‘I worry about outliving my money’: I’m a 65-year-old widow in good health. Should I wait until 70 to collect my pension?

I am a 65-year-old widow in good health, and just started collecting my late husband’s Social Security benefit of $4,000 per month. When I turn 70, I will switch to my benefit since it appears it will be around $100 higher every month at that time. My current expenses are running high at about $10,000 per month due to some house maintenance projects I am doing. My son and his family will inherit everything when I’m gone.

I estimate my monthly expenses will drop to $5,000-$6,000 within the next year. I supplement my monthly income by drawing off interest, dividends and some profit-taking from my traditional IRA account which is worth about $2.5 million. I also have a Roth IRA of about $60,000 and bank CDs of $200,000. I also have another traditional IRA account worth $350,000, which I have designated as my long-term healthcare account in case I have to go into a nursing home at some point. 

‘I’m not sure if it makes sense to wait two to five years to collect my pensions if I am going to be drawing my RMD just a few years later.’

I have two pensions that I am debating about when I should start collecting. If I collect now, I will receive $1,400 per month. If I wait until I am 67 it will be $1,620 and at 70 the pension will pay $2,100 per month. However, when I turn 73 and start my minimum required distributions from my IRA, the annual RMD along with my Social Security should be more than enough for me to live on. 

I’m not sure if it makes sense to wait two to five years to collect my pensions if I am going to be drawing my RMD just a few years later. If I collect my pensions now, then it would reduce the amount of money I need to siphon off of my investments and could leave them relatively untouched for a few more years.

‘Money was always tight for us growing up and a struggle for my parents as they got older and needed healthcare assistance.’

So the question is, should I collect my pensions now and reduce the amount of money I am currently drawing off of my IRA? Or wait a few years and get the higher monthly payout? Everything I read encourages people to wait as long as they can to collect their retirements. My calculations show that if I collect now, my break-even point is about age 82. If I live longer than that, then waiting to collect would pay me more over the long term. Both my parents lived into their early 90s so longevity is a potential concern. 

I realize that I’m in a good financial situation, which is the result of my husband and I working extremely hard all of our lives and consistently saving and investing during good times as well as during recessions, job losses, and raising a family. But money was always tight for us growing up and a struggle for my parents as they got older and needed healthcare assistance, so I don’t think I will ever shake that off. I worry about outliving my money. I just want to make the right decision.

Thank you for your help.

To Withdraw or Not Withdraw

Dear Withdraw or Not Withdraw,

Let’s start with the good news. Whatever you do — start withdrawals now or wait — you are in a pretty strong financial position. If you can afford to wait — and you can — and you expect to live into your 90s, do that. That extra $700 a month will give you comfort as you age. You have $2.5 million in your IRA, and you will pay tax on those withdrawals regardless, but you can afford to use that as a buffer before your higher pension payments kick in. 

A financial adviser will help you crunch your numbers, but $4,000 a month in Social Security is a good start. Cutting your $10,000 monthly expenses to $6,000 is smart, and an adviser can help you see where you could make further cuts in your expenses, especially as you age. For some perspective: This survey found that working Americans ages 45 and older on average believe it will take $1.1 million to retire comfortably, yet only 21% say they’ll reach $1 million. 

Another reason to withdraw from your IRA now? Gains from an IRA, as you know, are taxable. Gains from a Roth IRA are not taxable if the account has been up and running for five years and you are over 59½. One of the big advantages to a Roth is the flexibility it affords. If you have a medical emergency, you could use your Roth IRA as a backup. (CDS are not typically useful for this as cashing out early results in a penalty, which could negate your interest earned over the period of the CD.)

‘Whatever you decide will be the best decision for you at this time.’

Dan Herron, a partner at Better Business Financial Services in San Luis Obispo, Calif., agrees you should wait. “Since longevity appears to be on your side thanks to good genes from your family, it is probably beneficial to postpone taking benefits as long as you can to maximize your pensions,” he says. “The reason being is that given the uncertainty surrounding Social Security, your pension may be your best hedge against any potential Social Security cuts down the road.”

He also sees the tax benefits in siphoning funds from what is already a very healthy IRA. “While you draw from your IRA now, you are reducing the balance of the IRA, which then (potentially) reduces the required minimum distribution amounts,” he says. “This could potentially be beneficial from a tax perspective.” And he suggests staggering your pension benefits, making withdrawals from one in two years, while leaving the other until you hit 70.

Whatever you decide will be the best decision for you at this time. No future is guaranteed, but your No. 1 priority right is peace of mind to secure a long and healthy retirement.


MarketWatch illustration

Readers write to me with all sorts of dilemmas. 

You can email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

By emailing your questions, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell: 

‘How to travel for free’: I spent $500 hosting my friend for a week. Should she have paid for food and utilities?

‘I’m 63 and desperately hate my work’: Should I pay off my mortgage, claim Social Security and quit my job?

‘He’s content living paycheck to paycheck’: My husband won’t work or get a driver’s license. Now things have gotten even worse.



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#worry #outliving #money #65yearold #widow #good #health #wait #collect #pension

Tindered out? How to avoid creeps, time wasters and liars this Valentine’s Day

Michelle has had her fair share of bad dates.

A divorced mother of four children, Michelle, 52, resolved to maintain her sense of humor when she returned to the dating market, and signed up for Hinge, an online dating service that includes voice memos, in addition to audio and video functions that enable two interested parties to talk to each other without sharing their phone numbers. 

Given that she had not dated since she was in her 20s, Michelle, who asked for her surname to be withheld, was thrown into the world of online dating, right swipes, ghosting, men who were actually living overseas, married men, men who lied about their age and men who posted photos that were 10 years old. She split from her husband of nearly two decades in 2014. 

Hinge is part of Match.com’s
MTCH,
+1.22%

group of apps along with OKCupid, Tinder, Bumble, and Christian Mingle, among others. The company promotes itself as the app that is designed to be deleted by its users. It’s a bold statement in the era of online dating, when people scroll through profiles — swiping right for yes and left for no — in search of their perfect mate.

But Hinge, like many other dating apps, introduced a video function in 2020 to help push people to “meet” during the worst days of the coronavirus pandemic. Dating experts advise applying the same rules you would to a Zoom
ZM,
+3.06%

call: dress smartly, use an overhead light rather than a backlight that casts you in shadow, and don’t sit in front of yesterday’s pile of dirty laundry.

‘It’s amazing how many guys use a picture from 10 years ago. You can barely recognize them when you meet them.’


— Michelle, 52, a divorced mother of four who searched for love online

A video date will reveal a lot more than a profile picture. “It’s amazing how many guys use a picture from 10 years ago,” Michelle said. “You can barely recognize them when you meet them. I discovered that someone who is very quick to ask for your email address or your number is more likely to be a scammer. Unfortunately, there’s a lot of scamming on dating apps.”

She’s not wrong. Nearly 70,000 Americans lost $1.3 billion to romance scams through social media and dating apps last year, up from 56,000 the year before, according to the Federal Trade Commission. That’s broadly in line with the amount of money lost the previous year, but up significantly from the $730 million lost in 2020. 

Through her work as a social worker, Michelle has learned to evaluate people and look for red flags. She has used those skills when online dating. She watches out for “goofy stuff” like a man who is writing like a character from a romance novel. “The Lifetime Channel Christmas Love Story is not happening on Hinge,” she said. “Those are the things that I kind of find funny.” 

Other red flags: Someone who lies about their age, is unwilling to meet, won’t turn on the video chat function — what have they got to hide? — and a man who is cheap. “Why did I drive 45 minutes to meet you and you can’t even buy me a cup of coffee? I don’t want someone who is stingy. Either they’re really miserly, have poor judgment, or poor people skills.”

The perilous side of handheld love machines

Dating apps are the ultimate love machine, churning out potential partners every two seconds, someone who is taller, younger, hotter, richer, broader, slimmer, sexier, kookier, weirder — and the list goes on. All of life’s parade is a swipe away. Millions of people use dating apps — from Grindr for gay men to Facebook Dating for pretty much everyone.

There is a balance between keeping people swiping and helping them find love. It’s a numbers game, and can be as addictive as playing the slots. EHarmony promotes its Compatibility Score, while OKCupid asks users to answer an almost limitless number of questions in order to match with more appropriate people. But critics say it leads to the gamification of people’s love lives.

Jenny Taitz, author of “How to Be Single and Happy: Science-Based Strategies for Keeping Your Sanity While Looking for a Soul Mate,” said one of the most common complaints about dating apps is the constant game of cat and mouse. Each user is probably talking to several people at the same time, and it’s tough to get people off the apps and into the real world.

If you like someone, she says, move to a video chat to test the chemistry. “It’s time-consuming, but you need to move from a pen pal to an in-person meetup,” she said. “It could be something that you do all the time, so you really have to have limits. If you’re having four dates a week, does that mean you’re not making time for friendships where you have an investment?”

‘The same person who volunteers at a soup kitchen might easily ghost someone. There is so much detachment.’


— Jenny Taitz, author of ‘How to Be Single and Happy’

Anonymity can often lead to ghosting, when people just disappear or stop answering messages. “We need to treat people like they would treat their future child or best friend,” Taitz said. “Bad behavior is so pervasive, and people are not held accountable for their actions. The same person who volunteers at a soup kitchen might easily ghost someone. There is so much detachment.”

Some studies have linked dating apps with depression, while other studies have found that online dating has led to a string of robberies through hook-ups on Grindr, and can also make it easier for sexual predators to find victims. These problems obviously exist in the real world, but social media and dating apps can provide an easier path for bad actors. 

Julie Valentine, a researcher, sexual-assault nurse examiner, and associate dean of Brigham Young University’s College of Nursing, analyzed 1,968 “acquaintance” sexual assaults that occurred between 2017 and 2020. She and her fellow researchers concluded that 14% of these sexual assaults resulted from a dating-app’s first in-person meeting. 

“One-third of the victims were strangled and had more injuries than other sexual-assault victims,” the study found. “Through dating apps, personas are created without being subjected to any criminal background checks or security screening. This means that potential victims have the burden of self-protection.” 

All those coffees take time and money

A spokeswoman for Match.com said it does not release data on how many people have actually used the video chat function. If people did use the function more often without sharing their phone number, it would in theory provide a layer of protection, help weed out bad actors, and help people decide whether a prospective date is compatible early in the process.

Cherlyn Chong, the Las Vegas-based founder of Get Over Him, a program to help women get over toxic relationships, does not believe the video chat function is as widely used as it should be. Chong, who describes herself as a dating coach and a trauma specialist, encourages her clients to use every method available to screen dates, in addition to meeting in a public place.

So what if a man did not want to video chat? “If they didn’t want to video, that’s fine,” Chong said. “But their reaction to the request would be a litmus test. We would know he is probably not someone to date, as he is not flexible. It’s also very telling if a woman explains that it’s a safety issue. The response of the guy in that situation would also be another litmus test.”

“Once you give someone their phone number, you don’t know what they are going to do with it,” Chong said. She said one of her clients encountered a man who shared her phone number with others, and sent it to a spam site on the internet. “You want to believe in the best of people,” she said, “but there are people who misuse your number because they can’t handle rejection.”

‘A couple of cocktails in New York City? You’re looking at $60 to $100, or a few hundred dollars for a pricier meal.’


— Connell Barrett, author of ‘Dating Sucks, But You Don’t’

Connell Barrett, author of “Dating Sucks, But You Don’t,” said video dates are a good first step. “You can see your date, and read their body language,” he said. “Because physical contact is off the table for a video date, it can free both singles to let go and not worry about the pressure about moving in for the first kiss. Good chemistry happens when there’s less pressure.”

Video dating also saves you time and money, especially if you’re the one who picks up the tab. “A couple of cocktails in New York City? You’re looking at $60 to $100, or a few hundred dollars for a pricier meal,” he said. Regular daters could end up spending up to $1,500 a month in bigger cities, if they’re dating a lot and eating out, Barrett added.

How much you spend will clearly depend on your lifestyle. Members of The League, a dating app that’s geared towards professionals, spend up to $260 a month on dates, followed by $215 a month for singletons using Christian Mingle, $198 for people signed up to Match.com, and $174 for Meta’s
META,
+3.03%

Facebook Dating subscribers, according to a recent survey. 

A video call allows people to get a sense of the person’s circumstances and personality, and can avoid wasting an hour having coffee with someone you will never see again. Be fun, be playful, don’t ask about exes or grill the other person “60 Minutes”-style, Barrett said. “A big mistake people make in dating is trying to impress the other person,” he said.

Video dating goes back to the 1970s

Jeff Ullman created the first successful video-dating service in Los Angeles in 1975 called Great Expectations. People recorded messages direct-to-camera. “We started with Betamax, moved to VHS, and upgraded to CD-ROMs,” he said. “As long as there are adults, there will be the hunt for love, and there will be the longing for ‘I’m missing someone, I’m missing something,’” he told MarketWatch.

“The best and the brightest did not go into dating services in the 1970s and 1980s,” he said. “I only went into it because I wanted to change the world. What I wanted to do was turn pity to envy. Our videos were 5 or 6 minutes long. There were no stock questions. They had to be ad-libbed. The only similar question was the last one: ‘What are the qualities that are most important in a relationship?’” 

He turned Great Expectations into a national franchise where customers paid $595 to $1,995 a year for membership ($1 in 1975 is around $5 today). “We did not hard sell you. We did a ‘heart sell.’ We had all kinds of Type As — doctors, lawyers, studio production chiefs, who all thought they were God’s gift, or God’s gift to womankind, but when they talked about their loneliness, they cried.”

People will always be searching for that perfect mate, Ullman said, whether it’s through videos, words, photos, psychological compatibility, A.I., or through arranged marriages or matchmakers. “But there is no perfect match. My wife Cindy and I are well matched. She’s not perfect. I’m not perfect. The moment either one of us begins to think we’re perfect is the moment we introduce negative forces.”

‘What I wanted to do was turn pity to envy. Our videos were 5 or 6 minutes. There were no stock questions.’


— Jeff Ullman, created Great Expectations, a video-dating service in Los Angeles in 1975

Before TikTok and Skype, people were not as comfortable in front of the camera, particularly if they had to talk about themselves. “We always hid the camera,” Ullman said. The 1970s decor of dark wood and indoor plants made that easier. “When we were finished, they’d say, ‘When are you going to start?’” But they were already on tape. They were, he said, happy with the first take 95% of the time.

Ullman required his franchisees to give members a three-day right to cancel for any reason — including “I’m not going to tell you” — if they changed their terms of service. “They just had to mail us or fax us their notice. Half of my franchisees were about to revolt.” Until, he said, they realized they could not afford to have a bad reputation in an industry where people were putting their hearts on the line.

It all started with a Sony-Matic Portable Videocorder gifted to him by his parents when he graduated from UC Berkeley in 1972. “They were very expensive, but they were portable. Whenever I went anywhere, whether it was a parade or a demonstration, which were common back then, they always let me in because they thought I was from “60 Minutes.” It gave us a sense of power.”

Fast forward to 2023: That power is in the hands of the $3 billion online dating industry and, perhaps to a lesser extent, in the hands of the singletons who are putting their own messages out into the world through words and pictures. In the 1970s, most people were still meeting in person. These days, your online competition is, well, almost every single person within a 50-mile radius.

Watching out for those ‘green flags’

Video dating has come in handy for singletons like Andrew Kneeshaw, a photographer and publican in Streete, County Westmeath, a small town in the Irish midlands. He’s currently active on three dating sites: Plenty of Fish, Bumble and Facebook Dating. In-app video calls have saved him — and his potential dates — time, gasoline and money spent on coffee and lunch. 

“Even someone local could be 15 or 20 miles away,” he said. He’s currently talking to a woman in Dublin, which is more than an hour away. “Hearing someone’s voice is one thing, but seeing that they are the genuine person they are supposed to be on the dating site definitely does help.” He could spend upwards of 20 euros ($21.45) on coffee/lunch, excluding gasoline.

He did go on a dinner date recently without having a video call, and he regretted it. “Neither of us felt there was a spark,” Kneeshaw said. So they split the check as they would likely never see each other again? “That sounds terrible, but yes,” he said. “I go on a date at best once a week. If you’re doing it a few times a week, it does add up very quickly.”

Ken Page, a Long Beach, N.Y.-based psychotherapist and host of the Deeper Dating podcast, is married with three children, and has compassion for people like Kneeshaw who live in more remote areas. In New York, he said, some people won’t travel uptown if they live downtown, and many more people won’t even cross the river to New Jersey. 

‘If it’s a video chat, you have the opportunity to get to know them more, and have that old-fashioned courtship experience.’


— Ken Page, a psychotherapist and host of the Deeper Dating podcast

He said green flags are just as important as red flags when deciding to move from a video date to an in-person date. “Is their smile warm and engaging? Are you attracted to the animation they have in their face? You just get tons more data when you see the person. You save money, and you save time before you get to the next step.”

In-person first dates can be brutal. “Your first reaction is, ‘they’re not attractive enough, I’ve got to get out of here,’” Page said. “If it’s a video chat, you have the opportunity to get to know them more, and have that old-fashioned courtship experience where attraction starts to grow. The ‘light attractions’ have more opportunity to grow without the pressure of meeting in person.”

Dating apps are a carousel of romantic dreams. The focus is on looks rather than personality or character. “There are so many people waiting online,” Page said. “That does not serve us. Unless the person really wows us, we swipe left. If you do a video chat, you will be more likely to get to know that person — instead of only getting to know the ‘9s’ and ‘10s.’”

And Michelle? The divorced Californian mother of four said she finally met a guy on Hinge last October, and they’ve been dating since then. “He’s just a fabulous guy. He actually moved slower than what I had experienced with other guys I had dated.” She kept her sense of humor and perspective, which helped. “He said, ‘You’re so funny.’ I didn’t have anything to lose.”

“It’s almost going to Zara
ITX,
+1.55%
,
” she said. “Nine times out of 10 you may not find something you like, but one time out of 10 you do.”

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‘My stepmother has been less than ethical’: I suspect my stepmom removed me as beneficiary from my late father’s life-insurance policy. What can I do?

My dad passed away in March 2019. My stepmom told me I had an inheritance from my dad.  She ceased communication with me after my dad passed away. I reached out to the Department of Financial Services website for lost life-insurance policies, and received a letter saying my dad was a participant, but had named someone other than me as a beneficiary.  

My stepmother has been less than ethical at times. She previously stole money from her sister’s bank account while working for the financial institution that she now runs. Her sister did not press charges, so the matter was dropped by my dad, with whom she was having an affair. Is it possible that she changed the beneficiary, and could have forged anything on behalf of my dad?  

My family also suspects she tried to cash another life-insurance policy for which I was a 51% beneficiary. She sent me a check after my dad passed saying it was a “gift,” and called me nearly two years later saying a policy had just been “found” with me as 51% beneficiary. I suspect she was the 49% beneficiary. To make matters worse, that policy was through her place of business.

Suspicious Daughter

Dear Suspicious,

Anything is possible. It sounds like you are dealing with an unknown quantity, and she should not be trusted with other people’s money. Your stepmother does not, from your account, appear to be on the up-and-up, given that she reportedly stole money from her sister’s bank account. It may be that she could not bring herself to cash a policy with you receiving 49% — hence the delay —  but given the division outlined in the policy it seems unlikely that she could have kept the entire policy for herself. An executor has a responsibility to deal with an estate in a timely manner.

It’s not unheard of for people to question an amendment that was made to a trust, insurance policy or last will and testament. Priscilla Presley, the ex-wife of Elvis Presley, the “King of Rock and Roll” who died in 1977, filed legal documents in Los Angeles Superior Court last week, disputing the validity of an amendment to a living trust overseeing the estate of her late daughter Lisa Marie Presley, who died earlier this month. The 2016 amendment removed Priscilla Presley and a former business manager as trustees, the Associated Press reported.

Among the issues cited in the legal filing: Priscilla Presley was allegedly not notified of the change as required, an absence of a witness or notarization, Priscilla Presley’s name was misspelled in a document that was allegedly signed by her late daughter, and Lisa Marie Presley’s own signature was described as atypical, the news agency also reported. Aside from questions swirling over the authenticity of an amendment, changes to wills, trusts and — in your case — insurance policies must always meet certain legal standards.

It’s not unheard of for people to question an amendment that was made to a trust, insurance policy or last will and testament.

“Last-minute changes in beneficiaries can be a red flag for life-insurance companies,” according to LifeInsuranceAttorney.com. “Usually, the person insured by a life-insurance policy can change their beneficiaries whenever they want, so long as the change complies with any specific requirements in the life-insurance policy. However, when the insured person is elderly, severely ill or lacking mental capacity, and the change in beneficiary happens shortly before the insured person passes away, they may have been unduly influenced by others.”

“For example, a caretaker or estranged family member may convince or influence the vulnerable insured person to add them as a beneficiary on the insured person’s life-insurance policy or to remove other beneficiaries,” the firm says. What’s more, “Life-insurance companies may also deny claims if the beneficiary made a change in the beneficiary that did not comply with the requirements of the insured person’s life-insurance policy. Some policies may require that the insured person have a certain amount of witnesses present,” it adds.

Depending on the amount of money involved, you may wish to hire an attorney to see if you have a case and/or to put your mind at rest. The statute of limitations — that is, the amount of time you have to challenge the validity of a life-insurance policy — may vary, depending on the circumstances, the state where you live and/or whether new information has come to light. “The statute of limitations, in most cases, lasts for three years. But not always,” according to the Center for Life Insurance Disputes, an insurance agency in Washington, D.C.

She stopped talking to you after your father passed away: It could be that she was shoring up what was left of his estate, and figuring out what she could take for herself. Or it may be that you did not get along, and a breakdown of communication was inevitable. Or both. Were there any changes made to your father’s policy that would raise a red flag? That much is unclear. Your stepmother may have learned her lesson when she was not prosecuted by her sister for alleged financial malfeasance.

And, then again, maybe not.

Yocan email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell:

My mother excluded me from her will — before she died, my sibling cashed out her annuity policy, on which I was a beneficiary. Should I sue my family?

‘I’m clean and sober’: My late father left me 25% of his estate, and my wealthy brother 75%. My brother died 10 months later. Should I ask his son for his share?

‘It’s still painful’: My wife of just one year left me, took all her belongings and won’t answer her phone. How do I protect my finances?



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#stepmother #ethical #suspect #stepmom #removed #beneficiary #late #fathers #lifeinsurance #policy

‘I am angry’: I’m an unmarried stay-at-home mother in a 20-year relationship, but my boyfriend won’t put my name on the deed of our house. Am I unreasonable?

I have been in my relationship for almost 20 years. For personal reasons, we are not married but we have a 10-year-old child.

When our child was born, we decided that I would be a stay-at-home parent because my low-paying job didn’t cover the costs of child care, and at the time, we were stretched. I have been an at-home caregiver and homemaker for a decade. 

About two years ago, we finally saved enough to buy our first home. It’s a condo, but it’s ours. Since it was my first house purchase, I didn’t fully understand the process, so by the time my partner closed on the condo, I realized I was not on the deed. 

When I asked why I was left out, my partner made some noises about loan applications, the cost, etc. My credit score is higher than his, so if I were part of the loan process for the mortgage, wouldn’t it have been beneficial to us?

In the two years since we’ve bought and moved into our place, we’ve had several tense “discussions” about adding me to the deed. For me, even though I’m not an earner, I am still a working member of this household, so having my name on the deed is about equality in the relationship and family. 

When our child was born, we decided that I would be a stay-at-home parent because my low-paying job didn’t cover the costs of child care.

Through my labor as a homemaker, which includes meal preparation, cleaning, laundry and home maintenance — not to mention 24/7 childcare — I feel my role as a “stakeholder” in this family should include legally owning my home. Am I wrong?

Through the various discussions we’ve had, it seems my partner is unwilling to add me to the deed. First, he got angry whenever I tried to discuss it, and tried to make it sound as if I was being completely unreasonable. But now he says it’s because it’ll cost several thousand dollars, and that in the end, it “really shouldn’t matter.” 

But it does matter. To me, not being on the deed is a direct correlation to how I am devalued for my time and labor. I feel like I am considered “less than” simply because I am a woman, an at-home parent, and a homemaker. I am angry about my situation. 

Adding to the complication, we JUST purchased an upstairs neighbor’s condo with the intention of renting it out. After all the fuss about being excluded, my partner made sure my name is on the deed for this second unit. But because of this, my partner says having my name on the original home is “unnecessary.”

I want to continue to fight for my name to be added — to fully own BOTH properties. But my partner is still making me sound completely unreasonable, to spend thousands of dollars just for a “piece of paper.” I know we can afford the costs, and I feel the cost is worth it so I can be on equal footing in this family. And legally, it is not just a piece of paper to me. 

Am I really being unreasonable? Will the costs really outweigh the benefits? What can I do?

We live in New Jersey.

Thank you.

Not on the Deed

Dear Not on the Deed,

Common-law marriage is not recognized in New Jersey, so it’s up to unmarried couples to manage their joint assets the old-fashioned way. The father of your child has certainly done his best to do that, and has tipped the scales in his favor. 

You are either a committed couple in a long-term relationship with a view to sharing your lives, or you’re not. Not putting you on the mortgage — assuming he did so given your good credit — or the deed of your home is sharp practice. At this point, you would likely need to finance to put you on the mortgage, and may need to inform the lender to do the latter.

Put bluntly, you’re not being unreasonable. There is a huge amount of physical, mental and emotional labor involved in being a stay-at-home parent and homemaker, and an equal amount of time devoted to raising your son and taking care of your home while your partner attends to his 9-to-5 job.

Being in a long-term unmarried relationship can affect everything from taxes to real estate. “Unmarried couples do not have the same rights as married couples when it comes to estate planning,” according to the New Jersey-based Bronzino Law Firm.

“They aren’t eligible to inherit a portion of their partner’s estate, for example; and they don’t receive tax breaks on property that they plan to leave their long-term partner after their death, the way that married couples do,” the law firm writes.

There is a huge amount of physical, mental and emotional labor involved in being a stay-at-home parent and homemaker, and an equal amount of time devoted to raising your son.

Your partner would have to file a grant or warranty deed with the county clerk. This could come with ramifications for insurance and should be done in consultation with a lawyer. It should, in theory, only cost a few hundred dollars.

I say “in theory” as that does not account for the closing costs and, of course, if there is a significantly higher interest rate now than when the loan was first signed.

“Deeds are characterized by ‘guarantees’ the grantor makes about their interest in the property, and ‘promises” of future action the grantor will take if their representations are challenged,” according to the law firm of Earl White.

“Covenants are the defining feature of each type of deed,” he writes. “Sellers often guarantee a property is sold free and clear of mortgages and liens, and that the seller has authority to make the sale.”

Some broader context: A few years ago, Oxfam released a study that estimated women contributed $10.8 trillion to the world’s economy every year in unpaid labor. That’s three times the size of the world’s technology industry. 

The cost of you pursuing this does not outweigh the benefits. Your time is valuable. Your contribution to your partnership is valuable. Your sense of worth is valuable. And your role as a homemaker and a mother is also valuable. 

Yocan email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell:

• ‘I’ve felt like an outsider my whole life’: My father died without a will, leaving behind my stepmother and her 4 children. Do I have any rights to his estate?
• ‘He was infatuated with her’: My brother had a drinking problem and took his own life. He left $6 million to his former girlfriend who used to buy him alcohol
• She had a will, but it was null and void’: My friend and her sister are fighting over their mother’s life-insurance policy and bank account. Who should win out?



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‘Gaslighters have two signature moves’: Are you being gaslighted at work? Here’s how to recognize the signs.

Are you less happy at work since you befriended that new recruit? Have they told you stories about how colleagues have constantly undermined them? Maybe you have a boss who excludes you from key meetings and then asks why you did not attend a meeting even though you are pretty sure you were not invited to begin with. If any of this rings true, you may be working with a gaslighter.

Gaslighters, as the name suggests, cast themselves in a positive light — friend or confidante who is here to help — but actually are manipulating or undermining others, usually from the shadows, which adds to their potential power.

Merriam-Webster named “gaslighting” the word of the year. Searches for the word on Merriam-Webster.com surged 1,740% in 2022 over the prior year, despite there not being an event that the publisher — known for its dictionaries — could point to as a cause of the spike.

It defines gaslighting as “psychological manipulation of a person usually over an extended period of time that causes the victim to question the validity of their own thoughts, perception of reality, or memories and typically leads to confusion, loss of confidence and self-esteem, uncertainty of one’s emotional or mental stability, and a dependency on the perpetrator.”

The term was coined in a 1938 play, “Gas Light,” a psychological thriller set in Victorian London and written by Patrick Hamilton.

George Cukor’s 1944 film, “Gaslight,” based on the play, further popularized the term. In that film, Gregory (Charles Boyer) tries to convince his wife Paula (Ingrid Bergman) that she has lost her reason. When he turns on the lights in the attic in his search for a treasure trove of hidden jewels, the gaslight flickers in the rest of the house. He tells Paula that she is merely imagining the dimming of the lights.

‘Jerks at work’ or actual gaslighters?

The workplace is fertile ground for such behavior, given what’s at stake: money, power, status, promotion, rivalry and the intrigue that often comes with office politics. 

I’m in the business of helping people work out their conflicts at work. In fact, I dedicated a whole chapter in my book, “Jerks at Work,” to gaslighters. 

‘For gaslighters, slow and steady wins the race, and the best ones make friends with their victims first.’

What has surprised me is how wide-ranging the definition of “gaslighting” has become. Everything from “not respecting personal boundaries” to “talking so much shit about me I couldn’t get hired for two years” seems to fall under the “gaslighting” umbrella. 

What I’ve learned from my doom scrolling on social media is that the word “gaslighter” — probably the worst name to bestow on a colleague or boss — seems to refer to anyone who’s done a whole bunch of bad things to us at work, especially things that involve humiliation. 

So what really is a gaslighter, and why is it important to distinguish one from, say, a demeaning boss with a chip on their shoulder and a penchant for public shaming?

If we stick to the clinical definition, gaslighters have two signature moves: They lie with the intent of creating a false reality, and they cut off their victims socially. 

They position themselves as both savior and underminer, creating a negative and fearful atmosphere, spreading gossip and taking credit for other people’s work. They are often jealous and resentful, and aim to undercut others in order to further their own position.

In the workplace, you may also be an unwitting pawn in the gaslighting of another colleague.

You may also be an unwitting pawn in the gaslighting of another colleague. The gaslighter might try to convince you that Johnny is trying to steal your leadership role on a project, and encourage you to freeze him out in the cafeteria at lunch time, or simply be extra wary about sharing important information.

For gaslighters, slow and steady wins the race, and the best ones make friends with their victims first. For this reason, it could also be considered a form of workplace harassment.

They often flatter them, make them feel special. Others create a fear of speaking up in their victims by making their position at work seem more precarious than it is. And the lies are complex, coming at you in layers. It takes a long time to realize your status as a victim of gaslighting, and social isolation is a necessary part of this process. 

‘It takes a long time to realize your status as a victim of gaslighting, and social isolation is a necessary part of this process.’

Take smart action — no direct confrontration

There’s a difference between an annoying coworker or micromanaging boss, and a gaslighter, who lies and conspires to undermine your position. “The gaslighter doesn’t want you to improve or succeed — they’re out to sabotage you,” according to the careers website Monster.com. “They will accuse you of being confused or mistaken, or that you took something they said the wrong way because you are insecure. They might even manipulate paper trails to “prove” they are right.”

Examples cited by Monster.com: “You know you turned in a project, but the gaslighter insists you never gave it to them. You can tell someone has been in your space, moving things around, or even on your computer, but you don’t have proof. You are the only one not included in a team email or meeting invite, or intentionally kept out of the loop. Then when you don’t respond or show up, you are reprimanded.”

Knowing this, what can you do to prevent yourself from becoming a target? First, recognize that gaslighters don’t wear their strategy on their sleeve. Flattery, making you feel like you’re a part of a special club, or questioning your expertise are not things that raise gaslighting alarm bells. 

Rather than looking out for mean behavior by a boss or coworker, look out for signs of social isolation. A boss who wants to cut you off from coworkers and other leaders should raise red flags, even if the reason is that “you’re better than them.” 

Second, recognize that lie detection is a precarious — and from a scientific perspective, almost impossible — business. Don’t try to become a lie detector, instead take notes, so you can put your “gaslighter” on notice that you are wise to their tactics. You can also use the notes as evidence if you decide to later raise the situation with your human resources department. 

Here are some ways to beat the gaslighter: Send emails with “a summary of today’s meeting” so you can document the origin of ideas and make sure they don’t steal credit from you. Furthermore, document things that happened in person, and share it with your would-be gaslighter. And speak up at meetings. Don’t allow yourself to be browbeaten into submission. 

The more you document, the more difficult it will be to be victimized. But a word of warning: Don’t try to confront gaslighters — instead, go to your social network to build your reality back up. Trying to beat these folks at their own game is a losing strategy.

Any of these actions, and especially a combination done early in a professional relationship, can work wonders protecting yourself and your career. 

Tessa West is a New York University social psychology professor with a particular interest in workplace behavior, and author of “Jerks at Work: Toxic Coworkers and What to Do About Them.

Related stories:

‘We’re like rats in a cage’: Sick and tired of their jobs, American workers strive to regain their agency, their time — and their sanity

People are seeking a genuine connection with their colleagues’ — one that goes beyond ‘Hollywood Squares’ Zoom meetings. Not all workers are happy with remote work.

The backlash to quiet quitting smacks of another attempt by the ruling class to get workers back under their thumbs:’ Am I wrong?

We want to hear from readers who have stories to share about the effects of increasing costs and a changing economy. If you’d like to share your experience, write to [email protected]. Please include your name and the best way to reach you. A reporter may be in touch.

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Financial Face-off: Should you opt for a high-deductible health plan with lower monthly costs?

Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh financial decisions. Our columnist will give her verdict. Tell us whether you think she’s right in the comments. And please share your suggestions for future Financial Face-off columns by emailing our columnist at [email protected]

It’s the time of year to sign up for a new health insurance plan, either through an employer or through the government’s Health Insurance Marketplace.

The decision may feel especially fraught this year. High inflation, layoffs and a potential recession are weighing on people’s minds and finances. Americans have been tightening their budgets and may be looking for ways to save money on their health-insurance costs. One way to do that, at least in terms of upfront costs, could be to sign up for a high-deductible health plan. These plans typically have lower monthly costs (premiums), but they have higher deductibles, or, the amount of money that you have to pay out of your own pocket before the insurance kicks in to cover healthcare costs.

So is this the year to try to save some cash by signing up for a high-deductible health plan?

Why it matters

It’s no secret that healthcare is expensive in the U.S., but the language of health insurance often obscures that reality with euphemisms such as “cost-sharing,” “coinsurance,” “copay” and “deductible.” Here’s a quick translation: if you see one of those terms, just mentally replace it with a dollar sign, because it means you will be paying money.

Choosing a healthcare plan is important. Medical bills can strain a household’s finances, and healthcare debt is very common. More than half (57%) of Americans have incurred debt caused by a medical or dental expense in the last five years, according to a nationally representative survey released in June by KFF, an independent nonprofit that researches healthcare issues.

One of the survey’s more troubling findings was that even people who have health insurance fall into debt, with more than four in 10 insured adults reporting that they currently had health-related debt.

In other words, the decision about which health-insurance plan to choose can have far-reaching unintended consequences.

How much can you expect to pay for health insurance? If you get yours through your job, it depends on several factors including the size of your company and the age of its workforce. On average, workers with employer-based health insurance paid $6,106 per year toward family coverage and $1,327 for individual coverage, according to KFF. People at smaller companies typically have higher premiums and bigger deductibles.

The federal government defines a high-deductible health plan as one with a deductible of at least $1,400 for an individual and $2,800 for a family.

High-deductible health plans (HDHPs) often — but not always — come with a health savings account (HSA) where people can store money tax-free to pay for medical expenses.

‘Medical debt really can be the gift that keeps on giving.’


— Karen Pollitz, a senior fellow at KFF

HDHPs have lower premiums, but are they more affordable in the long run than traditional health plans? ValuePenguin compared HDHPs vs. traditional plans in three scenarios and found that the HDHP plan holder would end up paying more overall than the traditional plan holder if they had medical expenses of $5,000 or $10,000 in a year.

However, the HDHP holder had lower overall costs than the traditional plan holder if their medical expenses were $1,000. “But banking on such an outcome — and such low need for medical care — can be a gamble in an unpredictable world,” ValuePenguin wrote.

The verdict

If you can pay the higher monthly costs, avoid a high-deductible health plan.

My reasons

“It’s very difficult to accurately predict what your healthcare needs are going to be for the coming year. And for that reason, it’s a good idea to sign up for the most comprehensive plan option that you can afford,” said Karen Pollitz, a senior fellow at KFF. Buying the cheapest option can open you up to the possibility that something is going to happen — you’ll get hit by a car, find a lump — and then “you’re going to find out the hard way how much your plan doesn’t cover and what you’re going to owe out of pocket,” Pollitz said.

As the KFF survey found, medical debt is common even among people with health insurance, she noted. “There are lots of reasons for that, but high deductibles are one culprit,” Pollitz said.

That debt can have serious long-term consequences, including wrecking your credit score or forcing you to cut back on other household expenses including essentials like groceries, utilities, and rent. You may even get into a situation where doctors refuse to treat you if you’re not paying your bills on time, leading you to delay needed health care. “Medical debt really can be the gift that keeps on giving,” Pollitz said, referencing the ongoing negative impacts on people’s finances.

Is my verdict best for you?

On the other hand, HDHPs with health savings accounts attached to them can make good financial sense for “one group,” Pollitz said: people who are “wealthy enough to need a tax-preferred savings mechanism” and can afford to pay whatever health costs may arise. “Partners in law firms usually sign up for them, but the associates and secretaries usually would prefer not to,” she added.

Health savings accounts (HSAs) are a great way to grow wealth over time, said Eric Roberge, a certified financial planner and founder of Beyond Your Hammock, a Boston-based fee-only financial planning firm. “You get to contribute pre-tax dollars, and any growth on the money you invest within the HSA is tax-free as well,” he told MarketWatch. “If you withdraw money and use it on qualified medical expenses, that is also tax-free. It’s the only account that provides this triple tax advantage.” After age 65, you can use your HSA money for anything, not just medical expenses, but you will have to pay taxes on the withdrawals.

A high-deductible health plan with an HSA can work well if you are young, and healthy and don’t incur a lot of medical costs. But if you use medical services frequently or have a lot of high-cost prescriptions, for example, this might not be the best option, because the cost of the high-deductible health plan might not be worth the access to the HSA, Roberge noted. “For folks who can manage their healthcare bills without issue while they’re earning an income from their job and don’t usually have a lot of medical costs each year, opting for the HDHP can not only save you on premiums each year, but it also gives you a chance to grow wealth for the long-term in a highly tax-advantaged way via an HSA,” Roberge said.

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U.S. vs. Iran at the World Cup: What time it starts, where to watch


This is the match that will either advance Team USA to the round of 16 in the 2022 World Cup or see America knocked out of the international soccer tournament. 

The United States faces Iran on Tuesday at 2 p.m. Eastern in Doha, Qatar, coming on the heels of the U.S. recording a 1-1 tie against Wales and a scoreless draw against England last week. 

But a tie won’t keep Team USA alive this time; in order to finish in either the first or second spot in Group B and win a place in the knockout bracket, the U.S. must beat Iran

Iran, meanwhile, is coming off of a stunning 2-0 victory over Wales on Friday (after falling to England, 6-2, in its World Cup opener earlier in the week.) The Iranian team could stay in the tournament through a few scenarios: beating Team USA; or tying with Team USA if Wales draws or loses against England. (As for England and Wales, they will be playing at the same time that the U.S. and Iran play). 

But Iran will also be eliminated from the tournament if they lose on Tuesday. So the stakes are high for both teams to score a victory.  

What’s more, tensions flared up between the two teams this week after U.S. Soccer’s official social-media accounts temporarily posted a version of Iran’s national flag without the emblem of the Islamic Republic, which was done in a show of solidarity with protesters in Iran — namely those supporting women’s rights. “We wanted to show our support for the women in Iran with our graphic for 24 hours,” the U.S. Soccer Federation said in a statement. In response, Iran’s government accused America of removing the name of God from its flag, and reportedly called for America to be disqualified from the World Cup over the incident.

Read more: Tehran said to have pushed for U.S. team’s ouster from Qatar World Cup over Iranian flag flap

And: Why is the Qatar World Cup so controversial? Here’s a list of issues overshadowing FIFA’s quadrennial showpiece.

Here’s what else to know about the match: 


MarketWatch illustration of how Team USA and Iran match up heading into their World Cup match.

The U.S. vs. Iran match begins at 2 p.m. Eastern, and can be watched or streamed on Fox in English (via your local Fox channel, fuboTV, FoxSports.com, the Fox Sports app) and Telemundo in Spanish (via fuboTV, Telemundo Deportes En Vivo and Peacock.) 

World Cup 2022: How to watch, who’s favored to win and everything else you need to know 

America has never beat Iran in a men’s soccer match, losing to Iran in 1998 and tying in 2000 — the only two previous times that the teams have squared off. 

More World Cup at MarketWatch:

Qatar World Cup backlash is an important moment for soccer, says ESPN’s Shaka Hislop

‘It’s gonna be big’: Budweiser to host ‘victory celebration’ in World Cup winning nation with surplus Qatar beer

World Cup singer Maluma walks out of live interview over Qatar human rights question



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