Author: Monique Danao

Changing jobs can feel like the fastest route to better pay and a fresh start.

For many, this was true during the “Great Resignation” of 2021. According to the Society for Human Resources Management, that year a staggering 47.8 million workers (or 4 million a month) left their jobs in search of higher wages or remote work opportunities.

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Fast-forward to 2025, and the path to success isn’t as straightforward.

While job hopping can help you build skills and grow your network, they don’t always lead to more enormous salaries in this cooling job market.

Why job hopping doesn’t always pay off

Changing jobs is a fact of life for most of us. In fact, according to the World Economic Forum, by 55, the average American will have switched jobs 12 times.

In a strong market, switching roles every year or two might lead to a 10% to 20% salary boost. That may sound appealing, given the median American salary is $61,984 per year.

But with inflation and slow wage growth, job hopping may not stretch your paycheck as far as you’d hoped.

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It can also make future employers think that you’re a flight risk, especially if you’ve never stayed at a company more than a year. That might cost you a dream role, even if your resume looks impressive on paper.

And there are long-term financial tradeoffs. Retirement contributions may come with a vesting period for up to three years — meaning you might not get to keep all of your employer’s 401(k) match if you leave too soon.

Health-care benefits like extended parental leave, fertility treatment coverage or mental health coverage may also have waiting periods or eligibility conditions tied to your tenure.

On the bright side, staying with an employer long enough to build trust can also lead to internal promotions, mentorship or participation in high-impact projects. If you’re starting over, these opportunities are hard to come by.

Things to think about before you make a jump

Here are a few things to consider before jumping into a new job.

• Make sure it aligns with your career goals: Ask yourself if this move will help you grow. Will you build new skills, expand your leadership potential or take on greater responsibilities?
• Research salary trends in your industry: Check if your pay expectations align with the market. Resources like Glassdoor and Payscale will reveal whether the new role is a financial upgrade or if you’re better off negotiating a raise in your current position.
• Think beyond the paycheck: A higher salary may not be worth it if you face burnout, poor leadership, or a toxic environment. A good tip is to read reviews and talk to current employees about the work culture.
• Consider the benefits you’d give up: Retirement contributions, stock options, and vacation days often grow with tenure.
• Don’t overlook internal opportunities: The growth you’re looking for could exist at your current organization. A raise, promotion or department switch might give you a new challenge without starting over somewhere else.

Career growth isn’t always about moving. Growing where you are could lead to better rewards.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

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

Nearly two in three Americans say they worry more about running out of money than death, according to a 2024 Allianz survey, and the top way they say they can address this concern is increasing retirement savings.

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• Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now

Hidden wealth could be sitting right under your nose. From unused items in your garage to forgotten investments and valuable heirlooms, there are plenty of ways to turn overlooked assets into retirement savings.

The best part? You could unlock tens of thousands to your retirement fund.

Let’s take a look at the three valuable items you may consider selling to fund your retirement.

That second (or third) vehicle you rarely drive

If you’re no longer commuting or your children have moved out, you likely have an unused car. You may also have an RV, boat, or motorcycle you splurged on and don’t use much. These are some of the dream purchases retirees may regret buying. . You can sell any unused vehicle to reduce insurance, maintenance, and storage costs.

The average used car was listed for $25,180 at the start of April, according to Kelley Blue Book. The good news is it says there is a low supply of used cars and nationwide used car supply will likely remain thin for years.

Your life insurance policy

Many people are unaware that life insurance can be sold through a transaction known as “life settlement.”

In a life settlement, you sell your policy to a third-party investor for more than its cash surrender value but less than the death benefit. The payout varies based on your age, health, type of policy, the amount of the death benefit and premiums necessary.

The Life Insurance Settlement Association (LISA) estimates that the average settlement nets seniors about 20% of the policy’s face value. Their research says that Americans who are aged 65 or older leave approximately $112 billion in benefits on the table each year by lapsing or surrendering their life insurance policies.

If your survivors are grown and no longer rely on you financially, you can consider letting that policy go.

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FINRA provides a list of factors you should consider when making this decision, like taxes, your ability to receive state or federal public assistance such as Medicaid, and personal information being accessed by the buyers.

Also do your due diligence about whom you’re working with and shop around for a fair price.

“Check with your state insurance commissioner to see whether the life settlement company or settlement broker you’re dealing with is properly licensed—and whether either has a record of complaints,” says the FINRA website. “And if you’re working with a registered financial professional, use FINRA BrokerCheck to learn about their professional background, registration status and disciplinary history. Be extremely wary of life settlement companies and brokers with a history of complaints or regulatory infractions.”

Collectibles and sought-after vintage wearables

Your heirloom jewelry could be your golden ticket to a beachside retirement. You might be surprised by the value of items like grandma’s vintage brooch, dad’s coin collection, or the original artwork that has been hanging in your living room since the ’80s. It’s worth noting that the value of gold and silver have also surged amid recession fears.

Vintage jewelry — especially designer or gemstone pieces — can sell for thousands at auctions or resales. Old pocket and wrist watches can also fetch you thousands of dollars depending on the manufacturer and how many jewels are on it. Artwork from lesser-known or regional artists might also surprise you.

Make your retirement count

Your golden years should be stress-free and fulfilling.

While it might be challenging to part with valuable keepsakes, remember that you’re trading them for freedom, security, and peace of mind.

Take a fresh look around. Items collecting dust could be your ticket to a more comfortable and confident retirement.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

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

Being in your mid-30s with mounting debt and no safety net can feel like you’re stuck in financial quicksand.

If you’re living paycheck to paycheck, carrying $11,000 in debt and bringing in $3,800 a month — $3,000 from your main job and another $800 from side gigs — it can seem impossible to get ahead or build wealth.

But the truth is, you’re not alone, and recovery is possible.

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• Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now

According to Experian, the average non-mortgage debt balance in the U.S. was $27,976 as of late 2024. While your $11,000 debt may feel like a giant obstacle — you can conquer it with a clear strategy.

Here are some steps you can take on the march toward financial freedom.

Build a budget and emergency fund

Build a budget that aligns with your financial reality. Even with an income of $3,800 a month, you can prepare a budget that supports your goals without making life miserable.

Try the 50/30/20 rule as a starting point:

• 50% of income goes to needs (housing, utilities and groceries)
• 30% to wants (entertainment, dining out and non-essentials)
• 20% to debt repayment and savings

In this case, $3,800/month breaks down to:

• $1,900 for needs
• $1,140 for wants
• $760 for savings or debt payoff

Depending on your area’s cost of living, you may want to adjust accordingly.

If debt is your most significant stressor, temporarily allocating income from the “wants” category to savings or debt payments could help you eliminate your balance faster. You may also want to consider establishing a modest emergency fund of, say, $1,000, before tackling your debt head-on. This can provide you with a financial cushion in case of an unplanned expense that might push you further into debt.

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Tackle your debt — and don’t let it linger

Not all debt is created equal, but credit card debt in particular comes with a high interest rate. That might motivate you to get rid of it faster over other types of debt with low interest rates. Either way, the goal is to be debt-free, and if you’re juggling multiple types of debt, there are different ways to get there:

• Avalanche method: Focus on paying off debts with the highest interest rates and make minimum payments on other debts.
• Snowball method: Start with your smallest debt to keep moving on up to build momentum.
• Debt consolidation: If you have multiple credit card balances, consolidate them with a new loan or line of credit. This strategy can simplify payments and may require closing the original accounts.

Paying off debt takes time but every small step counts. Even putting just an extra few hundred dollars each month toward your balance can reduce your payoff period and save you loads in interest.

Increasing savings and income

If you’re working side hustles that earn you $800 per month, on top of your regular job, you might already be feeling stretched thin.

At the very least, once your debt is paid off, you have more room to start saving. It’s a good time to boost that emergency fund — experts recommend stashing away three to six months’ worth of expenses — and start putting money away for your retirement.

Take this moment to reflect on your accomplishments, and then ask yourself, what can you do moving forward? Does the budget need adjusting? Is this a good opportunity to look for better-paying work?

You took a step forward with your finances already, and you can do it again.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

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

For Sandra Martin, sharing a name with three other women in Broward County seemed like a harmless coincidence — until it made her the target of identity theft.

According to NBC 6 South Florida, the 62-year-old snowbird from Maryland learned that her Deerfield Beach home was fraudulently listed as a rental. Apparently, it was tied to thousands of dollars in COVID relief funds — money she never applied for.

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• Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now

“I was very surprised, I had no idea," Martin told reporters.

Investigators discovered that another Sandra Janet Martin from Lauderhill had assumed the identities of multiple Sandra Martins in Broward County.

“She assumed the identity of all these people that owned all these other properties to apply for rental assistance to the tune of $80,000," said crimes against property investigator Ralph Capone.

Broward woman targeted by namesake

Sandra Martin learned of the identity theft last year after a call from the Broward Sheriff’s Office.

Official records showed her Deerfield Beach home had a homestead exemption, was rented out, and received rental assistance relief funds.

In a startling turn of events, multiple women named Sandra Martin received rental assistance for four properties in Broward County. Each individual had different birth dates and Social Security numbers, which made investigators suspicious.

“This person has multiple properties in Broward County, all homesteaded. Which would never fly coming out of our office," Capone said.

While the honest Sandra Martin didn’t lose personal funds, her identity was exploited, leaving her to clear her name.

On the other hand, the suspect — Sandra Janet Martin from Lauderhill — faces theft and organized fraud charges.

Martin’s case highlights a surge in COVID-related scams. Scammers have used stolen identities to file fraudulent unemployment claims and Paycheck Protection Program (PPP) loans. According to the U.S. Department of Labor estimates, $191 billion in pandemic benefits was lost to fraud.

Read more: Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how

How scammers steal your identity

Identity thieves can trick victims into giving their personal information, often without awareness.

Fraudsters can pretend to be a bank representative with a text like, “Hi, we have a question about your recent purchase.” If you keep the conversation going, they could end up stealing sensitive data. They have also been known to pretend to be a distressed family member to gain your trust.

Even with publicly available information, the FTC warns consumers that identity thieves can impersonate victims in fraud schemes. Other than draining your bank account, they can even file a tax refund in your name and claim the benefits.

The best way to protect your personal information is to stay vigilant.

Here are a few ways to safeguard your personal information:

• Limit the personal details you share on social media: Scammers use online information to collect your details.
• Monitor your bank and credit card accounts regularly to identify suspicious activity: A good tip is to set up alerts for transactions to receive notifications about unusual transactions.
• Be cautious with unsolicited communication: Whether it’s an email, phone call, or text message, always verify the source before responding. Don’t click links or download attachments from unknown senders.
• Protect your accounts: Use strong, unique passwords and enable two-factor authentication to safeguard your information.

If you believe your identity has been stolen, report it to the FTC, bank, or law enforcement. Early detection and reporting can protect you from further damage.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

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

For Sandra Martin, sharing a name with three other women in Broward County seemed like a harmless coincidence — until it made her the target of identity theft.

According to NBC 6 South Florida, the 62-year-old snowbird from Maryland learned that her Deerfield Beach home was fraudulently listed as a rental. Apparently, it was tied to thousands of dollars in COVID relief funds — money she never applied for.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Car insurance premiums could spike 8% by the end of 2025 — thanks to tariffs on car imports and auto parts from Canada and Mexico. But here’s how 2 minutes can save you hundreds of dollars right now

“I was very surprised, I had no idea," Martin told reporters.

Investigators discovered that another Sandra Janet Martin from Lauderhill had assumed the identities of multiple Sandra Martins in Broward County.

“She assumed the identity of all these people that owned all these other properties to apply for rental assistance to the tune of $80,000," said crimes against property investigator Ralph Capone.

Broward woman targeted by namesake

Sandra Martin learned of the identity theft last year after a call from the Broward Sheriff’s Office.

Official records showed her Deerfield Beach home had a homestead exemption, was rented out, and received rental assistance relief funds.

In a startling turn of events, multiple women named Sandra Martin received rental assistance for four properties in Broward County. Each individual had different birth dates and Social Security numbers, which made investigators suspicious.

“This person has multiple properties in Broward County, all homesteaded. Which would never fly coming out of our office," Capone said.

While the honest Sandra Martin didn’t lose personal funds, her identity was exploited, leaving her to clear her name.

On the other hand, the suspect — Sandra Janet Martin from Lauderhill — faces theft and organized fraud charges.

Martin’s case highlights a surge in COVID-related scams. Scammers have used stolen identities to file fraudulent unemployment claims and Paycheck Protection Program (PPP) loans. According to the U.S. Department of Labor estimates, $191 billion in pandemic benefits was lost to fraud.

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 scammers steal your identity

Identity thieves can trick victims into giving their personal information, often without awareness.

Fraudsters can pretend to be a bank representative with a text like, “Hi, we have a question about your recent purchase.” If you keep the conversation going, they could end up stealing sensitive data. They have also been known to pretend to be a distressed family member to gain your trust.

Even with publicly available information, the FTC warns consumers that identity thieves can impersonate victims in fraud schemes. Other than draining your bank account, they can even file a tax refund in your name and claim the benefits.

The best way to protect your personal information is to stay vigilant.

Here are a few ways to safeguard your personal information:

• Limit the personal details you share on social media: Scammers use online information to collect your details.
• Monitor your bank and credit card accounts regularly to identify suspicious activity: A good tip is to set up alerts for transactions to receive notifications about unusual transactions.
• Be cautious with unsolicited communication: Whether it’s an email, phone call, or text message, always verify the source before responding. Don’t click links or download attachments from unknown senders.
• Protect your accounts: Use strong, unique passwords and enable two-factor authentication to safeguard your information.

If you believe your identity has been stolen, report it to the FTC, bank, or law enforcement. Early detection and reporting can protect you from further damage.

What to read next

• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
• Here are 3 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Trump warns his tariffs will spark a ‘disturbance’ in America — use this 1 dead-simple move to help shockproof your retirement plans ASAP

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

Even the most confident financial planner can question their future after a divorce.

But let’s say you’ve spent years as the primary breadwinner in your relationship, steadily building a comfortable retirement nest egg, only to lose both your life partner, along with $1.2 million following a costly divorce.

Even if you’re debt-free, have no children and still have a cushy $2 million in retirement accounts and $500,000 in savings, you might still be reeling from what you’ve lost and find it hard to be hopeful for your financial security.

It gets even trickier if you still co-own a home with your ex — especially if you plan to stay there for the foreseeable future.

You may have enough saved for your next chapter on paper, but how do you know for sure? Here’s how to assess whether you’re truly ready to retire and start this new chapter all on your own.

How to evaluate your situation

Dividing up your assets and losing $1.2 million in a divorce isn’t just a blow to your net worth — it can completely reshape your financial future. Having the right strategy is key to retiring comfortably.

The first step is to take stock of your current financial picture. Start by assessing:

• Short-term liquidity: Do you have enough cash for emergencies and necessary expenses without dipping into long-term investments?
• Monthly expenses: How much are your monthly expenses, especially if you plan to retire soon?
• Housing decisions: If you still share property now that you’re no longer married, would buying out your ex make sense, or would selling and downsizing give you greater financial flexibility?

Next, consider your financial stability. Evaluate the ideal time to claim the Canada Pension Plan (CPP) for maximum benefits. The longer you wait, the better. CPP benefits increase 8.4% per year until age 70.

When it comes to withdrawals, running multiple scenarios, the straightforward 4% rule, or perhaps even testing a more aggressive 5% withdrawal can help you determine if your savings can support your lifestyle. Suppose you have $2.5 million in retirement accounts and savings. A 5% annual withdrawal would give you $125,000 per year, or about $10,415 per month — well above the average retiree’s income. Even sticking to 4% would translate to $100,000 a year or about $8,333 a month.

For context, a recent by BMO survey found that Canadian adults believe they need $1.54 million to retire. However, the average couple aged 55 to 64 has $1,006,013 saved for retirement, with that number dropping to $339,910 for single individuals.

With your financial foundation, you’re ahead of the curve, but to make your retirement more secure, you can continue rebuilding your finances in many ways.

Rebuilding your investment strategy

Rebuilding your finances after a divorce takes time, even if you have a solid amount saved. But not everyone will be fortunate enough to have $2.5 million to fall back on after a costly breakup.

However much you’re working with, start by reviewing your investments. To lower your risk, you may want to redistribute your portfolio and diversify across different assets like stocks, bonds and savings accounts. Dividend stocks can provide regular income and improve your financial stability throughout retirement.

If you’re unsure about retirement, work a few more years to increase your savings. You can delay CPP payments to increase your monthly benefits and get more income for the long haul.

You don’t have to stick with full-time work to stay financially secure. Part-time or freelance jobs can help bring in extra cash. You can even rent out part of your home or start a small side business to add new income streams.

A good tip is to consult a financial advisor even if the numbers say you’re in good shape. They can help you make smarter decisions about your savings, minimize taxes when withdrawing funds and decide whether to keep or sell your home.

The right strategy will help you feel more confident about your financial future, allowing you to enjoy the retirement you deserve.

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

Even the most confident financial planner can question their future after a divorce.

But let’s say you’ve spent years as the primary breadwinner in your relationship, steadily building a comfortable retirement nest egg, only to lose both your life partner, along with $1.2 million following a costly divorce.

Even if you’re debt-free, have no children and still have a cushy $2 million in retirement accounts and $500,000 in savings, you might still be reeling from what you’ve lost and find it hard to be sure of your financial security.

It gets even trickier if you still co-own a home with your ex — especially if you plan to stay there for the foreseeable future.

You may have enough saved for your next chapter on paper — but how do you know for sure? Here’s how to assess whether you’re truly ready to retire and start this new chapter all on your own.

How to evaluate your situation

Dividing up your assets and losing $1.2 million in a divorce isn’t just a blow to your net worth — it can completely reshape your financial future. Having the right strategy is key to retiring comfortably.

The first step is to take stock of your current financial picture. Start by assessing:

• Short-term liquidity: Do you have enough cash for emergencies and necessary expenses without dipping into long-term investments?
• Monthly expenses: How much are your monthly expenses, especially if you plan to retire soon?
• Housing decisions: If you still share property now that you’re no longer married, would buying out your ex make sense, or would selling and downsizing give you greater financial flexibility?

Next, consider your financial stability. Evaluate health care costs and the ideal time to claim Social Security for maximum benefits. The longer you wait, the better. According to the Social Security Administration, retirement benefits increase every month you delay claiming them until age 70.

When it comes to withdrawals, running multiple scenarios — the straightforward 4% rule and perhaps even testing a more aggressive 5% withdrawal — can help you determine if your savings can support your lifestyle. Suppose you have $2.5 million in retirement accounts and savings. A 5% annual withdrawal would give you $125,000 per year, or about $10,415 per month — well above the average retiree’s income. Even sticking to 4% would translate to $100,000 a year or about $8,333 a month.

For context, a survey by Northwestern Manual found that U.S. adults believe they need $1.46 million to retire. However, the average adult has only $88,400 saved for retirement, while baby boomers have an average of $120,300 saved for retirement currently.

With your financial foundation, you’re ahead of the curve — but to make your retirement more secure, you can continue rebuilding your finances in many ways.

Rebuilding your investment strategy

Rebuilding your finances after a divorce takes time — even if you have a solid amount saved. But not everyone will be fortunate enough to have $2.5 million to fall back on after a costly breakup.

However much you’re working with, start by reviewing your investments. To lower your risk, you may want to redistribute your portfolio, and diversify across different assets like stocks, bonds and savings accounts. Dividend stocks can provide regular income and improve your financial stability throughout retirement.

If you’re unsure about retirement, work a few more years to increase your savings. You can delay Social Security payments to increase your monthly benefits and get more income for the long haul.

You don’t have to stick with full-time work to stay financially secure. Part-time or freelance jobs can help bring in extra cash. You can even rent out part of your home or start a small side business to add new income streams.

A good tip is to consult a financial advisor even if the numbers say you’re in good shape. They can help you make smarter decisions about your savings, minimize taxes when withdrawing funds, and decide whether to keep or sell your home.

The right strategy will help you feel more confident about your financial future, allowing you to enjoy the retirement you deserve.

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

For Sandra Martin, sharing a name with three other women in Broward County seemed like a harmless coincidence — until it made her the target of identity theft.

According to NBC 6 South Florida, the 62-year-old snowbird from Maryland learned that her Deerfield Beach home was fraudulently listed as a rental. Apparently, it was tied to thousands of dollars in COVID relief funds — money she never applied for.

“I was very surprised, I had no idea," Martin told reporters.

Investigators discovered that another Sandra Janet Martin from Lauderhill had assumed the identities of multiple Sandra Martins in Broward County.

“She assumed the identity of all these people that owned all these other properties to apply for rental assistance to the tune of $80,000," said crimes against property investigator Ralph Capone.

Broward woman targeted by namesake

Sandra Martin learned of the identity theft last year after a call from the Broward Sheriff’s Office.

Official records showed her Deerfield Beach home had a homestead exemption, was rented out, and received rental assistance relief funds.

In a startling turn of events, multiple women named Sandra Martin received rental assistance for four properties in Broward County. Each individual had different birth dates and Social Security numbers, which made investigators suspicious.

“This person has multiple properties in Broward County, all homesteaded. Which would never fly coming out of our office," Capone said.

While the honest Sandra Martin didn’t lose personal funds, her identity was exploited, leaving her to clear her name.

On the other hand, the suspect — Sandra Janet Martin from Lauderhill — faces theft and organized fraud charges.

Martin’s case highlights a surge in COVID-related scams. Scammers have used stolen identities to file fraudulent unemployment claims and Paycheck Protection Program (PPP) loans. According to the U.S. Department of Labor estimates, $191 billion in pandemic benefits was lost to fraud.

How scammers steal your identity

Identity thieves can trick victims into giving their personal information, often without awareness.

Fraudsters can pretend to be a bank representative with a text like, “Hi, we have a question about your recent purchase.” If you keep the conversation going, they could end up stealing sensitive data. They have also been known to pretend to be a distressed family member to gain your trust.

Even with publicly available information, the FTC warns consumers that identity thieves can impersonate victims in fraud schemes. Other than draining your bank account, they can even file a tax refund in your name and claim the benefits.

The best way to protect your personal information is to stay vigilant.

Here are a few ways to safeguard your personal information:

• Limit the personal details you share on social media: Scammers use online information to collect your details.
• Monitor your bank and credit card accounts regularly to identify suspicious activity: A good tip is to set up alerts for transactions to receive notifications about unusual transactions.
• Be cautious with unsolicited communication: Whether it’s an email, phone call, or text message, always verify the source before responding. Don’t click links or download attachments from unknown senders.
• Protect your accounts: Use strong, unique passwords and enable two-factor authentication to safeguard your information.

If you believe your identity has been stolen, report it to the FTC, bank, or law enforcement. Early detection and reporting can protect you from further damage.

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