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Author: Rebecca Holland

  • 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: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    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.

  • ‘An American nightmare’: Massachusetts landlord started driving Uber just to pay his bills during 2-year battle with ‘professional tenants’ — how to spot renters trying to ‘play the system’

    After losing nearly $100,000, Leo Behaj is sharing his experience with a pair of troublesome renters he says “have a PhD” in scamming landlords.

    Behaj and his wife bought a second home in Reading, Massachusetts a few years ago with the intention of moving in when their children got to high school, allowing the kids to attend a school in the district. In 2021, they found a couple who were keen to rent the property in the meantime — a couple that reportedly also wanted to keep their children in the desirable district.

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    Almost immediately, these tenants began to complain about needed repairs and stopped paying rent. As Behaj and his wife would come to learn, the couple has reportedly been repeating this pattern with helpless landlords for 20 years, having been at the center of 12 eviction cases in the state.

    "They’re professionals," Behaj shared with NBC10 Boston. "These people have a PhD. They have everything for how to screw the system."

    Meet Bryan Coombes and Nicole Inserra

    Behaj and his wife came to the U.S. from Albania in 2010, and since they were new to the country, renting this property was their first experience as landlords.

    "I said to my friends, ‘From an American dream, it can become an American nightmare.’"

    Bryan Coombes and Nicole Inserra, the couple accused of being "professional tenants,” battled Behaj in court for two years. Behaj says Coombes represented himself during the proceedings and seemed to know exactly what to do in order to delay the couple’s eviction.

    NBC10 Boston also reports that $13,000 in rental assistance, which is covered by taxpayer dollars, was given to Coombes and Inserra during their stay at Behaj’s property. Meanwhile, during the two-year battle with his tenants, Behaj was forced to take a second job as an Uber driver to pay the mortgage on both of his properties.

    After losing $95,000 in legal fees and unpaid rent, Behaj sold the house in order to work his way out of debt.

    NBC10 Boston also found that while Coombes and Inserra were Behaj’s tenants, they filed for bankruptcy five times. Federal court records show the couple has a combined nine bankruptcy cases between the two of them.

    Speaking outside the court, Coombes told NBC10 Boston that he is not a professional tenant.

    "That’s not true. I use the law, and the law helps me do what I need to do," Coombes said. "I don’t avoid paying rent. I use the law to my advantage when people don’t fix things that are supposed to fix things."

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    The first of many victims

    NBC10 Boston’s investigative team managed to track down the first family that Coombes and Inserra had issues with 20 years ago.

    Peter Amato’s parents bought a duplex in Woburn that Amato and his wife, Teri, lived in until 2004. Amato’s parents then rented the property out to Coombes and Inserra and, according to court records, the couple almost immediately stopped paying rent.

    Amato said issues dragged on for months. Complaints to the city’s health department over things like lightbulbs, asbestos and lead paint allowed Coombes and Inserra to stay on the property without paying rent. After months of mounting costs, Amato’s parents finally gave up.

    "It was either pay them and stop bleeding out money, or fight them and bleed out money and put yourself in financial chaos," said Amato. "It was cheaper to give them $20,000 and tell them to get lost."

    The latest case

    Coombes and Inserra are now battling a new landlord over the same type of alleged issues they claimed were wrong with Behaj’s property. NBC10 Boston spoke with Bob Lee, an attorney who is currently working on a case for a landlord who rented a home in Burlington to Coombes and Inserra.

    "Their whole entire goal is just to stay on the property as long as possible, paying the least amount of money possible," Lee said. "It doesn’t take a lot of effort to play the system that way."

    The owner of the Burlington home filed an affidavit in May, saying he and his wife plan to move back into the house once he takes possession because he can’t afford to pay two mortgages and risk foreclosure.

    Meanwhile, the homeowner has amassed nearly $100,000 in losses including rent, legal fees and repairs. The homeowner also claims in the court filing that he was forced to borrow money from friends and family.

    "Without the court’s immediate intervention to allow me to take rightful possession of my property, this is an unsustainable, unreasonable and unjustifiable situation for any landlord," the homeowner said in his affidavit. "There is no scenario where the tenants can make me whole."

    Professional tenants explained

    Also known as professional renters, tenants who use loopholes to avoid paying rent are not uncommon. In fact, 58.5% of respondents to a National Multifamily Housing Council survey in 2024 said they’ve experienced an “increase in nonpayment of rent due to fraud in the past 12 months.”

    A professional tenant’s goal is quite simple: wrap up the landlord with complaints and legal proceedings to avoid paying rent and delay eviction for as long as possible. Coombes and Inserra have reportedly been running this playbook for decades, using bankruptcy as another tactic to prolong court proceedings and delay eviction.

    Due to failure to file the required documentation, all of the bankruptcy cases filed by Coombes and Inserra were dismissed, but the two likely knew their cases would fail.

    "It’s pretty obvious that they never intended any of these cases to be successful," said Josh Burnett, a bankruptcy attorney who reviewed the court filings with NBC10 Boston. "They were just trying to buy time."

    How to spot professional tenants

    Thankfully, there are a number of legitimate ways that landlords can screen potential tenants to ensure they’re trustworthy.

    In addition to the usual credit check, a landlord can also run a criminal background check on any potential tenants. Landlords may also ask for an employer letter or even pay stubs to prove the tenants have sufficient income to afford rent each month. It’s also worth asking for references from more than one previous landlord if the prospective tenants have a history of frequent moves.

    Getting a sense of a prospective tenant’s rental history is key. Behaj told NBC10 Boston that while he spoke to a reference for Coombes, he now believes the person he spoke with was only impersonating a landlord.

    If you’re a first-time landlord, asking plenty of questions can help you understand more about your prospective tenants and provide clarity on any gaps in their rental history, allowing you to make a sound judgement about their character. Trust your gut, and don’t be afraid to keep looking if you don’t think a potential tenant is the right fit for you.

    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: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    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.”

    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.

  • ‘What in Galloping Gale is this?’: Several Massachusetts utility customers say they missed payments as bills suddenly went paperless — how to fight back when you owe on a bill you didn’t get

    ‘What in Galloping Gale is this?’: Several Massachusetts utility customers say they missed payments as bills suddenly went paperless — how to fight back when you owe on a bill you didn’t get

    Massachusetts utilities company National Grid is once again the target of criticisms from customers over billing practices. Just a few weeks ago it was revealed that it failed to bill thousands of gas customers for most of the previous winter.

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    Now WCVB Channel 5 Boston reports that a quarter million customers were switched to paperless billing since August, but several are coming forward to claim they didn’t opt in or know about the change. They say they only learned of the switch after they received a disconnection notice demanding hundreds of dollars in missed payments be made.

    In March, state regulators called the company’s billing issues "systemic" and "inexcusable,” and they recently announced relief for customers who did not see their paperless bills.

    Here’s what you can do if you’re facing a similar issue with a utilities or service provider.

    ‘I got no phone call. Nothing. It just stopped.’

    Albert Mercado, a National Grid customer, received a final disconnection notice by mail in May — his first letter from the company in months.

    At first, Mercado didn’t understand. “Out of the blue. And I’m like, ‘What’s going on? What in Galloping Gale is this?’” he said in an interview with WCVB.

    He called National Grid and learned he had been switched to paperless bills some months before. The company was sending the bills to an outdated email address.

    "My first email account. Hotmail," Mercado explained. He also told WCVB that there was no notice included on any of his previous paper bills.

    Similarly, Matt Ricciuti also received a disconnection notice in late May with a bill for $800.

    "I didn’t choose it, and I didn’t even have an option," Ricciuti said to WCVB. "I got no notice of [the switch]. I got no phone call. Nothing. It just stopped.”

    His bills were also going to an old email.

    "She said it was going to my original email that I had established back when MSN was just starting up," explained Ricciuti.

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    The news station reports 266,000 people have been moved to paperless billing since last August, and the company automatically enrolled customers who had any email address listed on their account. The company confirmed that they only notified customers of the switch through email, and no notice was sent with bills or other letters. They only reenrolled customers in paper bills if an emailed bill bounced back.

    "I think they should have notified people a lot better than they did," Ricciuti said.

    "I said, ‘Your implementation sucks. For the number of years I’ve had an account with you guys. Always pay the bills on time. Never got a call, text message, nothing. This just doesn’t make sense,’” Mercado said.

    How you can avoid missed bills and disconnected utilities

    For their part, National Grid said in a statement, "We have made efforts to communicate with all customers enrolled in paperless billing over the last two years and will continue reaching out to those we have not reached using available contact information. Customers who prefer to receive printed bills can easily update their preferences by logging into their National Grid account via our website or mobile app, or by calling 1-800-233-5325 to speak with a Customer Service Specialist."

    However, the Massachusetts Department of Public Utilities told WCVB they have received dozens of complaints about the paperless transition from National Grid customers.

    They also confirmed any customer who did not receive their bills is not responsible for charges older than 60 days. This includes paperless bills that were sent to the wrong email address. They advised National Grid customers eligible for this relief to call the company.

    If you are with another service provider or living in another state, you can reach out to your state’s public utilities department to file a complaint involving a gas, electric, or water company.

    You can also contact municipal, county or state government offices to find more information on how to file these complaints, and if there are any additional watchdog or community organizations in your area that will register your issue and help you with your missed bills. They can also inform you of the regulations in your state concerning bills you did not receive.

    In the meantime, to avoid any disconnection of your essential home services, be sure to log in to any accounts you have with your utilities providers and check your preferences to ensure your bills are delivered to the right address. You can also call your provider’s helplines to check this information.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • I have epilepsy and can’t drive, leaving me completely dependent on others. Would it be worth it to spend nearly half of my monthly income on rent just to be within walking distance of work?

    I have epilepsy and can’t drive, leaving me completely dependent on others. Would it be worth it to spend nearly half of my monthly income on rent just to be within walking distance of work?

    Consider this scenario: A 25-year-old woman with epilepsy currently relies on friends, family and Uber lifts not only to get to work but around more generally, in a city where transit is limited and unreliable.

    To gain independence, she wants to move to a rental apartment within walking distance of her work. The catch? The rent is $1,600 per month — almost 50% of her $50,000 salary.

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    On the upside, her transportation costs would be lower if she moves closer to work, and she’s willing to make sacrifices to her discretionary spending to do it.

    So is moving into this expensive apartment worth it for the greater independence she will gain?

    The cost of living for young people with disabilities

    Unfortunately, she’s not alone in grappling with this dilemma. Many Americans with disabilities pay more to enjoy the same standard of living as peers without disabilities.

    According to the National Disability Institute, 20 million working-age Americans live with some form of disability and must spend 28% more on average to achieve the same standard of living as their counterparts without disabilities.

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    Compounding the cost-of-living challenge for Gen Zers is a lack of affordable housing. Younger Americans are spending more on housing than previous generations.

    The New York Times reports that, as of 2022, 5.2 million Gen Zers were spending 40% of their income on rent.

    On the upside, if the character in our scenario moves, she would save on transportation costs, and she’s already ahead because she doesn’t have to worry about the cost of buying a car and ongoing maintenance and insurance costs.

    Newsweek reports that two in every five Americans spend 20% of their monthly income on their vehicles, a figure that may rise as tariffs take hold.

    Stress-testing your budget

    The first step toward determining whether a new apartment is affordable is to write out a budget.

    The classic 50/30/20 budget breakdown is a good starting point. Here’s what that looks like:

    • 50% of your income on essentials, including a maximum 30% of your pre-tax income on housing
    • 30% of your income on discretionary spending, including travel, hobbies and dining out
    • 20% of your income towards savings, or savings and debt payments.

    Then examine how you’re actually spending your money — now, not in the future. This will help you set a new budget that’s realistic.

    To do this, gather up your bank and credit card statements from the last year and work out what you’re currently spending on essentials, discretionary spending and savings. You can even run a stress test in which you live on your new budget for a month to see if it’s doable.

    Put away the extra money that would go towards “rent” into an emergency fund.

    If you find it’s possible to get through the month on your proposed budget without too much stress or a feeling that you’re missing out on having fun, then the costly apartment may be worth it.

    Make sure your new budget allows you to continue saving towards an emergency fund and that it doesn’t require you to use credit cards to cover expenses. Pay down debts so unexpected expenses don’t leave you scrambling to cover your bills at the end of the month.

    Finally, if you’re going to spend more on your home, try to get as much enjoyment out of it as possible.

    Since you’ll likely be trimming your budget for entertainment and dining out, make a point of moving into a place where you can entertain at home.

    If you like to host dinner parties or board-game nights, invest in a good dining table that your friends can gather around. If you like to watch sports or play video games, try to get a comfortable couch and chairs, and a large, sturdy coffee table.

    If outdoor space is important, prioritize a place with a balcony, access to a backyard, or one situated near a park.

    Whatever your idea of fun is, be sure the sacrifice in your disposable income is worth it and doesn’t eat into your quality of life in ways you didn’t expect.

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

  • I’m 32 years old and I just bought a $1 million home for my long-term girlfriend and I. She didn’t help with the down payment — but now she wants her name on the deed. What should I do?

    As more couples switch to cohabiting before marriage, or choose not to marry at all, the decision about how to divide property becomes a thorny one — and even one that can end a relationship. How do you know whether you can trust your partner with sharing a big financial asset like a home? Below, we discuss a common scenario and how you can potentially share both your bills and your assets in an equitable way.

    In this scenario, a 32-year-old man has just fulfilled his dream of buying his own home. He has a long-term girlfriend, but they have not lived together before. The man expects that his girlfriend will move in with him and contribute to paying the mortgage, but she refuses to do this unless her name is also put on the deed. Since she didn’t contribute to the down payment, he feels the property is his, not theirs. How can this couple resolve the issue?

    Don’t miss

    Property rights in the US

    A deed solidifies the transfer of ownership of a property from one party to another. When a home is sold, the original owner transfers ownership of the home from themselves to the party or parties who are buying the home. In some states, when you take out a mortgage on a new home, your lender will hold the deed as a trustee until your loan is paid in full. Anyone with their name on a deed has a legal right to claim the property.

    Many married couples now hold their family home jointly. However, if a home was purchased by one spouse before the marriage, it’s often not considered joint property. A spouse who does not have their name on the deed may still attempt to assert a legal right to claim ownership of a home if they can prove they have contributed to payment of the mortgage or similar financial contributions. If you do not want an asset or property to become marital property, you can opt for a prenuptial agreement to protect these assets.

    While the rules of property ownership in a marriage are more clear cut, entering into a common law partnership can pose legal problems for dividing property in the event of a split.

    Common law marriages by state

    Rules for common law marriage vary widely by state. Some states, such as Colorado, Texas and D.C., recognize common law marriage with the same rights as legally married partners, while others, such as California, do not recognize common law marriages at all. Depending on where you live, it’s important to get familiar with the laws that govern partnerships so that you understand your rights and responsibilities in the event that you break up. You should also know that if you move during your partnership, the state where you first established cohabitation is the state’s laws that will be applicable to your union.

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    Tax considerations when adding your partner’s name to a deed

    When you add a partner’s name to your home’s deed, you are transferring a portion of your home’s value to them and securing their future interest in it. With this transfer, you may be eligible for property tax exemptions or deductions in your state, especially if the property qualifies as your primary residence.

    However, both of you may also be responsible for capital gains taxes in the event you sell the property. You may also trigger the gift tax, which is a federal levy on transfers of money or property to another person.

    If enough time passes between your buying the property and ‘gifting’ a portion of it to your partner through adding their name to the deed, your property taxes might be affected as well. Local tax authorities will often reassess the value of your home when changes to the deed occur, so you should be prepared for higher property taxes.

    Potential solutions for this couple

    In the case of our example couple who can’t agree on how to divide the responsibility for and ownership of their future home, there are a few options for how they can proceed. First, speaking with a financial counsellor can help them gain clarity on how to equitably divide their assets and also manage their debts and expenses. If the partner who owns the home significantly out-earns the other partner, they may need to come to a financial arrangement other than a 50-50 split.

    It’s also important to get clear about your future plans, including discussing marriage. While the institution may be waning in popularity, it’s still the best way for couples to secure their financial future and ensure joint access to any wealth and assets accumulated during the relationship.

    If you’re having a difficult time agreeing on your financial future as a couple, it may be time to consider relationship counselling, to get at the deeper issues that may be blocking you from seeing eye-to-eye on your finances.

    Outside influences from friends and family may be making one or both of you biased, so setting your problems before an objective third party can help you begin to see things clearly.

    Even if this couple decides not to marry, they can explore creating a cohabitation agreement. This is a legal document that outlines the rights and responsibilities of both parties with respect to finances and assets. It helps you decide on potential outcomes for your joint property in the event of a breakup or other significant life event.

    A cohabitation agreement can help close the gaps that the absence of a legal marriage or common law union leaves open. The enforceability of these agreements also varies by state however, so be sure to consult a lawyer to understand more about your rights and responsibilities before you draft an agreement.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Montana IHOP staff say they haven’t been paid in 6 weeks — and now they’re scared if they quit, they’ll never get their money. What you need to know about protecting your rights as a worker

    Montana IHOP staff say they haven’t been paid in 6 weeks — and now they’re scared if they quit, they’ll never get their money. What you need to know about protecting your rights as a worker

    A Lee’s Summit, Montana, IHOP restaurant is accused of making their staff wait weeks for their paychecks — and on top of that, the air conditioning isn’t working either.

    One staffer, identified only as Linda, told KMBC 9 Investigates that it’s going on six weeks with no paycheck.

    “People might say, ‘Well, why do you continue to work here?’” a reporter asked her.

    “We’re like family here,” she said. “I’ve been here almost a year now. A lot of these people have been here a way long time.”

    Another employee, Chelsea Stoker, says she has filed a complaint with the Department of Labor along with some fellow employees, but she’s afraid to quit her job.

    “I’m kind of too scared to leave, because if I leave, I’m concerned that I’m not going to get my other paychecks,” Stoker said. “And that’s about $1,200. And I got four kids, I need it.”

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    A number of issues

    The KMBC investigators report that they tried multiple methods of reaching the parent company that owns the IHOP franchise, AJTX Management, but got no responses.

    They further found court records that show AJTX is facing multiple lawsuits in Missouri over employment-related claims.

    The staff at the IHOP also told reporters that the air conditioning in the restaurant has been broken for some time, with no plans in place for having it fixed.

    They hope that going public with their story will make a difference.

    “I’m hoping that if this gets out there, we’ll get paid and we’ll get air conditioning and all the people can come back,” Linda said.

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    Legal rights for workers

    The Fair Labor Standards Act (FLSA) governs employment conditions across the country, and ensures workers’ rights are protected. Failure to pay an employee’s wages on time is a violation of the FLSA, and AJTX Management‘s failure to keep the restaurant’s air conditioner operational may also be considered a violation of the Occupational Safety and Health Administration’s rules on safe working conditions.

    Employers are required to protect workers that are exposed to high heat for long periods, and may even be responsible for developing a heat illness prevention program. Any worker who can prove that their employer caused them to develop a heat-related illness may be eligible to file a complaint with the OSHA.

    For employees that are waiting on paychecks, the FLSA ensures their employer can face penalties and legal action. These can include back pay to affected employees, civil penalties, liquidated damages and the payment of employees’ legal fees and costs.

    What you can do to protect your rights

    Under FLSA, you have multiple options to ensure your employer gives you what you are legally owed. The FLSA also prevents your employer from retaliation against you for exercising your legal rights.

    If you are owed compensation, you can:

    • Contact your employer in writing to document the missing wages, and ask for back pay to the amount owed.
    • If your employer has been given a reasonable time to address your concerns, you can next file a complaint with the Department of Labor’s Wage and Hour Divisions (WHO). They are able to investigate any violations of the FLSA and take action against your employer if needed.
    • If your employer is violating employment laws, you may file a lawsuit. It’s important to work with an experienced employment lawyer, especially if any investigations by the WHO are still underway.

    For employees outside the service industry, alternative channels may exist for addressing workplace violations. Start by reporting FLSA or OSHA rights violations to your company’s HR department. If HR fails to take appropriate action, escalate the matter to management, including senior leadership. Should these internal pathways prove ineffective, follow the previously outlined steps and consider consulting with a qualified employment attorney who can provide guidance on your legal rights and potential courses of action.

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

  • I’m 29 years old and my fiance and I want to make an offer on our dream house — but he refuses to put my name on the deed even though he expects me to pay half the mortgage. What do I do?

    I’m 29 years old and my fiance and I want to make an offer on our dream house — but he refuses to put my name on the deed even though he expects me to pay half the mortgage. What do I do?

    Relationship patterns in the U.S. are changing. As of 2023, 9.1% of the population was cohabiting without being married, up from only 3.7% in 1996. With more unmarried couples opting to have children and buy homes together, those living in these types of partnerships should be aware that, while values have changed, the law in many cases has not kept up with the times.

    Consider this scenario: You’re 29 years old, planning to buy your dream home with your partner. You’ve been living together for several years, and have a child together. While they have been saving up for a down payment, you have been doing most of the childcare, and diligently paying off your student loans to reduce your overall debt load in the relationship. You’ve found a house you love, but then your partner drops the bombshell: They believe that since they’re the one putting the upfront payment on the house, only their name should be on the deed. They still expect you to split the mortgage 50/50. What should you do?

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    Property laws in the U.S.

    Your rights as part of an unmarried couple will vary depending on which state in the country you call home. While many states recognize common law marriage, the rules around property in these unions vary.

    For example, in states that recognize common law marriages to some extent, the fact that you have cohabited for several years and demonstrated the capacity and intent to marry by getting engaged would make you common law spouses. This would give you the right to make a legal claim on the property in the event of a break-up, or the death of your fiancé. You would also have the right to file for divorce.

    Even if you live in a state like California that does not recognize common law unions, the fact that you share a child, equally contribute to living expenses, and are engaged would give you a strong legal case to make a claim on the home even if your name was not on the deed. However, you should know that suing your former spouse could be a lengthy and expensive process in court.

    For most couples that share children and have been cohabiting for years, marriage is still the best way to protect each partner’s legal rights in the event of the relationship ending, and also in the event of the death of either party.

    If you are considering buying a house together or significantly contributing to mortgage payments and other living expenses, it’s a bad sign if your partner is looking for ways to block your claim to ownership of the property, especially if it is your primary or only residence. In the scenario outlined above, this is a major indicator that your partner is not financially trustworthy.

    Also, while the childcare you’ve provided isn’t paid work in the traditional sense, it does hold value, and this should be acknowledged in the partnership. While you hypothetically could have gone back to work to earn a traditional paycheck, you then might have had to find paid childcare.

    Advice for new couples

    For couples who intend to cohabitate or have not established a common law marriage but will be sharing the cost of a mortgage, it’s essential that both names appear on the deed to the home. If this is not possible, you can opt to sign a cohabitation agreement that outlines the division of your property if you choose to part.

    Before you enter into any major purchases with your partner, be clear on your rights. As an unmarried person, your partner’s finances and property remain theirs, even if they buy a home while you’re together, and you contribute significantly to the cost. And if you have any doubts about your partner’s intentions or the financial repercussions for you if the relationship ends, don’t contribute to the mortgage or down payment.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Financial abuse

    A partner who is trying to block you from exercising your legitimate claim to the home you share or plan to share may be showing early signs of abusive tendencies. Financial abuse is a control tactic where an abuser will intentionally manipulate or control a victim’s access to money, their financial autonomy, withhold financial information that affects the victim, or block them from accessing any financial advice, products or property that would give them freedom to leave the relationship. The National Network to End Domestic Violence says that financial abuse happens in 99% of domestic abuse cases.

    In the case of the couple who has cohabited for several years and share a child, one partner attempting to block the other from property rights that would normally be theirs in a marriage is definitely a flag. Regardless of the reasons, unmarried couples are best advised to have clear legal agreements about major joint property, and to maintain separate bank accounts so that neither partner will be left without an emergency fund if the relationship ends.

    Financial self-care

    Whether you’re married, common-law, or in a partnership, maintaining a separate emergency fund is an important step to safeguard yourself, especially if you’re a woman. Studies show that the gender pay gap persists, with white women earning 83% of what men earned in 2022, and the gap increasing for women of color. In the case of a stay-at-home mom, leaving the workforce to be a caregiver is a significant financial pitfall, costing women $150,000 in wages on average.

    Contributing three to six months of expenses to an emergency fund can help get you on your feet quickly if you need to leave your relationship for any reason. You can open a high yield savings account separate from any joint accounts you hold with your partner, and set a budget for monthly contributions.

    In the case of our example couple, it may be advisable to seek financial counselling to help outline their money goals in the relationship and future marriage. A couples therapist may also help to unravel the miscommunication and mismatched expectations for their future — financial or otherwise.

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

  • I make $140K and just got an offer for a new job at $170K — but here’s the catch: I have to transition from remote to hybrid work. Is the extra cash worth commuting again?

    I make $140K and just got an offer for a new job at $170K — but here’s the catch: I have to transition from remote to hybrid work. Is the extra cash worth commuting again?

    For many remote workers, the flexibility offered by working at home can’t be beat.

    In a McKinsey survey from 2022, 21% of remote workers reported that getting a remote role was their primary motivation for seeking a new job. Furthermore, according to an independent survey of more than 12,000 respondents who work remotely, the ability to work from anywhere has increased their happiness by as much as 20%.

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    So what if you’re currently on the job hunt, and have received a nice offer, but now find out it will mean you need to work from the office for at least three days a week? Is it worth it to trade in your sweats for a rush-hour commute? We’ll break down the added costs of office-based work, plus the benefits that you might enjoy.

    The scenario

    Say you’re currently making $140K with a 10% performance bonus. Your new offer has a base salary of $170K with a 15% bonus. However, you’ll be leaving a fully-remote role for a mandatory hybrid working arrangement, with three days a week in-office.

    The extra salary could help you afford a down payment on your own home, which is your major financial goal.

    So what would the extra salary look like on your monthly paycheck? If you live in California, for example, your total income after taxes would be $114,921, not including deductions for health insurance or any contributions to retirement accounts. In contrast, your current take-home pay at your $140,000 salary is $97,119. So the difference is $17,802, or $1,483.50 per month. When you consider your health care and retirement savings costs, you can target about $1,000 extra per month in income — which isn’t bad, but might not be enough to get you meaningfully closer to your goal of homeownership.

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    Additional costs for your new role

    If you choose to transition back to working in-office, you’ll have to consider your transportation costs. As a remote worker, you may not have a car, or you may not use your car very often. With potentially long commutes ahead of you, you’ll need a reliable vehicle, a healthy gas budget, and some savings set aside in case of accidents or repairs. You may also need to consider whether your current auto insurance will be sufficient for your needs. If you work in the city, parking might also become a monthly expense you’ll need to factor in.

    Many office workers prefer the convenience of having their lunches or even dinners at restaurants. Even if you brown bag it two out of the three days you’re in the office, your food budget can balloon when you’re surrounded by options for meals on the go. It’s also true that you’ll feel more tempted to treat yourself to social drinks or dinners with colleagues after work, or other activities that can take a bite out of your entertainment budget each month.

    But there’s something to be said for the value of that informal off-the-clock socializing, especially if you’re hoping to climb the ranks at your new workplace.

    You just need to be prepared for these added costs because the temptation for lifestyle creep could be a real concern. When you feel like you’re earning more, regardless of what the numbers in your bank account say, you may be tempted to splurge on luxuries like extra vacations, a new car or even more frequent discretionary purchases like clothes shopping and dining out. These costs could quickly eat up your extra $1,000 per month, and even leave you with less money for saving than you had before.

    The bottom line

    While it may sound as if we’re advising you against taking a new role, the truth is that it’s almost always a good idea. Your role is likely to be additional good experience you can add to your resume and help you in the future in your career.

    If you’re feeling underutilized in your current role, or you’re not growing, a new role can break you out of your rut, and also make you more competitive in the job market. In today’s layoff-heavy climate, staying relevant with new skills and better titles is a must.

    You can also look at the role as an experiment — if you find that the commuting and lifestyle changes aren’t worth it after six months to a year in the role, you can hit the job market again and find something that suits you better, hopefully this time with even more skills to aid you in your search.

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

  • ‘How cruel and dishonest’: Connecticut brothers speak out after family business fleeced out of $100,000 — here’s the ‘red flag’ that tipped them off and how to avoid this popular scam

    A Connecticut family is sounding the alarm after one of its members fell for a scam that wound up costing the family business $100,000.

    Hosmer Mountain Bottling Co., which sells locally-made sodas throughout Connecticut and Massachusetts, has been operated by the Potvin family since 1958. Business was reportedly good for more than 60 years, but things took a nasty turn in June 2025.

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    As Andrew Potvin explained to WFSB, his brother, Bill, was scammed into sending a company check to a fraudster pretending to represent Publishers Clearing House (PCH). Bill was reportedly told he had won $5,500,000 and PCH needed the check to "verify his employment."

    “The red flag was when the girl that helps me with finances told me there was a check withdrawn for $49,550,” Andrew shared with WFSB. Shortly after, another check for the same amount was withdrawn from the company account.

    At first, Andrew had no idea what these checks were for, until he noticed a note from Bill. “There was a note from my brother saying he had sent a check to verify employment for Publishers Clearing House,” said Andrew.

    This is when the family started to figure out what was happening. And while there appears to be some confusion around exactly how this scam went down, one thing is certain: Bill was taken advantage of, and his age may have played a role in making him a victim.

    “How cruel and dishonest,” said Andrew. “There are people out there that are just cockroaches. Just terrible people, and they take advantage of people that are getting older.”

    ‘The void became Viola Smith’

    Bill, who thought he had just won $5.5M, was told to write “void” on the company check and, once his employment was verified, PCH would send him his prize.

    Bill then sent out the voided check and soon received a massive check for the cash prize he was promised. Meanwhile, the scammer was using a sneaky trick to gain access to Hosmer Mountain Bottling Co.’s bank accounts with the voided check Bill had sent.

    “The void became Viola Smith, and Viola proceeded to cash her check,” said Andrew.

    Bill quickly learned the $5.5M check he received was fake, and that the check he had sent out had essentially given access to the company’s bank accounts to the scammer.

    “I couldn’t believe it,” said Chuck Potvin, another one of Bill’s brothers. “I know Bill is kind of gullible, but to send a company check, a signed company check, is beyond belief.”

    The Potvin family has reportedly met with local police and an investigation has been opened. And while this scam has likely caused tension within the family, WFSB reports the Potvins are able to accept the loss without a major impact to their business.

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    What you need to know about this popular scam

    According to Kristen Johnson of the Better Business Bureau, Bill isn’t the first and likely won’t be the last person targetted with the PCH scam.

    “Since 2018, Publishers Clearing House has been on BBB’s list of top impersonated scams,” Johnson shared with WFSB. “Usually in the top three but last year it landed at number one.”

    The U.S. Postal Inspection Service has issued warnings about scammers pretending to represent PCH, advising anyone contacted by a supposed representative to take extreme caution.

    Those who are told they’ve won a large sum of money and want confirmation are advised to contact PCH’s customer service directly. “Scammers will give you a phone number that comes back to them for ‘verification,’" warns USPIS.

    Moreover, USPIS wants to remind Americans who may win a cash prize from PCH that the company will never ask for more information than your date of birth, name, address and email. Requests for additional informatiion, like confirming employment with a voided check, should be seen as a red flag.

    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.