Category: Moneywise

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Running out of money during your retirement can take the shine off your golden years, and the risk might be greater than you think.

After all, the average life expectancy for 79-year-olds is slightly over 10 years, according to the Social Security Administration. Meanwhile, the average annual spending for U.S. households of those 75 years and older was $53,481 in 2022, based on Bureau of Labor Statistics data.

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• 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

With a modest $2,000 monthly income from Social Security and $50,000 in savings, it’s natural to be worried about outliving your savings and looking for some guidance.

And those savings might not get you as far as you expect. Using a Fidelity retirement calculator shows that if your savings are invested, and earn an average annual rate of return of 5%, you can afford to make nine yearly withdrawals of around $6,700. That’s only an extra $558 a month.

Let’s walk through how you can navigate this difficult financial situation.

Maximize your home value

While owning a home outright is a huge advantage, maintaining it can be costly — especially during retirement.

Moving to a smaller, lower-maintenance home or a senior-friendly community can reduce property taxes, utilities and upkeep. Downsizing can also free up capital and reduce monthly costs significantly. You can also consider renting out a spare room to generate extra income.

If you want to age in place, you could consider tapping into your home’s equity through a HELOC — or Home Equity Line of Credit.

With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans  are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree. Terms and Conditions apply. NMLS# 1136.

Homeowners can also consider a reverse mortgage to supplement their retirement income.

Reverse mortgages let you tap into your home equity to support your income, pay off substantial debt or fund renovations. You can choose to borrow the funds as a lump sum or as fixed monthly payments, and can spend them however you want.

The reverse mortgage becomes due once the borrower passes away, stops using the home as their primary residence or sells the property.

You can check out Moneywise’s list of industry-leading companies offering reverse mortgages here.

Compare offers instantly and request a free information guide to help you understand how to get started.

Optimize your healthcare

Medicare provides essential coverage, but supplemental insurance can be pricey.

Seniors with limited income should check their eligibility for Medicare Savings Programs. These state-administered programs help pay Medicare premiums, deductibles and co-pays for low-income seniors.

There’s also the “Extra Help” program for prescription drugs. The SSA offers assistance to reduce Part D prescription costs based on income and resources.

Staying on top of these programs through resources like Medicare.gov can save you hundreds, or even thousands, of dollars per year.

Older adults should also ensure they have plans in place if their health takes a turn, or when they can no longer age in place.

Long-term care insurance offers coverage that can help with in-home assistance, nursing homes or assisted living facilities.

For example, GoldenCare offers a range of insurance options based on your needs, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living and traditional long-term care insurance.

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

Reduce your living expenses

Stretching $2,000 a month requires some discipline, but living a frugal lifestyle while still enjoying your quality of life can still be within reach.

This starts with making a monthly budget.

After all, knowing where your money goes is the first step to creating a realistic lifestyle plan. From here, it can pay to track your expenses and categorize your needs versus wants. If you’re tech-savvy, tools like Monarch Money can give you an overview of your financial situation.

Monarch Money helps you assess your budget and spending habits while planning for the future. This all-in-one tool can also track your investments, and offer personalized advice so you can plan with confidence. Even better, the app is protected by Plaid for secure data integration, and employs multi-factor authentication at login, so you can keep your accounts safe.

You can download the app now for a 7-day free trial. After that, you can get 50% off your first year with code MONARCHVIP.

Beyond budgeting, try to limit dining out, subscriptions and non-essential purchases. Buy in bulk, shop sales and utilize food assistance programs if you’re eligible. Local senior centers, food banks and utility assistance programs can also help reduce expenses.

Another way to drive down expenses is to look at essential spending like insurance policies.

Many seniors can lose out on savings because they don’t shop around for lower prices, and stick with the insurer they’ve used for decades. This can leave money on the table that could go towards funding their retirement.

If you’re questioning whether your insurance rates could be lower, it may be time to consult OfficialHomeInsurance.com, which helps you look for low rates for free.

In under 2 minutes, OfficialHomeInsurance.com makes it easy to compare offers tailored to your needs from a list of over 200 reputable insurance companies.

Simply fill in a bit of information and you can quickly find home insurance coverage at the lowest cost for you. On average, OfficialHomeInsurance.com users save $482 a year.

While you’re saving money on home insurance, you might also consider whether you’re being gouged on your auto insurance rates.

OfficialCarInsurance.com helps you instantly sort through the best policies from car insurance providers in your area, including trusted names like Progressive, GEICO and Allstate.

With rates as low as $29 per month, you can find coverage that suits your needs, and potentially save you hundreds of dollars per year.

To get started, fill in your information and OfficialCarInsurance.com will provide a list of the top insurers in your area.

Prepare an emergency fund

Unexpected health expenses, home repairs or other emergencies can quickly throw you off a tight budget.

Many experts recommend that you keep at least three to six months worth of expenses in a highly liquid account, such as a dedicated high-yield savings account. This means that, if you need to access funds right away, you won’t have to tap your investments or take on debt.

Retirees are generally advised to build larger emergency funds, but this can be tricky to do if your savings are limited. Consult a trusted financial advisor about this if you can.

Abid Salahi, finance expert and co-founder of FinlyWealth, told GOBankingRates that retirees should aim to keep 12 to 18 months of living expenses in their emergency fund.

One way to grow your emergency fund quickly is to open a high-interest savings account. Wealthfront’s cash account is designed for those seeking a reliable and safe high-yield savings plan. With full access to your money at all times, Wealthfront can help seniors access a highly liquid option for their emergency fund, while also allowing them to grow their savings in a meaningful way.

Plus, you can get a $30 bonus when you fund your account with $500 or more, giving you a little boost to your saving power.

If you’re a senior living on a tight Social Security income, it’s important to be proactive about emergency savings, optimize your home and healthcare costs, and have control over daily expenses.

Although nothing is a guarantee, being more aware of your saving and spending habits can help you feel more secure in your retirement.

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?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

The economic uncertainty caused by President Trump’s repeated threats of across-the-board tariffs on Canadian imports, alongside our nation’s retaliatory response, has been negatively impacting the Toronto Stock Exchange (TSX).

Per recent Morningstar reporting, on March 4, the S&P/TSX Composite Index with a net loss of 429 points. A potential trade war with the US has raised the alarm for a potential recession in Canada, which is dealing with a less-than-stellar economy, a spike in joblessness and weak business sentiment.

While stock market volatility may make stashing your cash in a shoebox under your bed seem like the safest bet to sidestep any big investment losses, an investor would only have to look back at the big market crash of 2008 and the subsequent recession to know that while things may get tough, the markets inevitably self-correct and things will get better — but it will take some time.

Here are three things to keep in mind as you watch stocks fall.

1. The market is resilient

When investment professionals like Dan Tersigni, director of digital advice at Wealthsimple, get calls from clients when markets are tanking, they know what the question is going to be even before the customer asks.

Tersigni recounts a common concern shared by a broad swath of clients: "’It doesn’t look like the news is going to get any better. Shouldn’t I just get out now, cut my losses, and then get back in when things start rebounding?’"

And here’s what he tells them: Stay the course with your investing, because over time "the odds are overwhelmingly in your favour."

No matter how awful things may look on a particular day or during a particular week, stocks generally make back their losses and then some.

But you have to be willing to be patient. Tersigni points out that it took markets four to five years to recover from major downturns in 2001 and 2008.

2. You have goals

Are you investing for the long haul, working toward a big goal down the road — maybe a comfortable retirement? The worst thing is to go off track by ditching investments when stocks take a dive.

"For most of us, not much has changed just because the market has gone down recently, you’re saving for retirement, you have a 20-year horizon," says Tersigni. "You still have time on your side, and you really don’t want to be making short-term decisions."

And if you are close to retirement, the thing to remember is that it’s a decades-long journey, not a one-time thing. So you, too, have time to make back losses.

If volatility in your accounts keeps you up at night, maybe you need to reevaluate your investment mix. Your money should be diversified, to help you weather the market storms — even the hurricanes.

At those times, the best approach is to restrain yourself from peeking at your battered balances and keep your hands off your portfolio.

3. Market downturns can be good times to buy

Normally when the stock market takes a pounding, you shouldn’t focus on what you’re losing, but instead on what you could be buying. A market plunge or "correction" makes stocks cheaper.

But the uncertainty surrounding a potential trade war has made it riskier to follow the usual advice to "buy on the dips." You could lose money if you mistakenly bet that a stock has hit bottom.

"It’s going to be really hard to do. Your odds of getting it right are low," says Ben Reeves, Wealthsimple’s chief investment officer.

A better approach is to maintain steady, automatic withdrawals from your bank account into a well-diversified portfolio, maybe one held at an automated investing service that uses technology to keep making adjustments in your investments. That way, you’ll get the best performance from your money — even during the worst of times.

Sources

1. Morningstar: Stocks Hit by Tit-for-Tat Tariffs, by Vikram Barhart (Mar 4, 2025)

This article All this talk of tariffs and market volatility may have you thinking: If the stock market crashes, what’s an investor to do? Here are 3 things to be mindful of originally appeared on Money.ca

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

It’s always a good idea for married couples to be financially aligned when it comes to saving for retirement— even if there’s an age gap in the relationship and one spouse has a higher income or more savings.

Let’s say you’re 53, five years older than your spouse — you may have more savings because you’ve been in the workforce longer and have extra years of investment gains. And you may have higher earnings at this point in your career.

But you also plan on retiring sooner than your spouse. How do you ensure everyone’s financial needs are met? What happens if the marriage crumbles? It’s important to take a fair and strategic approach to saving for retirement in the coming years.

Prioritize the right accounts

Since the goal is likely to maximize your retirement dollars, figuring out which accounts to prioritize is an important part of a smart savings strategy. The first question to ask yourselves is whether each of you is eligible for a workplace retirement plan like a RRSP) that comes with an employer match.

Employer matching is essentially free money, so it’s important to maximize them when you can. Your first goal should be for each of you to contribute enough to your workplace plan to snag your employer’s match in full.

From there, you should aim to contribute the maximum each year to any tax-advantaged accounts like RRSPs and TFSAs. You can prioritize which accounts to fill up first based on past returns, portfolio fees or investment flexibility.

That said, TFSAs have lower annual contribution limits than RRSPs. They currently max out at $7,000 while RRSPs max out at $32,490 or 18% of your annual income.

Either way, if your income or personal retirement savings are far ahead of your spouse’s, then you may want to cover more of your joint household expenses out of your paycheque to allow them to pump extra money into their retirement accounts. This assumes that you’re on track to have plenty of money to retire a few years ahead.

In case things go awry

You might feel good about your marriage now, but it’s important to keep in mind that things change, and divorces can happen at any age.

Gray divorce — sometimes called silver divorce — refers to couples over the age of 50 deciding to end a marriage, and it’s on the rise.

Laws vary by location, but absent a prenuptial agreement, assets acquired during marriage are typically considered marital property in many jurisdictions across the country. That means each spouse could have rights to a portion of contributions or gains to retirement accounts made during the marriage.

So, even if you end up getting divorced where one spouse has a much larger retirement savings balance than the other, the assets could end up being split — whether equally or equitably. Couples may be able to decide how to divide their assets within a divorce settlement agreement, but it must be agreed to by a judge.

Even if you plan to spend the rest of your lives together, it’s never a bad idea to cooperate now and create a plan that’s fair to both of your futures.

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

Jenn from Seattle had long felt something was off with the joint finances she shared with her husband. But things came to a head when he withdrew around $4,000 from their shared account and surprised her with an unexpected and costly anniversary gift: a cabin cruiser boat.

That prompted her to dig deeper. What she found was even more concerning: a stash of $15,000 in cash hidden in his closet. When she confronted him, he didn’t seem to think it was a big deal.

“He said, ‘I thought I was doing something good. I put money away,” Jenn told Dave Ramsey on The Ramsey Show.

Ramsey and co-host Dr. John Delony didn’t find his behavior acceptable — and they didn’t hold back.

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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

What Jenn discovered, and how Ramsey responded

Jenn explained that her concerns began about three years ago, after their 20th anniversary. Her husband withdrew a large sum from their joint account, and she later discovered it went toward buying a boat, a gift she hadn’t asked for, with monthly payments she hadn’t agreed to.

From there, Jenn noticed the joint account never grew. Her suspicions led her to the $15,000 hidden “closet cash” stash.

Jenn said the money secrecy felt deceptive, especially given other problems in their relationship, including her husband’s struggle with alcohol.

Delony cut to the emotional core: “The biggest issue here is that you don’t believe his answer,” said Delony.

Ramsey pointed out that money isn’t really the only problem — it’s the lack of trust and transparency in their relationship:

“He feels nagged about the alcohol. He feels nagged… and he thinks you spend too much, and so he squirreled money away,” said Dave Ramsey.

Ramsey urged the couple to seek marriage counseling, and, if they are going to move forward, to make a plan and stick to it:

“You’re going to have one freaking account and both of you are going to do one budget and you’re both going to be in agreement on everything that goes out of this house,” said Ramsey.

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

Root causes of financial infidelity

Financial infidelity is when one partner lies about or hides financial information from the other. It can take many forms: secret bank accounts, hidden cash, undisclosed debt or large purchases made without consent.

And it’s more common than you might think. According to a recent survey by Bankrate, 42% of U.S. adults who are married or living with a partner have kept a financial secret from their significant other.

Common reasons behind financial infidelity include:

• Fear of judgment: Avoiding criticism about spending or financial mistakes
• Control or power struggles: Using money as a form of dominance in the relationship
• Past financial trauma: Trying to feel secure by secretly saving or hoarding money
• Breakdown in communication: Avoiding hard conversations by simply hiding the truth

What to do if it happens to you

If you discover financial secrets in your relationship, don’t panic, but take action.

• Get the full financial picture: Request access to all shared accounts, liabilities, and assets.
• Initiate a calm but direct conversation: Ask open-ended questions like, “Can you walk me through why you made these financial choices?”
• Work through the breach: Depending on the severity, consider working with a financial advisor, mediator or couples therapist.
• Make a shared plan moving forward: Create a joint budget, agree to full financial transparency, set regular check-ins to review finances together and if needed, protect yourself: If trust is irreparable, consult a lawyer or financial expert to separate accounts and start fresh.

Jenn’s story is an extreme example, but it’s one that resonated with many listeners. As Ramsey pointed out, it’s not just about the $15,000 or the boat, it’s about trust. Whether the relationship survives or not, the first step is acknowledging the truth and deciding whether you’re both willing to rebuild, financially and emotionally.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

A landlord-tenant showdown in Borough Park has raised questions about housing rights, health needs and who gets to decide who stays and who goes.

Landlord Aneiello DeGiuda, a diabetic homeowner in a multi-family building, claimed climbing the stairs was too much for him. He wanted to move into the more accessible first-floor unit occupied by his tenant, Kenyatta Blakely.

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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

Blakely, however, argued DeGiuda can’t just kick him out, and if the landlord wanted the apartment back he needed to follow the law.

With harassment complaints filed and eviction notices served, this landlord denies any wrongdoing.

“He tried to file a harassment charge because I’m asking him for the rent, which he hasn’t paid,” DeGiuda told News 12.

So who is in the right?

Eviction laws are clear, but so are building violations

DeGiuda may hold the deed, but he doesn’t hold the power. In New York, tenants are protected under strict housing laws, which means a landlord can’t simply decide when someone has to leave. Eviction is a legal process that starts with a written notice to vacate. That notice period can range from three to 30 days, depending on the state, and must be backed by a legally valid reason.

Wanting easier access to the first-floor unit for health reasons might tug at the heartstrings, but it doesn’t meet the legal standard for eviction.

Next stop: Housing court

In New York City, landlord-tenant disputes are often a legal chess match. Many cases drag on or end unfavorably for landlords simply because they don’t follow lease terms or the legal procedures required by law.

Blakely may be withholding rent — and for now, he might be able to get away with it. While it’s rarely a good idea to stop paying rent outright, tenants do have rights, especially when their living conditions are unsafe.

In this case, the Department of Buildings has issued a vacate order on the unit due to code violations. But that doesn’t mean tenants can automatically stop paying rent. Unless a court or housing authority says otherwise, rent is still legally owed — even if the unit is in poor condition.

Before you take matters into your own hands, consider talking to a tenant advocate or attorney. With the right guidance, you can protect your rights — and avoid getting caught up in a legal mess.

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

Hassle-free property ownership

Between 2000 and 2018, landlords in the U.S. filed an average of 3.6 million eviction cases each year, according to research published in the Proceedings of the National Academy of Sciences. Dealing with tenants can be tough under the best of circumstances, so to get the most from the hot housing market, you may want to consider alternative investments instead of becoming a landlord.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. If you’re not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

One of the most uncomfortable questions for anyone to answer is: “What if…”

And with good reason. No one wants to think of the worst-case scenario when you still have your whole life ahead of you.

But even though this topic is a difficult one, taking out life insurance — especially while you’re young — can ease the financial burden on your family if something untimely ends up happening to you.

How much life insurance do you need?

The amount of life insurance you need depends on your unique situation and how you’d like to best help your family.

From covering your kids’ school and university fees to mortgage payments to wiping out debt, or even replacing your yearly income, there are several options you can choose from to support your family — when you’re not around to do so yourself.

What are the options?

There are three popular options when it comes to life insurance coverage.

Term life insurance

Term insurance is a type of life insurance that offers coverage for a predetermined period, known as the "term," that typically ranges from 10 to 30 years. If the insured individual dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option.

Young families and busy professionals looking for fast and affordable insurance can easily connect with PolicyMe and get term life insurance in just a few clicks, with no medical exams or blood tests.

With PolicyMe, you can get life insurance coverage from $100,000 to $5 million, starting at around $21 per month. Couples receive 10% off in the first year. There are no hidden fees or fine print — just clear and flexible coverage you can trust.

Health and dental insurance

About 7.5 million Canadians have to pay out-of-pocket because they are uninsured. And over 35% of Canadians — around 12.9 million people — lack dental insurance, including 1.2 million children under 12, according to Statistics Canada.

Health and dental insurance is essential, especially for those without coverage through their employer or a government plan. It ensures you get the care you need — when you need it — without worrying about the unplanned expenses.

PolicyMe’s health and dental insurance helps you cut down on out-of-pocket costs for both routine and emergency care. On the dental side, coverage includes exams, X-rays, cleanings, fillings, extractions, root canals, gum treatments, major dental surgeries, and even braces.

For health-related expenses, plans can cover prescription drugs (including birth control), vision care like glasses and laser eye surgery, therapy and mental health services, registered massage therapists, chiropractors, orthotics, hearing aids, and more.

It’s a smart way to protect both your health and your wallet.

Critical illness insurance

Critical illness insurance is a type of coverage that provides a one-time, tax-free lump sum payment if you’re diagnosed with a serious illness — like cancer, heart attack or stroke — so you can focus on recovery instead of finances.

PolicyMe’s Critical Illness Insurance offers Canadians peace of mind with one of the most comprehensive plans available — protecting against 44 conditions, including 27 major illnesses and 17 early-stage diagnoses. Backed by Canadian Premier Life, the plan provides tax-free lump-sum payouts from $10,000 to $1 million, with no waiting period for most conditions. From early-stage cancers and heart disease to neurological disorders, this coverage helps fill financial gaps when government healthcare, employer benefits, or personal savings aren’t enough.

You can customize your coverage up to $1 million, cancel anytime with a pro-rated refund, and even bundle it with term life insurance. Getting covered is easy with PolicyMe — just answer four questions for an instant quote.

Peace of mind

Whether you choose critical illness insurance on its own, bundle it with term life insurance, or add it to your existing coverage, having protection in place brings lasting peace of mind.

It allows you and your family to make the most of each day — knowing that if a serious illness or unexpected loss occurs, you’ll have the financial support to stay protected, manage essential expenses, and focus on what truly matters.

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

At 64 you may feel ready to swap office fluorescent lights for morning walks.

Don’t miss

• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• 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

However, it’s good to first learn about retirement’s hidden costs, like surprise home repairs or medical bills Medicare won’t cover, as you plan your golden years.

Before you believe you have it all mapped out, consider these often‑overlooked expenses that can quietly erode your nest egg.

The tax trap

Many retirees assume their savings withdrawals won’t carry the same bite as a paycheck — and that can be a costly mistake. Pension and 401(k) distributions are taxed as ordinary income, and when combined with Social Security benefits, they can push you into a higher tax bracket than you’d planned for.

How your retirement income will be taxed also depends on which state you live in. Certain states like Florida are considered more tax-friendly for retirees. Remember to account for state taxes on pensions or retirement account withdrawals if you’re planning a move.

Working with a tax professional to model your retirement income streams is critical. Consider Roth IRA conversions now if you think your tax rate is going to be higher in the future.

The good news is President Donald Trump’s so-called “big, beautiful bill” includes additional, but temporary, tax deductions for seniors earning below a certain amount each year.

Longevity risk

If you’re budgeting to age 85, but your family genes — and your doctor — say 95, you could outlive your savings by a decade.

A modest 3% annual inflation rate will nearly double your living costs over 25 years. Suddenly, that extra cruise around your 90th birthday or unexpected inflation spikes can knock a big hole in your balance.

Consider using the 4% rule to calculate a safe withdrawal rate for your portfolio since it is meant to make your savings last for 30 years.

Speak with a financial advisor to make sure your portfolio is diversified and has the right asset allocation for your risk tolerance and investing horizon.

Delaying receiving Social Security benefits until age 70 can increase your benefit by 8% per year. Research shows that this is the right decision if you expect to live several years past life expectancy.

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

Family support for adult children

Just because your children are grown doesn’t mean they’re immune to financial crises — and many retirees find themselves footing the bill for weddings, down payments or even bailouts. In a Pew survey, nearly 60% of parents of young adults between the ages 18 to 34 said they gave financial help to a child in the past year.

A Savings.com study says parents spend an average of $1,474 a month on their adult children or $17,688 annually. Over a 20‑year retirement, that’s potentially $353,760 diverted from your own living expenses.

Have candid conversations with your kids well before you retire. Set clear boundaries — perhaps automating a one‑time gift rather than an open‑ended support fund. If you have the means, consider a formal loan agreement or gift that caps your liability.

Dental care expenses

Routine cleanings, crowns, root canals and dentures often fall outside Medicare coverage — and out‑of‑pocket dental costs can eat deeply into a retirement budget.

According to KFF, average out-of-pocket spending for Medicare beneficiaries using dental services reached close to $1,000 in 2016. More complex procedures like implants and bridges run from anywhere between $1,500 to $6,000 on average.

Unexpected issues, such as emergency extractions or periodontal treatment, can be prohibitively expensive.

To save money, explore standalone dental insurance plans or discount dental membership programs that cap annual costs. If you’re still working part‑time or have HSA savings, allocate funds in an HSA before retirement —withdrawals for qualified dental expenses are tax‑free.

No retirement plan is bulletproof. By recognizing these less‑obvious pitfalls — and building in strategic safeguards — you’ll be better equipped to enjoy the next chapter without unwelcome surprises.

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

Nephtali Santiago-Garcia and Yuli "Nissy" Esther Degante Vigueras must have had a house that smelled pretty good recently. That’s because the couple had an estimated $355,000 worth of Bath & Body Works products stashed on their property.

The two individuals involved weren’t just really (really) into candles and lotions, of course. They were part of an intricate theft operation, involving a Bath & Body Works delivery driver and an organized retail theft ring that was stealing merchandise to the couple to illegally resell.

"Their living room was set up like a retail store," the Phoenix Police shared in a news conference. "You were invited to shop around. When you made a purchase, they went so far as to wrap it up in a Bath & Body Works paper shopping bag just like you would have at a real store,” adding, “None of it was legitimate."

Here’s how the theft ring operated, along with some advice for customers who want to avoid inadvertently participating in a similar illegal scheme.

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Large-scale retail theft ring

Police came across Santiago-Garcia and Degante-Vigueras after a long investigation that began in 2023, following a tip from a loss prevention department at an Arizona Bath & Body Works. According to that tip, criminals were coming into their store and clearing out the shelves in a matter of a few minutes.

"When it is scaring customers, employees are running for the back type of thing, you realize that this is a serious thing," police officials said.

In total, criminals ended up stealing over $160,000 in merchandise from stores in Arizona, Texas and Nevada — and police found they were selling most of this stuff to the husband-and-wife team, who lived in Glendale.

While the couple is accused of trafficking a large amount of their merchandise from the robbers, they also teamed up with Marcos Ortega-Hernandez, a delivery driver, who was paid more than $72,000 to provide the couple with products instead of delivering them to the stores where the items were intended to go.

The couple set up a storefront in their living room and would hold garage sales every weekend, where he would have tables of stolen merchandise to sell and advertising on OfferUp, Facebook Marketplace and TikTok.

Fortunately, police were able to unravel the scheme and arrest the couple, along with the crew members and a number of other people accused of physically stealing the goods. The couple and the delivery driver are facing charges including fraud, illegal control of an enterprise and trafficking stolen property.

And the impact extends beyond a financial hit to the company’s bottom line.

“It is a part of a much bigger problem. It affects prices, public safety and the health of our local economies,” officials said.

The Arizona police are actively investigating other retail crime operations in the area.

“So you can either go out there and make an honest living, or you can keep looking over your shoulder wondering if your name is next on our list,” cautioned a spokesperson for the Phoenix Police.

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 happens if you buy stolen goods?

Santiago-Garcia and Degante-Vigueras were making profit selling their stolen merchandise, which means there were customers who may have been participating in the scheme. But, the big question is, would those buyers have known the items were stolen and, if so, what happens to people who knowingly buy stolen property?

Under Arizona law, buying or possessing stolen property is a crime. According to Criminal Code 13-2305 you could be charged with a criminal offense if:

• You have property in your possession that was recently stolen and don’t have a good explanation for how you got it.
• You purchased stolen property at a rate that’s much lower than what the items normally cost and you don’t have a good reason for why you paid so little.
• You bought stolen property in a way that’s outside of the regular course of business without a valid explanation.

Many other states also have similar laws.

Based on these laws, people who went into the home of this Glendale couple and brought products could very likely be charged, as this transaction was definitely out of the ordinary course of business and as most people don’t have Bath & Body Works stores in their homes.

Of course, no one wants a criminal record and especially not for buying scented body lotion — or similar relatively inexpensive personal items. To avoid unwitting participating in a similar scheme:

• Don’t buy goods from sellers you don’t know, or whose reputation you can’t verify
• Request that a seller provide proof they own an item legitimately before you buy it
• Be cautious if a deal seems too good to be true
• Avoid situations that are out-of-the-ordinary pathways to ownership, such as buying Bath & Body works from someone’s living room

While a cheap candle, home fragrance, or other item at a rock bottom price may seem tempting, taking these steps to help you avoid buying stolen goods ensures you won’t unintentionally support a criminal enterprise — or end up with a criminal record yourself.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Money can be a source of conflict for couples — and it’s not just about who pays for what. In some cases, dynamics can arise that fuel resentment and erode trust.

That’s the case for Taylor, 29, and Hayden, 25, who sought help from Ramit Sethi on an episode of the I Will Teach You To Be Rich podcast.

Taylor is a dentist who earns about $14,600 a month and has a strict savings plan. Her common-law partner, Hayden, makes $2,000 a month as a part-time bartender who “dabbles” in real estate. But it’s not his salary that’s the issue: he has a history of gambling and, for about a year, he lied about it.

While there’s an income disparity between the two, they also have polar-opposite money mindsets. She likes to save; he likes to spend. It’s also given their relationship a ‘mother-son’ dynamic, in which Taylor is the financial provider — a role that she resents.

While they’ve talked about getting married in the next two years, they’re hesitant to get engaged because of their different philosophies around money and the issues this has created.

How different money mindsets can affect couples

When Sethi asks Taylor if she trusts Hayden with money, she says: “Not my money.”

Taylor said she “cannot seem to get over the fact that he will not track his money and be financially responsible.” She’s also “scared of what our future could look like if he doesn’t get a hold of his spending or start budgeting.”

Taylor grew up in a household “marked by instability, financial stress, health issues, even incarceration,” said Sethi. Since her parents weren’t financially responsible, she stepped up and became the parent.

“Now fast forward to adulthood,” said Sethi. “Taylor’s the saver, the contributor. Her partner is unreliable with money just like her parents. And Taylor feels safest when she’s the one in control.”

Hayden, on the other hand, was 16 when his dad passed away at age 42. “Most of the guys that I know who lost their dads early have told me they expect to die at the same age. That belief that he’s going to die early shapes his view of money,” Sethi noted.

Then, Hayden got into gambling — and it “definitely became a habit, an addiction,” he said. When he first moved in with Taylor, he earned $35,000 from a house he sold but then proceeded to blow all of it in about four to five months.

He managed to keep his gambling hidden from Taylor for about a year; he even took out a personal loan just to “continue the lie.” Eventually he came clean and Taylor was “devastated.”

“I never wanted to feel like a man was just living off of me. And that’s exactly what it ended up feeling like,” said Taylor.

Hayden has started therapy and joined Gamblers Anonymous (GA), but “right now, we’re definitely in that mother-son dynamic in our relationship,” he said. “I want that gone.”

When one partner feels like the financial caretaker

A lot of Canadians have financial deal breakers in their romantic relationships, according to a recent TD survey.

Indeed, 71% of Canadians polled would consider breaking up if they discovered their partner was being dishonest about their finances, while more than half (56%) would contemplate a split from a partner with bad spending habits.

“The way one partner manages their finances can have an impact on how the other person views the future of their relationship,” said Nicole Ewing, principal of the Wealth Planning Office with TD Wealth.

“Love and money are often really intertwined because if you can’t trust your partner on money matters, you may want to reassess whether that relationship is the right fit for you,” she said.

Elsewhere in the TD survey, 70% of respondents said financial transparency and responsibility were “crucial factors” in a relationship. And nearly half of those surveyed felt that having conversations about money once or twice a month was ideal.

However, only 41% of couples have had the “money talk” with their partner after moving in together or around the time they get married.

Additionally, an RBC poll found that almost a quarter (23%) of Canadians said that it’s never been more stressful to talk to their partner about finances, with two in 10 (20%) saying their partner “simply avoids talking to me about finances.”

But perhaps one of the biggest issues? The poll also revealed how if couples do talk about money, they don’t always follow through with meaningful action. A quarter (26%) of respondents said that even though they discuss money matters, they don’t know what to do next.

Breaking free requires communication

While there’s something to be said for wanting to help out a loved one who’s struggling financially, there’s often a blurred line between helping and enabling.

Breaking free of this dynamic starts with open and honest communication, which could involve scheduling regular ‘meetings’ to discuss money matters — as opposed to impromptu discussions that could catch one partner off-guard and turn into an argument.

Some couples may even want to consider couples counselling or financial counselling, which can offer professional guidance in a neutral environment.

From there, couples can start to develop a joint financial plan, looking at ways to share financial responsibilities and set shared financial goals for the future — say, if they want to save for a wedding or put a down payment on a house. This plan should also allocate a portion of each partner’s income toward joint expenses.

Sethi’s advice for Taylor and Hayden? They need to “recalibrate” their relationship dynamics. They obviously want to be together, he said, but the question is: “Do we have a powerful enough vision to carry us through those difficult times?”

That means having those difficult conversations about money — and, in this case, Sethi said those conversations should be led by Hayden (so Taylor doesn’t feel like this is yet another financial burden on her shoulders). For example, they can discuss how they’re spending money, where it needs to change and the ways that money could be reallocated.

If they can do that now before they’re married and have kids, it may get easier as both Taylor and Hayden’s family and income grows. But if they can’t, “it’s going to be really hard to change later," Sethi warned.

Sources

1. YouTube: I track every penny. He gambles. Should I marry him?, I Will Teach You To Be Rich (Jul 8, 2025)

3. TD Stories: Here are 3 of the biggest financial deal breakers in a relationship, according to new TD survey (May 12, 2025)

4. RBC: Finances and feelings: Harsh economic realities taking a toll on relationships among Canadian couples – RBC poll (Dec 12, 2024)

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