Author: Jessica Wong

Back in 1991, Berna Macías was just trying to make ends meet when she started selling cowboy hats at a local flea market.

“It was very cheap,” she recalled to KHOU News, but that simple choice laid the foundation for a family-run brand that has lasted more than three decades.

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At 73 years old, Berna, a great-grandmother of 14, is still working seven days a week. Retirement? Not even on the horizon.

And Berna’s not the only one: more and more seniors are working into their golden years.

From humble flea market to Texas fashion fixture

Today, the Macías name is synonymous with handcrafted hats and rodeo-ready fashion. Her son Raul still mans the original flea market stall on Airline Drive, shaping hats with the same precision his mother taught him.

In fact, Berna brought all six of her kids to the stall, turning the hustle into a hands-on masterclass in entrepreneurship.

“I am the baby of the family. I’m the sixth one,” said Alfredo Macías. “Just trying to feed the family.”

Building a business hasn’t come without challenges. When thieves once wiped out an entire store’s inventory, Berna considered walking away.

“I thought I’d close it all, because I lost everything,” she shared.

Instead, she doubled down.

The family now runs four brick-and-mortar stores under the brands Indomable and Silver Back Rodeo, alongside the original flea market location. They sell everything from custom-shaped hats and leather belts to traditional cowboy boot repair, serving ranch hands to Rodeo Houston showstoppers.

Nearly 30 employees keep things running, about half of whom are family, including grandchildren.

The Macías family proves one thing: never underestimate the power of a cowboy hat and a hardworking mom who won’t quit.

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 new retirement plan might be no plan at all

Retirement used to be a finish line. Now? For millions of Americans, it’s a pit stop or something they skip entirely.

In 2024, nearly 1 in 5 Americans aged 65 and up were still clocking in, nearly double the rate from the 1980s, according to U.S. labor data.

The average retirement age in the U.S. has climbed from 57 in the 1990s to 67-plus today, and is still rising.

So, why aren’t folks retiring yet?

About 80% of older workers say they still need the income, and 64% are scared they will outlive their money, according to a survey by Transamerica Retirement Studies.

A 2023 Pew study found workers 65-plus are more satisfied with their jobs than their younger peers.

Retirees are un-retiring, coming back to work for passion, not just pay. Whether it’s consulting, freelancing, or running their own gig, retirees are becoming retirees on their own terms.

This generational shift isn’t small potatoes. The U.S. Bureau of Labor and Statistics says the number of Americans over 65 has grown 457% since 1950, with life expectancy now hovering around 79 years.

Meanwhile, participation rates for those 75 and older are expected to nearly double by 2030, a demographic trend with big implications for the economy, housing, and even job design.

While some older Americans are still on the clock out of financial necessity, a rising number say it’s about identity, impact, and joy.

Retirement isn’t dead. But the old idea of sitting back on a porch and watching the world go by may become outdated for those who want (or have to) keep clocking in.

For today’s older Americans, the new retirement plan might just be no plan at all. And for many, that’s exactly how they like it.

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

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

Marty from Spokane, Washington, thought he was taking a smart step toward debt-free homeownership. But pulling $400,000 from his 401(k) to buy a house left him with a staggering $140,000 tax bill.

“I just recently found out that when I go to file my taxes, I am going to owe roughly $140,000,” he said, calling into The Ramsey Show. “I really don’t want to do a payment plan with the IRS, but I just don’t know the best path forward.”

Marty thought he had paid all the fees and taxes when he withdrew the money, but said, “I was misinformed that it had been paid… and I didn’t realize it hadn’t been done until I went to file my taxes.”

The Ramsey Show says it’s better to owe a bank than the IRS

Marty has a few ways to come up with the money: He could use a line of credit like a HELOC or credit card, dip into his $60,000 in savings, or take out a personal loan from a bank. But The Ramsey Show co-hosts Jade Warshaw and Rachel Cruze were clear: some of those options could make things worse. They advised against using a home equity line of credit (HELOC) or a credit card.

“I would not do a HELOC,” Cruze said. “I would not put your home at risk. With HELOCs, the interest rates are sometimes insane.” As for credit cards, the interest rates tend to be even higher and more volatile, and the debt can spiral fast. That’s a dangerous mix when dealing with a large IRS bill. Instead, Warshaw and Cruze recommended pulling from Marty’s savings and using a personal loan from a bank to cover the remainder.

“Use your savings, then get a personal loan to pay the IRS off as quickly as possible,” Warshaw advised.

“Because I’d rather owe a bank than the IRS at this point,” Cruze added.

IRS debt can lead to aggressive penalties, interest and long wait times when trying to resolve issues — which is why they emphasized handling it quickly, cleanly, and without risking other key assets like retirement accounts or home equity.

“You’re already in the hole,” Cruze said, adding “…be in the hole with a bank.”

The consequences of tapping into your 401(k) early

Marty’s story serves as a reminder to avoid dipping into retirement accounts, especially if you don’t fully understand the tax implications.

As Warshaw concluded, “No more leveraging very important things for debt.”

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In a financial emergency, your 401(k) might look like a tempting source of fast cash, especially when you see a hefty six-figure balance just sitting there. But taking money out of your 401(k) before age 59½ can come with serious consequences that extend far beyond the immediate tax year. You’re typically hit with a 10% early withdrawal penalty and ordinary income tax on the total amount that you’ve withdrawn.

For example, let’s say you withdraw $20,000 from your 401(k) before age 59½:

• $2,000 goes straight to the IRS as a penalty (10%)
• Assuming a 22% tax bracket, you’ll owe another $4,400 in income taxes
• Total cost in fees and taxes: $6,400, or 32% of your withdrawal
• The amount you’ll actually keep: $13,600

Aside from the fees and taxes, there are long-term implications, too.

Lost investment growth: Money withdrawn from your 401(k) isn’t just taxed, it’s no longer growing. A $20,000 withdrawal today could have grown to $80,000 or more over 25 years with compounding returns (assuming an average of 7% annual growth).

Tax time shock: Many people think taxes and penalties are deducted automatically. But if you don’t withhold the right amount when you take the distribution, you may owe thousands when you file, with penalties and interest if you can’t pay on time.

When a 401(k) withdrawal might make sense

There are some exceptions where tapping into your 401(k) early may be the only option:

• Avoiding foreclosure or eviction
• Job loss with no savings or access to credit
• Disability or death (in which case, penalties may be waived)
• Hardship withdrawals, like for terminal illness (may be exempt from the 10% penalty, but you’ll still owe income taxes)

Before dipping into your retirement funds, consider other options:

• Emergency savings
• Personal loans or credit union options
• Home equity loans, if your income supports repayment
• Selling non-retirement investments, like brokerage accounts

Pulling from your 401(k) early can feel like a quick fix, but with taxes, penalties and lost future growth, you could lose 30% to 40% of what you take out, so it should be treated as a last resort rather than an easy solution.

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

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

Sandy Martinez, a single mom in Lantana, Florida, is taking her town to the Florida Supreme Court to fight $165,000 in “outrageous” and “unconstitutional” fines for things like parking on her own property.

“Six-figure fines for parking on your own property are outrageous,” her attorney Mike Greenberg said in a news release.

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Greenberg works for the Institute for Justice, a nonprofit public interest law firm representing Martinez in the case.

According to the organization’s website, its mission “is to end widespread abuses of government power.”

Its lawyers argue that Martinez’s case is a textbook example of “taxation by citation” — where cash-strapped municipalities use minor infractions to justify outsized penalties as a revenue-generating machine.

$100K in fines for parking at home

As the New York Post reports, Martinez’s problems started in May 2019, when she was cited because cars at her home occasionally had two tires parked on the lawn.

She said it was bound to happen with four family members and four vehicles. The penalty? A staggering $250 per day.

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

Martinez claims she tried to resolve the situation by meeting with a code enforcement officer after the initial violation, but those attempts were “fruitless,” and fines kept mounting — tapping out at $100,000 in parking violations.

Lantana officials didn’t stop there. According to court filings, Martinez was fined for cracks in her driveway, something she didn’t have the money to fix right away. That resulted in daily $75 fines for 215 days, totaling $16,125, “far greater than the cost of an entirely new driveway,” Martinez said in her lawsuit.

Then came the fence. After a major storm knocked it down, Martinez waited for her insurance to cover repairs. While she waited, the city fined her $125 a day for 379 days, adding up to $47,375 in penalties.

Martinez sued the city over the fines in 2021, but lower courts sided with the town.

“It’s surreal that the town still refuses to admit that what it’s doing to me is abusive and unfair,” Martinez said.

Now in her appeal to the Florida Supreme Court, her lawsuit cites Florida’s Excessive Fines Clause, which mirrors protections in the U.S. Constitution.

Local officials have not publicly commented on the case.

It’s up to Florida’s Supreme Court to decide whether the punishment truly fits the "crime", or if it’s an abuse of power dressed as municipal regulation.

How to protect your wallet from property fines

While Martinez’s case may be extreme, it highlights just how quickly minor violations can snowball into major financial stress.

Here are some practical ways homeowners can stay ahead of fines, reduce financial risk and protect their assets:

Get written notice and document everything. If you receive a code violation notice, ask for it in writing. Keep records of all correspondence, photos of your property before and after corrective actions and any receipts or repair quotes. Paper trails are crucial if you have to defend yourself legally or contest fines.

Know your local ordinances. Municipal codes can vary, with some towns enforcing rules more strictly than others. Review your city’s or HOA’s code enforcement policies so you’re not caught off guard by unexpected fines. Most city or county websites post their code enforcement rules and fine schedules.

Act right away. Respond immediately to any violation notice. Contact the code enforcement office and ask for a walkthrough or extension while you fix the issue. Proactive communication can sometimes prevent daily fines from stacking up.

Set up a home emergency fund. Even minor home repairs, like fixing a cracked driveway, can carry steep price tags. A home emergency fund (separate from your general savings) can help prevent you from dealing with fines, like Martinez. Realtor.com recommends putting aside 1–3% of your home’s value for unexpected repairs.

Ask for a fine reduction or hardship adjustment. Many municipalities offer hardship waivers or payment plans. You can often negotiate fines, especially if you can show financial hardship or prove the issue was out of your control (e.g., a delayed insurance payout). Ask in writing and reference any delays due to insurance or contractor availability.

Know your rights. Florida, like many states, protects homeowners from “excessive fines” under its state constitution. If fines feel disproportionate, especially compared to the violation, consult a legal aid group or nonprofit like the Institute for Justice.

While most homeowners won’t face six-figure fines like Sandy Martinez, the financial consequences of even “minor” code violations can be devastating if ignored. Staying informed, communicating early, and having a financial safety net can help you avoid falling into a costly trap.

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

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

The average annual spending for U.S. households of those 75 years and older was $53,481 in 2022, according to the Bureau of Labor Statistics. With a modest $2,000 monthly income from Social Security and $50,000 in savings, it’s natural to be worried about outliving your savings and looking for some guidance.

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The average life expectancy for 79-year-olds is around nine years, according to Social Security. Using a Fidelity retirement calculator, we can see that if your savings are invested and earn an average annual rate of return of 5%, you can afford to make nine yearly withdrawals of around $6,700.

According to the Social Security Administration (SSA), the estimated average monthly retirement benefit for January 2025 was $1,976. This would translate to almost $4,000 for a couple. But many seniors receive less, which makes budgeting and planning critical.

Let’s walk through steps you can take to navigate this financial situation.

Maximize your home value

While owning a home outright is a huge advantage, maintaining it can be costly.

You can consider downsizing. Moving to a smaller, lower-maintenance home or a senior-friendly community can reduce property taxes, utilities, and upkeep. Downsizing can free up capital and reduce monthly costs significantly.

Renting out a spare room or partnering with another senior through vetted home-sharing programs can also help with supplementing income and provide companionship and added security. Programs like the National Shared Housing Resource Center offer resources for income-generating home-sharing options.

Optimize your healthcare

Medicare provides essential coverage, but supplemental insurance can be pricy.

Seniors with limited income should check eligibility for Medicare Savings Programs (MSPs). These state-administered programs help pay Medicare premiums, deductibles, and co-pays for low-income seniors. Also, learn about the “Extra Help” program for prescription drugs. The SSA offers assistance to reduce Part D prescription costs based on income and resources.

Staying on top of these programs through resources like Medicare.gov can save hundreds or even thousands of dollars every year.

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

Reduce your living expenses

Stretching $2,000 a month requires some discipline, but living a frugal lifestyle while still enjoying quality of life is key.

Make sure you create a monthly budget and try to cut discretionary spending.

Track all expenses and categorize needs vs. wants. You can consider using free budgeting tools if you’re tech-savvy. Limit dining out, subscriptions, and non-essential purchases. Buy in bulk, shop sales, and utilize food assistance programs if eligible.

Local senior centers, food banks, and utility assistance programs can help reduce expenses.

Prepare an emergency fund

Unexpected health expenses, home repairs or other emergencies can quickly throw you off a tight budget.

Usually people are advised to keep at least 3-6 months worth of expenses in a highly liquid account, such as a dedicated high-yield savings account. This means that if you need to access funds right away, you won’t have to tap your investments or take on debt.

It may be tricky to do in your current situation, but retirees are generally advised to build larger emergency funds. Consult a trusted financial advisor about this if you can.

Abid Salahi, finance expert and co-founder of FinlyWealth, told GOBankingRates retirees should aim to keep 12 to 18 months of living expenses in their emergency fund.

If you’re a senior living on a tight Social Security income, it’s important to be proactive about emergency savings, optimize your home and healthcare costs, and have control over daily expenses. By taking these steps, you can avoid running out of money and feel more secure in your 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.

If you’re a divorced dad in your mid-50s with kids and a healthy 401(k), retirement at 65 isn’t off the table, but it’s not just about your nest egg anymore. It’s about who you still need to support, how long that support might last and what lifestyle you’re aiming for.

Many Gen Xers are now facing similar questions with retirement on the horizon. The good news? With careful planning and a clear-eyed view of future expenses, retirement in about a decade is within reach.

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Let’s say you’re aged 55, divorced with two kids and have $810,000 in your 401(k). Here’s what you and others in similar situations need to think through.

How big can your portfolio get?

In addition to your robust 401(k) account, imagine you’re able to max out contributions. At your age, that means putting away $31,000 a year ($23,500 regular cap plus $7,500 catch-up in 2025). Plus any employer-match, if your workplace offers such a program.

Contribution limits tend to rise over time, but for the sake of simplicity let’s assume they stay the same over the next decade, and that you contribute monthly ($2,583.33) with no employer match. Assuming a conservative average annual investment return of 7%, by age 65 your 401(k) should be around $2 million.

That seems like a strong number, but before you celebrate you need to figure out how much income that will translate to in retirement.

Using the 4% rule as a guide — which means withdrawing 4% of your savings in your first year of retirement and adjusting that amount annually for inflation — that would equal $80,000 in year one. Add on top of that Social Security, whether you decide to start collecting at age 62 or up to age 70. Considering, with the right portfolio management, the 4% rule is meant to last 25-30 years, you could be sitting pretty.

Of course, there are other factors to consider.

What about your kids and your ex?

Here’s where things get complicated because you’re not just planning for yourself.

Are your kids still minors? In college? Are you covering tuition or housing? It may be wise to budget for additional costs now. Even if you’re done with formal support, you may want to help out in different ways. If you’re the primary caregiver, your household costs may stay higher for longer.

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

Do you pay alimony? If yes, when does that end? Also, depending on marital laws in your area, your ex may have a claim on your retirement accounts.

Divorces can split 401(k) earnings during marriage. Make sure you know what’s truly in your name before you plan around it.

Health care and taxes

Health care is one big reason Americans get strategic about retirement. Medicare becomes available at age 65, which means if you retire any earlier, you may have to pay for private insurance in the meantime. It’s also worth noting that Medicare offers individual coverage only — there are no family plans.

Also, remember that 401(k) withdrawals are taxed as ordinary income. If you’re pulling $80,000 a year, remember to factor taxes into your budget from the start. A portion of your Social Security benefit — up to 85% — may also be subject to taxes.

If you have any further concerns — including care for yourself in the future — consider meeting with a financial advisor. Together you can come up with a plan to best suit your needs.

So, can you retire in 10 years? If you keep up your retirement contributions and the market is relatively stable, it’s very possible — especially if your expenses aren’t sky-high. A $2 million nest egg sounds like a lot, but it depends on how you spend the money and who you support. It’s less about a magic number and more about a personal budget. Can your future income cover your actual costs, including kids, taxes, health care and leisure?

If you’ve got a handle on what your costs will be, and the math checks out, retirement could be a real option.

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

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

South Florida’s flood defenses just took a $150 million hit, and residents are sounding the alarm.

In a move that is shaking storm-vulnerable communities from Miami Shores to Hialeah, the Federal Emergency Management Agency (FEMA) has pulled the plug on a key federal program, abruptly canceling grants from the Building Resilient Infrastructure and Communities (BRIC) initiative that were set to shore up outdated flood infrastructure across the region.

“The BRIC program was yet another example of a wasteful and ineffective FEMA program,” a FEMA spokesperson said in an April statement, blaming “political agendas” for derailing disaster relief under previous leadership.

A FEMA spokesperson said in April that, under Homeland Security Secretary Kristi Noem, the agency is charting a new course: “We are committed to ensuring that Americans in crisis can get the help and resources they need.”

As a result, a staggering $148 million earmarked for South Florida Water Management District (SFWMD) projects is now gone.

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‘This administration couldn’t care less about the safety of our families’

The canceled upgrades were going to fix aging spillways and stormwater systems across three canal basins, all flagged as inadequate by engineers.

Without those upgrades, SFWMD research warns vast stretches of Miami-Dade and Broward counties could face catastrophic flooding and erosion, with rising sea levels and stronger storms making the threat even worse.

Residents in neighborhoods like North Miami, Miami Gardens and Little Haiti told CBS Miami the water’s already rising.

“I’m worried,” said Mary Charlsmith, a North Miami homeowner. “When it rains a lot, there’s a lot of flooding in the street. I have concerns, of course.”

Charlsmith said her home was flooded twice in 2024. “We have to put sandbags in front of the door but that doesn’t help.”

In Miami Shores, Fernando Monsalvo told CBS Miami, “It worries me a lot, the investments that we lost — $148 million… There should be more spent to protect our quality of life. Now, we’re going to suffer a lot.”

His neighbor, Victor Guzman, says, “It’s a need and the government taking them off is not a good thing.”

Rep. Frederica S. Wilson, who represents much of the impacted area, accused the administration of putting politics over public safety.

“This administration couldn’t care less about the safety of our families,” she charged. “Slashing funds for flood mitigation and hurricane prep isn’t just reckless – it’s life or death for South Florida.”

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 if FEMA funds are not replaced?

Here’s what could happen if the $150 million in BRIC grants pulled by FEMA are never replaced:

Higher flood risk Without critical upgrades like pump stations, raised roads and improved canals, areas like Miami-Dade and Broward become even more vulnerable during storms or high tides, especially with the rising sea-level.

Strained emergency response As FEMA staff have warned, canceling BRIC cuts down on essential planning, coordination and training, all critical for hurricane and flood readiness.

Without preparations, disasters escalate. New Orleans (post-Katrina) experienced delayed federal relief, infrastructure breakdowns and widespread chaos.

Escalating costs Federal research shows every $1 spent on mitigation saves around $6 in future recovery costs.

Municipalities are already investing in sandbags and emergency services, but may have to repay lost grants or self-fund improvements, impacting other services.

Flood insurance fallout The National Flood Insurance Program (NFIP) remains burdened with debt (~$20 billion) and uses outdated mapping. With rising costs, insurers may hike premiums or drop policies in high-risk zones.

Many homes in flood zones remain uninsured and without mitigation infrastructure. More policies could be dropped or become mandatory, hurting homeowners financially.

Economic disruption An estimate from the Democratic staff of the Joint Economic Committee pegs the annual cost of flooding in the U.S. at a staggering $179.8 billion to $496 billion in 2023 dollars.

That’s nearly half a trillion dollars in potential damage, disruption and disaster response costs each year, highlighting the massive financial burden of America’s rising flood risk.

Leaders push back and call for restoration of funds

Wilson is now calling for Congress to intervene and restore the canceled BRIC funding, insisting “only Congress has the power of the purse.”

Despite the financial setback, SFWMD says it’s not throwing in the towel just yet.

“No immediate decisions are needed at this time because we are still designing the projects and have not started construction,” the agency said in a statement to CBS News Miami. “We will continue to work closely with our local, state and federal partners to provide flood control in these communities.”

Miami-Dade Mayor Daniella Levine Cava pledged to “monitor federal changes closely” and safeguard the region’s storm-readiness.

“We’re doing our very best to continue to have a very resilient economy and infrastructure,” she said. “So far, so good.”

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

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

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

Reimbursement and accountability. That’s what a group of frustrated homeowners in Houston’s Rice Military neighborhood is demanding after an 18-wheeler reportedly knocked down power lines on their street.

Not only did it leave them in the dark for nearly a week but they were also on the hook for footing a nearly $20,000 repair bill. Residents say the truck, operated by a company identified as 6G Transport, struck low-hanging power lines on Detering Street, pulling down a power pole and causing extensive damage that left seven homes without electricity.

“To say that I am outraged would be an understatement,” homeowner Dana Davis told KPRC 2 News. “We were literally and physically in a position of being powerless.”

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The group says they waited days without action from 6G Transport. With no power and Houston temperatures rising, they ended up hiring an electrician to restore electricity at a cost of nearly $20,000, which they say they had no choice but to pay out of pocket.

“With these unseasonably hot temperatures, we couldn’t endure another day without electricity,” Davis said.

More questions than answers

Davis told reporters that she reached out to the company multiple times and spoke directly with the owner, but was left with more questions than answers.

“He wasn’t sure if he was at fault,” she said. “He even suggested that CenterPoint might be responsible because the lines were too low or that the city should have posted signage.”

CenterPoint Energy, in a statement to KPRC 2, confirmed that it had responded to the outage on May 9, but the utility company said it was only responsible for its own infrastructure.

“CenterPoint repaired the damage to its equipment, and once repairs were made to the customer-owned equipment, power was restored,” the statement read. “While we understand the frustration and burden placed on the customers as a result of this incident, CenterPoint is not responsible for damage to customer-owned equipment caused by a third party unrelated to CenterPoint’s operations.”

Davis has since hired attorney Derrell Wright, who told KPRC 2 reporters that 6G Transport’s driver should have been more careful.

“Usually, high-profile vehicles like that should use extreme caution, especially in areas with low-hanging trees and power lines,” Wright said.

Wright confirmed that he’s been in contact with the trucking company’s insurance provider and had given them one week to respond before he would move forward with legal action.

KPRC 2 reported not having received a response to a request for comment from 6G Transport.

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Who should foot the bill?

The Houston homeowners are dealing with more than just power outages and repair costs. While the trucking company may be determined to bear responsibility, the situation is anything but straightforward.

Even if a company is found to be legally liable, or accountable for financial loss, that doesn’t guarantee compensation — which can involve navigating insurance disputes and legal challenges.

Homeowners facing such situations should seek legal advice to make sure they understand their rights and options.

They should also make sure to review their home insurance policy. Standard home insurance typically covers basic items, such as damage to the property and liability. Without additional coverage, homeowners may be left to pay out of pocket for repairs.

This situation highlights the importance of understanding insurance coverage — and the complexity of accountability.

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

Las Vegas police have arrested 12 people in connection with a crime wave swindling dozens of victims out of their life savings — not at the casino but on their computers.

As Las Vegas CBS affiliate 8 News Now reports, 24 victims who lost a total $3 million have come forward to date, launching the investigations that led to the arrests.

Capt. Noel Roberts of the LVMPD’s Theft Crime Bureau believes more victims may be involved.

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“Don’t be embarrassed,” he said. “Come forward right away. Let us know, and that way, the sooner our detectives can start this investigation, we have a better chance of solving the case, arresting the suspects, and ultimately getting the money back.”

In every one of these cases, victims have received an electronic alert, like a pop-up on their laptop, a spoofed email or text message designed to mimic banks or tech giants.

Capt. Roberts says the scam plays on people’s fears. Victims are led to believe that their financial accounts or their computers have been compromised. That’s when the problems begin.

Scam involves handing cash to couriers for ‘safekeeping’

The fraudsters convince victims to hand over large sums of cash to fake “security couriers” for safekeeping while they resolve the problem — whether the victim is convinced their financial accounts or computers have been hacked.

One shocking case took place last August, after a Las Vegas woman’s computer flashed a warning that her personal information was compromised. Thinking she was calling a tech support line, she was instructed to make two $35,000 cash drops to strangers at separate locations.

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After she reported the loss of $70,000 to police, investigators traced surveillance footage to a vehicle with California plates. The vehicle was linked to Guo Zhongquin, 43, and Lin Lin, 45.

Zhongquin and Lin were charged and accepted plea deals for possession of stolen property.

“I just want to apologize to all the victims,” Zhongqui said via translator during sentencing. Lin echoed the apology.

Judge Tara Clark Newberry sentenced both men to 19 to 48 months in prison and ordered restitution. Prosecutors agreed not to argue for more time as part of the plea bargain.

What to do if you’ve been scammed

If you’re a victim of fraud, it’s critical to take steps right away to get back on the path of recovery. The FBI recommends the following steps:

File a report. Report the scam to local law enforcement, the Federal Trade Commission and the FBI. This could help get some of the funds back, but it also helps to prevent future scams.

Freeze your credit. Get in touch with the major credit bureaus — Equifax, Experian, and TransUnion — to freeze your credit so identity thieves can’t open accounts under your name.

Update passwords and monitor accounts. Change your passwords for all accounts and enable two-factor authentication where possible. Monitor your accounts for unauthorized activity.

Watch out for "get-rich-quick" schemes. After losing money in a scam, you might be tempted to try to make it back quickly. But high-risk investments can lead to more financial strain. Pause before rushing into any major financial decisions.

Put together a recovery budget. Start by setting aside a small amount each month, like $50, into a high-yield savings account. This is also a good way to build up an emergency fund in the event you are compromised in the future..

Get some professional advice. Consult with a financial advisor who can guide you in rebuilding your credit and savings.

It can be a long road to recovery after being scammed, but with the right steps and some professional guidance, you can regain control of your financial future.

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

It’s no secret that California’s golden glow has started to dim for many residents.

The latest PODS Moving Trends Report reveals a mass migration as people pack up and move out of the Golden State, with seven cities being hit especially hard.

The reasons? Soaring housing prices, crime concerns, tax burdens, and the dream of a more affordable life elsewhere.

Here are the top five California cities Americans are ditching and the new hot spots where they’re landing.

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The top 5 California cities going through mass exodus

California is home to seven of the top 20 U.S. cities or metro areas with the highest number of residents packing up and moving out, according to the report.

But the top five cities experiencing the drain are:

Stockton-Modesto

People are leaving due to factors such as high crime rates, poverty, and homelessness, making it less attractive for families and businesses, and lacing it in the 13th spot on the report.

Santa Barbara

Despite coastal beauty and high-end allure, Santa Barbara is seeing an exodus, placing it in 11th spot. According to recent data, the city’s population has dropped by over 4% since 2020. Despite its postcard-perfect charm, residents are struggling to keep up with home prices and an unemployment rate above the national average.

San Diego

Creeping up to the fifth spot from last year’s eighth means this city is losing more residents. Beautiful beaches simply can’t make up for the soaring cost of living. San Diego’s laidback lifestyle is being overshadowed by housing shortages and rising crime, meaning residents are leaving.

San Francisco

Once a tech-fueled dreamscape, San Francisco is bleeding residents (and businesses) and landing in the second spot again since last year. Eye-watering rents, visible homelessness, and a spike in crime are pushing people to reconsider the Bay. The city ranks at the very bottom of inbound vs. outbound moves, according to moveBuddha.

Los Angeles

Topping the outbound stats in the PODS study for the second consecutive year in a row, Los Angeles has been the poster child for California’s migration crisis. The sky-high taxes, pricey housing, and congested traffic are pushing even celebrities to greener pastures. Not to mention wildfires and issues with insurance coverage.

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Top 5 relocation destinations for Americans

A Public Policy Institute of California survey shows homelessness has increased in many Californian communities and that housing affordability is a problem. The majority of people who leave are heading to states with lower taxes, lower housing costs, and higher perceived quality of life.

And according to a survey by SpareFoot, 26% of Americans who moved in 2024 did so for lower living costs, and 51% claimed safety was a major motivator. Many are looking for better work-life balance and lower taxes.

So, where is everybody going? Here are the top relocation destinations:

Texas

Cities like Dallas-Fort Worth are rolling out the welcome mat. In fact, it’s fifth according to PODS on a list of the 20 top cities people are moving to in 2025. One of the fastest-growing metro areas in the United States, the area’s affordability, economic opportunities, and high quality of life make it an obvious choice for budget-conscious movers.

Florida

The Sunshine State is another no-tax haven that’s especially attractive to retirees and remote workers. Cities like Ocala (second on PODS) and Jacksonville (10th) are booming with growth and sunshine.

North Carolina

Raleigh (third) and Wilmington (tied for first) are stealing some of California’s spotlight with booming tech and healthcare sectors, low living costs, and family-friendly communities. North Carolina offers a strong job market without the sticker shock of California.

South Carolina

Greenville-Spartanburg (fourth) and Myrtle Beach (tied for first) are charming, offer job opportunities, and have a much lower cost of living. It’s Southern hospitality that’s attracting many Californians. California’s still got the sunshine, but for many, it’s just not worth the price tag anymore.

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

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