

• Financial stability: Considering your current and future Canada Pension Plan (CPP) benefits and retirement income, will renting be more affordable long term, or will owning be more beneficial?
• Lifestyle preferences: Think about quality of life and what matters to you. Maybe your biggest priority is to be close to family. Perhaps you want easy access to amenities like health care and recreation. Do you want more predictability or more flexibility? Which option — buying or renting — comes closest to matching your desires?
• Current and future health: Are you in a position to maintain your home and does it have aging-in-place options?
• Estate planning: Do you want to have a home to leave as an asset to your loved ones?
• Market conditions: Is it a good time to buy a property? What do you think will be happening in the real estate market in the next decade?

By asking yourself these detailed questions about your own personal financial goals and lifestyle preferences, it will be easier to decide whether to own or rent now and in the long term.

This article Should Canadian retirees own or rent their home? Use this simple ‘5x5x5 rule’ to figure it out 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.