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Author: Vawn Himmelsbach

  • Americans could see price hikes across the country thanks to Trump’s trade war — so don’t get caught napping. Here are 5 ‘everyday items’ to load up on before they become more expensive

    American consumers can expect to see higher prices for goods made in China — and maybe even empty shelves.

    After President Donald Trump’s “reciprocal” tariffs were announced on April 2, markets took a nosedive. A 145% tariff on Chinese goods effectively blocked trade and resulted in a slowdown at ports. The CEOs of major retailers, including Walmart and Target, reportedly warned Trump that store shelves would go bare within weeks.

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    While the U.S. and China have since agreed to a cooling-down period of 90 days — with the U.S. cutting tariffs on Chinese goods from 145% to 30% and China dropping its tariffs (on most goods) to 10% — that still means there’s a 30% tariff on Chinese goods. And the ‘deal’ is simply a pause; a permanent deal has yet to be reached.

    Then there’s the ‘de minimis’ loophole. Previously, this loophole allowed small packages valued under $800 to enter the U.S. without import duties or taxes. However, Trump signed an executive order in April to close that loophole and remove the exemption.

    But then, as part of negotiations to de-escalate a trade war with China, the U.S. announced it was cutting the de minimis tariff on small parcels from China to 54% (from 120%) — or a flat fee of $100 — starting May 14.

    The previous de minimis shipment exemption has been critical to direct-to-consumer brands like Shein and Temu, allowing them to sell cheap goods to U.S. consumers. And a 54% tariff is still a hefty amount, especially if you’re just ordering a cheap dress from Shein or some toys from Temu.

    How tariffs will impact your shopping cart

    While the pause may be a welcome development, Steve Lamar, CEO of the American Apparel and Footwear Association, told CNBC that it won’t stop prices from going up.

    The 30% tariff stacked on top of existing Section 301 and MFN tariffs “will still make for an expensive back-to-school and holiday season for most Americans,” Lamar told CNBC. “If freight rates spike due to the tariff-induced shipping disruptions, which will take months to unwind, we could see costs and prices creep up further.”

    However, tariff-related shortages won’t look like pandemic-related shortages. Back in the early days of the Covid-19 pandemic, shortages of supplies like toilet paper and hand sanitizer resulted from panic buying and supply chain disruptions.

    Rather, tariff-related shortages are a result of trade policies that increase import costs. So, while certain goods may not disappear from store shelves, they could get more expensive. And some importers may reevaluate what they sell, reducing the options that American consumers have become accustomed to.

    Even if Americans were to stop buying cheap goods from China, it would still hurt the U.S. economy since many mom-and-pop shops rely on those discretionary purchases. For example, despite a pre-tariff buying spree, the U.S. economy still contracted by 0.3% in the first quarter of 2025.

    It’s also hard for retailers to plan ahead with sudden policy changes, which is starting to put a chokehold on supply chains as American businesses cancel or postpone shipments. So what items should you stock up on now?

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

    1. Fast fashion

    American consumers are already seeing increases in the price of fast fashion from brands like Shein and Temu. And, though tariffs have come down, fast fashion is unlikely to go back to the way things were in a pre-tariff world.

    “Sellers are probably taking a wait-and-see approach but in general I think it’s fair to say the boom times of small package delivery from China to the U.S., the Golden Age, is already gone,” Jianlong Hu, CEO of Brands Factory, a Chinese cross-border e-commerce consultancy, told​ The Economic Times.

    When it comes to fast-fashion, a brand like Shein may be more exposed to the de minimis changes, according to The Economic Times, “due to its reliance on speed of getting thousands of new styles each week to consumers in the West by air.”

    2. Toys

    You may want to do your holiday shopping really early this year. This was highlighted when Trump recently told reporters that “maybe the children will have two dolls instead of 30.”

    Nearly 80% of all toys sold in America are made in China, according to industry group The Toy Association, which are impacted by tariffs. But higher prices won’t just hurt consumers; they will also impact toy companies in the U.S, most of which (96%) are small and mid-sized businesses.

    3. Cheap household goods, school supplies and home décor

    Like toys and fast fashion, many cheap household goods will get more expensive since they already have tight margins. That includes everything from paper plates to batteries to toothpaste. The same goes for school supplies and home décor, much of which is produced in China and also has tight margins.

    4. Consumer electronics and appliances

    When it comes to consumer electronics and appliances, many components and parts are made in China — and many tech companies, including Apple and LG Electronics, rely on manufacturing facilities and skilled staff there.

    While Americans will still need to buy smartphones, computers, washing machines, dishwashers and fridges, those items could become much more expensive. If you absolutely need to replace one of these items, it may make sense to do it sooner rather than later.

    5. Replacement parts

    While it may not be top of mind, replacement parts could also become harder to find, like filters and cords. “Supply chains don’t often prioritize reordering those until they’re running low. And a lot of these are sourced from China,” Casey Armstrong, chief marketing officer of ShipBob, a global fulfillment and supply chain platform, told HuffPost.

    While you may want to stock up on certain items, it’s also a good time to reevaluate your spending habits — and perhaps even change your consumption habits.

    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.

  • I spent way too much in my first 4 years of retirement on fun things like travel — now I worry I’ll never get back on track. What do I do?

    I spent way too much in my first 4 years of retirement on fun things like travel — now I worry I’ll never get back on track. What do I do?

    Retirees usually have bucket lists and dream vacations they want to go on while they’re still healthy and fit.

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    But after trips and possibly many dinners out over the past four years, it sounds like you’re suffering buyer’s remorse. The good news is you realized you’re jeopardizing your ability to fund the rest of your retirement, and you can take steps to protect your financial well-being before it’s too late.

    Many retirees are spending more than they planned

    About a third of retirees say they’re spending more than they expected on travel, entertainment and leisure and over half say their overall expenses are higher than they expected, according to the 2024 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI).

    Despite this, “74% of retirees are confident they will have enough money to live comfortably throughout retirement.”

    However, their confidence may be misplaced.

    The first years of retirement tend to be the most expensive on average, according to a Consumer Financial Protection Bureau (CFPB) report. But this is not, as commonly believed, because retirees no longer want to spend on travel and entertainment. Rather, it’s due to an inability of many to maintain that level of spending.

    Those who had to rein in their spending “reduced their expenses 28% from the first year in retirement to the sixth year in retirement.”

    Still, this isn’t necessarily a bad thing. Because our health will inevitably decline as we age, we may have more energy, mobility and strength to pursue leisure activities and travel in our early years of retirement.

    Doing so, however, will require careful planning to ensure you remain comfortable throughout retirement and are able to fund a potential increase in medical expenses in later years.

    Getting back on track

    To ensure you have income throughout your retirement, determine a sustainable rate at which you can withdraw from your retirement savings.

    A common rule of thumb is the 4% rule. It says if you withdraw 4% of your investment portfolio in the first year and then this same amount plus an adjustment for inflation in each subsequent year you have a low probability of running out of money for 30 years.

    In your case, you could determine today how much of your retirement savings remain and begin employing the 4% rule from this point forward. This will likely mean you have to cut back on spending, but it could help ensure you remain comfortable throughout your retirement.

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

    This rule can be a useful starting point — and 61% of financial advisors use it, according to research from PGIM DC Solutions. Still, it isn’t perfect, and each person’s situation is different, so you may find that a different withdrawal strategy works better for you.

    For instance, you might want to use the percentage of portfolio strategy, where you withdraw a fixed percentage of your portfolio’s value each year. This means your income will fluctuate each year with the market value of your portfolio.

    If you follow a fixed-dollar withdrawal strategy you’d withdraw a fixed dollar amount every year for a set time and then re-evaluate.

    Optimizing your financial strategy

    You want to make sure your portfolio asset allocation reflects your investing horizon and risk tolerance. You may want to consider speaking with a financial advisor about your situation. Many advisors today have modeling tools at their disposal that allow them to run personalized economic and life scenarios to help determine the best withdrawal strategy.

    An advisor can also help with other retirement income withdrawal considerations, such as the amount of income you’ll be receiving from Social Security, your required minimum distributions from 401(k)s and IRAs, and how much to take — and when — from each type of account and asset class to be as tax-efficient as possible.

    As you get serious about spending responsibly, you may want to reevaluate your lifestyle and earn some additional income. Creating a budget and tracking expenses can be valuable tools in determining where expenses could be cut back.

    To earn additional income, you could take on a side hustle or part-time job. If major changes are needed, you may want to consider renting out a room, sharing a place with a friend or even moving to a less expensive area. Other options you might consider are accessing your home equity and borrowing against the cash value of a life insurance policy or even selling it.

    There’s nothing wrong with taking advantage of your good health early in retirement to live a little. But if you get off track financially, acknowledging the issue and tackling it right away can help to ensure a comfortable retirement in your later years, too.

    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.

  • ‘They don’t care’: Veteran and longtime Bay Area restaurateur fired by VA hospital after sounding alarm about alleged ‘below standard’ food safety

    ‘They don’t care’: Veteran and longtime Bay Area restaurateur fired by VA hospital after sounding alarm about alleged ‘below standard’ food safety

    Dennis Berkowitz just got fired from his volunteer job. His transgression? He says it was looking out for the veterans of the Palo Alto VA Hospital, where he was working in the kitchen — and where he says food was stored unsafely and served to patients.

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    “While the VA denies the allegations, the hospital refuses to provide a copy of the inspection report it claims it passed six months before the allegations surfaced,” reports ABC7.

    “They didn’t care,” Berkowitz, 85, told the news station. “It’s below health standards for anyone … especially for patients who are already vulnerable.”

    What happened

    When it comes to food safety, Berkowitz knows what he’s talking about.

    His 70-year career began by helping out his father, who was in the restaurant business. “I was dipping ice cream by the time I could reach the cabinets,” he told The Daily Journal.

    After earning a restaurant management degree from Michigan State University, he worked for several hotel chains, including Hyatt, where he became vice-president of food and beverages when he was just 29. In 1978, he opened his first Max’s restaurant, which eventually became a popular chain.

    So Berkowitz understands food safety. Perhaps even more shocking than being fired from his volunteer position at a VA hospital is that — in addition to being an accomplished restaurateur who values food quality and safety — he’s a former second lieutenant, which means he’s a veteran himself.

    While working at the VA hospital, Berkowitz told ABC7 he witnessed food being stored at unsafe temperatures and alleges that staff were falsifying temperature logs — and he claims he has photographs to prove it. For instance, he says he saw chili being stored at 65 degrees below the minimum safe temperature for hot food as recommended by the Centers for Disease Control and Prevention.

    “That’s the perfect incubation temperature for E. coli,” Berkowitz said in the interview. He also said he witnessed food that contained meat being labeled as vegetarian.

    When he reported these shortcomings to management, he said he was told, “You’re not allowed to take pictures. If it were up to me … you’d never would have got this job.”

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

    The hidden financial impact on whistleblowers

    This is a relatively common whistleblower experience, explain researchers Aiyesha Dey, Jonas Heese and Gerardo Pérez Cavazos in an article for the Harvard Law School Forum on Corporate Governance.

    “Employee whistleblowers report in their lawsuits that, in most of the allegations, firms ignore the issue raised by them, and, in 10% of the allegations, firms try to cover-up the issue internally. In only 6% of cases, firms open an internal investigation,” they wrote.

    In Berkowitz’s case, he says not only were his concerns ignored, but he was fired in retaliation for voicing them.

    “Employee whistleblowers report that firms typically retaliate against them via firing (in more than one third of all cases), harassment (about 16% of all cases), threats (about 10% of all cases) and demotions (about 6% of all cases). In only 21% of all cases, the firm does not retaliate against an employee whistleblower,” said the article.

    Not only do whistleblowers face a potential loss of income, they could also face legal costs and difficulties landing a new job, as well as emotional strain.

    Whistleblowers do tend to land on their feet eventually and typically find a new job within about a year, according to Dey, Heese and Pérez Cavazos. In about half of cases (52%), this job is equivalent to or better than their old one, although this may mean moving to a new state or industry. About 10% end up in a worse job and a fifth (21%) become self-employed.

    If, like Berkowitz, you’re compelled to become a whistleblower, it helps to have an emergency fund of at least three to six months (or longer), just in case you’re let go.

    In the U.S. there are legal protections and, in some cases, financial awards available to whistleblowers through such laws as the False Claims Act, the Dodd-Frank Act and the IRS whistleblower law.

    However, whistleblowing is not a path to riches. Dey, Heese and Pérez Cavazos looked at whistleblower lawsuits and found that, “In the short term, whistleblowers are also more likely to face judgments and liens … The expected reward for blowing the whistle is approximately $140,000, which seems to offset the financial costs.”

    You should be prepared to take legal action to remedy any retaliation by your employer and factor in the financial costs this might entail. In addition to these financial costs, you’ll need to be prepared to possibly lose friends and colleagues, while being exposed to public scrutiny.

    If you decide to go this route, the National Whistleblower Center provides resources, advocacy and, in some cases, legal assistance. You should also assemble a team that includes a lawyer who specializes in whistleblower cases and a financial planner who can help you navigate the potential disruption to your finances.

    Doing the right thing isn’t always easy, and you’ll need to consider whether you can withstand the costs. But one by one, whistleblowers are making the world a better place.

    In the meantime, Berkowitz wants a safe dining experience for VA patients — and he wants to get back to work. “I want my job back!” he told ABC7. “Let’s see if they give it to me.”

    What to read next

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

  • ‘You willfully ruined people’s lives’: Florida man to spend 20 years behind bars for swindling customers out of $1.3M — leaving them with unfinished pools and ‘a shattered sense of security’

    ‘You willfully ruined people’s lives’: Florida man to spend 20 years behind bars for swindling customers out of $1.3M — leaving them with unfinished pools and ‘a shattered sense of security’

    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.”

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    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

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

  • ‘Gold’s not going to solve it’: Arizona man called into The Ramsey Show for advice on protecting his family in the case of ‘societal collapse’ — here’s the surprising advice they gave him

    ‘Gold’s not going to solve it’: Arizona man called into The Ramsey Show for advice on protecting his family in the case of ‘societal collapse’ — here’s the surprising advice they gave him

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

    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

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

  • I’m 69 with $375K in savings but I’ve got a $250K reverse mortgage causing me serious stress. Should I just use most of my savings to pay it off ASAP and aim to survive on CPP?

    I’m 69 with $375K in savings but I’ve got a $250K reverse mortgage causing me serious stress. Should I just use most of my savings to pay it off ASAP and aim to survive on CPP?

    Imagine this scenario: Samantha is retired at 69, but a few years back she took out a reverse mortgage. Now, she’d like to be done with it, especially since the loan comes with a hefty interest rate of 6.75%.

    She currently has about $375,000 in home equity while her reverse mortgage loan is close to $250,000. She also has about $300,000 in savings, but she’s wondering if she should use a chunk of those savings to pay off her reverse mortgage and live on her Canada Pension Plan (CPP)— just over $1900 — instead.

    Or, does it make more sense to stick with the status quo?

    How does a reverse mortgage work?

    A reverse mortgage allows homeowners who are at least 55 to borrow money based on the equity on their home. (Your equity is based on how much you’d get if you sold your home, minus how much you have left on your mortgage.)

    Unlike a traditional mortgage, you don’t make monthly loan payments. Instead, the lender pays you, using your house as collateral.

    "A reverse mortgage is a type of loan for homeowners, usually aged 55 or older. It allows you to borrow money from your home equity without selling your home. You may do so by converting a portion of your home equity into tax-free money. Financial institutions sometimes call this ‘equity release’" according to the federal government’s website.

    Because it isn’t considered income, the money is tax-free and won’t generally impact your CPP. But, you still have to pay property taxes and insurance.

    Interest accrues on the loan balance, meaning the amount you owe goes up over time. If you have a high interest rate, that can add up — and fast.

    It increases your debt while decreasing your equity, and the interest added to your balance each month can use up much — or even all — of your equity, according to Bloom Financial.

    The total (including interest) must be repaid either when you move out and sell your home or after you pass away, in which case it must be repaid by your estate.

    If you sell your home, you can use part of the proceeds of the sale to pay off the loan. This could make sense if you want to downsize or move in with family, or if you need to move into an assisted living facility.

    However, if you continue living in your home until you pass away, your heirs will inherit the house — and the reverse mortgage.

    Options for paying off a reverse mortgage early

    Maybe Samantha wants the peace of mind of owning her home, or maybe she wants to leave the house to her children without burdening them with debt. Whatever the reason, she does have a few options.

    One of those options is to do nothing. She could choose to remain in her home, with enough money coming in from CPP and her retirement savings to enjoy a comfortable retirement.

    When she passes away, her children could sell it and use the proceeds to pay off the reverse mortgage. It’s a trade-off: Samantha lives more comfortably and leaves less to her children, or she lives a more spartan lifestyle to leave more to her children.

    If Samantha does decide to pay the loan off early, she could consider paying it all off in one lump sum, making a partial payment or making loan payments to reduce her interest over time (you usually have the option to pay off the principal and interest in full at any time).

    However, depending on the conditions established with the lender, early repayment may incur monetary penalties, so it’s always best to consult with lender to clarify this. If you’re still on the fence about early repayment, consult with a trusted advisor who has a more holistic view of your financial situation. This could help you make an educated decision based on calculations instead of emotion.

    Additionally, Samantha could keep the reverse mortgage and invest that money conservatively as part of her long-term retirement plan.

    Even if Samantha can live off her CPP and savings, she’ll still be responsible for paying property tax, insurance and maintenance on her home. Plus, she may not want to drain her savings in case she needs that money for an emergency or future medical care.

    Sources

    1. Canada: Reverse mortgages

    2. Bloom Financial: Pros and Cons of Reverse Mortgages in Canada – The Expert Guide, by Rachel Cohen (Sept 10, 2024)

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

  • Houston man loses $20,000 after getting ‘fraud alert’ and handing over his bank card to someone he thought worked for Wells Fargo — here’s how to protect yourself from imposter scams

    Houston man loses $20,000 after getting ‘fraud alert’ and handing over his bank card to someone he thought worked for Wells Fargo — here’s how to protect yourself from imposter scams

    You wouldn’t hand over your bank card to a complete stranger on your doorstep — or would you?

    Imposter scams are becoming increasingly sophisticated and it may be easier to fall victim than you might realize. Scott Merkovitch was one such victim who lost $20,000 after he got a call on May 16 from what he thought was his bank.

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    “They told me that there was fraud alerts on my account on a couple of charges that they didn’t feel like were mine,” he told Fox 26 Houston in a story published July 1.

    The caller was also able to tell Merkovitch about valid transactions in his account “which, again, is what gave me the kind of assurance that I was talking to a real person,” he said.

    Merkovitch was told a security representative from Wells Fargo would soon show up at his home.

    Here’s what happened

    Footage captured by Merovitch’s football camera and shared with the broadcaster appears to show a woman walking up to his front door. Merovitch says she identified herself and gave him a code that the caller had shared with him.

    Believing her to be a legitimate employee from Wells Fargo, Merovitch says he gave her his card. She then cut it in half with a pair of scissors, sealed the pieces in an envelope and drove off.

    An hour and a half later, over $20,000 had been withdrawn from Merovitch’s account from ATMs a few miles from home, he says.

    Merovitch filed a police report, per Fox 26, and a few days after the incident he received a notice from Wells Fargo — this one was legitimate.

    “They basically accused me of transferring the money into the accounts and then authorizing the charges,” he said. He thinks blaming him “is just the easy way out for a gigantic organization.”

    Wells Fargo told Fox 26 the bank would take another look at Merovitch’s case.

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

    Fraud losses on the rise

    The broadcaster reports Merovitch’s case is similar to another pair of Wells Fargo customers who fell victim to a similar scheme earlier this year.

    Imposter scams can involve the transfer of cash and even gold bars, and initial contact with victims comes in many forms, such as messages claiming to be from federal agents or phone calls from seemingly legitimate authority figures.

    As scams become increasingly elaborate, more Americans are becoming victims of fraud. In 2024, consumers reported losing more than $12.5 billion to fraud — a 25% increase over 2023 — according to the Federal Trade Commission (FTC).

    In total, 2.6 million consumers filed fraud reports in 2024, according to the FTC, with 38% of those victims saying they lost money because of it. Imposter scams were the most reported category, followed by online shopping, job, investment and Internet services scams.

    How to protect yourself

    If you’ve never heard of the scam Merovitch fell victim to, it’s not surprising because “scammers’ tactics are constantly evolving,” Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said in a news release.

    So, what can you do about it, especially as scams are changing?

    Wells Fargo told Fox 26 that it would never ask you to hand over or mail your physical card or PIN to prevent fraud. The FTC adds you should never send money, cryptocurrency or gold in response to an unexpected call or message. Don’t believe anyone who urges you to quickly move your money for protection.

    Never click on links or call phone numbers in unexpected messages — those can lead you directly to scammers. Even if your phone’s caller ID shows you’re getting a call from the bank, remember that scammers can spoof legitimate phone numbers. Instead, contact the organization yourself — a staffer should be able to verify if the institute needs to contact you.

    Being defrauded can be financially painful — and you may not have any recourse once the money has disappeared from your account. The same advice holds true today as it always has: never hand over cash (or your credit card, gold bars or anything of value) to a stranger in your doorway.

    What to read next

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

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

  • I’ve worked for the municipality for 10 years making more than $100K with a pension — but I hate my job and dread going into work. Should I quit?

    I’ve worked for the municipality for 10 years making more than $100K with a pension — but I hate my job and dread going into work. Should I quit?

    For almost a decade, Joe has worked for the municipality, pulling in an enviable salary of more than $100K a year. Not only does he have job security, but he also gets generous vacation time, health insurance and a pension.

    His friends and family think he’s got it made. But every morning, Joe dreads going to work. He doesn’t get along with his overbearing manager, and the work environment has turned toxic. On top of that, he’s bored. The job is repetitive, and there’s no room to grow within the department.

    To get his full pension, Joe still has 30 years of work ahead of him. He can’t imagine staying in a job he hates for three more decades — but he also wonders if the money and benefits are too good to walk away from.

    Joe isn’t alone. According to Gallup’s State of the Global Workplace 2025 Report only 21% of Canadian employees are engaged in their work.

    So why do they stay? One reason is golden handcuffs — benefits or incentives that make it financially attractive to stick around. That includes pensions, bonuses, stock options and even company cars. Often, you have to stay with an employer for a certain period before you’re eligible for those benefits, which can make some employees feel trapped, especially when they’re already unhappy.

    Here are a few tips to help you financially plan an exit from a high-paying but soul-draining job.

    Work out your monthly survival number

    Start by calculating your bare-bones budget — the minimum you need to cover essential expenses like housing, utilities, bills, insurance, transportation, prescription drugs and groceries. Don’t forget minimum debt payments and regular savings, such as contributions to retirement.

    Once you add it all up, you’ll have your survival number — the amount you need to earn to meet basic living expenses. That number could help Joe figure out whether a low-paying but more fulfilling job could support his lifestyle.

    Audit your spending

    With your survival number in hand, you can take a hard look at your current spending. That means combing through your bank and credit card statements, digital transactions and savings activity.

    Where can you cut back?

    Maybe it’s canceling subscriptions or limiting takeout. Or maybe you need to delay a bigger purchase like a new car or home renovation.

    If your housing costs are eating up more than 30% of your gross monthly income — the standard threshold for affordability — could you downsize or take on a roommate? It might make sense to make those changes before leaving the job you hate.

    Run pension and benefit scenarios

    Use free online pension calculators to estimate what you might receive based on your current salary, years of service and retirement age. Try running scenarios: What would your pension look like if you stayed another five, 10, 20 or 30 years?

    Municipal pension plans may allow you to collect a pension even if you leave before retirement age, usually 55, provided you’ve met the service requirements. Some plans let you transfer your benefits to a new employer’s plan or withdraw your contributions in a lump sum.

    You can run these numbers yourself or work with a financial advisor to explore what would happen if you invested those funds on your own. You might find that managing your own retirement plan could leave you just as well off.

    Every pension plan is different, so talk to your pension plan administrator before making any big moves.

    Build an exit strategy and a quit fund

    Even if you’re ready to leave, it’s smart to develop an exit strategy. Give yourself time to build a quit fund and line up your next opportunity.

    Start networking, reach out to recruiters and apply to jobs. Depending on your qualifications and industry, it could take a while to find the right fit — but laying the groundwork now makes the transition easier.

    Leaving a new job lined up can be challenging, so aim to build a quit fund that covers 6 to 12 months of living expenses. Keep it separate from retirement savings and in a highly liquid account — like a high-interest savings account — in case you need it.

    Joe could also look into whether his skills are transferable to another municipal department or whether upskilling could help him move up. That way, he might be able to escape his toxic manager and find more fulfilling work — without giving up benefits and pension.

    Sources

    1. Gallup: State of the Global Workplace 2025 Report

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

  • I’m in my 70s and recently widowed and need to revise my will. But with 3 adult kids, I’m agonizing over how to choose which I name as my executor without risking offending the others

    I’m in my 70s and recently widowed and need to revise my will. But with 3 adult kids, I’m agonizing over how to choose which I name as my executor without risking offending the others

    Imagine this scenario: Christine is in her 70s and needs to revise her will. The last time she looked at the document, her husband was still alive and their three children were toddlers. A lot has changed since then. She’s now widowed and has three adult children.

    Her estate includes a house and car, as well as her savings and investment assets. She also has a number of collectibles.

    While Christine plans to split her assets evenly, she isn’t sure which child to choose as executor without offending the others. She’s thought about making them co-executors, but that comes with challenges, too.

    While she considers all of her children to be smart and capable, she doesn’t want to appear like she’s favouring one child over the other.

    Choosing an executor

    An executor is a person named in a will who is appointed to carry out the wishes of the person who makes the will (the testator). That task includes managing the estate’s assets, paying off any outstanding debts (including taxes) and distributing assets among the heirs.

    An executor doesn’t have to be a family member. While every province has its own rules, a friend or even a professional acquaintance can be your executor, so long as they’re at least 18 years old, mentally able to take on the responsibility and in some jurisdictions, have not been charged with a felony or previously declared bankruptcy. If an executor isn’t named in the will, the court can appoint someone to carry out the instructions in the will.

    While choosing an executor can be a tough decision, it’s advisable to make a decision based on practicalities rather than emotion. While Christine is thinking about “fairness,” a better approach may be thinking about who is best equipped to handle the responsibilities.

    Here are a few practical questions to help Christine — and others in her situation — decide who’s best suited for the role.

    • Who is most financially literate or has experience with legal or business matters?
    • Who lives nearby and can easily access the property and local courts?
    • Who has the time and willingness to take on the responsibility?
    • Who stays calm under pressure and handles stressful situations well?
    • Who is organized and good at following up on paperwork and deadlines?
    • Does this person have a good relationship with the other heirs?

    The executor will also need to apply for the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) death benefit. They have to oversee the management of any cash, stocks, bonds and real estate.

    It’s also possible to hire an executor if your children aren’t keen (or able) to take on the role, though that comes at a cost.

    What about co-executors?

    It’s possible to have more than one executor, and in some cases it could make sense.

    Anthony J. Enea, a managing partner at law firm Enea, Scanlan & Sirignano LLP, recommends that, if you have more than one child and you’re selecting an executor, trustee or agent of power of attorney, “it is wise to select two children (if possible) so as to create an inherent system of checks and balances and avoid the possibility of one person being vested with too much power and authority.”

    It also means one child doesn’t have to shoulder all of the responsibility that comes with the role.

    Co-executors may be a good idea if:

    • They have a strong, cooperative relationship
    • They live close to one another
    • They have complementary skills (e.g., one is local, one is financially savvy)
    • They’re both willing to share the responsibility and workload

    Co-executors don’t make sense in every situation. If there are conflicts between siblings about the estate or one co-executor feels he or she is doing most of the work, that could cause delays in the sale of assets or distribution of funds. Major conflicts could even lead to legal disputes.

    If you’re thinking about co-executors, you’ll want to consider how well they get along, if they live close together and if they’re equally competent and communicative.

    How to have the conversation

    While estate planning can be an uncomfortable conversation for many families, open communication is one of the best ways to prevent conflict down the road. Don’t spring it on your kids; make sure they know what this meeting is about so they can mentally prepare.

    Here’s what Christine should consider discussing:

    • Where to find the will and other important documents
    • Contact info for her lawyer, financial advisor and insurance agent
    • General details about how the estate will be divided
    • Who gets specific items (like collectibles, the car, or family heirlooms)
    • Who she’s thinking of naming as executor — or ask who would be willing to take on the role

    She doesn’t have to disclose exact dollar amounts, but a rough idea of what her children might inherit could help with their own financial planning.

    This is also a good time to discuss who she’s chosen as executor or have a conversation about which child (or children) would be willing and able to take on the role. Not all children want to be executor, so you’ll want to have their consent first. The role comes with a lot of responsibility and can eat up a lot of time; it can also be emotionally draining.

    Open communication early on can help prevent resentment down the road, while ensuring that your wishes will be met.

    Sources

    1. Enea, Scanlan & Sirignano, LLP: Factors to Consider When Selecting an Executor, Trustee, or Agent Under a Power of Attorney, by Anthony J. Enea Esq. (Dec 8, 2023)

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

  • I’m in my 70s and recently widowed and need to revise my will. But with 3 adult kids, I’m agonizing over how to choose which I name as my executor without risking offending the others

    I’m in my 70s and recently widowed and need to revise my will. But with 3 adult kids, I’m agonizing over how to choose which I name as my executor without risking offending the others

    Imagine this scenario: Christine is in her 70s and needs to revise her will. The last time she looked at the document, her husband was still alive and their three children were toddlers. A lot has changed since then — she’s now widowed and has three adult children.

    Her estate includes a house and car, as well as her savings and investment assets. She also has a number of collectibles.

    While Christine plans to split her assets evenly, she isn’t sure which child to choose as executor without offending the others. She’s thought about making them co-executors, but that comes with challenges, too.

    While she considers all of her children to be smart and capable, she doesn’t want to appear like she’s favoring one child over the other.

    Don’t miss

    Choosing an executor

    An executor is a person named in a will who is appointed to carry out the wishes of the person who makes the will (the testator). That task includes managing the estate’s assets, paying off any outstanding debts (including taxes) and distributing assets among the heirs.

    An executor doesn’t have to be a family member. While every state has its own rules, a friend or even a professional acquaintance can be your executor, so long as they’re at least 18 years old, a U.S. citizen and haven’t been convicted of a felony. If an executor isn’t named in the will, the court can appoint someone to carry out the instructions in the will.

    While choosing an executor can be a tough decision, it’s advisable to make a decision based on practicalities rather than emotion. While Christine is thinking about “fairness,” a better approach may be thinking about who is best equipped to handle the responsibilities.

    Here are a few practical questions to help Christine — and others in her situation — decide who’s best suited for the role.

    • Who is most financially literate or has experience with legal or business matters?
    • Who lives nearby and can easily access the property and local courts?
    • Who has the time and willingness to take on the responsibility?
    • Who stays calm under pressure and handles stressful situations well?
    • Who is organized and good at following up on paperwork and deadlines?
    • Does this person have a good relationship with the other heirs?

    The executor will also need to contact various agencies including the Social Security Administration (to stop any benefits) and the IRS (to file the deceased’s final income tax return). And they have to oversee the management of any cash, stocks, bonds and real estate.

    It’s also possible to hire an executor if your children aren’t keen (or able) to take on the role, though that comes at a cost.

    What about co-executors?

    It’s possible to have more than one executor, and in some cases it could make sense.

    Anthony J. Enea, a managing partner at law firm Enea, Scanlan & Sirignano LLP, recommends that, if you have more than one child and you’re selecting an executor, trustee or agent of power of attorney, “it is wise to select two children (if possible) so as to create an inherent system of checks and balances and avoid the possibility of one person being vested with too much power and authority.”

    It also means one child doesn’t have to shoulder all of the responsibility that comes with the role.

    “If offending and/or hurting a child’s feelings is an important issue, then perhaps selecting co-executors, co-trustees and co-agents under a POA will be the solution,” says Enea.

    Co-executors may be a good idea if:

    • They have a strong, cooperative relationship
    • They live close to one another
    • They have complementary skills (e.g., one is local, one is financially savvy)
    • They’re both willing to share the responsibility and workload
    • Co-executors don’t make sense in every situation. If there are conflicts between siblings about the estate or one co-executor feels he or she is doing most of the work, that could cause delays in the sale of assets or distribution of funds. Major conflicts could even lead to legal disputes.

    If you’re thinking about co-executors, you’ll want to consider how well they get along, if they live close together and if they’re equally competent and communicative.

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

    How to have the conversation

    While estate planning can be an uncomfortable conversation for many families, open communication is one of the best ways to prevent conflict down the road. Don’t spring it on your kids; make sure they know what this meeting is about so they can mentally prepare.

    Here’s what Christine should consider discussing:

    • Where to find the will and other important documents
    • Contact info for her lawyer, financial advisor, and insurance agent
    • General details about how the estate will be divided
    • Who gets specific items (like collectibles, the car, or family heirlooms)
    • Who she’s thinking of naming as executor — or ask who would be willing to take on the role

    She doesn’t have to disclose exact dollar amounts, but a rough idea of what her children might inherit could help with their own financial planning.

    This is also a good time to discuss who she’s chosen as executor or have a conversation about which child (or children) would be willing and able to take on the role. Not all children want to be executor, so you’ll want to have their consent first. The role comes with a lot of responsibility and can eat up a lot of time; it can also be emotionally draining.

    Open communication early on can help prevent resentment down the road, while ensuring that your wishes will be met.

    What to read next

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

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