Author: Christy Bieber

Preparing for retirement isn’t always about stashing a portion of your paychecks for your golden years. For some, it’s about accepting a windfall late in life and trying to make the money stretch.

Let’s say, for example, that you’re 65, single and you’ve just inherited $420,000 from your late mother. Considering that the median 401(k) balance among Americans 65 and over is just $88,488 — and the average balance is just $272,588 — your inheritance sets you up quite well, as that $420K is worth more than what many of your peers have saved for retirement.

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You’re in a good spot, but you’re worried about wasting the money, or burning through it too quickly. And your worries are valid; research from the National Longitudinal Survey of Youth found that a third of people who receive an inheritance either don’t see a change in their wealth or end up worse financially. Meanwhile, another study from Williams Wealth Group found 70% of wealthy families lose their money by the second generation.

That’s the potential bad news. But the good news is, with a few wise money moves, you can make sure your inheritance provides you with long-lasting security.

Choose a safe withdrawal rate

One of the best things you can do to make sure you don’t squander your inheritance is to invest it and withdraw small portions at a time. This will allow you to earn returns, protect the principal balance and keep your money working for you.

There once was a traditional rule of thumb that said you should withdraw 4% from your retirement savings in the first year of retirement and make annual inflation-based adjustments from there. Experts believed this would allow your money to stretch for 30 years or more.

However, research from Morningstar suggests withdrawing 3.7% to ensure your financial situation remains stable. The proposed reduction in the safe withdrawal rate is because people are living longer, and experts don’t think investments are going to keep producing returns at the same rate as in the past.

A 3.7% withdrawal rate from a $420,000 inheritance would provide you with $15,540 in annual income, which is a reasonable sum that you could potentially combine with Social Security and other savings to help fund your retirement.

Since you are single and only have yourself to support, that $15,540 could help ensure that you can afford the necessities like health care and housing, while perhaps leaving you a little extra to enjoy in your golden years.

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

Invest the money wisely

If you decide to invest your inheritance and make 3.7% withdrawals annually, you’re going to need to decide where to put the money. And that will depend on your current asset allocation, as well as how your retirement savings are structured.

One rule of thumb is to subtract your age from 110 and put that percentage of assets in equities, while investing the rest in safer investments like bonds or CDs.

Some retirees also use the "bucket" approach, which involves stashing money in three separate asset accounts:

• Keep a few years of expenses (1 to 5) in liquid assets like cash and short-term CDs.
• Keep money that you’ll use in 4-10 years or so in medium-risk investments that provide better returns, like bonds and income-focused equities.
• Put the remaining money that you won’t use for around 8 to 10 years in growth equities.

You have options, but before you decide what strategy you want to use for allocating your assets, take a look at where your money currently sits. If you already have a lot of money in equities, for example, you may decide to buy bonds or add to your high-yield savings account with the money that your mom left for you.

As you make your decision, remember that there’s always a tradeoff between risk and reward:

• CDs are FDIC-insured and there’s no risk of loss, unless you sell so quickly that you don’t cover early withdrawal fees. However, the returns aren’t as high as with some other investments.
• Bonds are debt instruments and can be safe or risky plays, depending on whose debt you’re investing in. Safe debt, like government debt, essentially comes with no risk of loss but lower returns than other bonds not guaranteed by the full faith and credit of the U.S.
• Stocks allow you to buy an ownership share in companies. There’s more risk since your investment performance depends on the company, but you can use ETFs or mutual funds to buy shares in many different stocks at once to limit your potential losses. For example, an S&P fund allows you to gain exposure to around 500 large U.S. companies.

When deciding where to put your $420,000 inheritance, think about how much you already have in equities, bonds and CDs. For example, if you are already heavily invested in the stock market in your retirement funds, you may want to use some of the inheritance to increase your liquid savings, or buy CDs so you have money to live on without having to sell stocks in case of a downturn.

By investing your money, making sure you have a good mix of assets and taking out the funds at a safe withdrawal rate, your inheritance can go a long way toward setting you up for financial security in retirement.

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

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.

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 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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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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.

Houston driver Ryan Kattchee never imagined the problems he’d have after purchasing a new 2024 Ford F-150 Lariat in December. Unfortunately, the truck seems to have a mind of its own. It brakes when it shouldn’t, including on the freeway, putting occupants at risk.

Kattchee explained that the braking, which started just days after he’d purchased the truck, seems to happen without reason, although a warning shows up on the car’s display as the vehicle brakes itself.

“Suddenly, this whole thing turns red," Kattchee told NBC’s KPRC 2.

"The whole display right here flashes red. It hits the brakes. And, it’s not soft. It’s enough to pull you out of your seat.”

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Unfortunately, he says the problem occurs often — and despite the vehicle being at the dealer for months, no one can seem to come up with a reason for the issue or a solution to the problem. Kattchee is waiting for the manufacturer to agree to buy the truck back, but in the meantime, he’s in limbo, stuck with a car he cannot drive and hoping things will eventually be made right.

Here’s the reason Kattchee is left in limbo without his Ford.

Cruise control causes the truck to unexpectedly brake

Kattchee invited KPRC 2 reporters to take a ride with him to show them the problem he’s been having. Once they were in the car, he activated the adaptive cruise control, which seemed to trigger the issue.

"I’m actually gonna turn this on now since no one’s behind us and see if we can make this happen,” he said as he set the cruise control. Within a minute, the truck began to slow down a bit as they drove along U.S. Highway 290 through Jersey Village.

The truck slowed down a second time, and then out of nowhere, it hit the brakes, and a large red warning sign began flashing on the vehicle’s dashboard. KPRC 2 reporter Gage Goulding described it as the type of warning that you would normally see if your car was about to hit a stopped vehicle or other obstacle, but there were no obstacles in its path.

This didn’t just happen one time. During a few-mile ride, KPRC 2 reported that the same incident occurred at least seven times, with the truck braking for no reason. Although there didn’t seem to be a clear reason for it, Goulding speculated that overpass and highway signs dangling above travel lanes seemed to be possible triggers.

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

Driver waits for the dealer to make good

In light of the problem, Kattchee dropped off the truck at the dealer where he had purchased it, Joe Myers Ford.

He says technicians tried everything to fix the problem over a three-month period, but despite replacing parts and making many attempts, they never were able to find out why the truck was exhibiting this weird behavior.

Ultimately, the dealer concluded they had no choice but to buy back the truck from Kattchee. They needed the corporate office in Michigan to sign off though, and they were still waiting for that to happen.

Also following the story, The Drive reported on May 9 that a Ford spokesperson had told the outlet, “We are aware of the situation and are working with the customer to buy back the vehicle so that engineering can fully evaluate this specific unit. We have not received any other reports related to this matter.”

Meanwhile, Kattchee has gone months without his car.

“They just need to make it right by me,” he said, “that’s all I really ever wanted.”

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

Making six figures should feel like financial freedom — but for one 26-year-old posting to Reddit, it’s a source of stress as fears of a looming recession weigh heavily on her.

Despite earning a $100K salary, having just $2,500 in monthly expenses, fully paid-off student loans, $7,500 in savings and $40,000 in a 401(k), this Gen Zer, or Zoomer, is still concerned about how a downturn could impact her finances — and how she can stay stable if the economy takes a turn for the worse.

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She’s not alone. An Ipsos poll released on April 2 revealed that 61% of Americans believe the U.S. will experience a recession within the next year.

There are many reasons why so many people fear an economic downturn — and why this young person is panicking about the potential fallout. The good news is that there are ways Zoomers and other young adults can prepare for a potential recession and protect their long-term financial health.

Why are so many people worried about a recession

One of the main drivers of today’s recession fears is President Trump’s tariff policy — especially the introduction of taxes on goods imported into the United States.

Tariffs have become such a major concern that financial firm J.P. Morgan initially estimated the probability of a recession at 40% in late March. However, after Trump announced widespread tariffs would go into effect on dozens of countries — and after several of those countries, including China, began to retaliate — J.P. Morgan raised its estimate to 60%.

The stock market responded by plunging, spooked by fears of rising costs and a potential trade war. This volatility led JP Morgan and others to warn of broader consequences, not just for the U.S. economy but also for global markets.

Beyond tariffs, Americans are also concerned about a recession due to ongoing economic uncertainty. The Trump administration has promoted itself as a change administration, pushing for massive cuts to the federal workforce — changes that could have ripple effects across the broader economy.

Even though the President announced a 90-day pause on tariffs, save for China, recession concerns continue. The back-and-forth over trade policy has only added more uncertainty, making it difficult for consumers and businesses to plan for the future.

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

How to prepare for a recession as a young person

The U.S. has been through many recessions in the past, but most young adults haven’t lived through a major one.

While the economy briefly entered a recession from February to April of 2020, that was a unique situation driven by the COVID-19 pandemic. Government stimulus packages helped soften the financial blow for many Americans.

Before COVID, the last major downturn was the Great Recession, which lasted from December 2007 to June 2009. That 18-month crisis was triggered by a collapse in U.S. housing prices, a surge in foreclosures and a global financial meltdown driven by poorly underwritten mortgages packaged into risky mortgage-backed securities.

As a result, many Zoomers haven’t lived through a serious recession as adults. While their concern is understandable, there are several proactive steps young adults can take to shore up their finances including:

• Build an emergency fund with six to 12 months of living expenses — more than the customary three to six months — to create a stronger buffer.
• Make yourself indispensable at work by improving your performance, taking on new responsibilities and showing your value to your employer.
• Build your professional network and develop new skills in case you need to look for new opportunities.
• Explore passive income or side hustles to bring in more income and protect yourself against job loss.
• Creating a bare-bones budget you can live on if necessary, cutting non-essentials to stretch your savings.
• Free up cash to for investing during a downturn. Recessions often lead to lower stock prices, allowing long-term investors to buy the dip.
• Hold your investments for the long term. Avoid panic-selling during a downtown; staying the course gives you the best chance to benefit from the eventual recovery.

By taking these steps, you can increase your chances of not only weathering a recession but coming out strong on the other side. With careful planning and strategic investing, downturns can become opportunities to grow your wealth and build long-term financial security.

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• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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

Work-from-home jobs can provide valuable income for people who are unable to work a traditional job.

For Mildred Bedar, a Houston resident, her work-at-home position helped her pay the bills, until the company disappeared without sending her a paycheck.

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Bedar said she was hired to inspect shipments from Amazon, repackage them, and send the products to their final destination. She was supposed to be paid $2,900 for her work, with a bonus of $20 for every package that she handled.

What she was ultimately paid, however, was nothing, putting her at serious risk of losing her home. Here’s how she became a victim of a work-from-home scam.

How the work-from-home scam worked

Bedar said she worked for the company that hired her for months, only to have the business vanish before her scheduled payday, leaving her in a bind.

"I’ll be homeless if I don’t get that money," Bedar told Fox 26 Houston. "I’m a 68-year-old woman with her service dog out on the street or her car is not something I would think about."

It’s unlikely that Amazon shipping will come, however, because the Postal Service and the Better Business Bureau believe that Bedar had inadvertently been duped into a "reshipping scam." These scams involve products acquired illegally and are then laundered through multiple shipping steps to hide their origin.

A spokesperson from the Better Business Bureau, Leah Napoliello, explained the scam and the unfortunate fallout for Bedar.

"If she has not been paid and suddenly the business has gone dark — there’s no evidence they’re still operating — and there’s no way to contact them to request payment, then that is very suspicious," Napoliello said.

There’s little Bedar can do to recover the promised paycheck, as the company was not a legitimate one in the first place.

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

How to avoid work-from-home scams

While Bedar is unlikely to get her money, others can learn from her experience and avoid work-from-home scams.

Some red flags to watch out for that could suggest a job is not legitimate include:

• A company that expects a lot of work upfront before you get paid
• Pay that seems too good to be true for the expected work
• Companies that ask you to pay upfront to be considered for the job
• A business without a strong online presence, like a LinkedIn page or company website
• Getting hired without an in-person interview process in which you speak to someone via phone or Zoom
• Complaints about the company in online forums or online review sites

If you spot any of these signs, you should move onto opportunities with a more reputable employer who is more likely to pay you.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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.

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. 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.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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

When Tony Brown got a call in late November from someone named "Emily" who said they worked for a company called Moneypark Finance, he thought his prayers had been answered. According to News 5 Cleveland, Tony and his wife, Christina, had been seeking a personal loan to furnish their new home and buy Christmas gifts for their kids. Emily just happened to offer them the chance to borrow $8,000.

But the Elyria, Ohio, couple ended up walking straight into a nightmare that continues to haunt them. An investigation by the local broadcaster found no evidence that Moneypark Finance existed, and the couple had been swindled for thousands of dollars in a check scam.

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"It’s depressing because we really haven’t been able to get caught back up on everything," Christina told News 5 in a story published April 17.

Now, the couple wants to warn others. Here’s how the scam worked, along with some tips on how to avoid a similar situation.

How a scam cost the Browns thousands

The Browns say Emily told them they could borrow funds, but there was a catch. Because the couple had poor credit, she said they’d have to print the loan checks themselves, which were sent by email. The couple was instructed to buy blank check paper and print them out.

Next, the Browns say they were told to deposit the checks into their account at different Fifth Third Bank locations. Afterward, they were to buy gift cards and forward the codes on those card. The instructions left them scrambling.

"I’m getting off work and I’m running around Lorain County trying to get these checks done and deposited, and then have to turn right back around and go buy gift cards,” Christina explained.

She began to get upset, and Tony acknowledged the situation was a little odd

"When the bank accepted my first one, I was like this might be cool," he said. "I didn’t know she was going to make me do it again and again."

The couple got fed up and spoke directly with their bank. Now, Tony says, his bank account has been locked and he has to pay thousands of dollars for the fake checks.

"I’m having to work more shifts at work to be able to get caught up and [Tony is] doing a lot as well," Christina said.

"I feel like an idiot," Tony said.

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

How to avoid scams and keep your funds safe

Unfortunately, banks don’t usually refund money if you are a victim of a check scam. Fake check scams take many forms, from promises of a phony loan to being hired for a fake job to being "overpaid" for something you sell.

What many have in common is that you’re given a bad check to cash and told you must buy and provide gift cards in exchange. Since banks often make deposited funds available quickly, you may think the money is safely in your account — but it’s not.

To avoid a similar scam, you should always research a company carefully before you agree to any financial transactions. In this case, News 5 tried to track down Moneypark Finance but couldn’t track down a representative after calling several numbers linked to the company. Journalists even traveled to Houston, Texas, to visit the address listed on the company’s website — but it didn’t exist. There was a hotel standing where the address would have been, with no sign of a Moneypark Finance inside.

Be wary if any business asks for anything other than a conventional means of payment.

"Anybody telling you to print checks, anybody telling you to buy gift cards … if they have a special payment method in mind, it’s probably a special case of being scammed," Ryan Lippe, Consumer Educator with the Ohio Attorney General’s Office, told News 5.

Lastly, avoid doing business with any company that pressures you to act quickly or calls you out of the blue. If you get a phone call from a company asking for money or financial information, the best thing to do is just hang up.

Scammers "want you to act fast," Lippe said. "They want you to think flat-footed. They don’t want you to be thinking with a rational mind."

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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

When Cody Bunch was in high school, he created a scrapbook of his dreams and his goals. Moving to Miami Beach was on that list.

"There’s Miami, there’s Miami Beach," Bunch told CBS News, pointing to pictures in his scrapbook. "I live right behind that now."

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Bunch achieved his dream of living in South Florida in 2021. But just a few short years later, he’s packing up and heading to Atlanta instead. It seems surprising to leave a place he had dreamed of for most of his life, but Bunch has his reasons — and he’s not alone in leaving the Sunshine State.

Here’s why more residents are packing their bags and saying goodbye to South Florida for good.

High prices and limited career opportunities

Although Florida’s population growth surged in recent years, new data shows a shift. In 2023, about 511,00 people left the Sunshine State, while just 637,000 moved in — nearly half the number that arrived the year before. The American Prospect called it "the largest drop in net migration in a decade."

Young people like Bunch are leading the exodus, departing not just from Miami-Dade but from surrounding counties such as Broward and Palm Beach, as well as from other major metro areas like Tampa.

About 25% of those leaving Florida are between the ages of 20 and 29. Those moving in are older, wealthier and affected by the sluggish job market and soaring housing costs, driving Bunch and others away.

"Younger residents, particularly those aged 20-29, are leaving in significant numbers," said the latest migration report from the Florida Chamber of Commerce. "Factors cited include the high cost of housing and perceived limited in-state job opportunities for early-career professionals."

Both of those factors pushed Bunch to give up his dream of life in Miami.

"The salaries don’t add up to the cost of living here," Bunch said. "Overall, the cost of everything is so much more expensive than it was four years ago."

He’s not wrong. While Florida’s unemployment rate in March 2025 was 3.1% — lower than the national average of 4.2% — the quality of job opportunities is another story. The median annual salary in Florida was $52,400 in 2024, compared with the national median of $59,400, according to ADP Pay Insights. Meanwhile, the cost of living in Miami is 19% higher than the national average, according to Payscale.

High housing costs are another major issue. Redfin data shows Miami home prices surged from a median of $390,000 in January 2021 to $632,500 in January 2025. Miami is now ranked the second least affordable metro area for renters. Bunch said he’s moving into a beautiful Atlanta apartment — complete with a coworking space, pool, and city view for $1,500 less than what he’s paying for a Miami studio apartment.

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 to look for when relocating

Bunch is heading for Georgia, a popular destination for ex-Floridians. But before relocating, it’s important to research your destination carefully. Anyone who is considering a move to a new city should look into:

• Housing costs, including the median rent and home prices
• The overall cost of living
• The local job market
• Typical salaries for the area
• The unemployment rate
• The demographics — is the area growing and attracting younger residents, or is it aging?
• Quality-of-life amenities like restaurants, museums, parks and entertainment

Plenty of online resources can help, including the Bureau of Labor Statistics for wages and unemployment data, and Redfin for housing market trends. You can also use job boards to explore employment options and rental sites to gauge how far your money will go.

Finally, consider visiting sites like Reddit and City-Data to connect with current residents and get an unfiltered view of daily life in your potential new hometown.

By doing your homework, you may find a city where dreams become reality — and unlike Bunch, you might just decide to stay and put down roots.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

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