Ron Paul warns of 'threat' to retirement funds
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, has been tapped by President-elect Donald Trump to lead the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, has been tapped by President-elect Donald Trump to lead the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Mortgage rate trends this week
Thirty-year fixed mortgage rates dipped this week, down from 6.84% last week, to an average of 6.81%. “Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies," says Sam Khater, chief economist at housing giant Freddie Mac. “Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.”
Thirty-year fixed mortgage rates dipped this week, down from 6.84% last week, to an average of 6.81%. “Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies," says Sam Khater, chief economist at housing giant Freddie Mac. “Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.”
California man stole $300K in unclaimed property
Last March, a southern California man received a box in the mail from the State Controller’s Office. The package was supposed to contain items from a late family member’s unclaimed safety deposit box. But he noticed some items were missing — specifically, five diamonds. He alerted the State Controller’s Office and, according to a report from KCRA 3, the agency then went to check its surveillance cameras to get to the bottom of it. “That’s when they discovered that there was suspicious behavior by one of the employees,” California Highway Patrol Office Anthony Ruiz told KCRA 3.
Last March, a southern California man received a box in the mail from the State Controller’s Office. The package was supposed to contain items from a late family member’s unclaimed safety deposit box. But he noticed some items were missing — specifically, five diamonds. He alerted the State Controller’s Office and, according to a report from KCRA 3, the agency then went to check its surveillance cameras to get to the bottom of it. “That’s when they discovered that there was suspicious behavior by one of the employees,” California Highway Patrol Office Anthony Ruiz told KCRA 3.
Record gap between car price of new vs. old
The used car market is flashing a neon sign at buyers right now: "$20,000 off!" That’s the record gap between the average transaction price for a new car and a used car, according to Edmunds analysis of third-quarter sales, with the average new car price hovering around $47,000 and used cars averaging $27,000. Edmunds says it's the largest price difference since it began tracking new vs. used pricing in January 2004. “With inconsistent discounts on new inventory, consumers with fond memories of deeper discounts and widespread financing deals from their pre-COVID era new-vehicle purchases are likely to shy away from that market this time around and instead opt for a used car lot with more significant savings to be found,” said Edmunds Director of Insight, Ivan Drury. Used-car shoppers are gravitating toward two major price bands — the sub-$10,000 bucket and the $15,000-$30,000 range. Fueled by falling used car prices and stubbornly high new car costs, buyers might be tempted to ditch the new car smell for a pre-owned bargain. But before you rush to the used car lot, there's a crucial caveat you should know about: Used cars aren't always cheaper to own.
The used car market is flashing a neon sign at buyers right now: "$20,000 off!" That’s the record gap between the average transaction price for a new car and a used car, according to Edmunds analysis of third-quarter sales, with the average new car price hovering around $47,000 and used cars averaging $27,000. Edmunds says it's the largest price difference since it began tracking new vs. used pricing in January 2004. “With inconsistent discounts on new inventory, consumers with fond memories of deeper discounts and widespread financing deals from their pre-COVID era new-vehicle purchases are likely to shy away from that market this time around and instead opt for a used car lot with more significant savings to be found,” said Edmunds Director of Insight, Ivan Drury. Used-car shoppers are gravitating toward two major price bands — the sub-$10,000 bucket and the $15,000-$30,000 range. Fueled by falling used car prices and stubbornly high new car costs, buyers might be tempted to ditch the new car smell for a pre-owned bargain. But before you rush to the used car lot, there's a crucial caveat you should know about: Used cars aren't always cheaper to own.
Do you live in a state that's going broke?
Across the country, states aren't doing very well with their budgets. In fact, 27 U.S. states didn't have the money to pay their bills as of the end of fiscal year 2023, according to nonpartisan think tank Truth in Accounting. Connecticut, New Jersey, Illinois and Massachusetts faced the biggest shortfalls per taxpayer. "There are certainly tremendous challenges going forward," Oliver Giesecke, a research fellow at the Hoover Institution at Stanford University, told CNBC in a report published Nov. 4. There are several reasons why states might be struggling, but what it means for citizens is there's a very real risk of tax hikes and cuts to public services and benefits programs. Here's what you need to know about the financial trouble states are finding themselves in — along with how this could impact you.
Across the country, states aren't doing very well with their budgets. In fact, 27 U.S. states didn't have the money to pay their bills as of the end of fiscal year 2023, according to nonpartisan think tank Truth in Accounting. Connecticut, New Jersey, Illinois and Massachusetts faced the biggest shortfalls per taxpayer. "There are certainly tremendous challenges going forward," Oliver Giesecke, a research fellow at the Hoover Institution at Stanford University, told CNBC in a report published Nov. 4. There are several reasons why states might be struggling, but what it means for citizens is there's a very real risk of tax hikes and cuts to public services and benefits programs. Here's what you need to know about the financial trouble states are finding themselves in — along with how this could impact you.
Trump could axe the $7,500 EV credit in 2025
The $7,500 electric vehicle tax credit the Biden administration introduced under the Inflation Reduction Act (IRA) has been a game-changer for American drivers seeking affordable entry into the clean energy revolution. But with President-elect Donald Trump set to return in 2025, the federal government seems poised to pull the plug on the popular incentive. Speculation is mounting that Trump, who has long criticized clean energy subsidies and said tax credits and tax incentives "are not generally a very good thing," will move quickly to eliminate the credit as part of a broader tax reform plan. The impact could be significant: In August 2024, the White House said more than 250,000 Americans have claimed the IRA’s electric vehicle tax credit since January, saving these buyers about $1.5 billion total. Nearly all of these buyers claimed the incentive at the point of sale. So if you’re thinking of joining the EV revolution with federal tax help, you’d better hustle.
The $7,500 electric vehicle tax credit the Biden administration introduced under the Inflation Reduction Act (IRA) has been a game-changer for American drivers seeking affordable entry into the clean energy revolution. But with President-elect Donald Trump set to return in 2025, the federal government seems poised to pull the plug on the popular incentive. Speculation is mounting that Trump, who has long criticized clean energy subsidies and said tax credits and tax incentives "are not generally a very good thing," will move quickly to eliminate the credit as part of a broader tax reform plan. The impact could be significant: In August 2024, the White House said more than 250,000 Americans have claimed the IRA’s electric vehicle tax credit since January, saving these buyers about $1.5 billion total. Nearly all of these buyers claimed the incentive at the point of sale. So if you’re thinking of joining the EV revolution with federal tax help, you’d better hustle.
FL residents outraged at late-night towing
Brennan Wells of Pasco County, Florida thought his truck had been stolen when he woke up one morning to find it missing from his driveway. However, according to ABC Action News, a tracker on the vehicle showed it had been towed 14 miles away to A-1 Recovery’s impound lot. According to Wells, footage from his security camera showed a stranger outside his home at 2 a.m. taking a picture of his license plate and towing the vehicle away. When the same thing happened to his neighbor two nights later, they got lucky and stopped their car from being towed before it left their driveway. In the recording of the incident, the towing employees claimed they had a contract with the community's homeowners association (HOA) and were just doing their jobs. But Wells and other residents believe towing vehicles in the middle of the night from private property goes too far. “My registration was out of date by a month,” Wells told ABC Action News Investigator Adam Walser. “It’s an abuse of power for sure." While it may not have seemed that way to the HOA, county law enforcement had a different idea.
Brennan Wells of Pasco County, Florida thought his truck had been stolen when he woke up one morning to find it missing from his driveway. However, according to ABC Action News, a tracker on the vehicle showed it had been towed 14 miles away to A-1 Recovery’s impound lot. According to Wells, footage from his security camera showed a stranger outside his home at 2 a.m. taking a picture of his license plate and towing the vehicle away. When the same thing happened to his neighbor two nights later, they got lucky and stopped their car from being towed before it left their driveway. In the recording of the incident, the towing employees claimed they had a contract with the community's homeowners association (HOA) and were just doing their jobs. But Wells and other residents believe towing vehicles in the middle of the night from private property goes too far. “My registration was out of date by a month,” Wells told ABC Action News Investigator Adam Walser. “It’s an abuse of power for sure." While it may not have seemed that way to the HOA, county law enforcement had a different idea.
Only 44% of Americans have a retirement plan
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44% of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k)Specialist.
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44% of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k)Specialist.
Miami condo owners hit with $21M repairs fee
A $21 million special assessment fee has outraged residents of two 16-year-old buildings at 1060 Brickell in Miami, Florida, with some unit owners facing individual bills exceeding $40,000. "I think it's excessive," resident Nima Mahdjour told CBS News. "I feel like I'm being milked." A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from a structural integrity reserve study, which noted most systems were "generally serviceable" but some require immediate repairs, maintenance and replacements. However, building residents claim the process was rushed, needed more transparency, and bypassed the formal unit-owner vote. They're questioning both the necessity and speed of the decision. When asked about this, the Association's General Counsel, Marc Halpern, cited Florida laws put in place after the Surfside Champlain Towers collapse in 2021, which claimed the lives of 98 people.
A $21 million special assessment fee has outraged residents of two 16-year-old buildings at 1060 Brickell in Miami, Florida, with some unit owners facing individual bills exceeding $40,000. "I think it's excessive," resident Nima Mahdjour told CBS News. "I feel like I'm being milked." A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from a structural integrity reserve study, which noted most systems were "generally serviceable" but some require immediate repairs, maintenance and replacements. However, building residents claim the process was rushed, needed more transparency, and bypassed the formal unit-owner vote. They're questioning both the necessity and speed of the decision. When asked about this, the Association's General Counsel, Marc Halpern, cited Florida laws put in place after the Surfside Champlain Towers collapse in 2021, which claimed the lives of 98 people.
Sweetwater mobile park residents face eviction
Residents of Li'l Abner Mobile Home Park in Sweetwater, Florida, were recently notified that they'll need to find somewhere else to live and quickly. The community of more than 900 mobile homes, together housing roughly 2,000 to 3,000 people per the mayor's estimate, will close in May 2025 to make way for new affordable and workforce housing. Mobile home owners usually own the home but rent the land it stands on. The land owner in this case, CREI Holdings, says it will provide a financial incentive of $14,000 to residents who leave by January 31, 2025. Those who leave by March 31 or April 30, will receive $7,000 and $3,000, respectively, though many tenants say it's not enough time or money, according to a NBC6 report. Sergio Zamora lives in the park with his wife and in-laws, who've had a home in Li'l Abner Mobile Home Park for more than 30 years. “They paid off the house to be told you don't have a place to live anymore,” Zamora told NBC6. “Imagine saying you own a property and someone tells you don't.”
Residents of Li'l Abner Mobile Home Park in Sweetwater, Florida, were recently notified that they'll need to find somewhere else to live and quickly. The community of more than 900 mobile homes, together housing roughly 2,000 to 3,000 people per the mayor's estimate, will close in May 2025 to make way for new affordable and workforce housing. Mobile home owners usually own the home but rent the land it stands on. The land owner in this case, CREI Holdings, says it will provide a financial incentive of $14,000 to residents who leave by January 31, 2025. Those who leave by March 31 or April 30, will receive $7,000 and $3,000, respectively, though many tenants say it's not enough time or money, according to a NBC6 report. Sergio Zamora lives in the park with his wife and in-laws, who've had a home in Li'l Abner Mobile Home Park for more than 30 years. “They paid off the house to be told you don't have a place to live anymore,” Zamora told NBC6. “Imagine saying you own a property and someone tells you don't.”
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