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Author: Sarah Sharkey

  • My 71-year-old father lost ‘every cent’ of his 6-figure retirement savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

    My 71-year-old father lost ‘every cent’ of his 6-figure retirement savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

    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.

  • Florida man facing ‘lose-lose scenario’ as his wife pushes for her mother to act as their real estate agent, despite being brand new to the game — even Dave Ramsey is speechless

    Florida man facing ‘lose-lose scenario’ as his wife pushes for her mother to act as their real estate agent, despite being brand new to the game — even Dave Ramsey is speechless

    Wade called into The Ramsey Show in an emotional and financial quandary, hoping Dave Ramsey could give him some advice.

    The Florida man told the finance guru he doesn’t want to use his recently licensed mother-in-law as the listing agent when he and his wife sell their home.

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    “I’m not comfortable with that because she’s brand new with no experience selling homes, and I feel like this is too big of a transaction to mix family with business,” Wade said. “But my wife is afraid it will cause a rift with her mom if we don’t use her.”

    Initially, the situation left Dave Ramsey stumped, saying, “Wow, you’re screwed.”

    High financial and emotional stakes

    Either Wade’s mother-in-law, an inexperienced real estate agent, will be involved in a major financial transaction, increasing risk, or — if Wade and his wife decide not to use her — she’ll be offended.

    “Neither one of these choices are good,” Ramsey admitted, describing it as “an absolute lose-lose scenario.”

    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

    So far, Wade and his wife haven’t mentioned anything to the mother-in-law.

    “We’re trying to come to terms together before we even start talking,” he said.

    Ramsey praised Wade for having a “very healthy marriage” with clear examples of open communication, then he and co-host Ken Coleman explored possible strategies to deal with the situation at hand.

    Coleman asked whether Wade’s mother was signed on with a successful real estate agency and he confirmed she was.

    Coleman and Ramsey said that was good news, because it meant Wade’s mother-in-law could co-list the property with a more experienced agent.

    With that in mind, Ramsey offered up some options:

    • Use Wade’s mother-in-law as a real estate agent but only on the condition that she agrees to a co-list with a top performer in the offer. That way, Wade and his wife would feel confident knowing someone else with extensive real estate experience was involved.
    • Use Wade’s mother-in-law as an agent but make it clear to her that it’s for a 90-day trial, and if she is unsuccessful at selling their home in that time, the couple will end the agreement and contract with a new listing agent.
    • Do not use Wade’s mother-in-law as a real estate agent and politely explain why they aren’t comfortable working with her for this major financial decision.

    “I don’t think there’s a magic wand here,” said Ramsey. “Don’t do anything until you and your wife are in solid agreement.”

    He even advised writing down the agreement that Wade, his wife and his mother-in-law come to on paper, so they can refer back to their agreement if anything goes wrong down the line.

    How to navigate family dynamics and money

    Mixing family and money can get complicated quickly. In this situation, both finances and feelings are at play. And no one wants to damage a relationship over this.

    “Dude, this is very sensitive,” Ramsey said.

    Regardless of how Wade and his wife move forward, it’s likely going to involve a difficult conversation.

    Here are his tips on how to deal with sensitive family discussions around money:

    In agreement with your spouse, map out your position before the discussion. That preparation will help you both respectfully stick to the decision you’ve made together through the course of the discussion.

    Get a third party involved when it comes time for the discussion, inviting a pastor or another trusted party to help share your decision in a respectful way.

    Acknowledge the elephant in the room right away and communicate with honesty and clear boundaries. In this case, the elephant would be the mother-in-law’s new career path and the couple’s upcoming home sale.

    Wade and his wife might say something like, “A home purchase and sale is a huge financial step for us, and we feel more comfortable with an experienced real estate professional.”

    Try to end the conversation on a positive note by offering other ways to support your family member. For example, Wade and his wife could spread the word about his mother-in-law’s new license.

    Although it might be a challenge, it’s important to do what’s best for you and your household on this size of a transaction.

    What to read next

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

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

  • Growing rat infestations are causing thousands of dollars worth of damage to cars across Chicago — but chewed up wires aren’t covered by warranty. How to pest-proof your vehicle now

    Growing rat infestations are causing thousands of dollars worth of damage to cars across Chicago — but chewed up wires aren’t covered by warranty. How to pest-proof your vehicle now

    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.

    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

    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.

    What to read next

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

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

  • ‘It hurts my heart’: A housing crisis is unfolding in Utah as 27 people found living crammed into 1 house — and advocates say soaring costs mean some families simply ‘cannot afford to live’

    ‘It hurts my heart’: A housing crisis is unfolding in Utah as 27 people found living crammed into 1 house — and advocates say soaring costs mean some families simply ‘cannot afford to live’

    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."

    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

    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.

    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.

  • Knoxville woman, 79, being evicted from apartment over ill daughter’s ‘excessive noise and disruptive behavior’ — how to handle housing obstacles on a fixed income amid US housing crisis

    Knoxville woman, 79, being evicted from apartment over ill daughter’s ‘excessive noise and disruptive behavior’ — how to handle housing obstacles on a fixed income amid US housing crisis

    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.”

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How 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.

    What to read next

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

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

  • This Houston man, 65, lost $500K in an elaborate elder fraud scheme — now he says he doesn’t know if he’ll be able to retire or have to work until he dies. How to stay vigilant against fraud

    This Houston man, 65, lost $500K in an elaborate elder fraud scheme — now he says he doesn’t know if he’ll be able to retire or have to work until he dies. How to stay vigilant against fraud

    Like most of us, Hiep Nguyen regularly receives scam phone calls. Although he usually ignores these unexpected phone calls, one recent scammer had a convincing trap.

    After the caller ID identified the unknown caller as the Vietnamese Embassy, Nguyen picked up. The caller claimed that someone was perpetrating crimes, like money laundering, in his name, which meant he needed to rearrange his finances.

    However, as he had received an official IRS letter two weeks prior warning him that his identity might have been stolen, he immediately thought the situation was legitimate and started following the scammers’ directions. Within five months, he had redirected — and lost — around $500,000.

    “Now I can’t sleep,” said Nguyen.

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    Losing a financial future after a lifetime of hard work

    Nguyen immigrated to the United States over 50 years ago. Since arriving, he has worked tirelessly and saved his money along the way.

    Now aged 65, he had planned to retire in the near future. But after losing his life savings, retirement might no longer be feasible for him.

    “I lost maybe $500,000,” said Nguyen. “I don’t know when I could retire or if I have to work until I die.”

    The scam worked in part because, with the IRS’s recent warning in mind, he thought that this was a legitimate government agency reaching out to help him protect his identity. So when the caller said he would need to send money to clear his name, Nguyen believed them.

    Over the coming months, the scammers exchanged messages with him through Viber, an encrypted messaging app, with forged government documents and AI-generated videos of official protocols.

    And, as is typical of many scams, scammers directed him to transfer money via a wire transfer. In the quest to clear his name, he transferred most of his life savings.

    Eventually, he determined that the money wasn’t coming back and worked up the courage to reach out for help by sharing the situation with his daughter.

    “I was in shock, I did not know that this was going on for the past five months,” said his daughter, Kathy Nguyen. “He didn’t have anything left and he needed to reach out for help, but he was ashamed."

    Currently, Nguyen is in the process of selling his house with the goal of paying off the debts incurred throughout this process.

    His daughter is doing everything she can to help him get back on his feet, including starting a GoFundMe, which has already raised five figures to help him get back on his feet.

    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

    Elder fraud is on the rise

    Elder fraud is heartbreaking. But it’s also more common than you might think. And it’s on the rise.

    According to the FBI, elderly Americans lose more than $3 billion per year to scams. In 2023, that number was $3.4 billion — an increase of 11% from the previous year, with government impersonation scams accounting for $180 million in losses.

    Although this government impersonation scam hurt the Nguyen family, it’s not the only type of fraud out there. Some of the most common elder scams include romance scams, lottery scams, tech support scams, sweepstakes scams and loved ones in trouble scams.

    But vigilance can help you stay safe.

    Start by treating any unsolicited phone calls, mailings and other offers with caution and skepticism. If you do receive an unsolicited offer, search for the appropriate contact information of the alleged party online.

    For example, if ‘your bank’ calls to ask for a funds transfer, consider hanging up and dialing the official number on your bank statements to sort out any issues.

    If you feel any pressure to act quickly, resist the urge. Scammers are known to use pressure tactics, such as threatening arrest, that could encourage you to make a rash decision and limit time available to second-guess what you’re being told. Avoid making a decision on a tight deadline.

    If you do fall victim to a fraud, reporting it to the FBI is a good idea. Even if they cannot help you recoup your funds, your tip could protect potential future victims and help raise awareness of any new tactics scammers are using.

    What to read next

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

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

  • My 71-year-old father lost ‘every cent’ of his 6-figure 401(k) and savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

    My 71-year-old father lost ‘every cent’ of his 6-figure 401(k) and savings — all because he trusted the wrong person online, and fell for an online scam. Can he dig himself out of this hole?

    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.

    Don’t miss

    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.

    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

    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.

    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.

  • My aunt, 69, recently confessed she lost her entire $270K life savings in a romance scam. Where does she go from here?

    My aunt, 69, recently confessed she lost her entire $270K life savings in a romance scam. Where does she go from here?

    With the increasing popularity of dating apps and social media, romance scams have been on the rise in recent years.

    In 2023, over $50 million was lost to romance scams in Canada according to the Canadian Anti-Fraud Centre.

    And while that might seem like a lot of money in itself, it’s important to note that total only represents those who reported the scam.

    As you may understand, some victims might have been far too embarrassed to report the crime and admit that they were swindled out of money. In fact, one Reddit user recently shared that their aunt is one of those silent victims.

    As they explained in their Reddit post, the user’s aunt — who was not named, but let’s call her Shirley — lost $270,000 in a romance scam and decided not to report the crime to the police. Making matters worse, Shirley is retired and is now forced to sell her home, and her ex — she’s also in the middle of a divorce — is entitled to one-third of the proceeds from the sale of the house.

    The Reddit user, concerned about their aunt’s wellbeing, now wants to help Shirley recover financially and get back on her feet. Unfortunately, the best course of action would have been to immediately report the crime to the police and the Canadian Anti-Fraud Centre, but that doesn’t mean this Reddit user can’t be helpful.

    How to stop the financial bleeding

    First things first, it’s critical to make sure that Shirley doesn’t lose any more money to the scammer. The Reddit user can start by helping her with securing all of her accounts with new passwords. The next step would be to alert all of Shirley’s financial institutions and block further communication from the scammer.

    If Shirley’s accounts are completely compromised, consider helping her set up a new bank account and move any money that she still has into that secure location. Once the remaining funds are secured, it’s time to assess the damage.

    Shirley lost $270,000 to the scammer, but as the Reddit user notes, her financial troubles don’t end there. During this ordeal, Shirley racked up $40,000 in credit card debt. She also borrowed money from family and friends, and she still has to pay off her mortgage once she’s sold her house. This, as you can see, is a tough situation for a retiree who lives on a fixed income and recently lost her life savings.

    The next step would be to tally up Shirley’s current balances owed in order to determine the full extent of the financial damage. After a careful look at her debt, the Reddit user might want to urge Shirley to reconsider filing a report with the police. While Shirley may be too embarrassed to admit her mistake, filing a report and kickstarting an investigation can potentially identify the scammer and assist in recovering the lost funds.

    Getting the money back may be top of mind, but it’s important to be aware of the danger of recovery scams. These scams offer to help with recovering lost money from an online incident, but the scammers charge an upfront fee while requesting personal information, which could set Shirley up to be targeted again in the future.

    How to rebuild your finances after a scam

    After getting the authorities on the case, the next step is for Shirley to start rebuilding her finances. She can start by creating an inventory of all of her remaining assets, including the money she stands to make from selling her home. If she hasn’t yet applied for Canada Pension Plan (CPP) benefits, applying now could provide a much-needed income stream.

    But before digging deep into Shirley’s financial situation, this Reddit user would be wise to connect their aunt with a financial advisor. This is a unique situation that requires careful assessment and planning, and a professional advisor can help with creating a plan to pay off debts and rebuild Shirley’s finances.

    Unfortunately, this situation will force Shirley into making some tough decisions that could significantly alter her retirement plans — one of those tough decisions might include declaring bankruptcy. With this in mind, Shirley could use all of the professional help she can get. A financial advisor can also help Shirley with creating a budget, as Shirley will likely need to make some spending cuts in order to make ends meet with her reduced net worth.

    Shirley will also need to seek out an affordable housing situation, which might involve downsizing to a smaller place or renting out rooms in her current home to offset the costs. In a more drastic move, she might consider relocating to a more affordable city. A financial advisor’s assistance can help Shirley with navigating all of these big decisions.

    However, even with a financial advisor’s help, it will be tough for Shirley to rebuild her finances without a steady income stream. With this in mind, Shirley might consider taking on a part-time job or building a flexible side hustle so that she can use the incoming funds to tackle her financial priorities.

    It won’t be easy, but with a steady part-time income stream and help from a professional financial advisor, Shirley can put her best foot forward in her effort to rebuild her finances.

    Sources

    1. CTV News: Canadians lose $50 million to romance scams in 2023: CAFC by Pat Foran (Feb 14, 2024)

    2. Reddit: Scammed out of life savings – seeking next steps

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

  • A Cleveland mother of three is using 1 simple hack to slash her grocery bill amid sky-high prices — and it’s working wonders. How to save cash on food each month without too much sacrifice

    A Cleveland mother of three is using 1 simple hack to slash her grocery bill amid sky-high prices — and it’s working wonders. How to save cash on food each month without too much sacrifice

    With a new baby and two other growing boys, the price of food adds up quickly for Kandyce Thorton.

    “I feel like every time I go to the store I’m spending more than I should,” Thorton told News 5 Cleveland reporter Elizabeth VanMetre in a story published May 1.

    Don’t miss

    And Thorton isn’t the only one feeling the pinch. Faced with high food costs, nearly 9-in-10 Americans (88%) have changed the way they shop for groceries, according to a 2025 survey commissioned by LendingTree.

    Shoppers are going generic

    One key strategy Thorton employs is opting for generic-brand products.

    “I try to get something similar, even if it’s generic, just to kind of keep the price down,” she said.

    It turns out Thorton isn’t alone in this choice. The survey published by LendingTree shows, among those who changed their shopping habits, 44% were buying more generic brands in pursuit of savings.

    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

    Other grocery savings strategies

    Another creative way to cut back on grocery spending is to create a meal plan and stick to it. According to the LendingTree survey, around 38% of shoppers who changed their habits reported sticking more closely to their shopping lists. Only buying what’s on your grocery list and resisting the urge to splurge on extra items can help you save money.

    If you struggle with temptation while walking down the aisles, opting to order your groceries ahead of time and picking them up at the store can also help you avoid adding extras to your cart.

    “You can make your list when you’re at work or when you’re at home and we do the shopping for you,” Marcie Mathis, director of a Meijer grocery store, told News 5 Cleveland.

    Similarly, there are food delivery apps that can send someone to shop for only the items you request and bring them straight to your front door.

    As you make your list, don’t forget to look for relevant coupons and look for weekly savings in store flyers. Although you might just save a little bit here and there, the savings can add up over time.

    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.

  • ‘Buyers need to be aware’: North Carolina homeowners upset over half-built homes deteriorating for months in their new developments — how to avoid buying into a permanent construction zone

    ‘Buyers need to be aware’: North Carolina homeowners upset over half-built homes deteriorating for months in their new developments — how to avoid buying into a permanent construction zone

    When Alex Oleksy and his young family moved into an unfinished subdivision in Mooresville, North Carolina, he looked forward to peace, quiet and beautiful surroundings.

    He got quiet all right. Eerie quiet. And the view? Half-built homes with fraying housewrap, rusting construction materials and other eyesores. It’s like a subdivision ghost town.

    Don’t miss

    “Very unexpected,” Alex Oleksy told WCNC. "You see rods sticking out. You see tall grass. There’s a roof being held by a 2×4. Looks unstable.”

    It’s the same for other homebuyers who purchased new-build homes from Helmsman Homes and Nest Homes in Mooresville and nearby Statesville. These builders, both connected, ran into financial difficulties.

    That led to work stoppages as subcontractors demanded payment for their work. As work stalled on the subdivisions, unfinished homes were left vacant, and deteriorating, for a year.

    Homes sit unfinished for months

    “Doesn’t look good, does it?” said Dolphus Lee, a Marine veteran and homeowner in a similarly half-built neighborhood in Statesville. “I’m upset, but ain’t nothing I can do about it.”

    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

    Homeowners have heard little from the developers.

    But contractors, including masonry and roofing companies, have filed lawsuits against both Nest Homes and Helmsman Homes, with claims that the developers owe them a combined total of $1.7 million.

    According to Iredell County’s director of building standards, the companies have shuttered and the remaining properties are now owned by mortgage companies and banks.

    That leaves homeowners like Oleksy and Lee — who’ve waited months hoping their subdivisions will be completed — in limbo. Now, there’s light at the end of the tunnel.

    Another developer has stepped in to finish building the homes in Olesky’s neighborhood. Homeowners like Lee hope something similar will happen in their subdivisions.

    Tread carefully when buying a new-build

    The situation is instructive for anyone looking to buy into a new subdivision.

    “Buyers need to be aware of buying into a neighborhood that’s not complete,” attorney and real estate expert James Galvin told WCNC.

    “You can’t treat that purchase the same way as you’re treating a purchase in a finished neighborhood. You’re going to really want to kick the tires.”

    Here are some tips on how to do your due diligence on a new development.

    Seek out reviews of the developer to get an idea of how homeowners like working with them. Consumer review sites like Consumer Affairs often have customer reviews on popular builders.

    Request a copy of the developer’s financial statements. Comb through the details to confirm whether the company can afford to finish building and maintaining the community.

    Be wary if the HOA fees are especially low. That’s because developers own the HOA until the development is completed. Low HOA fees may indicate that construction is stalled.

    Look for lawsuits in the builder’s past, ongoing litigation or signs of financial mismanagement. You might even consider hiring an investigator to dig deeper.

    Take red flags seriously.

    Finally, if you decide to move forward, keep a solid emergency fund on hand. If something goes wrong, you want to be able to rent a place to call home until you sort out any unexpected issues.

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