Author: Sarah Sharkey

The last thing Chicagoans expect when they lift the hood of their car is a literal rat’s nest.

But rodents do enjoy curling up in warm spaces and chewing on any available wires, which makes nestling in the engine block of your vehicle a cozy spot. And, much to the chagrin of residents, rats have been making themselves at home in vehicles all over the Windy City.

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Once in your vehicle, rats can do a lot of damage. In one case, they caused more than $1,200 in damage to Koren Baker’s vehicle in the Irving Park East neighborhood.

“Whoa, that’s too much money to pay for just a rat,” Baker said in an interview with ABC 7 Eyewitness News Chicago.

Rat infestations are common in Chicago

Reports of rat infestations are racing up the list of complaints for the Department of Streets and Sanitation to deal with. Between April 2024 and April 2025, there were 43,400 complaints about rodents or rats to Chicago’s 311 hotline. That’s a 6.6% decrease in the average number of complaints from 2022 to 2024.

Rats often climb under plastic covers within car engines, destroy any available foam, build a nest, and chew through any easily accessible wires.

It’s a problem that master technician Mark Ferjak, of Berman Infiniti Chicago, has seen often. In addition to chewed wires, rodents leave their feces behind. Naturally, finding a rat under the hood — dead or alive — comes as a shock to car owners.

"I was very surprised, because I didn’t know it could be that big in the engine,” Koren Baker told ABC 7. “And we had been driving around with it for that many days.”

Further investigation showed that the rats chewed Baker’s insulation and made a little home out of it.

“You can see how they’ll take the insulation, chew it up, make a little nest, and then actually, here you can see the excrement,” Ferjak pointed out. “That is a lot, there, and it looks like they were there for a long time.”

While rats can find their way into your car, regardless of where you are in the city, the neighborhoods with people ratting out the pests include West Town, Lake View and Portage Park.

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Protecting your vehicle from expensive rat infestations

Pest control experts have seen a sharp rise in the rat numbers in recent years.

"The population explosion of rats (that) has outweighed our efforts — collectively — to control them, is the bottom line of it,” certified pest management professional Janelle Iaccino with Rose Pest Solution said. “Coming out of the pandemic, the rats became widespread, not just residential areas, but commercial areas, too, and we can’t keep up with it. Their breeding is out of control.”

There are some cost-effective ways to prevent rats from nesting in your car. This means thinking beyond just your car. Ensure garbage cans in or around your garage or parking area are sealed, and if possible, avoid parking near any garbage bins, which attract rodents.

You can double-check the seal on your garage as rodents can flatten their bodies and squeeze through holes the size of a quarter. Also, store dog food, bird seed or grass seed in tightly sealed containers to avoid attracting vermin.

If you do smell a rat, Chicago residents can call 311. The city services team can help to set traps or bait the area.

Those willing to take protection measures another step further, consider signing up for a rodent control package. These services cost between $40 to $100 per month, which can be an offer that gives peace of mind. If ongoing expenses are not in your budget, consider wrapping a rodent-repellent tape around car wires. The tape is infused with capsaicin or peppermint and costs around $50 per roll.

For residents of rat-infested areas, adding pest control costs to their monthly budget might be a necessary expense.

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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 love your children. After all, each of them is wonderful in their own way. You enjoy visiting each of them and watching as their lives unfold.

But let’s say you and your spouse, both 68 and retired, have started offering financial assistance to your adult daughter and her growing family. Only now, you’re wondering if that show of support could sow resentment in your son, who is single and lives on his own.

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It’s a common scenario for many parents. In terms of gifts, you spend about three times more on your daughter and grandchild than on your son. Although he doesn’t need any financial support, as parents, you may feel the itch to make things fair.

The silent cost

Whenever you give your adult children gifts, it’s entirely up to you on how to divvy them up. There is no right or wrong way. But if you want to avoid potential resentment between the siblings, working to make things fair could help.

Even if your children don’t seem too bothered, their angst could be building beneath the surface.

According to a Multidisciplinary Digital Publishing Institute (MDPI) study, “children perceive it as fair when parents treat them equally to their siblings.” If things aren’t deemed equal, some children may take different approaches in rationalizing their feelings.

For example, one child might rationalize that the other needed more financial support than they did. Or they might think their parents got along better with their other siblings. Or they might allow feelings of perceived unfairness to fester into full-blown resentment, leading to family rifts down the road.

Of course, the reaction varies based on the child and the situation. It’s up to the parents to decide how they’d like to support their children, which might look different for each child. With enough foresight, parents can assuage these feelings by attempting to keep things fair.

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It’s a balancing act

If you are concerned about your son getting the short end of the stick, consider a triage approach, and most importantly, communicate.

If you are simply concerned that you spend more on your daughter’s family during gift-giving seasons, then setting an equal budget for her family and your son could easily balance the scales.

If you are looking to the future, creative estate planning could help keep things fair. For example, you could leave a larger percentage of your assets to your son than your daughter, to offset any past imbalances.

One option is to build a hotchpot into your estate plans. Essentially, this estate planning tool takes financial gifts during your lifetime into account before dividing up your assets.

For example, if you gifted your daughter $10,000 to pay for your granddaughter’s education, this advance would be included in the hotchpot before any remaining assets are divided up. Meaning she would receive $10,000 less than your son.

Typically, this requires tracking large expenditures for your children. Before you start down this path, however, consider having an open and honest conversation with both your son and daughter. Make it clear that you are doing everything in your power to support them equally.

In terms of staying with your son for months out of the year, it might be fair to offer him some level of compensation for this generous gesture. But consider asking him if he’d like compensation during your stay. He might appreciate you picking up the increased utility bill or even a non-financial gesture, such as taking care of his pet while he’s at work or meeting with a handyman to resolve an issue without him having to take time off work.

Again, it’s critical to communicate your wishes with your children to keep things fair.

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

Investigators conducting a search warrant at 4:30 a.m. on May 14 discovered no fewer than 27 people living in a single-family home in Washington, Utah. This included three children under the age of 12.

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Inside the home, which had undergone many unpermitted remodels, they saw exposed electrical panels, bedrooms without windows and kitchens in many small rooms. Perhaps most startling was the construction scene in the basement, which appeared to be an effort to make more space for even more occupants.

"Imagine if a fire had started. Most of the windows were blocked, many rooms didn’t even have windows. People wouldn’t have been able to escape," said Jordan Hess, Legislative Affairs Director for Washington City, to KUTV. He added that what drew the city’s attention to the now condemned home was neighbors voicing their concerns.

In addition to the unsanitary and unsafe conditions, police also found fraudulent identity documents and illegal narcotics. Nineteen people were transported to an ICE detention facility and one person was taken into custody on narcotics charges, reports KUTV.

Police chief Jason Williams told the news network that the landlord is currently under investigation and issued multiple citations for code violations. He claimed he rented the property to five tenants.

As housing costs in Utah soar, more people could find themselves facing similar overcrowding situations.

Another similar situation in northern Utah?

While the sheer number of people living in the southern Utah home is shocking, these residents represent part of a growing crisis across the state, says KUTV.

It spoke to a northern Utah woman who said a home in her neighborhood may have more than 20 people living in it. She learned about it from an administrator at her child’s school and contacted the Utah Division of Child and Family Services.

“It hurts my heart,” she said. “We’re so concerned for this child’s well-being.”

The local police department has also been notified.

A full house, a fractured system

The heartbreaking reality of people packed like sardines into an unsafe living situation is not new to Tara Rollins, executive director of the Utah Housing Coalition.

She told KUTV her organization hears from people in such living situations.

"When you look at families doubling or tripling up, they’re trying to stay under the radar," she said. "The problem is people cannot afford to live in our community. It’s so expensive."

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Most Utah residents agree that the state is “in a major housing crisis” or “facing serious housing challenges,” according to a Q4 2024 survey by Envision Utah and Utah Workforce Housing Advocacy. This can make keeping a roof over your head without breaking the bank an almost impossible challenge in the state. The causes cited included interest rates, construction costs, developer or landlord greed, too many people moving to Utah, and insufficient housing supply.

In part, the exploding population of Utah plays a role in the lack of affordable housing. As more people move to and are born in the state, the already limited housing supply is playing catch-up.

For those looking to buy a house, the median sales price was $559,200 in April, according to Redfin, which was 28% higher than the national median.

But lower-income renters face the most significant cost burdens. According to the National Low Income Housing Coalition, there is a shortage of over 48,000 affordable and available rental homes for extremely low-income renters, many of whom are seniors.

This housing stress doesn’t just play out in people’s budgets, it impacts other areas of their lives. For example, studies have found that lower-quality housing conditions can lead to worse healthcare outcomes, in part because most of their income is consumed by housing costs.

All of these factors make the homelessness crisis in Utah less surprising. In 2023, the number of Utahns experiencing homelessness for the first time hit 9,800, an almost 10% increase from 2022.

As more people face homelessness, this issue has become a concern for many Beehive State voters. In fact, housing affordability was the top concern for voters during last year’s gubernatorial election.

With more light shed on the issue of housing affordability, hopefully, things will start to change in the right direction.

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

Julie Powers, a 79-year-old senior from Knoxville, Tennessee, is facing eviction from her long-time rental apartment.

The septuagenarian, who is living on a monthly fixed income of $1,900, began experiencing trouble when neighbors started filing complaints about Powers’ 42-year-old daughter, who moved into the apartment over a year ago.

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Although her daughter had been living there for some time, tensions escalated when residents in the community raised concerns about the daughter’s behavior.

“She would scream,” Julie Powers told 6 News, “She would say words that didn’t need to be said. But what she said was loud enough for the neighbors to hear.”

Eventually, the property management company issued an eviction order for Julie Powers. If nothing changes, she’ll be required to leave her apartment within a few months.

Facing eviction after 25 years

Powers has lived at the Center Court apartment complex — managed by Freedom Investment Group (FIG) — for more than 25 years. Until recently, everything was going well. But when her adult daughter moved in after a period of homelessness, things took a turn.

“She called and said, ‘Mom, can I come over?’ I said, ‘Of course.’ So, that was in December of 2023,” Powers said.

Her daughter, who struggles with unaddressed mental health issues, exhibited behavior that unsettled other residents. As complaints mounted, the property manager issued a notice giving her 14 days to vacate the premises, citing “excessive noise” and the presence of an “unauthorized guest.” Her daughter left within the 14-day window, but returned shortly after.

In early April, Powers discovered she might be evicted from her apartment after her rent payment was declined. A week later, FIG accepted Powers’ rent payment, but the underlying issue remained unresolved.

As a result, a formal complaint was filed, and Powers was summoned to court on April 29. From FIG’s point of view, it is “responsible for providing tenants with a peaceful and tranquil living environment,” which includes “limiting excessive noise and disruptive behavior by a tenant.”

Powers appeared in court with a Legal Aid attorney. As of now, she is allowed to remain in her apartment for two more months — under strict conditions.

First, Powers’ daughter must leave the apartment by May 1 and remain on the no-trespass list. She cannot return to the property or be invited back. If she shows up, Powers is required to report it to the police.

Powers is now hoping to find a new place to live within the next month — ideally a single-family home, where her daughter’s presence won’t disturb the neighbors. In the meantime, the Knox County Eviction Program will cover Powers’ rent through June, and Water Angel Ministries is stepping in to support both her and her daughter.

“With her daughter, we will work hand in hand with her,” said Kathy Oran, program coordinator at Water Angel Ministries. “Do an assessment first of all to find out what her needs are so that she can be somewhere safe, so that she can be successful.”

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How can seniors on a fixed income protect themselves?

Julie Powers isn’t alone. Many seniors living on a fixed income face similar challenges — especially during a housing crisis.

After living in what was presumably an affordable apartment for over 25 years, Powers is now being forced to look for a new home in an increasingly expensive rental market.

With average rent prices in the Knoxville area hovering around $1,800, it may be difficult for her to find an affordable place to call home with her fixed income of $1,900 per month.

Along with rising housing costs, older adults often face increased health care expenses. These mounting costs can quickly deplete retirement savings. However, financial assistance programs are available. Seniors may qualify for rental assistance, housing vouchers and emergency rental aid to help cover expenses and avoid eviction.

The HOPE Hotline (1-888-995-4673) offers free counseling and housing-related education. Representatives can also help connect older adults to local resources that offer financial and housing support.

According to the National Council on Aging, thousands of public and private programs exist to help low-income older adults pay for essentials like groceries, health care and more. Accessing these resources can help reduce pressure on fixed income.

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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.

You’ve found the one. The love of your life. You’re planning a wedding, dreaming about your future and picturing a lifetime of shared memories. So, a prenup is not even in the picture.

But then, a financial curveball is delivered. In the middle of cake tastings and venue tours, one man stumbled onto a discovery: his soon-to-be wife was carrying $82,000 in credit card debt.

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The curveball has him behind in the count. After years of building a stable financial foundation, he suddenly felt like it was the bottom of the ninth, with runners on base and the score tied. He was the last batter.

Now with the wedding date fast approaching and his fiancée unwilling to sign a prenup, he’s left wondering whether love really is enough — or if this financial mismatch could upend everything they’ve worked toward.

Prenups aren’t just for the rich

Prenups were once seen as a tool for wealthy grooms to protect themselves from a spouse’s financial habits. But that perception is slowly changing — at least for some.

While only one in five married couples in the U.S. has a prenup, about half of American adults say they somewhat support the idea, according to a recent survey by Axios.

Contrary to popular belief, prenups aren’t just for the rich. They also don’t have to protect only the wealthier partner. Instead, a prenup can serve as a financial safety net for both spouses before marriage. When done right, a prenup works like a financial planning tool. Couples can use it to clarify responsibilities, outline debt expectations, discuss potential inheritances and more.

In this case, the fiancée’s refusal to sign a prenup is a red flag. Her $82,000 in credit card debt was a surprise — and it could have long-term consequences. Instead of viewing a prenup as divorce prep, couples can think of it as a way to protect both of their interests in the long term.

For example, the prenup could lay out the plans for the fiancée’s responsibilities on addressing the extensive credit card debt, maybe with some support from her spouse. If she won’t discuss a prenup or set clear financial expectations before the wedding, it might be time to hit pause. It’s better to iron out these details before walking down the aisle.

Otherwise, shared debts could drag down their financial plans.

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When should you consider a prenup?

While a prenup might not be romantic, it makes sense in certain situations, especially when there’s a financial imbalance. If one partner has significant savings and the other has major debt, a prenup is worth considering.

Other good reasons to consider a prenup include if one partner plans to stop working, if either person owns a business, if either has kids from a previous relationship or if one partner brings substantial assets into the marriage.

Even if it sounds like a good idea, talking about a prenup can be a tough topic to navigate with your partner. The topic is loaded with assumptions and stigma. When you bring it up with your fiancée, do it with care and an open mind.

Instead of focusing on protecting your own assets, aim to protect both of your financial futures — even if you part ways.

Start with a shared goal. Be sure to listen carefully to what your prospective spouse has in mind. If something matters to them, find a way to include it in the agreement.

These conversations aren’t easy. That’s why it helps to start sharing financial information early and consider working with a professional to create a fair agreement that leaves both of you feeling comfortable.

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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.

Americans lose billions of dollars every year to fraud, many of them are older.

Imagine a 71-year-old retiree who falls for an online scam and loses every cent of his entire 401(k) and savings.The magnitude of this loss would put his entire financial future at risk.

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It can happen: According to the FBI, the elderly population loses more than $3 billion per year to scams.

If you or a loved one has fallen victim to a financial scam, the very first thing to do is immediately report the crime to the Federal Trade Commission (FTC) and the FBI.

Losing a retirement nest egg

Losing your retirement nest egg due to a scam can be financially devastating. Facing the situation head-on can help you right the ship.

For starters, stop the bleeding. When you discover you’ve fallen for a scam, do your best to mitigate the damage. Stop any additional funds from leaving your bank account.

Depending on the situation, you may actually recover some of the funds with the help of the authorities and your financial institution.

If you don’t have any luck through reputable channels, don’t fall for a recovery scan, which promises to help recoup your funds but actually steals more money from you. If someone asks for an upfront fee to help you recoup your funds, it’s likely a recovery scam.

When you’ve exhausted your recovery options, the only thing to do is move forward. Luckily, there are still some strategies to help regain your financial stability.

Concrete steps you can take

Start by exploring your Social Security benefits. For eligible seniors who haven’t applied for Social Security benefits yet, it might be the right time to tap into this monthly income. Although Social Security income alone likely won’t replace your savings, it can help you cover your needs.

Beyond Social Security, look into senior support programs available through local nonprofits. For example, some might offer packages of nutritious food or healthcare support, both of which might help you stretch out your budget.

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Don’t overlook the possibility of returning to work in some capacity. Although you might not feel up to a full-time position, you might take on part-time or remote work to bring in a supplemental income. When combined with your Social Security benefits, it might be enough to live your retirement dreams.

Finally, losing your nest egg might mean you need to reevaluate your retirement plans. For example, if you were planning to move to a more expensive area, staying put might be a viable option now.

Or, if you have a large home with lots of equity, you might consider downsizing in order to lean on that hard-earned equity during your retirement years.

How to protect yourself (and your loved ones) from elder fraud

Falling for a scam can come with serious financial consequences. As more retirees manage their finances online, getting familiar with common scams can help you protect your assets.

According to the FBI, tech support scams are the most widely reported kinds of elder fraud. In this scenario, an elderly person accepts “help” from a bad faith actor online in hopes of solving a tech problem. Instead of receiving help, scammers steal funds and personal information from the victim.

If you need technical assistance, find help from a reputable company. For some situations, it’s best to take the device to a physical location for repair, like an Apple Store or Best Buy, to get legitimate help from tech problem solvers.

Romance scams are another common pitfall. When an elderly person starts an online ‘relationship’ with a scammer, it often ends with the victim forking over funds to solve a problem for their purported partner.

Although slightly less common, investment scams were the most expensive type of elder fraud in 2023. With victims losing a collective total of more than $1.2 billion in 2023, some lost the bulk of their life savings.

Generally, investment scams claim that you can make money quickly or easily through the ‘investment opportunity.’ After the victim provides the funds, the scammer typically disappears. If someone is promising an investment opportunity that sounds too good to be true, it probably is.

When you spot a scam or think you’ve spotted a scam, discontinue all communication with the fraudster.

If you aren’t sure whether or not something is a scam, ask others for their opinion. If possible, ask someone, such as a child or a younger relative, for their opinion. In many cases, someone from a younger generation can help you quickly uncover a scam.

If someone isn’t available, consider calling the National Elder Fraud Hotline at 1-833-372-8311. The agents can help you determine whether or not something is a scam.

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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.

When Jane Glover, a sonographer at the University of California San Francisco (UCSF), received an email on March 31 announcing that employees could no longer park in the staff garage beginning in June, she thought it was an April Fool’s Joke.

But the announcement from San Francisco’s largest employer, UCSF, was no laughing matter.

The health care organization is rolling out parking changes for employees at its Parnassus and Mission Bay campuses. Employees at these locations will now have to park somewhere else, leaving many in a lurch.

The organization offered up some off-site parking possibilities. But employees facing an already-long commute and mounting safety concerns remain outraged.

“I just think that the public deserves to know what’s happening with this,” Glover said.

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New employee parking rules at UCSF

UCSF announced the new parking rules to employees via email, essentially eliminating on-campus parking for employees. Instead, employees must park off-site and take a shuttle bus to the hospital for the last leg of their commute.

“UCSF is implementing changes to staff parking to make more space available for patients and visitors, so they can get to appointments on time and receive the care they need,” a UCSF spokesperson said in a statement to ABC 7 News.

While the organization is making the changes with patients in mind, the impacted employees are incensed.

For starters, the new rules mean longer commutes for some.

"My hour drive would essentially be an hour and a half drive to go from Petaluma, California to San Francisco," said nurse Andrew Kovalcheck.

Additionally, many have safety concerns about getting to their vehicles after work.

"The lot in Japantown, people have these huge safety concerns regarding leaving their car parked there, and even walking to and from the garage," said nurse Holly Bannister.

With mounting concerns, the California Nurses Association started a petition. A few of the cited issues include undue hardships for families with pre-scheduled child care, no safety guidelines for night shift workers, and no guidelines for on-call workers.

As a solution, UCSF “is offering new offsite parking at $99 per month — less than half the cost of on-campus rates — at three locations with a 5- to 15-minute free shuttle ride to campus,” according to a statement.

Additionally, the organization is partnering with an Uber shuttle bus system to help employees get to Mission Bay. For many, these options aren’t adequate. But, as of writing, UCSF seems to have no plans to make additional concessions.

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

Hidden costs can add up

The parking changes aren’t simply an inconvenience. These changes can add up to a significant financial hit, especially for lower-wage and frontline employees.

While it’s not fully clear what staff are paying for parking presently and if any employees are benefitting from free parking, the new parking rate, when combined with longer commute time, may still impact employees financially.

If any staff are not paying for parking now, then an additional $99 per month for off-site parking would more severely impact workers earning less, as it’s a bigger slice of their income.

For example, for those earning $45,000–$60,000 per year, a $99 per month parking expense is a far more significant share of income than it would be for someone earning $300,000 annually.

For some, the commuter shuttle systems around the area could represent a more affordable option. But the catch is that it will likely take longer to get to work — and for some this may mean additional logistics and childcare costs. Additionally, spending more time getting to work effectively lowers your hourly wage.

For example, let’s say you currently spend one hour getting to and from work each day. If you add in a 30-minute shuttle ride both ways, your daily commuting time jumps to two hours. Unless you receive a raise, you’ll spend more time on work-related activities and receive less compensation per hour.

In order to limit the impact of this change on your budget, look for any pre-tax commuter benefits offered by your employer. Some companies allow you to use some pre-tax money to cover certain parking and transit costs.

UCSF does offer this perk, but you’ll likely need to do some paperwork to sign up. If this applies to you, get in touch with your Human Resources department to get started.

Carpooling to work with coworkers can also help cut back on costs and increase safety. In addition to gas, you can split the parking expenses with your carpool.

Notably, UCSF didn’t include any information about parking for night shift workers. If parking remains available after visiting hours, switching shifts may be the only way to address parking problems (though, understandably, this may be difficult to do depending on how many others are pursuing the same changes and on each individual’s availability).

For some, avoiding peak hours when parking may be most expensive and hardest to come by is another approach.

As you navigate these changes, consider tracking your commuting costs with a budgeting app. With a clear picture of what you are spending, you can decide what cuts or changes make sense for your unique situation, and whether you may need to explore employment opportunities elsewhere.

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

In eastern South Dakota and the surrounding area, nearly 70% of voters picked Donald Trump during the 2024 election.

Although few regret their decision, this agriculture-based community is starting to feel financial pressure from Trump’s tariff decisions.

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“Now, I don’t know what would have been better,” Jaime Baysinger, a local waitress, told CNN, admitting that she now doubts her choice after the president’s first 100 days in office. “I was expecting a lower cost of your everyday living things.”

Some didn’t vote for Trump, and that small minority of South Dakotans were hesitant to share their opinions with CNN reporter Elle Reeve. Those interviewed expressed anxiety, fear and concern about how Trump’s actions could hurt the Alpena, South Dakota community.

Candor with a hint of caution

Farmers, residents and entrepreneurs now find themselves at a crossroads. They’re proud of their political stripes, but grow increasingly worried about how trade tensions will affect their bottom line.

Further to Baysinger’s comments, she said she was hopeful that the cost of living would not continue to increase.

“Groceries are already outrageous, and then we put the tariffs on across the seas or whatever, like China,” she said. “It just makes everything more expensive for everybody.”

Baysinger is not alone. Becky Hofer, a freight broker who votes Democrat, watched her neighbors vote for policies that will impact the community.

“The biggest thing that frustrates me is that I just feel like nobody cares right now until it affects them,” she told Reeve. “And I don’t understand how they don’t see that.”

To offset her frustration, some farmers showed patience and a laissez-faire approach.

“I think we need to let the president do what he’s doing,” cattle rancher Rod Olerud admitted. “We need to just see what’s going to happen here and give him a little latitude.”

Those who experienced Trump’s first term, and the tariffs on China in 2018, were skeptical, however. Tommy Baruth, a since-retired soybean farmer, felt the pinch firsthand.

“The export market just went right down the tubes because these countries could buy them from other places cheaper, and a lot of times those markets don’t come back,” he said, adding he thinks it’s too soon for his neighbors to open up and admit they’re wrong.

As the economic situation continues to evolve, the area will feel the pinch, regardless of whether or not South Dakotans regret who they voted for.

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

Farming under pressure

Tariffs are poised to impact the American agriculture industry. But it’s not the first time they’ve bruised operations. According to the American Soybean Association (ASA), soy growers have still not fully recovered from the 2018 trade war Trump initiated with China.

“In the summer of 2018, soybeans were the prime casualty when the U.S. imposed tariffs on Chinese imports,” the ASA said in a recent press release. “China quickly responded with retaliatory tariffs, including on U.S. soybeans; a move that essentially halted soy exports to the country overnight.”

With exports halted, farmers were the first to experience the financial impact. Even with this experience, many farmers are still willing to support Trump during these renewed tariff talks.

“If it doesn’t work, then we’re going to have to try something different,” says Olerud.

Still, as farmers fail to break even, that laissez-faire approach may make it harder for them to repay loans and potentially increase reliance on government subsidies. Beyond cash flow, farmers who had been hoping to retire — or pass on the family farm to the next generation — may have to pull back on the reins.

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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.

Canadians lose millions of dollars every year to fraud, many of them are older.

Imagine a 71-year-old retiree who falls for an online scam and loses every cent of his entire RRSP and other savings.The magnitude of this loss would put his entire financial future at risk.

It can happen: According to the Canadian Anti-Fraud Centre (CAFC), in 2022, the elderly population lost more than $137.8M that year to scams, showcasing how this group of Canadians continue to be a prime target for fraudsters.

If you or a loved one has fallen victim to a financial scam, the very first thing to do is immediately report the crime to the CAFC and the police.

Losing a retirement nest egg

Losing your retirement nest egg due to a scam can be financially devastating. Facing the situation head-on can help you right the ship.

For starters, stop the bleeding. When you discover you’ve fallen for a scam, do your best to mitigate the damage. Stop any additional funds from leaving your bank account.

Depending on the situation, you may actually recover some of the funds with the help of the authorities and your financial institution.

If you don’t have any luck through reputable channels, don’t fall for a recovery scam, which promises to help recoup your funds but actually steals more money from you. If someone asks for an upfront fee to help you recoup your funds, it’s likely a recovery scam.

When you’ve exhausted your recovery options, the only thing to do is move forward. Luckily, there are still some strategies to help regain your financial stability.

Concrete steps you can take

Start by exploring your Canada Pension Plan (CPP) benefits. For eligible seniors who haven’t applied for CPP benefits yet, it might be the right time to tap into this monthly income. Although CPP income alone likely won’t replace your savings, it can help you cover your needs.

Beyond CPP, you can also tap into Old Age Security (OAS), another guaranteed benefit provided by the federal government and can provide some necessary extra income.

You should also look into senior support programs available through local nonprofits. For example, some might offer packages of nutritious food or healthcare support, both of which might help you stretch out your budget.

Don’t overlook the possibility of returning to work in some capacity. Although you might not feel up to a full-time position, you might take on part-time or remote work to bring in a supplemental income. When combined with your CPP benefits, it might be enough to help reorient your retirement finances.

Finally, losing your nest egg might mean you need to reevaluate your retirement plans. For example, if you were planning to move to a more expensive area, staying put might be a viable option now.

Or, if you have a large home with lots of equity, you might consider downsizing in order to lean on that hard-earned equity during your golden years.

How to protect yourself (and your loved ones) from elder fraud

Falling for a scam can come with serious financial consequences. As more retirees manage their finances online, getting familiar with common scams can help you protect your assets.

According to the CAFC, investment scams is the costlier form of fraud perpetrated against seniors, at $78.7 million in 2022 alone. In this scenario, an elderly person falls victim to a fake get rich quick or investment decision based on misleading information. A scammer may try to get you to buy digital currencies such as crypto, stocks, bonds, or real estate or to invest in a business directly.

The Competition Bureau cautions Canadians to be aware of these four warning signs:

1. Claims of making a lot of money with little or no risk
2. A person giving you a “hot tip” or revealing that they have insider information
3. Feeling pressured to make a decision on the spot
4. The seller isn’t registered with the provincial securities regulator

Romance scams are another common pitfall. When an elderly person starts an online ‘relationship’ with a scammer, it often ends with the victim forking over funds to solve a problem for their purported partner.

When you spot a scam or think you’ve spotted a scam, discontinue all communication with the fraudster.

If you aren’t sure whether or not something is a scam, ask others for their opinion. If possible, ask someone, such as a child or a younger relative, for their opinion. In many cases, someone from a younger generation can help you quickly uncover a scam.

If someone isn’t available, consider calling the CAFC at 1-888-495-8501. The agents can help you determine whether or not something is a scam.

Sources

1. Canada Anti-Fraud Centre: Canadian Anti-Fraud Centre: Annual Report 2022 (2023)

2. Competition Bureau: Investment frauds

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