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Author: Christy Bieber

  • I have $2,700 in extra retirement income each month. Is it enough and what should I do with this money?

    I have $2,700 in extra retirement income each month. Is it enough and what should I do with this money?

    Before you retire, you want to make sure you have plenty of income to cover your spending needs. But, you may want to retire with more than the minimum amount necessary to fund your lifestyle. In fact, many people hope to leave work with more than the ability to cover the bare essentials.

    If you’re a few years out from retirement, paying off debt, saving for unexpected healthcare costs and are on track to have an extra $2,700 a month after covering the basics, that’s a pretty good financial position to be in. That $2,700 in extra money would provide you with an additional $32,400 annually to enjoy after paying the bills. That’s almost the total sum of the median income ($34,600) for those aged 65 and over in Canada, according to Statistics Canada.

    So, what should you do with this "extra" money if you’re lucky enough to have it? Here are a few possible options to consider.

    Donate to charities

    Charitable giving is a top priority for many seniors, with 66% of Canadians over the age of 65 committing to donate to charity this year, according to a survey by World Vision Canada.

    Giving some of your extra money to causes that you care about can allow you to make a real difference in your later years. A financial advisor can also help you explore tax-efficient strategies for giving, as both provincial and federal governments provide tax credits for charitable donations. For example, if you donate $500 to a charity, the first $200 is eligbile for a 15% credit ($75), while the remaining balance will give you an additional 29% credit ($87), for a total of $162. Check here to see how your specific province’s tax credit.

    Invest it on behalf of your kids or grandkids

    Investing for your kids or grandkids is another great way to park that extra retirement money, as you can play an active role in helping the next generation get a head start on financial security.

    College costs are seeing significant increases. According to Robertson College, the median price for one year in a Canadian university during the 2024-2025 academic year could set a student back $7,360. If you want to spare your grandkids the burden of substantial student loans, you could look into funneling some of your extra money into a Registered Education Savings Plan (RESP).

    You could also help out your kids during their expensive child-bearing years when they may struggle to buy a house or pay for daycare costs, where, on average, a parent paid $7,790 per year for the main full-time child care arrangement for their 0- to 5-year-old child in 2022, according to Statistics Canada. However, as of last month, 11 out of the 13 provinces and territories have made agreements with the federal government to extend early learning and child care programs, with an aim of implementing an average of $10-a-day for regulated child care.

    Diversify your investments

    If you aren’t yet retired and have plenty of money in an RRSP, TFSA or other savings account, you may want to consider putting some funds into a taxable brokerage account.

    Diversifying into an investment account can expose a portion of your savings to market gains, furthering bolstering the money you have access to in retirement. If you’re looking to dive into investing but don’t know how or where to start, a trusted robo adivsor, with its legally-mandated fiduciary duty, provide automated financial planning and investments based on algorithms with little or no supervision from you.

    Enhance your lifestyle

    Typically, common financial wisdom dictates that you shouldn’t succumb to lifestyle inflation (where your spending increases alongside your income). But, while this is prudent advice throughout much of your working years, if you now find yourself in a position to reap the benefits of smart financial moves or simple good luck, you could also use your extra funds to enjoy your life. You can begin by asking yourself what would personally bring you joy? You may decide you want to travel more, spend more time on your hobbies as you aren’t forced to work into your later years or you can let yourself enjoy dining out at nicer restaurants.

    Just be sure you don’t go overboard, that you maintain a safe withdrawal rate and an emergency fund for any incidentals or unforeseen healthcare expenses, even if you feel flush with cash for now.

    Sources

    1. Statistics Canada: Income of individuals by age group, sex and income source, Canada, provinces and selected census metropolitan areas (Apr 26, 2024)

    2. Cision: More than Half of Canadians intend to Donate to Charity This Year (Nov 28, 2024)

    3. Cision: Provincial and territorial tax and credits for individuals

    4. Robertson College: What Is the average tuition In Canada for 2025, by William Borys (Nov 4, 2024)

    5. Statistics Canada: Estimates of parental child care expenses in January to February 2022 (Jul 26, 2023)

    6. Government of Canada: Toward $10-a-day: Early Learning and Child Care

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

  • ‘It’s outrageous’: Colorado condo owners face $8,341 fee thanks damage from a hailstorm last year — here’s why HOAs can do that, and what your options are if the same happens to you

    ‘It’s outrageous’: Colorado condo owners face $8,341 fee thanks damage from a hailstorm last year — here’s why HOAs can do that, and what your options are if the same happens to you

    When a severe hailstorm hit the First Creek Farm condominium complex in Aurora, Colorado, residents of the building had no idea the bad weather could end up costing them thousands.

    Unfortunately, that’s exactly what has happened, as the storm did $4 million in damage to the condo. While there was insurance on the building, the deductible was substantial — and homeowners are going to have to pay the price, as the condo management is now charging a special assessment fee to cover it.

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    So, why is management able to pass those costs onto homeowners, and how should the homeowners respond? Here’s what you need to know.

    Special assessments not unheard of

    In a condo building, owners and managers are responsible for maintaining common areas and making repairs. However, they charge dues to cover these costs, also known as homeowners association (HOA) fees. Ideally, the regular dues will be large enough to pay for everything the building needs, and some of the money collected will even be put into reserve in case of emergency expenses.

    Sometimes, though, major damage happens and the cost of repairs exceeds the funds available. That’s what has happened in the First Creek Farm complex. The hailstorm did around $4 million in damage, and management now needs to charge a special assessment to pay the insurance deductible to make the repairs needed.

    Special assessments are extra fees that can be charged in situations like this one. These fees aren’t just imposed on condo owners but can happen in pretty much any HOA neighborhood where the neighborhood covenants allow for their collection.

    Accord Property Management manages this particular property, and told 9 News that the fees are necessary. The company said they’ve implemented eight different assessment classes based on allocated interest percentages. All of the 320 homeowners have to pay something, but 72 of them with larger ownership shares are being charged $8,341.

    Jacob Lively, a resident of the condo building, had been planning to sell his property and was shocked when he saw the large assessment from the HOA.

    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

    “I don’t see how they can charge that much. It’s outrageous,” Lively told 9 News. “Not everybody just has that amount of money just to throw away.”

    Because he has an interior unit, Lively’s own condo didn’t sustain any damage in the storm. Still, as a resident of the neighborhood who agreed to follow HOA rules when he moved in, he’ll have no choice but to pay the association the money they’re trying to collect.

    What to do when you’re faced with huge HOA fees

    If you’re charged a special assessment fee that you can’t afford, you’re in a pretty difficult situation. The rules of the community typically require you to pay by the deadline the HOA imposes. If you don’t, you could be charged late fees, interest and penalties.

    HOAs also have legal methods of forcing you to pay. They could place a lien against your property, for example, which would mean they’d have an ownership interest in it because of their claim against you. You’d have to resolve the lien before selling or refinancing.

    The association could also sue you for breach of contract, or potentially even initiate a foreclosure on your home to try to force its sale to recoup the unpaid money.

    Now, many HOAs won’t do that and will work with you to create a payment plan that’s within your budget as long as you ask and are acting in good faith.

    Still, you’re going to get stuck paying the fee at some point — and this is something you can’t insure against as your homeowner’s insurance will usually cover only damage to your immediate property and not to the condo building you live in.

    Ultimately, before you buy a condo or move into an HOA neighborhood, you must be aware of the rules in your covenants for when special assessment fees can be charged and how much they can cost. You may also want to research the HOA’s finances, including whether they have a generous rainy day fund to reduce the chances of big bills you’ll have to pay.

    If you feel your condo funds are being mismanaged, your state laws may allow you to request a copy of financial records — or the HOA may make them available voluntarily. Or, you can run for the HOA board yourself in the future to change how it’s being run and try to improve its finances.

    Unfortunately, none of those steps eliminate your obligations to pay fees like the ones these residents are being charged, though. So, residents of First Creek Farm will need to cover the costs.

    If you do decide to live in an association neighborhood and this could happen to you, having a generous emergency fund is essential to ensure you’re prepared if the worst occurs and your building comes to you looking for funds to rebuild.

    What to read next

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

  • 23andMe faces major crisis: CEO resigns, stock crashes and bankruptcy sparks fears over user data — what it means for millions of customers

    23andMe faces major crisis: CEO resigns, stock crashes and bankruptcy sparks fears over user data — what it means for millions of customers

    Would you trust a company with your most personal data — your DNA — if it was on the brink of collapse? Millions of 23andMe customers are now facing that unsettling reality as the genetic testing company faces an uncertain future.

    The California-based company offers DNA self-testing kits for users to explore their ancestry. It went public in 2021 with a $3.5 billion IPO but has faced significant challenges in recent years. In 2023, a major data breach compromised 6.9 million users’ information, leading to a financial settlement. Since then, the company has struggled, with all independent directors resigning in September and a 40% workforce reduction in November.

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    On March 23, 2024, 23andMe announced it was "entering a voluntary Chapter 11 restructuring and sale process." While the company assured users their data remained protected and operations would continue, concerns grew, especially after California Attorney General Rob Bonta urged customers to delete their information.

    "California has robust privacy laws that allow consumers to take control and request that a company delete their genetic data,” Bonta said. “Given 23andMe’s reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company.”

    Bonta isn’t the only attorney general to act. Officials from Arizona, South Carolina and New York have all urged consumers to delete their data, providing instructions to do so by logging in, navigating to the Settings section, choosing the 23andMe data option at the bottom of the page and opening the "Delete Data" section to click "Permanently Delete Data."

    However, not all users have been able to successfully remove their information. Here’s what happened when they tried, along with details on the bankruptcy proceedings, their implications for consumers and steps to protect your data.

    CEO steps down and stock plummets as 23andMe enters bankruptcy

    Sunnyvale’s 23andMe reportedly has $214.7 million in debt compared with $277.4 million in assets. It filed for Chapter 11 bankruptcy in hopes of selling "substantially all of its assets."

    Chapter 11 allows struggling businesses to restructure debts while continuing operations, with the goal of facilitating a sale. Board Chair Mark Jensen called bankruptcy "the best path forward," as it could reduce costs and resolve legal and leasehold liabilities. Despite this, the company’s stock lost nearly all its value, now trading below below $1 per share.

    As the bankruptcy was announced, CEO and co-founder Anne Wojcicki also stepped down — but not for the reason assumed.

    "I am supportive of the company and I intend to be a bidder," Wojcicki stated on social media. "I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder."

    The company aims to continue operations, and if Wojcicki successfully acquires the business, it could emerge more financially stable post-restructuring. However, the bankruptcy has severely damaged trust, making recovery an uphill battle for any new owner.

    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 protect your personal information

    With 23andMe looking for a buyer, many consumers fear their private DNA data and other details will be sold, such as payment information, could be sold. Their concerns are rightly placed.

    The company has stated that both it and any future owner must adhere to its privacy policy. However, it also acknowledged that in the event of "bankruptcy, merger, acquisition, reorganization or sale of assets, your personal information may be accessed, sold or transferred as part of that transaction." A new owner could also change the privacy policy going forward.

    Sally, many consumers concerned about this issue went to the website to try to delete their data — but so many people tried to take this action at the same time that the computer system struggled to keep up, and consumers got error messages.

    "This has been a nightmare," Pauline Long of Alabama told BBC. Long worried 23andMe would retain her data and attempted to delete it, but she had to wait two hours to speak with a customer service agent before successfully closing her account. She remains skeptical that her information was fully erased.

    The company claimed the technical issues have been resolved, though users may need to provide additional verification before deletion requests are processed. It also noted "some limited information" would remain. Customers facing issues should contact 23andMe’s Customer Care via [email protected] for help.

    If you are concerned about your DNA privacy, follow the deletion steps online, and if you encounter issues trying online first, and then reaching out via email if necessary. This is especially important because, while financial data breaches can be mitigated through measures like credit freezes, there is no comparable sageguard for genetic falling into the wrong hands.

    What to read next

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

  • McDonald’s is seeing a slump in sales. It could be a bad sign for the economy — but it may be good news for your wallet. Here’s how the fast-food giant plans to sweeten the deals

    McDonald’s is seeing a slump in sales. It could be a bad sign for the economy — but it may be good news for your wallet. Here’s how the fast-food giant plans to sweeten the deals

    McDonald’s is one of the most iconic American brands out there, and it’s done well through times of uncertainty — including during the COVID-19 pandemic, when it was easily able to pivot to delivery and takeout thanks to technology investments it’d been making for years.

    That’s why it’s such a troubling sign that the brand has been performing poorly.

    "While we anticipated a challenging environment in 2024, our performance so far this year has fallen short of our expectations," CEO Chris Kempczinski said in the company’s Q3 2024 earnings call, reported TheStreet.

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    Kempczinski attributes the company’s poor performance, in part, to the fact that "consumers, especially those in the low-income category, were choosing to eat at home more often," and said that this is an industry-wide trend.

    However, he also believes part of the problem may be that McDonald’s has "lost its way and ceded an important part of its brand identity to rivals."

    Kempczinski’s warnings about McDonald’s are important because of what they say about the economy as a whole. But those who like to eat at McDonald’s should also consider what the statements suggest might happen to the cost of their favorite fast-food meal.

    Poor performance at McDonald’s could be a sign of a troubled economy

    The downturn at McDonald’s is important for everyone to pay attention to. The drop in sales — especially by people with lower incomes — could mean that people simply do not feel they have the money to eat out right now, even at inexpensive places like McDonald’s.

    The data backs this up. A report by PYMNTS revealed that 98% of people who live paycheck to paycheck have changed their behavior to deal with rising prices at restaurants, including eating out less often or “trading down” to lower-cost items on the menu.

    This probably isn’t a surprise to most people who have been coping with economic uncertainty in recent years.

    In the aftermath of the pandemic, inflation surged to multidecade highs. Food and energy — two essential expenses you can’t escape — saw especially big price increases, and people are feeling the pain.

    In fact, the Pew Research Center found that 63% of Americans described inflation as a "very big problem," in 2025, and one that affects their overall perceptions of the economy, with 45% of people saying the economy is only in fair shape and 31% describing it as being in poor shape.

    Sadly, the consequences of struggling consumers extend beyond the impact on McDonald’s profits.

    "Restaurants are a canary in the coal mine,” Michael Halen, a senior restaurant and food service analyst at Bloomberg Intelligence told Marketplace in 2024.

    “Typically, you know, you see a slowdown in consumer discretionary spending in restaurants before you see it in other places.”

    If there is a general slowdown in consumer spending, this raises the risk of a recession as reduced demand means companies tend to cut back, which in turn can increase unemployment and lead to further cuts — all of which impedes economic growth.

    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

    McDonald’s is focusing on value, so the price to you could soon fall

    While McDonald’s problems may indicate a reason to worry about the economy as a whole, there is a little bit of good news. Kempczinski has said the fast-food chain is going to shift its focus back to providing the best value for customers so people will feel like eating there is within reach — even while overall economic conditions aren’t great.

    "We have moved with urgency in partnership with our franchisees to improve our value offerings in most of our major markets," Kempczinski said.

    Some examples he cited include discounted happy meals in France, three for 3 pounds meal deals in the UK, and coffee for a dollar in Canada.

    "As we have said before, we view good value as including both entry-level items and meal bundles at affordable price points," Kempczinski explained.

    This includes Every Day Affordable Price Menus that have "compelling entry-level price points" for things like breakfast, as well as on beef and chicken sandwiches for lunch and dinner.

    McDonald’s is not the only fast-food chain looking to capture the limited consumer dollars people feel comfortable spending.

    Wendy’s has introduced a $3 breakfast meal, while Jack in the Box plans to offer more value items as well.

    “Value is going to be something we talk about for the rest of the year,” Jack in the Box CEO Darin Harris told investors in 2024, reported Restaurant Business, when a slowdown in fast-food consumption was starting to emerge.

    “We know the competition is doing that. So we will be in the game.”

    So, as McDonald’s focuses on showing people it’s still affordable during challenging economic times, more people may once again start stopping in to the Golden Arches for a good deal — even if economic conditions as a whole have them feeling like they don’t have quite enough.

    What to read next

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

  • Trump says his new tariffs on imported vehicles are ‘vital to protect America’s automobile industry’ — but one lawmaker worries his approach has been akin to hacking with a ‘meat ax’

    Trump says his new tariffs on imported vehicles are ‘vital to protect America’s automobile industry’ — but one lawmaker worries his approach has been akin to hacking with a ‘meat ax’

    On March 26, 2025, President Donald Trump announced new tariffs on foreign autos. A fact sheet prepared by the White House said the tariffs would apply to imported passenger cars and light trucks, as well as many auto parts such as engines, transmissions, powertrain parts and electrical components.

    The tariffs won’t just apply to cars made by foreign companies, but also vehicles sold by U.S. carmakers but produced overseas. The fact sheet says the tariffs are essential to “protect America’s automobile industry, which is vital to national security and has been undermined by excessive imports threatening America’s domestic industrial base and supply chains.”

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    Although Trump announced a 90-day pause on all of his “reciprocal” tariffs on April 9, that doesn’t apply for several sector-specific tariffs Trump introduced, including the 25% tariff on auto parts.

    The Trump administration hopes the new tariffs, which are essentially taxes on imported goods, will encourage carmakers to bring production back to the U.S. and increase manufacturing jobs. However, there are some concerns that the added costs could adversely impact both auto manufacturers in Michigan, as well as the U.S. car market as a whole.

    How will Michigan auto makers be affected by new tariffs?

    According to the Detroit Regional Chamber, Michigan is the “auto capital of the world.” A total of 21% of all U.S. auto production happened in Michigan in 2022, and 98 of the top 100 U.S. carmakers have a presence in the Great Lakes State, while 65% are headquartered there. Around 20% of the Michigan workforce is also employed by the auto industry, which amounts to 1.1 million jobs.

    Despite these impressive numbers, this is a marked decline from the role the auto industry used to play in Michigan’s economy CNN reports. There’s been a 35% reduction in jobs in Michigan auto plants since 1990, and the number of auto industry jobs has been cut roughly in half since that time.

    Trump is hoping the new tariffs could bring some of these jobs back, and there are others who believe he could be on the right track.

    Democratic Representative Debbie Dingell, who represents Michigan’s 12th Congressional District, said: “I am somebody that believes tariffs are a tool in the toolbox,” and while she hopes the president’s actions could help restore jobs in her state, she also expressed concern that his administration’s actions may have gone too far, comparing it to a “meat ax.”

    The United Auto Workers also called the tariffs a “victory for autoworkers,” and “the beginning of the end of … the free trade disaster,” and released a statement saying: “With these tariffs, thousands of good-paying blue collar auto jobs could be brought back to working-class communities across the United States within a matter of months, simply by adding additional shifts or lines in a number of underutilized auto plants."

    However, those opposed to the tariffs argue that it takes time to build factories and change supply chains, so new jobs won’t be created right away. Instead, they say the immediate effect will be lost jobs. They may have a point, as around 900 workers of a Michigan auto parts factory that exports to Canadian and Mexican plants have already been laid off.

    Additional layoffs could follow as a result of higher costs of importing parts that go into Michigan-made cars, as well as because of reciprocal tariffs other countries may put on U.S.-made autos and auto parts in response to the president’s new tariffs.

    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

    “The increased costs would cause significant disruption throughout the supply chain and, perhaps most importantly, lead to significant price increases to the cost to American consumers for vehicles,” according to a letter from Detroit Regional Chamber and MichAuto, an automotive and mobility association shared by Reuters.

    How will the car market as a whole be impacted?

    It’s not just autoworkers in Michigan who are likely to be impacted by the president’s actions.

    Around half of all vehicles purchased in the U.S. in 2024 were imported, and even many cars made in America had only 40% to 50% domestically-made parts. As a result, just 25% of all cars sold here can actually be considered to be “made in America,” according to the White House.

    Unfortunately, imposing a 25% tariff on cars and car parts could make all the rest of those cars much more expensive. In fact, Dan Ives, of Wedbush Securities, a Wall Street firm, shared he estimates that the average price of cars is expected to increase between $5,000 and $15,000. As new car prices surge, this will increase demand for used cars, driving up prices for these vehicles as well.

    Some people are rushing to purchase new or used vehicles before the full effects of the tariff hit and prices go up. If you’re already in the market and have the money, this may not be a bad idea.

    For those who may need a car in the coming months or years but aren’t ready to pull the trigger yet, it’ll be important to find other ways to keep costs down, including downgrading and buying a cheaper vehicle than you might have hoped, sticking to used cars, and arming yourself with the information you need to negotiate effectively on price — such as the latest blue book valuations of vehicles you’re considering.

    Unfortunately, with car prices climbing, there may also be more pressure to take out larger auto loans and auto loans with longer terms. Resist this temptation if you can, as auto loan balances have already hit record highs — as have defaults — and borrowing too much for a car could harm your other financial goals.

    What to read next

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

  • NYC parking enforcement dunned Long Island man for $1,000 over an illegally parked truck he no longer owns. What happened and how to dispute unfair parking tickets

    NYC parking enforcement dunned Long Island man for $1,000 over an illegally parked truck he no longer owns. What happened and how to dispute unfair parking tickets

    Long Island resident Hector Colon rarely goes into Manhattan, so he was surprised to get multiple New York City parking tickets and notices adding up to $1,000.

    Colon told CBS News the truck involved did once belong to him, but that he’d sold it to someone else. New York State’s Department of Motor Vehicle (DMV) data confirms ownership of the truck was transferred to another driver long before the violations.

    "I can’t afford $1,000,” Colon said, “for something that I didn’t even do."

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    Unfortunately, New York’s Parking Violation Bureau — which has access to DMV real-time data — didn’t consult the data and charged him anyway.

    Now, thanks to media intervention, his case will be reviewed.

    Here’s what happened to Colon along with tips on how to dispute unfair parking fines.

    New York’s finance department in charge of parking fines

    New York City’s Department of Finance oversees the Parking Violation Bureau, and judges paid by the city’s finance department make decisions on parking violation appeals.

    Retired lawyer Larry Berezin, who runs a blog to inform people about New York City parking tickets, believes this is a conflict.

    “The mission of the Department of Finance is to raise money,” he says.

    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

    The department collected $46 million in parking ticket revenue in 2024. New York City issued 16 million tickets in 2024 for illegal parking and traffic violations.

    But quite a few people appealed their case — 457,000 had their fines dismissed, representing 30% of the parking violation appeals heard in court.

    Unfortunately, when Colon appealed, the judge still found him guilty — despite proof Colon sold the truck, surrendered his license plate and canceled truck insurance. Colon said the judge deemed that “insufficient evidence.”

    He and his wife were concerned Colon’s wages would be garnished to pay for the violations, so his wife paid $600 toward the fines.

    The good news is that when CBS News got involved, the Department of Finance connected Colon with its parking summons case legal advocate. Tse is resolving the case for Colon.

    "Once (the fines are) dismissed, I should receive a refund," Colon said.

    In addition, the DMV has raised concerns with New York City’s Department of Finance about parking ticket violations being based on outdated information. For its part, the finance department said “timing issues” were involved in Colon’s case, but added no further details.

    How to dispute a parking ticket

    You can fight unfair parking tickets, but you need to follow the correct process. Here are some guidelines on the steps involved, which depend on the jurisdiction that issued the ticket.

    Take photographs and gather evidence. If you believe you’ve been ticketed wrongfully, take time-stamped pictures (for example of nearby parking signs nearby). If there are witnesses willing to testify that you were legally parked, get their contact details.

    Establish whether you have a case. The ticket should indicate what ordinance was violated. Consult the law to confirm whether you’ve broken the rules. If the ticket doesn’t indicate which ordinance was violated or state date or time of violation, that is a good reason to appeal. Even If you were in the wrong, you may be able to demonstrate extenuating circumstances that made it necessary for you to park the way you did.

    Read the ticket for guidance on the appeals process. Your ticket should outline how to appeal and the deadline for doing so. This varies by jurisdiction. In New York City, parking disputes go through the Department of Finance; in Philadelphia, they go through the Philadelphia Parking Authority.

    Submit your documentation with your appeal. What happens next will vary depending on jurisdiction, but this process may involve a review by a parking enforcement office, a hearing before a judge and the opportunity to appeal to a state court. With a good case and evidence on your side, your appeal might be granted after a review by an officer.

    If not, you may have to go to court. If that’s the case, consider hiring an advocate to handle paperwork and help make a convincing case on your behalf. That’s where the photos and other evidence you gather, including witnesses, will be crucial. In the meantime, be careful not to pay the ticket because you are afraid you’ve missed the deadline.

    It’s worth the effort if you feel you’ve been wronged. By appealing, you can save money — and your reputation on the road.

    What to read next

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

  • I’m in my late 50s with a respectable (not enormous) nest egg — but I’m skeptical of the ‘4% rule,’ so how else can I safely withdraw money in retirement without going broke?

    I’m in my late 50s with a respectable (not enormous) nest egg — but I’m skeptical of the ‘4% rule,’ so how else can I safely withdraw money in retirement without going broke?

    Running out of money in retirement is a huge fear for many people. In fact, research from Allianz Life Insurance found that 63% of Americans are actually more worried about going broke too soon than they are about dying.

    It’s understandable to be worried about this because, when you retire, you most likely have to rely on savings and Social Security, which, on average, replaces only 40% of pre-retirement income. If your savings runs out, you’ll be in trouble, and you don’t want to face this fate.

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    The worry is even more accurate for people in their late 50s and early 60s, who are entering the final stretch of their working years.

    The good news is, you shouldn’t have to. No matter how modest your nest egg, and no matter how close you are to retirement, you can adopt a smart strategy for withdrawing your funds in a way that makes them last.

    Here’s what you need to know to make that happen.

    Choosing a safe withdrawal rate

    Choosing a safe withdrawal rate is the most important thing you can do to make your money last. This means you limit the amount you take out each year to ensure you leave enough in your account to continue earning returns and avoid dropping your principal balance too fast.

    There are many different ways you can do that.

    The most conservative option is to live on interest alone. If you have $1 million and earn 3% interest, you’d live on the $30,000 annual yield and not touch your actual nest egg.

    The problem is, you don’t necessarily earn a consistent or substantial amount of interest every year since investment performance fluctuates. That’s on top of the obvious fact that if you aren’t planning to draw down the balance at all, you need to amass a pretty large balance to produce an annual sum that you could conceivably live on: having a million dollars at retirement is easier said than done.

    And we haven’t even brought up inflation yet. Hence the second option, what is commonly called the 4% rule, according to which your money should last at least 30 years if you only take 4% out in Year 1 of retirement and increase the amount to keep pace with inflation.

    However, this has some problems too. Most notably, experts now say you must cap withdrawals at 3.7% for your money to last since future projected returns have declined while lifespans have gotten longer. The 4% rule also doesn’t respond to changes in market conditions.

    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

    The Center for Retirement Research at Boston College recommends a different approach, which involves letting the Required Minimum Distribution (RMD) rules guide you.

    Retirees with tax-advantaged accounts must take minimum distributions starting at age 73, but CRR said these tables can be a guide even before, and even for those with accounts not subject to RMDs, since they take investment performance, marital status and lifespans into account.

    What’s your risk tolerance?

    No matter which option you pick, it’s smart to consider the level of risk you want to take on. The more risk-averse you are, the smaller your withdrawals should be. You should also have at least two years of liquid, accessible cash you can live on to avoid having to make withdrawals during a downturn and lock in stock market losses.

    If you follow one of these methods, you can hopefully ensure your money lasts as long as you do. A financial advisor can also help you develop a personalized approach to retirement withdrawals tailored specifically to you, if you want the very best chance of making your money last.

    What to read next

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

  • ‘Replacing what used to be a smoke-filled back room’: Colorado lawmakers try for the second time to ban rent-setting algorithms — blamed for costing US renters an extra $3.8 billion in 1 year

    ‘Replacing what used to be a smoke-filled back room’: Colorado lawmakers try for the second time to ban rent-setting algorithms — blamed for costing US renters an extra $3.8 billion in 1 year

    If you’re a renter, do you know how your landlord sets the rent? In many parts of the country, it may be done using algorithms. These third party-run algorithms use proprietary and public data, and may allow landlords to indirectly collude on price or coordinate to charge higher rents.

    "What these companies are doing is they’re replacing what used to be a smoke-filled back room with a computer algorithm,” Rep. Javier Mabrey of Colorado told ABC Denver 7.

    Don’t miss

    These algorithms have cost renters a lot of money, with a report released under the Biden administration estimating them to have cost U.S. renters $3.8 billion in 2023, with Denver renters in particular having paid, on average, $136 more per month. Now, lawmakers in Colorado, including Rep. Mabrey, are trying to ban them in House Bill 25-1004.

    So, what would the bill do? And, how would the ban affect renters and landlords? Here’s what you need to know.

    How do rent-setting algorithms work?

    This predictive software uses extensive market data to offer landlords profit-maximizing recommendations about rental terms, including pricing. A system, the American Economic Liberties Project says, can allow landlords to “limit supply and drive up rents without explicitly sharing data … exploiting a loophole in laws that prohibit price-fixing.”

    But states have begun to take notice, and Colorado joined a lawsuit with seven other states and the Department of Justice against RealPage, a commercial revenue management software provider based in Texas. According to Economic Liberties, RealPage’s clients comprise around 90% of investment-grade multifamily rental housing units in the U.S.

    The lawsuit, even if successful, may not be enough to fully protect consumers from all rent-setting algorithms, say some Colorado lawmakers. That’s why they are trying to ban the software altogether.

    "We need to stand up and say, ‘Enough is enough,’” Rep. Mabrey told Denver 7. “We’re not going to wait for the courts, and this is illegal in the state of Colorado.”

    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 would a ban on rent-setting algorithms mean for landlords and renters?

    The proposed bill would prohibit algorithmic devices if they are intended “to set or recommend the amount of rent, level of occupancy, or other commercial term associated with the occupancy of a residential premises” by two or more landlords in the same or related markets. It would also ban algorithmic devices that recommend any of these terms “based on data or analysis that’s similar for each landlord.”

    Violations of the law would be considered “an illegal restraint of trade or commerce” and would be punishable under Colorado’s antitrust laws.

    The Colorado House of Representatives has approved the bill already, and it now heads to the state Senate. If it becomes law, unlike a similar bill that failed in 2024, Colorado would be a pioneer in passing this legislation — although other states have tried.

    Proposed bills prohibiting the algorithms also stalled in Illinois, New York and Rhode Island in 2024, while a similar bill did pass the Washington Senate and is now awaiting a House vote.

    Four cities have successfully instituted bans, though, including Minneapolis, most recently, as well as San Francisco, Philadelphia and Berkeley.

    Not everyone is in favor of these new laws, though.

    “I just don’t think we need more regulation, more legislation in this space where any time the government interferes, we distort the market, and the results are going to be unexpected," Rep. Chris Richardson told Denver 7.

    Richardson said many landlords are small business owners or elderly homeowners who could be hurt by the new rules. While the Colorado Apartment Association told Denver 7 that the algorithms are a “critical tool” for assessing the market.

    It remains to be seen which argument will win out — and how rent prices will be affected in cities and states where bans pass.

    However, with housing costs already inflated in the post-pandemic era, renters would most likely appreciate any efforts to try to bring prices in check, especially if they are being artificially increased by modern methods of price collusion.

    What to read next

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

  • ‘I was not going to give up’: Colorado couple’s insurer denied claim for $94K air ambulance bill after husband had heart attack, needed life-saving surgery. What to do if it happens to you

    ‘I was not going to give up’: Colorado couple’s insurer denied claim for $94K air ambulance bill after husband had heart attack, needed life-saving surgery. What to do if it happens to you

    When Bob and Marjean Taylor went to stay in a friend’s cabin an hour from the nearest hospital back in 2022, neither expected that Bob would have his second heart attack within four months while they were vacationing. Unfortunately, that’s exactly what happened.

    Marjean took him to the local hospital, but they were told he needed more care than the facility could provide. An air ambulance arrived, transporting him to a medical center where his cardiologist was waiting to repair a stent that had torn. The procedure saved his life, but sadly, Bob’s troubles weren’t over.

    Don’t miss

    Soon after they returned home, the Pueblo, Colorado couple received notice that their insurer, Anthem Blue Cross Blue Shield, was denying their claim for the air ambulance, saying the transport wasn’t medically necessary and sticking the Taylors with a bill totaling around $94,000.

    “It gave me a heart attack, almost,” Marjean told Denver7 Investigates of the unexpected bill.

    Unfortunately, air ambulances have become very expensive, and a growing number of insurers are denying claims for them, leaving Americans who’ve suffered medical crises holding the bag. Here’s what you need to know.

    Air ambulances save lives, but at a huge expense

    Air ambulances are helicopters or planes designed to provide timely transport of patients to medical facilities. They’re often used in rural areas where medical care is scarce.

    With an aging population, more people relocating to remote areas during COVID-19, and the increased prevalence of infectious diseases, the market for air ambulances is growing.

    In fact, according to Technavio, a market research group, the air ambulance market saw 9.63% year-over-year growth from 2022 to 2023 and is expected to increase by $6.77 billion between 2024 and 2026.

    Sadly, prices for air ambulances have skyrocketed, as a growing number of private equity firms have moved into the market.

    Insurance companies often don’t want to pay

    One would think that insurance companies would cover the costs of air ambulance services in most cases, since they’re almost always called in emergencies. Unfortunately, data shows a growing number of insurers are denying claims.

    Part of the problem is that when an air ambulance is called, patients aren’t checking if the company is in-network or not. This may not be a high priority when you’re being airlifted to a hospital during a heart attack or in the wake of an accident.

    It shouldn’t matter if the ambulance service is in-network, as starting in 2022, policyholders were supposed to be protected from unexpected bills under the No Surprises Act.

    This act prohibited surprise bills for:

    • Most emergency services, regardless of whether they’re in network or out-of-network
    • Out-of-network services provided when a patient visits an in-network facility (such as anesthesia administered by an out-of-network anesthesiologist at an in-network hospital)

    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

    However, insurers can still pass on out-of-network costs to claimants if the service isn’t considered medically necessary. Perhaps unsurprisingly, insurers now claim that many ambulance trips aren’t needed. In fact, the National Association of EMS Physicians warned policymakers in a February 2024 letter that they have seen a “spike in denials of claims on the basis of ‘lack of medical necessity.’”

    Being transported to a hospital during a heart attack seems pretty necessary — and yet the Taylors were still told they had to pay. They had to go through multiple appeals over two years and ultimately get the press involved before the insurer finally resolved the issue, blaming unclear communication for the problem.

    Not everyone will be lucky enough to get the press involved, though, and the couple faced a lot of stress in the meantime.

    “I just felt like we were stuck in the middle of all these companies and nobody cared,” said Marjean.

    “After I got off the phone, I said, ‘I cannot believe this is done,’ and I started crying. But I wasn’t giving up. I was not going to give up. I was not paying for it.”

    How can you avoid big health care bills?

    Air ambulance costs are a growing issue, but there are other ways you could find yourself stuck with a hefty bill for health care services.

    Here are some steps you can take to protect yourself:

    • Get pre-approval for medical services from your insurer in non-emergency situations
    • Know your rights under the No Surprises Act
    • Shop carefully for the right insurance policy that offers comprehensive coverage from a provider with a good reputation.
    • Visit in-network providers whenever you have the option
    • Request itemized bills to understand what you’re being charged for
    • Negotiate with providers and the billing department if you think you’re being overcharged
    • Appeal denied claims, and be prepared to provide documentation
    • Hire a medical bill advocate to help you fight unfair bills

    These steps can help you avoid the financial devastation that comes with big medical bills your insurer should pay for, but does everything possible to avoid.

    What to read next

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

  • I’m making decent money at 27 but was offered my dream job at a significantly lower salary. Are the financial implications worth getting to do what I love?

    I’m making decent money at 27 but was offered my dream job at a significantly lower salary. Are the financial implications worth getting to do what I love?

    Imagine you’re 27 years old, have no college degree and have been working a desk job you hate for three years. You’re looking at decades more in the workforce doing a job you can’t stand — but you’re making $22 per hour plus benefits, so you’re doing OK financially.

    One day, the volunteer program you’ve been working for offers you your dream job doing something you’d adore with people you like — but you’d be paid just $15.50 per hour without any benefits. You can afford to take the pay cut because you live with your parents and can get health insurance subsidies, but there’s little potential for career growth and a long commute.

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    In this situation, would you — and should you — take your dream job? Or should you stick it out in your current career to make more money?

    Here’s how to decide what to do if you’re facing this decision — or any other scenario where you have to decide whether to take a pay cut to improve your work satisfaction.

    What you need to consider

    If you’re trying to decide whether to accept a low-paying dream job, the first and most important consideration is whether you can live on the money you’d make at the job. If you can’t easily cover your living costs, taking the job doesn’t make sense. Jobs are meant to fund your lifestyle, and you don’t want to lock yourself into a life where you’re in debt or struggle constantly.

    If the job would allow you to cover your current bills, but you’re single and live with your parents right now, you also need to think about the future. Would you still be able to live on the salary you’re earning if you decided to move out, get married or have kids? If not, are you OK with potentially needing to reroute once again later down the line?

    Looking at your long-term job prospects is important too. Are there opportunities for salary increases, or will you be making a low wage forever? Will the job help you learn transferable skills so you could transition to a higher-paying industry, or are you limiting earning potential for life? And are you OK with lower Social Security benefits, as those are based on average wages?

    You may want to try calculating what your net worth would be five years from now with your current pay and possible lower pay to get a hypothetical picture of the future.

    Finally, consider what’s going to make you the happiest. If loving your work is really important to you, and you’re confident the job will give you lots of professional fulfillment, you may want to take it. However, if you hate driving and it’s a long commute, or if you’ll have to significantly cut your budget, you may end up unhappy despite the job.

    Thinking about which path is going to bring you the most joy allows you to decide if it’s money or job fulfillment that you want to prioritize.

    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

    Navigating a lower-paying job

    If you’re committed to taking your ideal job despite a low pay rate, there are steps you can explore to keep your finances stable.

    First, you should try to negotiate the salary. According to a 2023 Pew Research Center survey, 28% of Americans who asked for higher wages were given the amount they asked for and 38% got less than requested, but were still paid more than their original offer.

    If you can’t get a higher salary, finding supplemental sources of income (such as working overtime or working a side gig) could make it possible to take the lower-paying job without derailing your finances. Just consider whether this is sustainable, though, because having your ideal career but having to work a second job to make ends meet may become a burden.

    Adjusting your budget to live on less is another option. You can look into government benefits to stretch your money, such as Affordable Care Act insurance subsidies, or the Earned Income Tax Credit, which allows some low- and moderate-income taxpayers to save on taxes and potentially get more back in their refund.

    If you can find solutions like this to make the numbers work, you may decide that taking your perfect job is worth the sacrifice. Just remember to think about the big picture and consider your long-term happiness and financial stability before you decide.

    What to read next

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