Friday 9 June 2023

The Daily Money: Phoenix couple sue HOA for home flooding

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Fri Jun 9 2023

Amritpal Kaur Sandhu-Longoria | Investigative Reporter, Consumer Watchdog

@AmritpalKSL

This is Amritpal Kaur Sandhu-Longoria with your Daily Money headlines for Friday.

Economists are still predicting a recession despite a resilient economy.

Consumer spending is healthy and up slightly after adjusting for inflation, and the public and private sectors added an average of 283,000 jobs a month from March through May. The economy has lost some steam but isn't shrinking. GDP even grew at a 1.3% annual rate in the first quarter and is projected to grow 1% in the current quarter.

So will we experience a recession in 2023? With banks pulling back on lending and the Federal Reserve hiking interest rates, economists predict a recession in the second half of the year, when consumers and businesses begin to feel the effects.

Couple sues HOA after home flooded twice

A Phoenix couple is suing their homeowners association after discovering that a dirt-filled culvert near their home was responsible for flooding their house, and the HOA failed to clean it.

The Argyros family never experienced a flood before August 2021. But then 72,000 gallons of water raged through their fully furnished basement and the main floor. It took three days to pump out. The rain was bad enough to total their cars. A year later, another flood poured through. This time, it totaled the car their son loaned them.

The couple claim nearly everything in their home was affected by the floods, and their lawsuit serves as a cautionary tale about the roles and responsibilities of homeowners associations.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

How to retire early

You've saved and saved during your working years, and now it's time to retire. Among the many decisions you have to make as you enter retirement is where to spend your golden years. While you may want to stay close to your family and friends, you might also want a place with affordable housing, a reasonable cost of living, and a low tax base so your retirement income goes further. Safety and access to health care are also big factors. To help you make the decision, 24/7 Wall St. reviewed the best and worst states for retirement 2022 from financial services company and personal finance website Bankrate. Bankrate analyzed multiple data points and assigned a weight to each category: Affordability (40%), well-being (20%), culture and diversity (15%), weather (15%) and crime (10%. States are ranked worst to best using Bankrate's overall score. For context, we included the 65 and over population and total population for each state, using five-year data from the U.S. Census Bureau's 2020 American Community Survey. Each state has pluses and minuses. The state with the most allure for retirees is, not surprisingly, Florida. The Sunshine State scored highest for its year-round sunshine, diversity, and concentration of other older adults. However, that's tempered somewhat by the state's propensity to be hit by hurricanes. Housing prices in the state, as Bankrate notes, have risen, but that cost is offset a bit by lower taxes. No. 2 Georgia boasts similar advantages for retirees. ( Are these states indeed where retirees are moving ?) A bit of surprise is how well several Midwest states did in the comparison. No. 3, Michigan, ranked first in affordability and scored high marks in low taxes and cost of living as well as health care. Affordability pushed Ohio to fourth place. Also affordable is No. 5 Missouri, where you can enjoy a moderate climate. However, The Show Me State received a low score for crime. The worst place to retire? According to Bankrate, Alaska received low grades for affordability and, of course, its cold weather. But if you move to Alaska, you'll pay the nation's lowest taxes. ( Before you retire, consider these eight things about your 401(k) .)

Many Americans retire early though you need to wait until age 62 to receive Social Security retirement benefits. Here's how to save for an early exit.

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