Category: Moneywise

In November, just before Thanksgiving, Ben Phillips called Box Appliance, a San Francisco Bay Area appliance repair company he’d used before, to fix a leak in his 22-year-old refrigerator.

But this time around, after several visits and a $4,000 bill, the technician not only upsold him to replace the compressor, but they also didn’t actually fix the leak.

That’s when Phillips noticed there was not one but two Box Appliances online.

"I go, I’ve been taken here," he told ABC 7 News. "I can’t believe I fell for it."

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Phillips was later told by a real Box Appliance technician that the refrigerator couldn’t be repaired and, worse, that they wouldn’t have even taken the job. "That would have saved me," Phillips, whose temporary solution became a shower pan and paper towels, had responded.

The appliance scam

Box Appliance is fully aware someone is impersonating them, stealing thousands of dollars from their customers and not fixing their appliances.

"It’s really hard explaining to these customers that they were swindled, basically," Stephanie Chapman, Box Appliance customer service manager, told 7 News.

The scammers buy domains and domain extensions similar to their own, including "box-appliance" or "boxappliances.co," Chapman explained.

Then, according to Box Appliance president Ryan Bergo, they use sponsored ads to rank higher on Google, getting exposure and appointments. While he and his team have tried to have the fake sites removed, Bergo described it as playing whack-a-mole.

"We take one down and another one goes right back up," he told 7 News.

Regardless, the company is warning customers to ensure they’re on the correct website and calling the right phone number. Bergo also says real Box Appliance technicians have vans with Sub-Zero logos on them, whereas the impersonating technicians come in unmarked vehicles.

Victims have filed reports, and the Santa Clara County Sheriff’s Office is one agency investigating the issue — and trying to find those posting the fake sites. They want to hear from anyone in the county who’s been impacted.

"We’re seeing this not only in the Bay Area but across the state," Brooks Jarosz, senior communications officer with the Santa Clara County Sheriff’s Office, told the news channel.

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

How to protect yourself and avoid financial losses

Although Phillips wasn’t so lucky, there are things you can do to protect yourself and avoid falling victim to similar scams.

• Verify service providers through trusted sources, like the Better Business Bureau. You can also use the Bureau of Household Goods and Services or other similar resources to verify the license of a repair company and confirm their legitimacy.

• Check for official certifications. If a company claims they hold a certification, look it up. Spend time researching the certifying body’s website or calling the organization to verify what their certification means and that the business in question is being honest.

• Check company reviews. There will always be poor reviews and less-than-happy customers, but the red flag to watch for is if the company is consistently low-rated across the board. Be sure to look at reviews not only on their website but also on third-party sites, like Google or Yelp.

• Understand how to report fraud. If you do end up victimized by a scam, visit the Federal Trade Commission’s site, ReportFraud.ftc.gov, to report it and see if you are eligible for available support. You can also check your state’s consumer protection office for additional information and resources.

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

As of 2022, the typical American aged 75 and over had $130,000 in retirement savings, according to the Federal Reserve. However, Americans 65 to 74 had a median retirement savings balance of $200,000.

The reason older people have less money may boil down to the fact that by age 75, a lot of people have been retired for quite some time and have been steadily dipping into their nest eggs.

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On the other hand, there are people in their mid-70s and even beyond who continue to work. For some, it’s because their jobs are a labor of love. For others, it’s a matter of financial necessity.

Let’s say your father has hit 75 and he’s still plugging away at his desk job. Having just $31,000 saved for retirement, it’s natural you’re both worried about how he’ll get by. That frankly isn’t a ton of money, even for a shorter retirement.

But if your father still works and earns a comfortable salary of $70,000 a year, his situation is far from hopeless. And if he’s able to work a few more years, he has a prime opportunity to boost his savings.

The upside of working later in life

Axios analyzed data from the Bureau of Labor Services and found that almost 19% of Americans ages 65 and over were still working as of 2024. And that alone can help compensate for a lack of savings.

If your father is 75, it means he’s beyond the point where it makes sense to delay Social Security. In fact, he hopefully claimed Social Security at 70, since there’s no financial incentive to hold off on taking benefits beyond that point.

If not, encourage him to file right away and see how much of a retroactive benefit he can get. Those retroactive benefits max out at six months, but at least it’s something.

Meanwhile, if your father is collecting a $70,000 annual salary plus Social Security, he may have more than enough income to cover his expenses. At this point, he should, conceivably, be able to either save some of his salary and/or the majority of his Social Security income.

One thing you should know is that while there are age limits for traditional IRAs, they don’t apply for those funding Roth IRAs or 401(k)s. This year, your father can contribute up to $8,000 to his IRA or $23,500 to his 401(k) plan. If there’s a match in his 401(k), it’s worth capitalizing on it. It pays to save in one of these accounts for the tax benefits.

Of course, one thing to keep in mind is that if your father is 75 years old with a traditional IRA, they may already be on the hook for required minimum distributions (RMDs). With a 401(k), RMDs can sometimes be deferred if the plan holder is still working. Roth IRAs and 401(k)s do not force savers to take RMDs, though. In this case, your father may want to consider rolling over his traditional IRA into a Roth account.

Of course, given your father’s age, it’s important that he not invest any savings he builds too aggressively. He may end up wanting to retire soon, so he needs a good portion of his portfolio in stable assets, like bonds. Your father should also maintain enough cash savings to cover at least a year of expenses.

How much does it take to pull off a comfortable retirement?

A recent Northwestern Mutual survey found that Americans think it takes $1.46 million to retire securely. But the savings data above reveals that most people don’t have anywhere close to $1.46 million by the time they reach retirement age.

The reality is that the amount of savings it takes to retire comfortably depends on your needs and age. Someone who’s still working at 75 may not need as much savings as someone who decides to retire at 65.

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What someone in the situation above needs to do, though, is estimate their annual expenses and see how much savings it will take to cover them in the absence of a paycheck — because at 75, it’s unclear as to how much longer it will be possible to keep plugging away.

Now with regard to your savings, you may want to assume a 4% withdrawal rate. With $31,000 saved, that amounts to $1,240 per year, which isn’t a lot. However, keep in mind that’s on top of Social Security.

The average retired worker today collects about $1,980 per month, or $23,760 per year, in benefits. And with $1,240 from his savings, that would bring him to about $25,000 for the year.

However, someone still working at 75 may have delayed Social Security until age 70 for larger monthly checks. So your dad’s total income may be higher.

Running the numbers

Let’s say his monthly retirement expenses come to $2,800, requiring an annual income of $33,600. Let’s also say he’s getting about $2,600 a month from Social Security because he delayed his claim past his full retirement age of 66 — thereby boosting his benefits by 32% by waiting to take them at 70.

That leaves your dad with $31,200 per year. With $31,000 in savings, that gives you $1,240 per year, you still have a small shortfall to get to $33,600.

But if you can get your savings up to $60,000, a 4% annual withdrawal rate gives you $2,400 from your nest egg. Add that to $31,200 in Social Security, and you’re where you need to be.

Of course, this does mean doubling his savings. But it may be doable with some strategic moves. Your dad is 75 and is fortunate he has a grown child who cares about your financial well being — maybe your or another family member could allow him to move in for a few years to boost his nest egg. There may also be other expenses he can look into reducing.

Keep in mind, too, that he may have leeway to withdraw from his savings at a higher rate than 4% a year because he’s older. If you use a 5% withdrawal rate, $31,000 in savings gives him $1,550 per year. If you use a 6% rate, you’re looking at $1,860. And if you work with a financial advisor to maximize your savings and trim expenses, you may find that your dad doesn’t need to save so much more to get to a place where he can retire and cover his costs.

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

For Sandra Martin, sharing a name with three other women in Broward County seemed like a harmless coincidence — until it made her the target of identity theft.

According to NBC 6 South Florida, the 62-year-old snowbird from Maryland learned that her Deerfield Beach home was fraudulently listed as a rental. Apparently, it was tied to thousands of dollars in COVID relief funds — money she never applied for.

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“I was very surprised, I had no idea," Martin told reporters.

Investigators discovered that another Sandra Janet Martin from Lauderhill had assumed the identities of multiple Sandra Martins in Broward County.

“She assumed the identity of all these people that owned all these other properties to apply for rental assistance to the tune of $80,000," said crimes against property investigator Ralph Capone.

Broward woman targeted by namesake

Sandra Martin learned of the identity theft last year after a call from the Broward Sheriff’s Office.

Official records showed her Deerfield Beach home had a homestead exemption, was rented out, and received rental assistance relief funds.

In a startling turn of events, multiple women named Sandra Martin received rental assistance for four properties in Broward County. Each individual had different birth dates and Social Security numbers, which made investigators suspicious.

“This person has multiple properties in Broward County, all homesteaded. Which would never fly coming out of our office," Capone said.

While the honest Sandra Martin didn’t lose personal funds, her identity was exploited, leaving her to clear her name.

On the other hand, the suspect — Sandra Janet Martin from Lauderhill — faces theft and organized fraud charges.

Martin’s case highlights a surge in COVID-related scams. Scammers have used stolen identities to file fraudulent unemployment claims and Paycheck Protection Program (PPP) loans. According to the U.S. Department of Labor estimates, $191 billion in pandemic benefits was lost to fraud.

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

How scammers steal your identity

Identity thieves can trick victims into giving their personal information, often without awareness.

Fraudsters can pretend to be a bank representative with a text like, “Hi, we have a question about your recent purchase.” If you keep the conversation going, they could end up stealing sensitive data. They have also been known to pretend to be a distressed family member to gain your trust.

Even with publicly available information, the FTC warns consumers that identity thieves can impersonate victims in fraud schemes. Other than draining your bank account, they can even file a tax refund in your name and claim the benefits.

The best way to protect your personal information is to stay vigilant.

Here are a few ways to safeguard your personal information:

• Limit the personal details you share on social media: Scammers use online information to collect your details.
• Monitor your bank and credit card accounts regularly to identify suspicious activity: A good tip is to set up alerts for transactions to receive notifications about unusual transactions.
• Be cautious with unsolicited communication: Whether it’s an email, phone call, or text message, always verify the source before responding. Don’t click links or download attachments from unknown senders.
• Protect your accounts: Use strong, unique passwords and enable two-factor authentication to safeguard your information.

If you believe your identity has been stolen, report it to the FTC, bank, or law enforcement. Early detection and reporting can protect you from further damage.

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

ATMs across Harris County, Texas, have been spitting out cash like slot machines — but no bank accounts have been compromised. In just four days, nearly a quarter of a million dollars vanished from local ATM machines, which investigators are calling a first-of-its-kind cyber theft in the region, according to KPRC 2.

The culprits are a group of alleged criminals who use a sophisticated hacking method known as “jackpotting." This method allows thieves to virtually manipulate ATMs into dispensing cash without recording a transaction. According to Houston police, the group has ties to a larger criminal network operating out of Russia.

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“There are other types of theft from ATMs that happen, but nothing like this,” Detective Roger Collins of the Houston Police Department told KPRC 2, who’s been tracking the case alongside the U.S. Secret Service Cyber Fraud Task Force. “It was never something that could be done remotely.”

The scale of the case and international ties have raised concerns about the rise of cyber-enabled financial crime.

“They’re getting better every day,” Collins told KPRC 2. “This is not going to be an isolated incident. This is not the last place it’s going to happen.”

But how does the scheme work and what precautions should Americans take, if any?

How ATM jackpotting works

Jackpotting is a type of ATM fraud in which criminals manipulate machines to dispense cash without affecting any bank accounts. Unlike traditional theft, which typically involves physical break-ins or stolen cards, this method combines physical access with remote hacking — often coordinated from overseas.

Collins, who’s been working the case for months, told KPRC 2, “Someone has taken a lot of time to learn how to compromise and overtake these systems from a long way away.”

Authorities say the suspects include several Ukrainian nationals and non-U.S. citizens from Russia. The group allegedly hit 70 ATMs in cities across Texas, including Houston, Dallas, Austin and San Antonio. Surveillance footage obtained by KPRC 2 shows individuals at the machines appearing deeply focused on their phones — likely part of the method used to carry out the withdrawals.

Investigators believe the operation is led by a “big boss” based in Russia. According to Collins, the process starts with a simple ATM receipt. The scammers either pull one from a trash can or print a balance slip, then snap a photo and send it to an accomplice abroad who launches the hack remotely.

That signal allows them to override the ATM’s functions, making the machine think a routine transaction was canceled, even though cash is already being dispensed.

“They just keep doing it over and over until it can’t spit money out no more,” Collins said.

Seven people have been charged so far, reported KPRC 2. Two were arrested in Harris County, two are in custody in Miami, one was picked up in Las Vegas and extradited and two remain wanted.

The suspected U.S. coordinator, Vitalii Moravel — an alleged Ukrainian war refugee on a humanitarian visa — is also facing related charges in Georgia and Florida.

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

How to avoid falling victim to ATM fraud

While ATM owners — often small businesses — are the direct victims of jackpotting, consumers should still be cautious when using ATMs. Other types of ATM fraud, such as skimming and card cloning, are more likely to affect individual bank accounts.

Here are a few tips for avoiding ATM fraud.

• Stick to secure ATMs. Use machines located in well-lit, high-traffic areas, preferably inside bank branches or trusted businesses.
• Inspect ATMs for skimmers before you use them. Look for loose or bulky attachments on the card reader or keypad. Wiggle the card slot (it should feel secure). If anything looks off, walk away.
• Never withdraw money in response to an unexpected call, text or email. No legitimate bank or law enforcement agency will ever ask you to do this.
• Use your bank’s mobile app to set up withdrawal or transaction alerts. These can notify you immediately if your card is used and can help you spot unauthorized activity faster.
• Consider using contactless payment options, like Apple Pay or Google Pay. This can reduce your exposure to compromised machines and prevent skimmers from stealing your data.

Fortunately, the jackpotting scheme allegedly doesn’t affect your personal account if it’s used to facillitate a scammer’s withdrawal, but it acts as a good reminder to try and prevent other fraudulent activity that can.

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

Get ready to circle your calendars and dig out your tax documents — April 15 is more than just Tax Day this year.

The Internal Revenue Service (IRS) has set the deadline for taxpayers to file their 2021 return and unlock a potential refund — including up to $1,400 in unclaimed stimulus payments from the third round of COVID-19 economic relief.

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The Recovery Rebate Credit — part of the pandemic-era economic impact checks — remains available to those who never received one and have yet to submit a 2021 return.

Under IRS rules, taxpayers have a three-year window to file and claim any refund they’re owed. Once that window closes, the opportunity — and the money — vanishes into federal coffers.

“If you didn’t get the stimulus, you’re running out of time,” Syracuse University law professor Robert Nassau told CNBC in an interview.

If you’re one of those people, here’s what you need to know and what you can do before April 15.

What is the relief?

The American Rescue Plan Act, introduced by former President Joe Biden, delivered widespread financial relief during the height of the COVID-19 pandemic. However, a significant portion of its benefits remains unclaimed. Despite efforts to distribute stimulus payments, expand unemployment benefits and support small businesses and local governments, many eligible individuals were inadvertently left out.

According to the IRS, approximately one million taxpayers missed out on claiming certain credits — largely due to filing errors, confusion over eligibility requirements or simply not realizing they qualified. In total, an estimated $2.4 billion in relief remains unclaimed.

“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible," IRS Commissioner Danny Werfel said in a recent statement. The combination of the credit’s complexity and a general lack of awareness has left substantial aid on the table — money that could still be recovered by those who take the necessary steps.

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 can you do now?

Eligible taxpayers don’t need to lift a finger to receive the latest stimulus check — the IRS began issuing payments automatically in December, via direct deposit or paper check, and continued through late January. Notification letters were sent by mail.

However, if you didn’t file your 2021 tax return, you may not have received the payment. The IRS uses 2021 returns to determine eligibility. So if yours is missing, your stimulus payment might be too. Fortunately, free filing options are available, including those accessible through the IRS website.

Even individuals with little or no income in 2021 are encouraged to file. All that’s required is a valid Social Security number and that you weren’t claimed as a dependent on someone else’s return.

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

A few months into 2025, and investors continue to navigate a complex financial landscape marked by both opportunity and uncertainty.

Invesco’s Chief Global Market Strategist, Kristina Hooper, highlights key risks investors need to address going into 2025. Whether it’s inflationary pressures or market dynamics, investors who understand these challenges — and proactively prepare for them — can secure their portfolios and take advantage of emerging opportunities.

Hooper highlighted her concerns — and offered high-level strategies to mitigate these risks — in a recent Bloomberg TV interview. To highlight Hooper’s insight, here are the five risks investors need to consider heading into 2025.

1. Resurgence of inflation

One of the foremost risks is the potential for inflation to reignite. Hooper attributes this risk to factors such as pro-growth policies, restrictive immigration measures shrinking the labour pool and extended tariffs. These elements could drive prices higher, impacting purchasing power and market stability.

How to mitigate:

• Diversify portfolios across multiple asset classes to hedge against inflationary impacts.
• Consider inflation-protected securities like Treasury Inflation-Protected Securities (TIPS).
• Focus on sectors resilient to inflation, such as consumer staples and utilities.

Related read: Best defensive stocks

2. Fiscal unsustainability and debt risks

Hooper emphasizes the growing burden of government debt servicing costs, which exceeded the defence budget for the first time in 2024. This unsustainable trend raises fears of a “Liz Truss moment,” where lack of fiscal discipline could spook bond markets and drive up yields.

How to mitigate:

• Monitor fiscal policy developments closely, particularly in major economies.
• Invest in bonds with varying maturities to navigate potential yield volatility.
• Explore opportunities in international markets with more stable fiscal outlooks.

3. Overvaluation concerns in US markets

While US markets have experienced significant gains, some segments are overvalued, raising concerns about the sustainability of current valuations. Hooper notes that small-cap stocks and cyclicals still offer relatively attractive valuations compared to mega-cap tech stocks.

How to mitigate:

• Take profits from overvalued segments and rebalance into undervalued areas like small caps and cyclicals.
• Explore high-dividend-yield opportunities in international markets such as the UK.
• Invest in emerging markets poised to benefit from potential rate cuts by the Federal Reserve.

4. Economic sensitivity and market rotation

As GDP growth accelerates in major economies such as the US, UK and Eurozone, Hooper suggests a rotation toward cyclical stocks and small-cap equities. These asset classes are expected to benefit most from improved economic conditions and rising real wages.

How to mitigate:

• Allocate a portion of the portfolio to cyclical industries and small-cap equities to capture growth trends like defence stocks.
• Maintain a long-term perspective and avoid overreacting to short-term market shifts.

5. Need for diversification

Given the uncertainties surrounding fiscal policies, inflation and market valuations, Hooper underscores the importance of diversification. A well-diversified portfolio can help investors weather risks and capitalize on diverse opportunities.

How to mitigate:

• Spread investments across three major asset classes: equities, fixed income, and alternative assets.
• Balance geographic exposure by including both developed and emerging markets.
• Regularly review and adjust portfolio allocations to align with evolving market conditions.

Bottom line

Heading into 2025, vigilance and adaptability are key. Kristina Hooper’s insights highlight the importance of preparing for inflationary pressures, fiscal challenges and valuation concerns, while positioning portfolios to benefit from economic growth and market rotations. By taking proactive steps — such as rebalancing, diversifying and seeking undervalued opportunities — investors can mitigate risks and stay resilient in an uncertain financial environment.

Sources

1. Bloomberg Markets: The Biggest Risks for Investors Heading Into 2025 (November 21, 2024)

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

While the Bank of Canada interest rate has dipped over the past few months, home affordability slipped further in January, as rising prices raised the income needed for a mortgage in 12 of 13 major markets, according to a report by Ratehub.

This marks the second month in a row where affordability declined. Prior to the November over December 2024 statistics, affordability was trending positively for a solid five months.

Hamilton led the steepest decline with its average home price rising $20,900 to $819,500 between December and January. As a result, a buyer would now need to earn an additional $4,050 to afford a mortgage on a home at that price. This would result in a steep monthly mortgage increase of $110 — making the monthly average home price around $1,320 per month in January 2025.

In the last few months, this situation hasn’t improved. According to March 2025 data from the Canadian Real Estate Association (CREA), Hamilton’s average home price in February 2025 was $828,000, up $8,600 from January 2025. This means homebuyers will need to budget even when shopping for a mortgage (or buying a home).

What other real estate markets are seeing price hikes?

Major markets like Toronto and Vancouver saw modest increases in home pricing.

Throughout Toronto, prices surged $8,200 to an average cost of $1,070,100 between December 2024 qand January 2025. This raised the required annual income to afford an average priced home by $1,640 (or monthly payments of $43).

In February and March things didn’t get better. According to the Toronto Regional Real Estate Board (TRREB), Toronto’s average home price in February 2025 was $1,075,800 — an month-over-month increase in the average home price of $5,700.

Meanwhile in Vancouver, the average home price ticked upwards in January 2025 to $1,173,000, an increase of $1,500, as the income needed to purchase a home at this price rose $300 and monthly mortgage payments experienced an uptick of $8.

According to the Real Estate Board of Greater Vancouver (REBGV), Vancouver’s average home price in February 2025 was $1,184,100 — an month-over-month increase in the average home price of $11,100.

In contrast, Fredericton was the only market to show improvement in affordability, with home prices dropping by $2,300 to $338,800, as the required income was reduced by $450 and monthly payments by $12.

According to CREA, the ongoing affordability of Fredericton’s housing market continued with housing prices dropping an additional $2,800 in February 2025.

Mortgage rates were mostly consistent

As a sign of relief, mortgage rates remained largely uninterrupted in January.

While the Bank of Canada cut its benchmark rate by a quarter-point on Jan. 29, fixed mortgage rates held steady with bond yields in the 2.8% to 2.9% range before a brief dip due to bond investor reaction to tariff threats from the US.

As of March 2025, 5-year fixed mortgage rates range between 5.14% and 5.64% (depending on the lender and the borrower), while bond yields are now closer to 3.2%.

It appears variable rates will remain unchanged in the next month, as the Consumer Price Index sat at 1.9% in January, a 0.1% increase. This was in large part due to the federal tax holiday that took place from mid-December to mid-February; If this had not been implemented, inflation would have resulted in a year-over-year increase of 2.6%.

Given the Bank of Canada’s rate cut in March, due to tariff pressures, most economists predict further reductions in variable rates throughout 2025.

— with files from Romana King

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

An Eastpointe, Michigan, woman shared her story of being defrauded for thousands of dollars, hoping to help others avoid the same devastating experience.

Destiny Smith, a single mother in desperate need of a home, thought she had found the perfect place on Facebook. But it turns out the property was already occupied, and she had lost her deposit money in a scam.

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"I really wanted to pass out," she told Local 4 Detroit News in a story published March 21. "I was just, like, ‘No way I’ve just been scammed.’"

Here are the details behind Smith’s story, plus tips on how to avoid rental scams.

Scammers use fake listing

Smith’s ordeal started when she saw what seemed like the ideal rental property. The ad featured a video showcasing what appeared to be an updated interior, and it seemed too good to pass up.

Rental scammers often prey on people who are looking for immediate housing, especially those who are vulnerable, including single parents like Smith and seniors. They promote fake listings on platforms like Facebook and Craigslist and ask for immediate cash deposits to lock in a deal.

Smith agreed to hand over a $2,500 security deposit, according to the local broadcaster, and she was handed a set of keys. Things took a strange turn when she arrived at the property.

“[There] was a white truck in the driveway, so I was, like, okay, maybe this is the guy that was coming to fix the stuff I requested,” Smith explained.

But when she asked the man what he was doing there, she was shocked to find out he was there to change the locks. That’s when Smith realized she had been the victim of a scam.

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

Tips to avoid rental fraud

If you’re worried about how to protect yourself as a renter, here’s what you can do to protect yourself from rental and housing scams:

• When looking for listings, stick to well-known platforms that have verification processes and user reviews.
• Beware of listings with lower-than-normal prices. If it looks too good to be true, it may very well be.
• Always check out a property in person before making any commitments. Don’t settle for a video tour. It’s a red flag if the landlord won’t allow you to visit.
• Be suspicious if you’re asked to pay through unconventional methods, such as wire transfers or prepaid gift cards.
• Do your research on listings and look up the address to spot potential duplicate listings or inconsistencies.
• You may also be able to verify property ownership by checking local records to ensure a landlord’s legitimacy.

Most of all, trust your instincts. If something feels off, it’s best not to ignore it. Performing due diligence is always a good thing when it comes to finding a new home.

If you think you’ve been the victim of a rental scam, authorities urge you to file a police report and provide as much evidence as possible to help with any investigation.

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

Running out of money in retirement is a huge fear for many people. In fact, research from Allianz Life Insurance found that 63% of Americans are actually more worried about going broke too soon than they are about dying.

It’s understandable to be worried about this because, when you retire, you most likely have to rely on savings and Social Security, which, on average, replaces only 40% of pre-retirement income. If your savings runs out, you’ll be in trouble, and you don’t want to face this fate.

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The worry is even more accurate for people in their late 50s and early 60s, who are entering the final stretch of their working years.

The good news is, you shouldn’t have to. No matter how modest your nest egg, and no matter how close you are to retirement, you can adopt a smart strategy for withdrawing your funds in a way that makes them last.

Here’s what you need to know to make that happen.

Choosing a safe withdrawal rate

Choosing a safe withdrawal rate is the most important thing you can do to make your money last. This means you limit the amount you take out each year to ensure you leave enough in your account to continue earning returns and avoid dropping your principal balance too fast.

There are many different ways you can do that.

The most conservative option is to live on interest alone. If you have $1 million and earn 3% interest, you’d live on the $30,000 annual yield and not touch your actual nest egg.

The problem is, you don’t necessarily earn a consistent or substantial amount of interest every year since investment performance fluctuates. That’s on top of the obvious fact that if you aren’t planning to draw down the balance at all, you need to amass a pretty large balance to produce an annual sum that you could conceivably live on: having a million dollars at retirement is easier said than done.

And we haven’t even brought up inflation yet. Hence the second option, what is commonly called the 4% rule, according to which your money should last at least 30 years if you only take 4% out in Year 1 of retirement and increase the amount to keep pace with inflation.

However, this has some problems too. Most notably, experts now say you must cap withdrawals at 3.7% for your money to last since future projected returns have declined while lifespans have gotten longer. The 4% rule also doesn’t respond to changes in market conditions.

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

The Center for Retirement Research at Boston College recommends a different approach, which involves letting the Required Minimum Distribution (RMD) rules guide you.

Retirees with tax-advantaged accounts must take minimum distributions starting at age 73, but CRR said these tables can be a guide even before, and even for those with accounts not subject to RMDs, since they take investment performance, marital status and lifespans into account.

What’s your risk tolerance?

No matter which option you pick, it’s smart to consider the level of risk you want to take on. The more risk-averse you are, the smaller your withdrawals should be. You should also have at least two years of liquid, accessible cash you can live on to avoid having to make withdrawals during a downturn and lock in stock market losses.

If you follow one of these methods, you can hopefully ensure your money lasts as long as you do. A financial advisor can also help you develop a personalized approach to retirement withdrawals tailored specifically to you, if you want the very best chance of making your money last.

What to read next

• 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
• Here are 3 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Trump warns his tariffs will spark a ‘disturbance’ in America — use this 1 dead-simple move to help shockproof your retirement plans ASAP

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