Author: Vawn Himmelsbach

An Australian nurse had her life upended when scammers hijacked her phone number, drained her bank accounts and opened loans in her name — all within 24 hours.

“They were able to change my email, passwords,” Lee-Anne McLean told 9News. “They broke into my social media and they opened bank loans.”

And she doesn’t know how they did it. “I have security on my phone and my computer, so I’m not sure how they got all my personal information but I would really like to know.”

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How phone porting scams work

Phone porting is a legitimate process that lets you keep your phone number when switching carriers, and it’s typically protected by verification safeguards. But scammers have learned how to exploit it.

“To work around these protections, scammers will gather personal information about their target online, combing through social media posts, or purchasing information from cyber thieves or hackers,” according to the Federal Communications Commission (FCC).

If fraudsters have the right combination of personal information — which could include your address, birth date, Social Security number, PINs and passwords — they “may be able to con the victim’s phone company into believing the request to port out the number is from the authorized account holder,” says the FCC.

Once the fraudster convinces your phone company to transfer your number, your phone goes offline — and theirs lights up with your messages and calls, often allowing them to bypass safety measures like two-factor authentication.

“Once the scammer has access, they attempt to drain the victim’s bank accounts,” says the FCC. “In another variation, the scammers may attempt to sell or ransom back to the victim access to their social media accounts.”

This happened to Associated Press reporter Fatima Hussein in 2024, who woke up one morning to discover she didn’t have cell service. “Using my home Wi-Fi connection, I checked my email and discovered a notification that $20,000 was being transferred from my credit card to an unfamiliar Discover Bank account,” she explained in an article for the Financial Post.

Hussein said it took 10 days to get her number back from Cricket Wireless. “And that wasn’t until I told company representatives that I was writing a story about my experience,” she wrote in the Financial Post. During that time, fraudsters had accessed her account three times and transferred $19,000 from her credit card to the same unfamiliar account, even after freezing her credit and changing all her passwords. Bank of America was working to reverse the $19,000 transfer.

Neither McLean nor Hussein know how fraudsters got their information.

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 to protect yourself from phone porting scams

In 2024 alone, SIM swapping scams led to nearly $26 million in reported losses, according to the FBI — and the real figure may be even higher, since many victims don’t report.

• To minimize the risk, start by asking your wireless provider about port-out authorization. “Every major wireless has some sort of additional security for accounts or for port-out authorization that customers can set up, like a unique pin, or add verification questions, which will make it more difficult for someone to port out your phone,” according to the Better Business Bureau (BBB).
• Be on the lookout for phishing scams, which can lead to phone porting scams. A phishing scam takes place when fraudsters try to trick you into giving away personal information, typically by posing as a legitimate individual or business (such as an HR manager or your bank). They may contact you via text, email or phone.
• Never give away any personal information to a call or email from an unknown contact. Hang up (or ignore the email) and contact the individual or business with a trusted phone number or even an in-person visit.

“Typically, loss of service on your device — your phone going dark or only allowing 911 calls — is the first sign this has happened,” according to the FCC.

If this has happened to you, time is of the essence. Contact your phone company and bank, and place a fraud alert on your credit reports. Aside from filing a police report, you can also file a complaint with the FCC.

But for victims like McLean or Hussein, recovery can be a long, difficult process.

“My days are basically taken up by trying to prove who I am again,” McLean told 9News, “and piece by piece trying to put my life back together.”

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

Sometimes you can get the best advice by poking the bear.

One write-in guest on The Ramsey Show found out the hard way after trying to “make sense” of Dave Ramsey’s investment advice.

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“You keep saying to invest $100 a month beginning at age 30 and you’ll be worth $5 million at 70 years old,” wrote a man named Isaiah. “That’s the most ridiculous thing I’ve ever heard.”

Isaiah pointed out that the life expectancy of a white American male is 72 years old, while for a Black male it’s 68, meaning “most people will never live to see $5 million.” He asked Ramsey to help him “make sense of this advice”.

Ramsey, who called Isaiah “entitled” and “belligerent,” said the real issue is the idea “you’re supposed to get rich in 10 minutes”.

Here’s why investing still makes sense — even if America’s lifespan stats suggest many men won’t live long enough to enjoy all their savings.

Crunching the numbers

Ramsey admitted that Isaiah isn’t completely wrong about life expectancy, but said he was putting words in his mouth.

“We have never said $100 a month from [ages] 30 to 70 is $5 million — it’s not,” Ramsey said, in a recent episode. “It’s $1,176,000, and that would be true of … any 40-year period of time you wanted to pick.”

In 2023, the life expectancy for a man born in the U.S. was 75.8 years. For women, it was 81.1, according to the National Center for Health Sciences.

A Stanford study also found that “people who survive to age 65 are continuing to live longer than their parents — a trend that doesn’t appear to be slowing down.”

Ramsey said that saving $100 a month was an example — the idea is to save something every month and start building a “money mindset.”

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

What is a money mindset?

A money mindset is “your unique set of beliefs and your attitude about money,” explained co-host Rachel Cruze in a blog for Ramsey Solutions.

That mindset “drives the decisions you make about saving, spending and handling money” and “shapes the way you feel about debt.”

Cruze pointed to a Ramsey Solutions study of more than 10,000 millionaires, which found that 97% believed they could become millionaires. “And having that mindset — not an inheritance, fancy education or wealthy parents — is exactly what caused them to succeed.”

Some people have an “abundance mindset,” a belief that there are plenty of opportunities for everyone to grow wealth. Others have a “scarcity mindset,” the belief that resources are limited and wealth is hard to come by.

An abundance mindset focuses on possibilities and potential. A scarcity mindset focuses on limitations and fear, which can lead to unhealthy financial behaviors, such as overspending or hoarding.

Shifting your money mindset

Changing your mindset is easier said than done. It often means identifying where your limiting beliefs come from — maybe your upbringing or past money mistakes. Then it takes time and self-reflection to overcome them.

An abundance mindset means looking at how to build wealth over time. It’s not just about saving $100 a month — it’s about how you use that money, whether through growing assets, investing or developing passive income streams.

“Millionaires focus on wealth creation, not just income generation,” wrote business strategist and CPA Melissa Houston in an article for Forbes. They “don’t chase quick wins or get-rich-quick schemes.”

Instead, they build sustainable wealth “through investments that appreciate over time” and make sure their money works for them through stocks, real estate and scalable business models.

They also invest in themselves, Houston added, whether that’s through personal or professional growth, finding a mentor or building a strong network.

“They constantly improve their skills, stay ahead of trends and surround themselves with high-value connections,” Houston said.

That doesn’t mean taking reckless risks — or avoiding risk altogether. It’s about educating yourself and learning how to take calculated, strategic financial risks. You can also start small by developing healthy habits. Create a budget, track your expenses and live below your means. Pay off high-interest debt or avoid it altogether.

Set clear financial goals. Start with small, achievable ones — like saving a little each month — and build up as your confidence grows. You might even want to work with a financial advisor to create a long-term plan.

As Ramsey told Isaiah, 89% of America’s millionaires are first-generation rich.

“Son, roll up your sleeves, live on less than you make, get out of debt, deny yourself a little bit of pleasure,” he said, “because you’re acting like a four-year-old.”

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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.

Florida has long been a magnet for Americans looking for a better life. Low taxes, affordable housing, a low cost of living and pleasant winter weather have made it a popular move — and not just for retirees.

Young people seeking economic opportunities have come in search of jobs in technology, health care and tourism — and stay for the laid-back lifestyle and entrepreneurial atmosphere.

But now, the number of Americans moving to the state has slowed.

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And one hot spot has been hit particularly hard.

A slowdown in domestic immigration

Although Florida’s population continues to grow, fueled by international immigration, net migration from within the U.S. has fallen sharply.

Miami and Fort Lauderdale, which had net outflows in 2023, saw these outflows increase while Orlando saw net domestic migration drop from 16,357 new residents in 2023 to just 779 in 2024.

But the greatest year-over-year drop in migration was seen in a city that US News once ranked as the fourth best place to retire in the U.S. and was rated among the top 10 American cities to move to by both millennials and Gen Z.

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

In 2024, Tampa saw its domestic immigration drop to 10,544 new residents from 34,920 in 2023, a decline of 70% — and “the biggest slowdown in domestic migration of the 50 most populous U.S. metros,” according to Redfin, which based its analysis on U.S. Census Bureau data.

Redfin found that migration to the Sun Belt in general is declining, citing the rising cost of living in the area, the prevalence of natural disasters and the associated costs of insurance, the decline of remote work, the high cost of moving and economic uncertainty.

Here are 3 reasons why fewer Americans are moving to Tampa.

1. Housing has become more expensive

In past years Tampa has offered an affordable housing alternative to more expensive cities such as San Francisco and New York, but this gap is closing. Housing prices in Tampa have been outpacing the national average for close to a decade and have risen substantially faster since the start of the pandemic.

In February 2020, the median home price in Tampa was $264,995 — about 27% that of New York City.

By February of this year, the median price sat at $449,950 after peaking at $499,900 in June 2024.

That means the cost of living in Tampa is now higher than cities such as Minneapolis and Indianapolis, making a move less appealing than it once was.

2. Natural disasters

There’s also evidence that the frequency of major natural disasters is increasing in the U.S. In 2024, the greater Tampa Bay region was hit by Hurricanes Debby, Helene and Milton over a span of just 65 days.

Major storms can affect the cost of home and flood insurance — and even the ability to obtain it.

Although reforms to Florida’s insurance industry in 2023 have led to slower increases in insurance premiums, they still rose 43% from January 2018 to December 2023.

This makes it hard for many Floridians to find affordable insurance, with non-renewals by insurance companies on the rise and some insurance companies exiting the market altogether. As a result, some homeowners are under-insuring their properties due to the cost.

3. Return-to-office policies

A return to the office is another factor driving the decline in immigration. During the height of the pandemic, many people left coastal job centers such as New York and San Francisco to work remotely from lower-cost cities with a better lifestyle. Now, many employers are instituting a return to the office, meaning fewer people can move to places like Tampa.

Redfin suggests that high home prices and mortgage rates have kept people from moving in general across the U.S.

It’s also likely that the uncertain economic environment is putting major decisions on hold — after all, it’s difficult to relocate, buy a new house and commit to a new job when there’s so much uncertainty around employment, inflation and interest rates.

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• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

Janice’s husband died suddenly last year after having a stroke. The couple were a few years away from retirement. Janice, 62, was waiting to claim Social Security at 65 when she’d also be eligible for Medicare benefits.

Her late husband made more money over the course of his career, so he would have received a bigger Social Security retirement benefit. Now she’s wondering if she can collect both his retirement benefit and her own at the same time, or if that would cause problems.

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The short answer is no. Here’s a more detailed look at what Social Security benefits you are entitled to after your spouse dies.

How a spouse’s death impacts retirement benefits

Social Security provides a variety of benefits: retirement, survivors and disability. Retirement benefits include both retired-worker benefits and spousal benefits.

A married couple who are of retirement age are eligible for two checks from the Social Security Administration (SSA):

• either two retired-worker benefits if both partners worked, or
• one retired-worker benefit and one spousal benefit for the spouse who doesn’t have a retired-worker benefit.

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

A spousal benefit can be as much as 50% of a retired worker’s primary insurance amount. If their working spouse passes away, the spousal benefit is converted into a survivors benefit.

If you’re a surviving spouse, like Janice, you can claim either your retired-worker benefit or your late spouse’s, but not both.

Similarly, you can claim either a retirement benefit or a survivors benefit, but not both.

You’ll receive whichever is higher, but not the total of two benefits added together.

According to The National Academy of Social Insurance, this may substantially lower a surviving spouse’s income.

That’s because they’re only receiving one monthly Social Security benefit instead of enjoying the combined household income of two benefits — which they could have collected as long as their spouse was alive.

The amount Janice will receive is based on her late husband’s work record and whether he reached full retirement age, which typically falls between 66 and 67 years of age.

You can claim your retirement benefit as early as 62, but your benefits will be reduced by a small percentage each month before full retirement age.

After reaching your full retirement age, you’ll get a monthly bump in your check until you reach age 70.

If a surviving spouse is already getting benefits based on their own work record, they should contact the SSA to find out if they can get more money from collecting survivor benefits.

What you need to know about survivors benefits

About 5.8 million Americans received Social Security survivors benefits in May, including widows and widowers, with an average monthly survivors benefit of roughly $1,566.66, according to the Social Security Administration.

You may be eligible for survivors benefits if you’re the spouse, ex-spouse or child of someone who worked and paid Social Security taxes before they died. To be eligible, you must be 60 or older. Or, you must be 50 or older if you have a disability that occurred within seven years of your spouse’s death.

In some cases, age doesn’t matter. If you care for children from the marriage who have a disability or are under 16, you can also apply for survivor benefits regardless of age.

Another factor is your current marital status. If you remarry before the age of 60 (or 50 if you have a disability), you’ll no longer be eligible for survivors benefits. But remarrying after age 60 won’t impact your eligibility.

Since Janice isn’t ready to retire, she can keep working while she receives a survivors benefit prior to reaching her full retirement age, but her benefit could be reduced if she goes over her earnings limit, which for 2025 is $23,400.

Other family members could also qualify for survivors benefits, including ex-spouses and dependent children. If several members qualify for benefits, you’ll need to keep the family maximum benefit in mind, since exceeding that limit will reduce benefit payments.

If your spouse passes away, you should contact the SSA right away. You’ll receive a $255 lump sum death payment, but you can also discuss your options.

For example, you could start with survivors benefits and then switch to your retired-worker benefit at age 70, when that payment is highest.

But if you’re already receiving your late spouse’s retirement benefit, you can’t apply for a survivors benefit unless the amount will be higher than your current benefit.

There are a lot of factors to consider, so it could be worth sitting down with a financial advisor to crunch the numbers.

What to read next

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

Putting a pool in your backyard is a major decision — costing upwards of $100,000, according to HomeGuide — that inevitably involves disruption.

But for Tampa Bay-area clients of Olympus Pools, the cost and disruption were far more than they bargained for.

As WFLA News Channel 8 reports, hundreds were left with nothing but holes in their backyards and bank accounts, their money swindled by Olympus Pools’ former owner James Staten.

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In May, he was sentenced to 20 years of prison followed by 30 years of probation — found guilty of 35 felony counts, including multiple counts of grand theft and contractor fraud.

“The sentence in this case is based on the fact that, out of all the testimony, you willfully ruined people’s lives,” Judge Mary Handsel said during the sentencing.

A pool contractor pays the price for fraud

At the hearing, the prosecutor read victim impact statements to convey just how much damage Staten caused beyond unfinished pools, including this one:

“James Staten stole nearly $25,000 from us, leaving us with an unfinished pool and a shattered sense of security. Because of his actions we were forced to dip into our 401k to complete the work, setting back not just our retirement but also our daughter’s college fund.”

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

In addition to his prison sentence, Staten must pay more than $1 million in restitution to be distributed to victims. He’s also barred from owning a business or having any credit cards while he’s on probation.

At one time, Staten’s business — Lutz, Florida-based Olympus Pools — claimed to be the largest pool builder in the state.

But Staten shut down the company in July 2021 amid a slew of complaints and what Staten called “constant negative media coverage.”

Florida’s Department of Business and Professional Regulation fined Staten $1.4 million and forced him to surrender his contracting licence. Later that same year, he and his wife filed for Chapter 11 bankruptcy.

According to prosecutors, Staten collected money from clients despite knowing their pools were unlikely to be built. He used $1.3 million of his clients’ money to fund his lifestyle.

“He was stealing money from a lot of us,” former Olympus client Toni Rosier told WFLA.

In addition to receiving their fraction of the restitution funding, some former clients may qualify to receive a portion of their money back through the Florida Homeowners’ Construction Recovery Fund.

However, the amount payable is capped and is unlikely to reimburse many clients for the full amount they lost.

So, what steps can you take to prevent this from happening to you?

Be aware of the signs of potential fraud

Watch out for contractors who solicit door-to-door because they “are in the area” or “have materials left over from a previous job,” the Federal Trade Commission (FTC) warns.

Get multiple quotes for your project and don’t rush into a decision. Before making a final decision, verify the contractor’s references — and call them. Many people ask for references from previous clients and then fail to call them. Also check Better Business Bureau reports.

Confirm that your contractor is licensed and insured. You can check the license with local or state regulators and ask the contractor for proof of insurance. Also look for a contractor who’s a member of the Pool & Hot Tub Alliance (PHTA) and ask if they provide a warranty or guarantee.

Be vigilant of contractors who pressure you to commit, only accept cash, demand full payment upfront or want you to borrow from a lender they recommend. Also beware if they ask you to get the permits.

Get estimates and contracts in writing. The contract should include a timeline, a detailed cost breakdown, procedures for managing changes to the project and steps for resolving disputes. If things go wrong, keep detailed written records of conversations and events.

Set up a payment plan contingent on work milestones being completed and don’t pay in full upfront. Monitor expenses throughout the project to make sure they align with the estimate and ask for a receipt as proof of full payment once the contract is completed and paid for.

Once the project starts, watch out for subcontractors who contact you directly for payment, have frequent or excessive unexpected expenses and materials that are lower quality than what was agreed to in the estimate. Lack of activity at the job site is another red flag.

It may seem time-consuming to assess potential contractors and keep on top of their work, but this extra work could end up saving a lot of heartache — and your savings.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

Chris from Phoenix is worried about “huge civil unrest” resulting from a collapsed dollar — and he doesn’t think President Donald Trump or billionaire Elon Musk can fix the situation.

The dad of two young daughters called into The Ramsey Show and asked co-hosts George Kamel and Dr. John Delony for their thoughts on how to prepare for a “societal collapse.”

Chris says he’s worried about the growing national debt and that he imagines “in several decades it being unmanageable and perhaps collapsing the dollar.”

Even if Trump and Musk could fix the situation, he doesn’t think it could be “sustained long enough to where you wouldn’t cause huge civil unrest.”

“Do you all personally own any physical precious metals, gems, have visas or even ammunition for the purpose of protecting against societal collapse?” Chris asked during a recent episode of The Ramsey Show.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Worried about a societal collapse?

Dr. John Delony describes himself as a fellow worrier who’s also concerned about the ballooning national debt, but he doesn’t have any jewels hidden in his backyard (though he does have a deep freezer with about a year’s-worth of meat in it).

Delony also urged Chris to ground himself in the present, because “if you’ve confirmed in your mind” that a tragedy is coming your way in the future, “your body responds as though it’s happening right now,” said Delony. And that takes you away from being in the moment. And this isn’t necessarily helpful.

So what can worriers like Chris do to prepare for the unknowable — and live more in the moment?

Going back to basics

Before getting into precious metals (or bullets), Delony suggests going back to basics. For example, before getting into bio-hacks to improve your longevity, you’ll want to master the basics first — like exercising and eating right.

The same goes for finances. “Do I owe anybody any money?” Delony said. Is his family “actually free?”

Going back to basics means being financially “free.” That’s where good financial habits can help: building up an emergency fund, paying off debts (starting with high-interest debts, like credit card debt and loans) and investing in a diversified portfolio.

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

Take a news fast

Trying to think through how you’d handle an “epic wild west scenario is a waste of time and energy,” said Delony. “It’s just a distraction from being present with your daughters.”

He suggests taking a “news fast” for the next 60 days — not looking at news or social media — and doing something else instead, like playing with your kids or going out for a hike.

“That’s not me putting my head in the sand,” he said. Rather, it’s about getting out of that “anxious state into a world that I can actually impact, which is my family, my home.”

Gold isn’t always golden

If there was an economic and societal collapse, “gold’s not going to solve it,” said Kamel. “We’d go back to the bartering system, trading for food, water, fuel.”

As Dave Ramsey said, “At no time has gold been used as a medium of exchange in a crashed economy since the Roman Empire.”

Kamel says he doesn’t own any gold and “if we make decisions based on fear, we end up poorer — not richer,” he said, adding that he avoids precious metals and “wouldn’t use it as a hedge against anything.”

The best hedge

One of the greatest hedges — if not the greatest hedge — is “robust, connected relationships with your neighbors,” said Delony. And you “can’t buy that off of Amazon.”

If Chris is truly concerned about the world imploding, “get to know the people around you, have them over for dinner, become friends with them, talk about values.”

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

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.

For every month you take your Canada Pension Plan retirement benefit early, you permanently lose 0.6%, reducing your monthly cheque up to 36% if you take it at age 60.

On the other hand, for every month you wait after age 60, you increase your benefit amount by 0.7%. If you wait until age 70, this works out to an increase of 42%.

According to figures from the Government of Canada, only 6% of new CPP recipients waited until 70 in 2023, while 29% opted to start their benefits at age 60.

So why would anyone want to take it early? Here are three reasons why it would make sense to take a reduced benefit.

1. You think you can make more by investing the money yourself

While this isn’t impossible, you’ll need to beat an annual guaranteed increase of 7.2% per year until age 65, then 8.4% from there to age 70, plus increases to adjust for the cost of living.

The average CPP payout in 2024 was $815 per month or $9,780 per year. With the help of tools like CIBC Investor’s Edge, you can invest that $815 per month and potentially grow your retirement fund even more until you’re ready to retire at 65 or 70 years old.

CIBC Investor’s Edge offers a Stock Centre, ETF Centre and Fund Centre to help you dive deep into the underlying fundamentals of individual stocks or the management fees and holdings of specific mutual funds and exchange-traded funds. This allows you to tailor your investments for potentially higher returns based on your timeline, risk portfolio and long-term goals.

Plus, you pay $0 account fees if you’re investing within an RRSP account with a balance of $25,000 or more, as well as a TFSA account with a balance of $10,000 or more.

2. You’re retiring during a market selloff and you want to give your portfolio time to recover

If you need immediate cash but want to hold off on withdrawing from your investments to give your portfolio time to recover, it might be a good idea to tap into CPP early.

However, financial planners generally advise against taking CPP early for this reason. If you’re nearing retirement, a portion of your portfolio should be allocated to cash in order to meet your expenses, without needing to supplement your income with the CPP benefit.

Consider creating a cash cushion of about a year’s worth of living expenses with a chequing or savings account that pays high interest.

For example, the EQ Bank Personal Account offers the interest-earning potential of a high-interest savings account at a rate of 3.50% per dollar, while also having easy access to your money when you need it.

Plus, you pay $0 account fees and the account requires no minimum balance.

3. You have a low income and may qualify for the Guaranteed Income Supplement (GIS) in addition to OAS

In this case, you might want to minimize your CPP payment to maximize your GIS.

It’s a good idea to engage a financial advisor when using OAS or GIS reasons to determine when to take CPP, as these are complicated calculations that can have lifelong implications. An advisor will have software that can help model these decisions.

Whether retirement is five, ten or 15 years away, it’s never too late to try to grow your retirement fund in an effort to reduce your reliance on GIS.

Robo-advisor platforms like Wealthsimple make it easy for you to set up regular contributions and take advantage of the power of compounding — a strategy that many financial experts say is one of the most effective ways to save for retirement.

Compound interest works by allowing your money to grow not just on your initial contribution, but on the accumulated interest as well, creating a snowball effect over time. You can start small and increase the amount you contribute as your salary grows. Your funds will be managed in a smart investment portfolio, so that you don’t have to keep track of market movements yourself. You’ll get a $25 bonus when you open your first Wealthsimple account and fund at least $1 within 30 days. T&Cs apply.

Sources

1. Canada.ca: CPP Retirement pension: How much you could receive

2. Statistics Canada: Income Explorer, 2021 Census

3. Canada.ca: Canada Pension Plan: Pensions and benefits monthly amounts

4. Canada.ca: CPP Retirement pension: When to start your retirement pension

5. Canada.ca: Canada Pension Plan (CPP) – Number of New Retirement Pension by Age, Gender and by Calendar Year – Canada Pension Plan (CPP) – Number of New Retirement Pension by Age, Gender and by Calendar Year

6. Canada.ca: How we calculate your CPP payment

7. Canada.ca: Old Age Security

8. Canada.ca: Old Age Security: How much you could receive

9. Canada.ca: Old Age Security pension recovery tax

10. Canada.ca: Guaranteed Income Supplement

11. CPPInvestments.com: Sustainability of the CPP

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

What happens when your tenants are driving you to financial ruin, but you can’t kick them out during an ongoing eviction battle?

That’s the problem faced by property owner Akosua Danquah in Iowa Colony, Texas. Her tenants stopped paying rent and called the police when she tried to check on her home. Though she’s trying to get them evicted, the process is time-consuming — and it’s driving her toward bankruptcy.

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“I can’t even come to my home,” Danquah told KHOU-11 News. “This is the most disheartening thing you can imagine.”

An ongoing eviction battle

Danquah decided to rent out her home after accepting a job out of state. In January, her tenants stopped paying rent so she gave them a notice of eviction. But after going to her local justice of the peace court to file the eviction, she was told she’d have to wait 30 days.

Then her tenants stopped all communication with her, and when she tried to check on her home, they called the police.

Danquah has had to stay with family and friends since she couldn’t afford to pay both her mortgage and her rent out of state without the rental income from her tenants.

She wishes she had done a background check on the tenants.

“Whenever you take shortcuts when leasing a property, you’re taking chances,” Troy Cothran, treasurer for the Houston Association of Realtors, told KHOU-11 News.

“My recommendation is don’t take any shortcuts when leasing because it’s a business decision that you’re doing.”

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 landlords can protect themselves

If you’re looking to rent out your property, start by screening potential tenants. That could include a credit check, background check and/or income verification. You can also ask for references from their employer and previous landlord. If they refuse to do so, that may be a red flag.

Make sure you have a lease agreement that clearly outlines the amount due each month and what will happen if tenants don’t pay their rent on time (including grace periods and late fees). You may want to consult with a real estate lawyer to help you navigate landlord-tenant laws in your state.

You can also ask for a security deposit (due when the tenant signs the lease), which is typically equal to one or two month’s rent. Most states allow landlords to use the security deposit (or a portion of it) to cover unpaid rent, but the rules differ from state to state. This should be outlined in the lease.

If the tenant is late with their rent, reach out with a late rent notice. States have different rules around grace periods. In Texas, for example, landlords aren’t required to provide tenants with a grace period (unless they agree to do so in the lease).

If the tenant still doesn’t pay, you could follow up with a pay-or-quit notice in which you outline a specific time to pay the overdue rent — or move out. (Make sure you understand local and state laws around eviction procedures.)

If the tenant still fails to comply, you can file for eviction with your local court. If the eviction is successful, you may be able to sue for outstanding rent and associated costs.

While landlord insurance isn’t mandatory, it can help to cover financial losses if your tenant doesn’t pay their rent. However, if you have a mortgage on the property, you may be required by your lender to take out a landlord insurance policy.

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