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Author: Rebecca Holland

  • Are recession fears keeping you up at night? Here are 3 strategic moves to protect your finances as Trump’s trade wars escalate

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Recession fears have dogged Americans since the Covid years, and they’re showing no signs of stopping.

    In March, J.P. Morgan’s chief economist said there’s a 40% chance the U.S. will face a recession in 2025. Veronica Willis, global investment strategist at Wells Fargo Investment Institute, says that whether a recession is coming or not, the economy is already in a “slow patch.”

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    Now, with a rocky stock market, President Donald Trump’s tariffs and weakened tourism, the U.S. may be on the verge of an economic downturn.

    And while many Americans may find this concerning, there are ways to protect yourself and your investments from volatility. Below are three strategies for keeping your bank balance in the black and ensuring your investments are stable.

    Adjusting your investment strategy

    Now more than ever, it’s important to ensure your portfolio is properly diversified.

    Too much exposure to the stock market could mean significant losses, a thing you especially want to avoid if you’re nearing retirement. Even in times of economic prosperity, retirees should look to trade in the bulk of their stock options for safer investments such as bonds, high-yield savings accounts and inflation-protected securities.

    Seth Mullikin, a certified financial planner in Charlotte, North Carolina, told USA Today that retirees “do not want to be withdrawing from an aggressive portfolio during a recession.”

    Meanwhile, if you have decades before you retire, you may want to ride out the storm.

    “The fact that the stock market is down 7% or 10% now isn’t so concerning,” Sean Higgins, an associate professor of finance at the Kellogg School of Management at Northwestern University, shared with USA Today on April 3.

    In fact, this might be an opportunity to buy up stocks that are selling low but have growth potential for the future. It’s “a great time to buy stocks because you’re getting them at a discount,” says Willis.

    Even small amounts can grow over time with tools like Acorns, a popular app that automatically invests your spare change.

    Signing up for Acorns takes just minutes: link your cards, and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio. With Acorns, you can invest in low-cost ETFs with as little as $5 — and, if you sign up today, Acorns will add a $20 bonus to your investment.

    In the meantime, make sure you’re also diversified with commodities like gold, which has been a strong player in these last few years of economic volatility.

    Consider opening a gold IRA to take advantage of the tax benefits of this “safe haven” investment.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to potentially hedge their retirement funds against economic uncertainties.

    Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. To learn more, get your free 2025 information guide on investing in precious metals.

    Qualifying purchases can also receive up to $20,000 in free silver.

    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

    Reducing debt and expenses

    According to LendingTree, the average interest rate for a credit card in the U.S. is 24.2%. If you are carrying a balance on any of your credit cards, now is the time to put a plan in place for paying off those debts.

    During a recession, paying down debt and reducing expenses is essential. If you don’t already have a budget and a spending tracker, now is an excellent time to put these measures in place.

    If you’re struggling with multiple credit cards and high-interest debts, one way to start regaining control is by tapping into your home’s equity through a Home Equity Line of Credit (HELOC).

    A HELOC is a secured line of credit that leverages your home as collateral. Depending on the value of your home and the remaining balance on your mortgage, you may be able to borrow funds at a lower interest rate from a lender as a form of revolving credit.

    Rather than juggling multiple bills with varying due dates and interest rates, you can consolidate them into one easy-to-manage payment. The results? Less stress, generally reduced fees, and the potential for significant savings over time.

    LendingTree’s marketplace connects you with top lenders offering competitive HELOC rates. Instead of going through the hassle of shopping for loans at individual banks or credit unions, LendingTree lets you compare multiple offers in one place. This helps you find the best HELOC for your situation.

    While you’re in the process of budgeting, don’t forget to review your fixed expenses like monthly bills, insurance and car loans. Set aside the time to call providers, like your cell phone and internet companies, and ask for ways to reduce your monthly bill. You might also shop around for better insurance coverage for your home and auto.

    One option for finding cheaper coverage is OfficialHomeInsurance.com, where you can find the lowest rates on your home insurance for free.

    In under 2 minutes, OfficialHomeInsurance makes it easy and convenient to browse offers tailored to your needs from a list of over 200 reputable insurance companies.

    Simply fill in a bit of information and quickly find the coverage you need for the lowest possible cost. You could save roughly $482 a year!

    You can also use OfficialCarInsurance.com to ensure that you’re cutting your insurance costs down to size, and keeping them within the scope of your budget.

    Getting started with a quote is easy: When you enter your age, your home state, the type of vehicle you drive and your driving record, OfficialCarInsurance.com will sort through the leading insurance companies in your area, including top providers like Progressive, Allstate and GEICO.

    The process is 100% free and won’t affect your credit score — guaranteed.

    Finally, it’s a good time to question whether you can opt for a cheaper car. The average loan for a new car is $735 per month, according to data from Experian. If you can opt for a second-hand car or lease a less-expensive model, you could trim thousands of dollars from your budget.

    Building an emergency fund

    Lastly, whether you have a large portfolio of investments or you’re living modestly, it’s important to set aside funds for a rainy day.

    An emergency fund is crucial for financial health, as it prevents you from going into debt when unexpected expenses arise. The popular wisdom is that you should have six months’ of expenses saved, but even a couple thousand dollars is a good start and can prevent headaches down the line.

    If you don’t have an emergency fund, one of the best ways to begin saving is to set a monthly goal and put the funds in a high-yield savings account, where the money can grow and keep up with the rate of inflation.

    For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY Plus, SoFi charges no account, monthly or overdraft fees.

    The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.

    According to a report from Bankrate, 27% of Americans don’t have an emergency fund. Today is a great time to begin to get your financial health back on track.

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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 very upsetting’: Pennsylvania woman allegedly stole $50K after telling tenants she was helping her mother collect their rent — but now it’s not clear who’ll end up paying the price

    ‘It’s very upsetting’: Pennsylvania woman allegedly stole $50K after telling tenants she was helping her mother collect their rent — but now it’s not clear who’ll end up paying the price

    Annette Anderson of York County Pennsylviania is accused of theft by deception and theft by unlawful taking after allegedly scamming the tenants of the 23 rental properties into giving her their rent payments each month.

    News station 21 News reports that Anderson began assisting her elderly mother in 2024 by collecting rent payments for the 23 rental properties her mother managed. However, her mother was not the owner of the properties — she was simply overseeing them on behalf of a separate landlord.

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    By October of that year, Anderson had allegedly stopped handing over the rent money to her mother, instead claiming she was keeping it safe at home. In April 2025, Anderson’s mother told the property owner that she hadn’t received payments in months. Officials said that the owner then attempted to contact Anderson directly several times before finally involving the police.

    While the police were able to contact Anderson at the time, she has allegedly gone on the run.

    Tenants outraged

    Tenants of Anderson’s mother’s units reacted with shock when they learned of Anderson’s charges.

    “Knowing a person like that took money from people like us, and, you know, us trusting her and sending out payments like that, yeah it’s upsetting, it’s very upsetting," said renter Annette Martinez, who is not related to Anderson.

    The York City Police Department found that several tenants had not only paid rent to Anderson, but also their fees for sewage and trash. They also found that she had asked them to pay their rent by Venmo or CashApp in addition to the usual cashier’s check or cash.

    The situation has many in the neighborhood worried, as some tenants say they’re now at risk of losing their homes. “People going in the street, a lot of people are going homeless because the rent is going too high,” said Gilberto Rivera in an interview with local news station 21 News.

    The police told 21 News that Anderson said she was “ashamed” of her actions when they contacted her about the investigation. She said she was involved in gambling at a local casino.

    According to the report, she assured police she would be able to pay the money by April 28, and was looking to get help for her gambling problem. However, she has been unreachable since that time, and police say her whereabouts are unknown.

    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

    Tenants may still owe rent despite paying

    It’s unclear right now how the building owner plans to deal with the theft. Martinez told 21 News that the owners of the properties Anderson’s mother managed have hired new personnel to collect rents, and have issued letters that state their intention to “work this out.”

    In a similar case in Tennessee in 2023, tenants were told by their rental company that the theft of their rent payments wasn’t their fault, but they were still expected to pay the company again for the stolen amounts. With a record of all payments, tenants can report to the police and have a strong case to retain a lawyer to contest the demand for additional rent payments.

    In the case of Anderson’s mother, she may be on the hook for the payments collected by her daughter, especially if the checks issued by tenants were not tampered with and are correctly made out to her.

    How to protect yourself from rental scams

    If you are a victim of this type of crime, you can contact your state’s rental board. Some states, like New York, have a Housing and Tenant Protection Unit (HTPU), which is a branch of the Manhattan District Attorney’s Office.

    In cases like this, tenants are advised to ensure they have a paper trail for all rent paid. This allows the police to accurately assess how much was stolen, and also for the tenant to prove to the management company and building owner that they paid their rent in good faith.

    Law firm Kimball, Tirey and St. John advises landlords and property managers on their blog to avoid the possibility of theft by upgrading to more modern and secure methods of collecting rents, including accepting online payments, or taking payments by machine at the office during business hours. Property owners can also demand that managers only accept payments by secure means in their contract agreements, and include other provisions on how rents are collected and paid to protect their interests in the buildings they own.

    What to read next

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

  • ‘Sick to our stomachs’: 5 million borrowers have now defaulted on their student loans — and the government says that number could soon double. Why that can have catastrophic consequences

    ‘Sick to our stomachs’: 5 million borrowers have now defaulted on their student loans — and the government says that number could soon double. Why that can have catastrophic consequences

    Danielle Arnone, a Utah mother of two, has seen her credit score plunge 150 points this year because she and her husband were unable to keep up with the cost of living and pay back their federal student loans at the same time.

    “It was shocking — made us sick to our stomachs,” she told KUTV 2 News in a story published May 28. “The cost of everything — preschool, groceries, gas — it can be overwhelming. Now this? It’s just a gray cloud that’s always there.”

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    Arnone and her husband took advantage of the pause on federal student loan payments that began in March 2020. The pause ended in September 2023, however, the previous administration allowed for a one-year grace period to resume payments. Starting in January, past-due accounts were once again being reported to credit bureaus. On May 5, the government resumed collecting defaulted student loan payments.

    As a result, on top of taking a hit to their credit scores, millions of borrowers could face wage garnishments, withheld tax refunds and reduced Social Security benefits if loans continue to go unpaid. Here’s what you can do if you find yourself in this boat.

    The state of federal student loans and borrowers

    The U.S. Department of Education (ED) released some dismal data in April. More than 5 million student loan borrowers had not made a payment in over a year and were in default. A further 4 million borrowers were in late-stage delinquency — meaning that within a few months, nearly 10 million borrowers could find themselves defaulting on their loans.

    The ED also noted that 42.7 million borrowers owed more than $1.6 trillion, and only 38% of them were up to date on their student loan payments.

    During his term, President Joe Biden sought student loan forgiveness for millions of borrowers, however, many of his initiatives were rejected by the courts. This left many borrowers — who were already struggling with the cost of living — confused and unsure what to do about their payments once the pause was lifted.

    “I think some saw the pause as a bit of extra cash, but others saw it as a lifeline — they didn’t know how they were going to make the payments to begin with,” Tara Alderete of Money Management International told KUTV 2 News.

    One thing appears certain — student loan borrowers shouldn’t expect any charity under President Donald Trump.

    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

    “There will not be any mass loan forgiveness,” the ED said in its April news release.

    Borrowers may be subject to collection activities only after receiving “sufficient notice” and opportunity to repay their loans, according to the ED.

    How to deal with defaulted student loans

    Borrowers who are in default may want to start making payments right away to limit any financial impacts. If you’re not sure whether you are in default on your loans, you can check StudentAid.gov for more information on your loan status.

    Those who aren’t able to budget for their student loans can explore repayment or consolidation options through the U.S. Department of Education.

    Beware of refinancing loans through private lenders or using credit cards, which can come with high interest rates and push you further into debt.

    If you’re unsure how to move forward with reducing your debt, don’t be afraid to seek help from a nonprofit agency. Expert advice can help you feel more in control of your budget and your finances.

    There are options and help available, even if you’ve been avoiding your student loan payments for years.

    “It’s going to be overwhelming, but we’ll figure it out. We have to,” said Arnone.

    What to read next

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

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

  • Dave Ramsey once told a Ramsey Show caller it’s possible to withdraw at 8% in retirement — but Suze Orman has called even 4% ‘very dangerous’. Who’s right?

    Dave Ramsey once told a Ramsey Show caller it’s possible to withdraw at 8% in retirement — but Suze Orman has called even 4% ‘very dangerous’. Who’s right?

    The 4% rule in retirement has been a widely accepted retirement standard for over 30 years.

    The rule states that you should draw 4% of your assets from your investments each year in retirement. This should, in theory, allow you to maintain a comfortable standard of living while continuing to let your investments appreciate in value.

    However, it seems this longstanding rule could be poised to fall.

    A recently retired caller to The Ramsey Show asked host and finance personality, Dave Ramsey, if it would be safe to go up to a 5% withdrawal rate in order to pay for trips he and his wife wanted to take in early retirement.

    Ramsey has said he believes that retirees can earn up to a 12% annual return from mutual funds, and will therefore be safe to withdraw more than the standard 4% per year without jeopardizing their nest egg. He calls the standard rule “absolutely wrong” and “ridiculous.”

    But another finance celeb has a very different opinion.

    Suze Orman has called the classic 4% rule “very dangerous.”

    Orman, a fellow best-selling author and expert, has once called for a tweak to the 4% rule — saying that retirees should only withdraw a maximum of 3% yearly if they are retiring in their 60s.

    Who’s right? Here’s what to consider.

    The importance of retirement accounts

    Ramsey’s advice is based on a number of suppositions that may not reflect the real financial status of the average retiree.

    Inflation will eat away at the value of your retirement savings, and it’s very possible that your retirement years could coincide with a period of higher inflation.

    That’s not to mention the stock market’s volatility. Many experts believe a consistent 12% return, like Ramsey has optimistically said mutual funds can deliver, may not be likely.

    Orman’s advice, on the other hand, is more conservative. She advises retirees to withdraw as little as possible from their savings, which is a safer approach.

    Either expert would argue that the best way to make your money last in retirement is to start saving as early and as aggressively as you can.

    One of the best ways to save for retirement is with an tax-free savings account (TFSA). But you can also put your money in a registered retirement savigs plan (RRSP), which may lead you to think: Which one is better for me?

    The answer depends on your income and savings goals. High-income earners may benefit more from the tax deferral of an RRSP. However, if you prioritize easy, penalty-free withdrawals for various life events, a TFSA might be the better choice.

    For comprehensive savings, consider contributing to both an RRSP and TFSA, balancing short-term flexibility with long-term tax efficiency.

    Before you begin your retirement planning, however, you need a plan. And while Ramsey and Orman make good points on withdrawal strategy, you may need help that’s more tailored to your personal situation. If you’re unsure of how to navigate this on your own, calling a professional give you some peace of mind.

    Boost your existing savings

    If you’re already in retirement, you may want to follow Ramsey’s advice on growing your existing savings with safe vehicles like mutual funds. However, many retirees have not considered the benefits of guaranteed investment certificates, whose returns can now go up to 5%.

    Because a GIC comes with a fixed term, it’s not recommended for everybody. If you’re saving for a short-term goal or might need to access your money before the GIC term is up, you’re better off sticking with a high-interest savings account.

    But if you don’t expect to need your money for any reason during the duration of the GIC term, then a GIC is a great way to earn high interest on your cash savings.

    Parking your savings in these short-term growth funds will allow you to plan year-to-year and continue to grow your savings when you’re on a fixed income.

    You can also check out Money.ca’s Best High-Interest Savings Accounts to find some savvy savings options that earn you more on deposits.

    Invest for passive income in retirement

    Ramsey is a huge advocate for finding new passive income streams to pay down debt and build savings. While much of his advice is focused on finding a lucrative side hustle, for those in their golden years, a more relaxed approach may be easier to incorporate.

    One of the easiest ways to grow your savings and portfolio is through an automated investing and saving platform such as Moka that simplifies the process of setting aside extra funds.

    When you spend on anything — groceries, gas, or bills — it will automatically round up the price to the nearest dollar and deposits the difference into a smart investment portfolio for you, allowing you to grow your wealth without even thinking about it.

    Professional investment managers at Mogo Asset Management then manage the invested funds. They create and manage a customized ETF portfolio tailored to your financial goals and risk tolerance. As your investment account grows, you can track your savings progress and portfolio performance through the easy-to-use Moka app.

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

  • Pennsylvania convenience store workers sentenced to 21 months in prison for $1 million SNAP benefits kickback scheme — plus how food stamp fraud impacts all 40 million US recipients

    Pennsylvania convenience store workers sentenced to 21 months in prison for $1 million SNAP benefits kickback scheme — plus how food stamp fraud impacts all 40 million US recipients

    A convenience store owner and her former spouse, an employee, were handed prison sentences on May 21 for engaging in a “food stamp trafficking scheme” in which over $1 million in SNAP benefits were illegally exchanged for cash over a 10-year period.

    Mervat Gharib, 60, and Adam Rashwan, 63, of Harrisburg, Pennsylvania, had pleaded guilty and were both sentenced to 21 months behind bars, according to a news release from the U.S. Attorney’s Office for the Middle District of Pennsylvania. The duo were also ordered to pay over $1 million back into SNAP.

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    Here’s how authorities caught on to the scheme. Plus details on SNAP fraud across the U.S., and how it impacts the users of the program who rely on these benefits to put food on the table.

    How the pair were caught

    The Supplemental Nutrition Assistance Program (SNAP) provides government funds to low-income households to buy groceries each month. SNAP recipients get a program card that works like a debit card, and licensed stores swipe this card during a transaction.

    According to the Attorney’s Office, Gharib and Rashwan were involved in a “food stamp trafficking scheme” — exchanging benefits for cash and “charging the customer a significant percentage of the amount of the unlawful transaction.” Often, this means retailers pay pennies on the dollars while they collect the entire benefit.

    Gharib was listed as the owner of Capital City Family Market, and Rashwan a staff member. Authorities became suspicious after noticing the store had processed SNAP transactions averaging $238.86 in May 2021 — while average amounts at nearby establishments at the time were $11.58 for convenience stores and $23.16 for small grocery stores, per the news release.

    An investigation was launched, and ultimately it was determined that between January 2011 and June 2021, around $1,091,822.05 in SNAP benefits were illegally diverted through Capital City Family Market. The store has since closed.

    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 impact of SNAP fraud

    There are several forms of SNAP fraud, which include recipients misusing benefits or lying about their eligibility, retailer fraud as described above and the stealing of benefits, among others.

    The U.S. Government Accountability Office reported that in fiscal year 2023, an estimated 11.7% of SNAP benefits paid out by the U.S. Department of Agriculture (USDA) were “improper” — meaning the program had dispersed more money to an individual or household than they were truly qualified for. This accounted for about $10.5 billion of the program’s overall $90.1 billion in payments, not including disaster benefits.

    The theft of recipients’ benefits — whether through card skimming, card cloning or other methods — has been widespread enough that states were approved to use federal funds to replace benefits stolen from Oct. 1, 2022, to Dec. 20, 2024. The USDA published a tracker of replaced stolen benefits, which shows the value of replaced benefits was around $190 million in fiscal year 2024.

    Outside of fraud, on the horizon, President Donald Trump’s upcoming budget bill, could put deep cuts to SNAP, among other programs, into play.

    All of the above has an impact on more than 40 million Americans who use the program, especially as the cost of living remains high in many areas of the country.

    What to read next

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

  • Fare’s fair: Facing a $213 million budget shortfall, Philadelphia transit is now cracking down on fare evaders — how what may look like a petty crime is part of a larger troubling trend

    Fare’s fair: Facing a $213 million budget shortfall, Philadelphia transit is now cracking down on fare evaders — how what may look like a petty crime is part of a larger troubling trend

    Dawn Cooper, a veteran bus driver with the Southeastern Pennsylvania Transit Authority (SEPTA), says she’s seen a lot in 25 years, but “just when you think that’s it, you see some more.”

    Fare evaders are face-to-face with drivers, so when they refuse to pay, Cooper just lets them ride. “I don’t want any situations, any confrontation,” she says.

    And Cooper believes evasion happens “every day” on board SEPTA’s buses and by her estimate, more than half of the riders do not pay.

    Her bosses at the transit authority agree — their latest report suggests fare evasion costs their system “millions of dollars each year.” Now they’re cracking down.

    Local CBS News in Philadelphia followed the new fare evasion task force. In the hour that the reporters rode alongside officers on the metro bus route, 10 people were turned away for not paying their fare. Many others were reminded by officers to pay as they boarded.

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    Fare evasion in the City of Brotherly Love

    Fare evasion could cost as much as $30 million per year according to Chief Chuck Lawson of the SEPTA Transit Police. Since spring 2024, his officers have had approval to begin issuing criminal citations for fare evasion. The efforts are already paying off: Transit Police have issued nearly 6,000 citations in that time and are authorized to issue fines up to $300. The task force also has a knock-on benefit for local police. SEPTA reports their citations have led to the arrest of 700 people with existing warrants for other crimes, also citing a 33% drop in serious crime in the transit network — the largest one-year decrease in their history.

    While the fines are returning some money to a cash-starved system, it’s unlikely to make up the $213 million budget shortfall the transit authority is projecting. As a result, fare hikes and cuts to some less popular routes will be rolling out as well.

    Fare evasion across the U.S.

    What’s happening in southeastern Pennsylvania is part of a larger trend across the country. David Leonhardt of the New York Times reported that when he was a young man in the New York of the 80s, fare evasion seemed normal. During the city’s crackdown on crime in the 90s, fare evasion began to become less and less common, but now he sees a rise again. A separate Times article similarly found that 48% of riders on the city’s buses fail to pay.

    And, the MTA reported losing an estimated $690 million in unpaid fares and tolls in 2022. They were able to force down subway fare evasion by 26% between 2022 and 2024 through a number of measures, including updating fare gates at some transit stations and adding additional enforcement officers.

    Fare evasion may seem like a simple petty crime, but it has a ripple effect on transit systems and the economy, as a whole. Strong transit systems support a healthy economy, as the American Public Transportation Association (APTA) reports. For each billion dollar investment in transit systems, 50,000 jobs are created in the U.S. and there is a 5-to-1 economic return produced by long-term investment in public transit, according to their findings.

    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

    Fare evasion and violent crime

    Fare evasion is also linked to more serious crimes. Janno Lieber, chairman and CEO of New York’s Metropolitan Transportation Authority, explained that "not every fare evader is a criminal" but virtually all criminals "evaded the fare."

    In other words, fare evasion is worth a more serious approach because of its ties to other types of crime. Kevin Scott, general manager for security at Bi-State Development in St. Louis, told CBS News that the "security gates" and 1,200 cameras his transit system recently installed are less about catching fare-skippers than improving overall safety in the system.

    "We’ve seen it time and again where something plays out on the street, then everybody runs for the MetroLink platform and that’s where the shooting happens or that’s where the stabbing happens," Scott said. "We’re really trying to impact the overall perception that the system is unsafe. We could have taken five or six steps forward with security, but if we have an incident play out, now we’re three or four steps back."

    CBS reported that assaults and homicides on public transit nearly doubled between 2011 and 2023 and there is a growing perception across the country that public transit is unsafe. This trend is especially troubling for transit systems that saw huge dips in ridership during the pandemic and are struggling to regain riders and recover from the lost revenue during those years.

    Rethinking transit policing

    While making transit safer is obviously a benefit for the whole community, many experts and critics warn that increased policing may not be the right solution for improving mass transit systems in the states.

    For example, Human Rights Watch reports that increased policing on transit systems has led to violence against transit officers, as well as shootings, injuries, deportations and deaths. They also reported that costly upgrades to fare gates don’t always deter fare evasions. New York City’s new fare gates reportedly can be opened with the swipe of a hand and Oakland’s $90 million fare gates see riders tailgating or wedging in after a paying customer.

    Fare evasion officers are also more likely to target poorer neighborhoods and issue fines to people of color. In New York, for example, police fare enforcement actions were more than twice as common in low income neighborhoods between 2017 and 2018. Ana Levy also reported in her New York Times article that Black and Latinx people made up 73% of those arrested and issued summons for fare evasion in 2022.

    Instead of increased policing, Human Rights Watch recommends full public funding for transit systems and they cite Luxembourg as an example of nationwide free public transit.

    For regular transit riders, this crackdown on fare evasion across the country can mean increased pressure on their budgets, as the cost of living in other areas also continues to rise. The APTA reports that 55% of transit riders earn less than $50,000 per year — a figure that may mean fare evasion fines could have a serious impact on wallets. For now, riders should be prepared to pay as officials look to enforcement to address concerns.

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

  • Americans over the age of 55 are the country’s fastest-growing workforce — here’s why so many are now kicking retirement down the road

    Americans over the age of 55 are the country’s fastest-growing workforce — here’s why so many are now kicking retirement down the road

    Joan Madden-Ceballos didn’t make headlines for volunteering or falling victim to a crime. Instead, she caught the attention of Boston 25 News for something that says a lot about about America today: at 70, she’s still on the job.

    Madden-Ceballos is among the growing number of Americans 65 and older who are staying in the workforce into their golden years.

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    Working past the traditional retirement age of 65 isn’t new — especially as life expectancy increases — but the number of Americans remaining on the job continues to rise, largely due to economic hardship.

    The Bureau of Labor Statistics reports that between 2003 and 2023, the number of people over 55 still in the workforce increased by nearly 74%. Today, more than 1 in 5 workers are 55 or older. For those 75 and older, the number has grown by a record 113%.

    Why older adults keep working

    People have a variety of reasons for working beyond retirement age, but some clear trends have emerged.

    One of the more positive reasons is that Americans are living longer — and healthier — than previous generations. According to the Centers for Disease Control and Prevention (CDC), the average life expectancy for a 65-year-old has increased by just over a year since 2000, now nearing 84.

    Financial expert Suze Orman has even cautioned retirees-to-be to plan for living into their 90s. That means a retirement fund at 65 might need to last nearly a third of a person’s lifetime — a long time to go without income.

    For many, work also provides purpose and mental stimulation. The 2024 University of Michigan National Poll on Healthy Aging found that nearly half of older adults said their work “gave them a sense of purpose and kept their brains sharp”. Nine in 10 said it helped their overall well-being.

    Nicole Maestas, a professor at Harvard Medical School, points to another factor: today’s information economy. Jobs are less physically demanding than they were for previous generations, making it easier for older adults to stay employed.

    Still, it comes down to money for most people.

    That same University of Michigan poll found that nearly 78% of older workers said financial stability was the main reason they continued working. Others said they wanted to boost their savings or maintain access to health insurance.

    A 2024 AARP survey found that about 66% of adults over 50 don’t feel they’ve saved enough to retire securely. According to a 2023 Gallup poll, only 2 in 5 workers are on track to retire comfortably.

    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 financial landscape has shifted

    One of the biggest changes facing today’s retirees compared t their parents’ generation: pensions are increasingly rare.

    As of 2020, more than 85 million Americans were enrolled in defined contribution plans like 401(k)s. By contrast, only 12 million were in traditional definition benefit pension programs. That makes it harder to replace working income after retirement.

    Researchers from the Georgetown Center for Retirement Initiatives found that today’s retirees are spending their savings faster than previous generations. The culprits? Rising costs of living, high health care expenses and increased longevity.

    Inflation is also a major factor. Consumer Affairs reports that the consumer price index jumped 586% between 1973 and 2023. Combined with wage stagnation, and saving for retirement becomes even more difficult

    In 2024, the Government Accountability Office reported that a third of households with a worker 55 or older had no employer-sponsored retirement plan at all. Half of all households had no retirement savings whatsoever.

    Trouble ahead for Social security

    Another looming concern is Social Security. It is projected to deplete its trust fund by 2034, at which point it would only be able to pay about 77% of scheduled benefits through incoming payroll taxes.

    “Far too many people are one crisis away from economic insecurity," said Ramsey Alwin, president and chief executive of the National Council on Aging. A 2022 University of Massachusetts study supports that view, showing that half of single older adults and one in five couples struggle to meet their basic needs.

    The Pension Research Council at Wharton has suggested reforms to help both current and future retirees. A key issue is access: almost 57 million Americans don’t have a workplace retirement savings plan. Workers of color and lower-income workers are disproportionately affected — over-represented in this group, with 53% of Blacks and 64% of Hispanics without access, compared to 42% of White workers. For low-income workers, those numbers jump to between 64 and 79%.

    Wharton researchers recommend expanding access to retirement plans, as well as improved portability of 401(k) and IRA plans, to encourage people to keep saving as they change careers. They also recommend government programs to match contributions for low-income workers, allowing for more equal access to retirement, letting America’s golden years be ones of leisure and not full-time work.

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

  • Got $2 million? Here’s how long that nest egg will last you, depending on which US state you live in — you’ll get almost 50 more years in the cheapest state compared to the most expensive

    Got $2 million? Here’s how long that nest egg will last you, depending on which US state you live in — you’ll get almost 50 more years in the cheapest state compared to the most expensive

    A record number of people are reaching retirement age. Each day, more than 11,200 Americans turn 65 — adding up to 4.1 million Americans hitting retirement age per year.

    And yet very few of them feel they have enough saved to last the rest of their lives. The Federal Reserve reports that the reality is that most Americans aged 65 to 75 have approximately $426,000 in their 401(k).

    According to a Northwestern Mutual survey, most Americans believe they’d need closer to $1.46 million for a comfortable retirement.

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    Experts disagree. Suze Orman, for example, called $2 million in retirement savings “chump change”.

    So $2 million is a high bar. But according to a recent analysis from GOBankingRates, it should be enough to last you in all but three states: Hawaii, Massachusetts, and California.

    Here are some states where a $2-million nest egg will make you feel like a millionaire in retirement — and states you may want to avoid if you have a more modest retirement nest egg.

    The rankings

    GOBankingRates ranked all the states based on how long $2 million would last in retirement. They looked at average Social Security payouts and the average annual expenditure for Americans 65 and older (based on the 2023 Bureau of Labor Statistics Consumer Expenditure Survey).

    Then they compared that data to each state’s overall cost of living to determine how many years retirees could make $2 million last.

    The state where it would last the longest?

    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

    Virginia, where a $2-million nest egg would last a whopping 71.93 years. Average annual expenses in that state would be $27,803 a year, after accounting for Social Security income.

    Unfortunately, living in West Virginia post-retirement has some downsides. The state has some of the worst health-care outcomes in the U.S.. Other retiree-friendly states on the list include Kansas, Mississippi and Oklahoma, with $2 million projected to last up to 69 years.

    In contrast, $2 million would not last even half as much in California, Massachusetts and Hawaii, which ranked at the bottom of the list for long-term affordability. The $2-million nest egg would last about 31 years in California and Massachusetts and Hawaii 22.75 years.

    In other words, if you retire at 65 in the Aloha state, your money would likely last until you’re 88, but no longer.

    That may not seem so bad, but this analysis didn’t take into account high health-care costs, so your $2 million nest egg may shrink more quickly than the data suggests.

    Deciding where to live in retirement

    Choosing when, where and how to retire is an individual decision based on multiple variables. Here are some factors to consider as you contemplate areas to live in retirement.

    • Local cost of living, This varies across the country, as GOBankingRates’ analysis shows.
    • Housing supply and prices. This is a major consideration if you’re planning to move states or downsize to a smaller home after you retire. Hawaii, like many states, is facing a housing supply crisis, while Massachusetts and California also report low levels of housing supply, driving up the cost of living in these states.
    • Public services. For example, you will likely need health facilities and use public transportation more as you age.
    • Convenience and amenities. Are there supermarkets, pharmacies and gas stations within an easy distance? Community centres? Restaurants and theatres? As you age, proximity matters, and you’ll be less likely to want to cope with an inconvenience in your living arrangements.

    Whether or not you have $2 million, it pays to be realistic about your fixed income and make wise decisions about where to retire. That way you can ensure that your golden years are comfortable ones.

    What to read next

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

  • ‘You’re imposing this on her’: Dave Ramsey gives Florida man a reality check — Ramsey says his struggles with his spendy wife aren’t really about money (plus what’s missing from their plan)

    It’s not uncommon for a marriage to experience financial issues, but sometimes the money problems are just the tip of the iceberg.

    Dave Ramsey recently explained this to a Florida man, Hayden, who called in to the financial guru’s show. Hayden and his wife are deeply in debt, with a $19,300 balance on their credit cards and $64,000 in car loans, including a $37,000 loan for a new Tesla. The two have created a budget to navigate their financial woes, but Hayden’s wife feels the couple hasn’t budgeted for one important part of life: fun.

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    Hayden shared that in spite of their lavish spending, the couple is struggling to afford things like attending baby showers and dining out with friends. Hayden’s wife, who is pregnant with their second child, has to clear her spending with him, asking for $50 to spend on these types of activities, which Hayden routinely denies.

    “My wife started to feel very controlled,” Hayden admitted.

    As Hayden continued to explain the situation, the conversation quickly shifted from “how do I get my wife on board?” to “how can we make budgeting decisions as a couple?” That’s when Ramsey’s advice veered away from discussing finances.

    ‘Ultimately, you two probably need marriage counselling’

    Ramsey and co-host Jade Warshaw were visibly shocked when Hayden outlined the couple’s debts, as well as the issues Hayden’s wife has with their budget. “You’re imposing this on her, and she’s not got any adult ownership in the sacrifice that needs to occur for you all to swim.”

    Since Hayden and his wife don’t appear to be on the same page with their financial goals, Ramsey suggested another remedy that might help the couple get to the bottom of their issues.

    “Ultimately, you two probably need marriage counselling,” said Ramsey. “She’s not involved in this at all, emotionally, and so you’ve become her parent and she doesn’t like it when you tell her ‘no.’ And you’re getting tired of being the parent.”

    Warshaw also pushed for the couple to attend counseling, noting that for most new parents, the arrival of a child tends to change their relationship with money. If Hayden’s wife still has a desire to spend recklessly, there is likely an underlying factor leading to this behavior.

    “My guess is there’s something behind this,” said Warshaw. “You go to counseling, you’re going to figure out what that is, because there is something stopping her from wanting to go all in on this.”

    While Ramsey was sympathetic to Hayden’s potential marital issues, he refused to let Hayden off the hook for the terrible financial decisions he and his wife have made. For example, buying a brand new Tesla when Hayden and his wife were already drowning in debt.

    “It’s asinine, and you knew it when you did it,” said Ramsey. “But you went along with it, trying to make someone happy by buying them stuff. And it doesn’t work.”

    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

    Making money decisions as a couple

    Budgeting as a couple should be a joint activity that not only takes into account what’s possible today, but also what’s possible for the future — what retirement will look like, when you both plan to retire, and how you will invest to live comfortably when you reach retirement age.

    According to Fidelity’s 2024 Couples & Money Study, nearly 25% of couples said money is the greatest challenge in their relationship. Survey respondents also reported that more than half “do not agree on how much money they need to have saved in order to retire,” and more than one in four partners reported that they resent when their significant other leaves them out of financial decisions.

    While money issues are a common theme in marital discord — and even the biggest predictor of divorce, according to a 2012 study — it is possible to get on the same page about financial goals, even if one partner is a saver and the other is a spender. On the Ramsey blog, Rachel Cruze discusses how couples can get on the same page about money.

    “When it comes to money fights in marriage, there’s often a surface issue and an underlying issue. And the only way to find the root cause of the argument is to stop and talk about it,” she wrote.

    Cruze also detailed that savers and spenders are equally valid in their decisions as long as they’re maintaining a reasonable approach to their budget. “Neither is right or wrong — they’re just different.”

    For Hayden and his wife, it’s important for them to discuss money as equals and understand each other’s perspective.

    Making money decisions as a couple

    When couples approach budgeting without alignment on goals and what they want the future to look like, one person often takes on the role of the ‘manager’ while the other is taking orders, rather than the budget being a joint project for the pair.

    Ramsey notes that getting alignment on money is not just about looking at daily and monthly spending, but seeing the big picture: a plan for your marriage that includes financial stability as one piece of a happy life.

    “You’ve been talking about ‘what’ way too much, but not ‘why’,” he told Hayden. “And you’ve got to work on that. Then she’s going to have to take an adult position in this relationship where we sacrifice together for the greater good of our overall family.”

    Ultimately, Ramsey advocated for much stricter budgeting for the couple, which may include a “beans and rice” diet until they can get rid of their debt. Ramsey also had some blunt advice on what to do about that Tesla.

    “You need to sell her car yesterday, it should have never been purchased,” said Ramsey, but his tough-love approach to Hayden’s troubles didn’t end there. “Don’t talk to me about baby showers when you’ve got debt up around your neck and you’ve got a one-year-old. And don’t talk to me about your instagram life, I couldn’t give a crap less about your instagram life.”

    “That’s me being mean, and forceful, because that’s what I see in your lives,” admitted Ramsey. “You’ve got to want a bright future more than you want a false present.”

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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 like a bounty system’: Angry drivers in Omaha left waiting days to get their towed vehicles back — now the tow operator is facing charges. What you need to know about ‘predatory towing’

    Drivers in Omaha were left baffled when their cars were towed away from an open lot — and even more so when they couldn’t get them back.

    A group of car owners were gathered outside of Heartland Towing and Tow Pros in late May, demanding the release of their vehicles. The officers that responded to the scene interviewed the frustrated group, who all said that they had waited days for their cars to be returned to them.

    Is this a one-off or part of a growing trend? Below, we explore the data on predatory towing practices — and the consequences the owner of Heartland Towing faced.

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    Multiple delays

    When the drivers who had their cars towed over the weekend called the towing service, they were met with only an answering machine. “If your vehicle was towed away from private property, please call back during normal business hours from 10am to 3pm Monday through Friday.”

    However, a holiday Monday prevented these drivers from getting their cars back in a timely manner.

    “He had a bunch of people over the weekend he was towing and when people came to claim their cars he more or less said I’m closed, I don’t work holidays,” said Hernan Hernandez, one of the vehicle owners.

    On the following Tuesday, the drivers told police and reporters they were faced with more delays.

    “You got to wait hours or come back later or come back tomorrow because he can’t get them out because he’s got so many piled in there that he can’t get to them,” said Justin Ewing, one of the drivers. “So until everybody in front of you picks up their car, you can’t have yours back.”

    Another problem: the owner of the lot, Joe Livinston, had been detained by police.

    Even owners who had their fees ready to pay in cash were stuck. One couple took an Uber to the tow lot, only to find they were among those whose vehicle was buried in the full lot.

    Others relied solely on their vehicles to get around. “My car is all the way in the back. It’s very frustrating because you know I was supposed to go see my kids today, my lady, supposed to go to work,” another vehicle owner said.

    Others had crucial identification documents or car seats locked away in their towed vehicles.

    While some of the drivers had parked in an empty lot with a ‘no parking’ sign, others had left their vehicles in the lot of a former Walgreens store, where there was no chain preventing such parking.

    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

    Illegal towing

    Predatory towing practices are common in the industry.

    The New York Times reported in 2021 that these practices can include private contracts between businesses and towing companies to tow cars left in their lots over the time limit. While that’s perfectly legal, Eric Friedman, the director of the office of consumer protection in Montgomery County, told the Times that the tow companies are incentivized to be aggressive.

    Towing companies pay “spotters” to watch the lot and report on anyone who goes over their time.

    “It’s like a bounty system,” Friedman said. “It really has nothing to do with parking.”

    The Public Interest Research Group (PIRG) reports that towing fees can also mount up quickly. Only about half of states have laws dictating maximum fees for towing, or storing towed vehicles (without the driver’s consent). There are only 14 states where “spotting” illegally parked cars is prohibited. And worst of all for the drivers in Omaha, theirs isn’t one of only nine states that legislate that towed cars must be available for owners to pick up at any time of day, as long as they communicate with the tow lot beforehand.

    The increasing rate of predatory towing is also impacting professional drivers. A 2023 study from the American Transportation Research Institute found that 82.7% of truck drivers were charged excessive rates for having their trucks towed and a further 81.8% of carriers were charged “junk fees” on top of their tow.

    So what can you do if your car has been towed illegally, or is being held in a lot for an unreasonable amount of time?

    PIRG recommended that drivers contact their local police department through the non-emergency number, noting that some states require the towing company to notify police of any towing against the owner’s will.

    These filings can help you find where your vehicle was towed quickly.

    PIRG also recommended reviewing your bill closely, looking for any charges that seem excessive.

    Be sure to check the laws in your state to ensure you’re not being overcharged. Finally, you have the right to dispute the towing company for a full reimbursement. Some states even allow you to sue for additional compensation if you can prove your car was towed illegally.

    Consequences for Joe Livingston

    First Alert 6 reported that the drivers in Omaha faced another roadblock in getting their vehicles back: Joe Livingston, the owner of Heartland Towing and Tow Pros, was arrested and handcuffed after being charged with ten counts of unauthorized or improper towing.

    Livingston is now facing ten misdemeanors. He was released from custody, but refused to answer any questions from the First Alert 6 team.

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