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Suze Orman says the biggest retirement asset hides a trap
A retiree may appear financially ready to stop working, but much of their wealth could be tied up in assets that are harder to access than cash or investments in a brokerage account.
Suze Orman, host of the “Women & Money” podcast, warned in a 2023 episode that including all home equity in net worth can make a household’s financial position look stronger than it really is.
Although a primary residence counts as an asset, accessing its equity typically requires selling the property, borrowing against it, or taking out a reverse mortgage.
Retirees who base spending decisions on total net worth rather than accessible resources risk withdrawing too much or retiring before their finances can support it.
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Suze Orman’s net worth warning targets a flaw most retirees overlook
Many retirement planning tools total assets without clearly distinguishing between funds retirees can readily withdraw and equity tied up in a primary residence.
Orman warned that this single-number approach can create a false sense of financial security, 24/7 Wall St noted, particularly as rising property values inflate net worth without generating spendable income.
Nadia Evangelou, director of real estate research at the National Association of Realtors (NAR), shared that homeowners in their 60s have typically accumulated roughly $200,000 or more in housing wealth from appreciation alone, five times the median retirement savings.
<strong>While retirement assets are more concentrated among higher-income households, for many middle-class homeowners, their home is their single largest asset as they transition into retirement</strong>.
For retirees whose wealth is concentrated in their homes, that distinction can be decisive: Their reported net worth may look substantial, even when their accessible financial cushion is limited.
Home equity and retirement accounts dominate the typical family balance sheet
The median family with a working head between ages 25 and 64 holds 78.2% of its total wealth in just two categories, individual retirement accounts and home equity, according to the Employee Benefit Research Institute (EBRI).
That ratio rises sharply with age, climbing from 55% for families with heads of household aged 25 to 34 to 87.4% for those aged 55 to 64.
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Geoffrey Sanzenbacher, research fellow at the Center for Retirement Research (CRR), calculated that Americans aged 65 and older hold approximately $12 trillion in home equity that remains unspent and locked inside primary residences.
Sanzenbacher’s research showed that housing wealth accounts for the majority of total wealth in the second and third quintiles of the wealth distribution among older households.
Only the top 20% hold enough financial assets that home equity represents a small fraction of their overall resources.
Home equity and retirement accounts make up 78.2% of typical family wealth, leaving older households heavily reliant on housing for financial security.whyframestudio / Getty Images
Turning home equity into spending money costs more than retirees expect
Accessing home equity can involve transaction costs, borrowing expenses, relocation, or restrictions on how much cash a homeowner can obtain. The trade-offs depend on whether the retiree sells, downsizes, or borrows against the property.
Selling captures equity but may involve agent commissions, closing costs, moving expenses, and the emotional difficulty of leaving a longtime home.
Sanzenbacher has also highlighted the sentimental attachment that can discourage older homeowners from downsizing, even when doing so could improve their financial flexibility.
Reverse mortgages offer another route, letting eligible homeowners borrow against their equity without required monthly payments. However, interest and fees can increase the outstanding balance over time, reducing the equity remaining for the borrower or their heirs.
A 2017 Journal of Finance study, “Reverse Mortgage Loans: A Quantitative Analysis,” found that only 1.9% of eligible homeowners held reverse mortgage loans in 2013.
The timeline for converting home equity imposes a cost no liquid asset has, because selling a home requires months of listing, negotiation, and closing.
Housing market conditions can shift during that window, potentially reducing the price a seller receives before the transaction completes.
A retiree needing emergency cash cannot speed a closing or draw partial equity the way a brokerage withdrawal permits. Orman drew a harder line on her podcast, noting that stocks remain liquid even in a crisis, while a single event can destroy a home’s value.
How to pressure-test your retirement plan
Orman advised retirees to calculate two net worth figures, one with the house and one without, and build their withdrawal plan around the lower figure, treating any future proceeds from downsizing or a reverse mortgage as supplemental.
A plan calibrated to the smaller number holds up whether property values climb, stall, or drop during the opening years of retirement.
Vanguard’s 2025 Retirement Outlook found that workers who save through a defined contribution plan are nearly twice as likely to be retirement-ready as those without one, making accessible accounts the first line of defense once paychecks stop.
Timing matters, too. A 2026 brief from the Center for Retirement Research found that sellers in their 80s receive roughly 5% less than sellers in their 40s for comparable properties.
If retirees plan to downsize, they should consider how delaying a sale could affect the proceeds available to fund later expenses.
Vanguard’s Principles for Retirement Income recommends maintaining a contingency fund and spending reserve to reduce the risk of having to sell investments during a market downturn.
Ultimately, a retirement plan should remain viable without relying on rising home values, a future home sale, or a reverse mortgage to cover essential expenses.
By stress-testing withdrawals against lower asset values, preparing for unexpected costs, and keeping accessible reserves, retirees can reduce their dependence on uncertain sources of equity and build a more resilient income strategy.
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Elon Musk once backed Buffett’s 5-minute fix for national debt: ‘This is the way’
Congress has a job security problem, at least according to Warren Buffett.
The legendary investor once suggested a rule that could make every lawmaker think twice before letting the federal deficit run wild. Tesla and SpaceX CEO Elon Musk liked the idea.
But after getting a taste of Washington himself, Musk now has a very different answer to America’s debt crisis.
Buffett’s threat to Congress over national debt
“I can end the deficit in five minutes,” Berkshire Hathaway’s Warren Buffett said on CNBC’s “Squawk Box” in July 2011.
His plan was to make every sitting member of Congress ineligible for reelection whenever the federal deficit exceeded 3% of gross domestic product.
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Forget another budget showdown or a stern warning about America’s credit rating. Buffett wanted lawmakers to have some skin in the game. If they couldn’t keep the deficit below the limit, they couldn’t run again.
The proposal was more pointed argument than serious legislative blueprint. Still, the idea had a way of resurfacing whenever Washington’s spending habits made headlines.
Musk backed Buffett’s federal deficit solution
In June 2025, Sen. Mike Lee (R-Utah) shared Buffett’s proposal on X and asked Musk whether he supported it. Musk replied, “100%. This is the way.”
Lee had been discussing a constitutional amendment that would disqualify lawmakers if inflation or the deficit crossed a specified threshold. Musk’s response put his public support behind a proposal that would make fiscal discipline a matter of political survival.
There’s just one problem. The deficit has already well exceeded Buffett’s proposed limit.
Elon Musk and Warren Buffett have very different approaches when it comes to making money, but they both agree on how to solve the national debt.Kevin Dietsch / Getty Images
Washington’s debt keeps growing
The federal deficit reached roughly $2 trillion in fiscal 2026, or about 6.2% of GDP. Gross federal debt climbed to around $40.5 trillion in October, according to the U.S. Treasury.
By Buffett’s proposed rule, Congress would be in trouble. But turning the idea into law would face major legal and political hurdles, and removing lawmakers wouldn’t automatically resolve the budget choices behind the deficit.
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Musk now says robots may be the answer
Musk’s view has shifted after his stint leading the Department of Government Efficiency, the federal cost-cutting initiative known as DOGE.
In an October 2026 podcast interview with biographer Walter Isaacson, Musk said he concluded that the government couldn’t solve the deficit through spending cuts alone.
“The only way we’re going to solve the national debt is with AI and robots,” Musk told Isaacson.
Musk argued that artificial intelligence and robotics could drive enough economic growth to change the country’s financial outlook. It’s a striking shift from the idea that politicians simply need stronger incentives to control spending.
Buffett’s proposal would put lawmakers’ jobs on the line. Musk’s latest argument puts his faith in technology.
Neither guarantees a solution. For now, the deficit keeps growing, and Washington still has to decide how to pay its bills.
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Considering a Reverse Mortgage? Here’s What You Can Expect to Pay
Reverse mortgages can be a versatile tool in many retirees’ arsenal, helping to bridge the gap when Social Security and savings aren’t quite enough on their own. A chief benefit of reverse mortgages is that you can avoid the monthly mortgage payments required with other home equity financing options.
That doesn’t mean reverse mortgages are without costs, however. You’ll need to pay some upfront fees, as well as ongoing expenses throughout the life of your loan. But so long as you meet the loan obligations (more on those below), you don’t have to pay back the reverse mortgage balance until you (or your co-borrower) permanently leave the home.
Although full repayment may be a way off, it’s critical to have a clear understanding of all the costs associated with a reverse mortgage so you can accurately weigh how it will affect your overall financial plan. Here’s what you can expect to pay from the application process through the life of the loan.
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Fees to pay before you open your reverse mortgage
Taking out a reverse mortgage requires some due diligence on your and your lender’s part, similar to taking out a traditional mortgage to buy a home. But because a reverse mortgage works differently, there are a few extra costs to consider, too.
Reverse mortgage counseling
Cost: Typically between $125 and $200, depending on the counseling agency
Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage, follow strict guidelines set by the Federal Housing Administration (FHA) to protect lenders and borrowers.
You’ll notice this aspect from the very start, because you’ll need to complete a reverse mortgage counseling session as part of the HECM application process. (The Department of Housing and Urban Development (HUD) has a list of approved counseling agencies.) In the session, you (and any co-borrowers and/or family members who’d like to join) meet privately with a trained counselor who’ll explain exactly how a reverse mortgage works. They can answer questions you have, and even provide some unbiased input on your specific situation.
Although you’ll need to pay this fee on your own at the beginning of the process, don’t stress about it too much. Only nonprofit agencies are approved by HUD to provide counseling, and many receive grant funding to offer free counseling to those with limited financial means..
Reverse mortgage closing costs
Cost: Varies depending on home value but often between 2% and 5% of the loan amount.
A reverse mortgage comes with many closing costs, similar to those tied to other home lending products, like mortgages and home equity loans. With a reverse mortgage, you can choose to pay these charges upfront or have them added into your loan balance. But keep in mind that if you finance the closing costs into your loan, it’ll eat into your approved loan limit and you’ll have less access to money you can borrow later. It can also cause your loan balance to increase faster.
The exact closing costs for a reverse mortgage can vary depending on where you live, the requirements for your loan and the value of your home. Some fees are required as part of the HECM program, like the mortgage insurance, whereas others can be waived by the lender. In general, here’s what you can expect to pay, according to the Consumer Financial Protection Bureau:
Origination fee: Up to $6,000 for HECM loans.
Upfront Mortgage Insurance Premium (MIP): 2% of your principal limit (i.e., the max you can borrow)
Home appraisal: Varies by location but often between $450 and $600 (note that this usually is not rolled into the loan)
Credit report: $50
Flood certification: $20
Document fee: $150
Recording fee: $500
Courier fee: $50
Title insurance: $1,000
Pest inspection: $100
Survey fee: $250
Fees to pay after you take out your reverse mortgage
After you’ve secured a reverse mortgage, you’ll need to prepare for some ongoing expenses, as well.
As with closing costs, you can generally roll these expenses into the loan itself, although this will cause your balance to grow faster, leaving less money available later on. Some expenses aren’t related to your mortgage directly, but they are out-of-pocket costs you’ll need to consider in order to uphold the conditions of your reverse mortgage.
Annual Mortgage Insurance Premium (MIP) (only for HECM loans)
Cost: 0.5% of your outstanding loan balance per year
The longer you stay in your home (a good thing, let’s be clear), the more your loan balance will grow. At some point, it’s even possible that your reverse mortgage balance could grow larger than your home is actually worth if interest accrues faster than your home appreciates. If that happens, you (or your heirs) won’t ever need to worry about paying back more than your home’s actual value because reverse mortgages are non-recourse loans.
That’s because your lender is covered by FHA insurance for the difference between your loan balance and your home’s actual value. That’s why you paid a mortgage insurance premium upfront, and continue to pay it, added to your loan balance. The longer you stay in your home, the greater the odds of your lender needing to use that insurance to cover any gaps between your loan balance and your home’s value.
Interest
Cost: 3.5% to 8.0%
Reverse mortgages also charge interest, which is added to your loan balance. This is a lender-imposed charge, and it’s one of the main reasons why it’s a good idea to shop around for reverse mortgage options before applying. If you choose a lender that charges a lower interest rate, your loan balance will grow at a slower rate over time, leaving more left over later on.
The range above is an example based on averages over the past few years. Your personal rate, though, will depend on the rate environment when you take out the loan, as well as factors like your age, loan type, home value and loan disbursement choice.
Servicing fees
Cost: $30 to $35 per month
While you’re comparing interest rates, you should also check whether a lender charges service fees. Some lenders add these to your loan balance each month. These fees help pay for the lender’s cost of doing business, such as mailing out loan statements and processing cash payments to you.
Payment plan changes
Cost: $20 to change payment plans
You can currently choose between three options for receiving your funds when you establish your reverse mortgage: a lump-sum payment, a line of credit or monthly installment payments. (You can also choose a combination of those methods.) Over time, your situation might change, and you might decide that a different payment method works better for you. If that’s the case, lenders may charge you a small fee of up to $20 to institute this change.
For example, let’s say you’ve been receiving a monthly installment payment, but you recently inherited some money and now no longer need it. You could opt at this point to switch to a line of credit instead, so that you retain the ability to borrow again in the future if needed.
Property taxes, insurance and home maintenance
Cost: Variable
Aside from not having to make monthly mortgage payments, one of the biggest benefits of a reverse mortgage is the option to roll most of your fees into the loan, too. For cash-strapped retirees, that’s a major perk.
But there are some expenses you’ll need to pay as a condition of the loan in order to remain in good standing. It’s wise to have a plan for how to pay these in advance, because if you fall behind, your lender can call the loan due or foreclose on your home. Here are the expenses you’ll need to keep up with:
Property taxes
Homeowners insurance
Flood insurance (if required)
Homeowners association fees
Home maintenance (enough to keep your home in “good repair”)
The cost of these vary greatly based on where you live, but the total can add up. As of 2025, these “hidden” costs of homeownership top $15,000 a year, on average, according to Zillow. The biggest share of that is a bevy of maintenance tasks. Even if you can cut back on some more elective maintenance items, like full-time lawncare, insurance premiums and property taxes typically increase over time, and so you’ll want to be sure you’ve considered how you’ll afford these.
Luckily, if you’ve already had a mortgage before, these are mostly expenses that you’re already used to paying. Plus, these costs ensure that your home remains comfortable and safe for you and whoever else comes next.
If you’re concerned about being able to afford the ongoing property costs, you can choose to use a Life Expectancy Set-Aside, or LESA. With a LESA, there’s a pool of funds from your reverse mortgage proceeds set aside to pay for property and insurance changes through the life of the loan. (Note that borrowers who have limited financial resources may be required to use a LESA to qualify for a reverse mortgage.)
Summary of reverse mortgage fees
Reverse mortgage fees do add to the total cost of the loan. But some fees can be negotiated or waived altogether, and most can be paid directly through the loan proceeds, which minimizes the upfront, out-of-pocket costs tied to a reverse mortgage. As with most financial products, your individual price tag will vary based on your lender and your financial situation.
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Dollar General asserts 20-state FTC lawsuit it’s facing is a farce
Just days after Dollar General agreed to a $1.9 million settlement with New York over allegations that it charged shoppers more than advertised, it is facing a much larger legal challenge.
The discount retailer’s pricing troubles don’t appear to be ending anytime soon, as the allegations this time extend nationwide.
The Federal Trade Commission (FTC), joined by 20 states, has sued Dollar General, accusing the retailer of repeatedly overcharging customers at checkout despite knowing about the pricing discrepancies for years.
The lawsuit, filed on October 26, alleges that customers were routinely charged more than the prices displayed on shelves, on product tags, in weekly advertisements, and in digital promotions.
According to the FTC’s original complaint, the company received at least 29,265 complaints involving advertised prices not being honored between January 2023 and March 2026, spanning all 48 states where Dollar General operates.
The latest lawsuit has put renewed scrutiny on the retailer’s low-price promise to millions of Americans who depend on discount stores for everyday essentials.
FTC and 20 states sue Dollar General over widespread pricing problems
The lawsuit was filed in the U.S. District Court for the Middle District of Tennessee and includes the 20 participating states, including California, Florida, Illinois, Michigan, New Jersey, North Carolina, Ohio, and Tennessee, among others.
Federal and state regulators allege that Dollar General generated millions of dollars through repeated overcharges at thousands of stores while failing to implement adequate safeguards to correct the problem.
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The complaint also cites investigations in which FTC employees made undercover purchases at Dollar General stores in Ohio, Missouri, Pennsylvania, and Maryland between January and April 2026.
According to the complaint, every undercover purchase resulted in multiple products ringing up at higher-than-advertised prices.
At a Cleveland, Ohio, store, investigators found eight overcharged items among 58 purchases, along with five items priced below their advertised amounts. The errors resulted in a net overcharge of $3.25.
At another store in Springfield, Missouri, six of 59 products had incorrect prices, resulting in a net overcharge of $4.07.
The findings were not limited to shelf labels.
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The lawsuit also cites customers who complained that advertised discounts, buy-one-get-one-free offers, and digital promotions were not applied correctly at checkout.
In one example, a Pennsylvania shopper complained that a promotion advertising five two-liter soda bottles for $5 was not honored, with the bottles instead ringing up at $2.95 each.
The complaint alleges that inadequate staffing and failures to replace outdated shelf labels contributed to recurring pricing discrepancies.
Dollar General pushes back against FTC allegations
Dollar General has disputed the allegations and said it intends to defend itself in court.
In an October 26 statement, the company maintained that accurate pricing remains a priority. “Our goal is 100% accuracy between shelf and register prices in every store,” Dollar General said.
The retailer said about the suggestions in the lawsuit, “Nothing could be further from the truth.”
The retailer acknowledged that occasional pricing discrepancies can occur but said employees are instructed to correct them when customers raise concerns.
Dollar General also disputed the FTC’s calculation of potential consumer compensation, arguing that the proposed amount was significantly higher than what could reasonably be attributed to pricing errors.
The company said it cooperated with investigators, providing more than 200,000 documents and 350 gigabytes of data.
It also said it had attempted to negotiate a settlement before the FTC filed the lawsuit.
The agency and participating states are seeking a permanent injunction to prevent future violations, as well as monetary relief and civil penalties.
No settlement amount or consumer refund program has been established in the new federal case.
The allegations have not been decided by a court.
Dollar General recently settled another overcharging investigation
The federal lawsuit comes less than two weeks after Dollar General reached a separate agreement with New York Attorney General Letitia James.
I previously reported that an investigation found that Dollar General repeatedly charged New York customers higher prices than advertised.
Investigators reviewed 913 price-accuracy inspections across 287 locations and found that 43% failed to meet the state’s pricing-accuracy requirements.
In a separate undercover investigation, officials were overcharged on approximately 14% of the items purchased.
Dollar General agreed to a $1.875 million settlement, payable through donations of food and personal-care products to nonprofit Foodlink, along with changes to pricing practices and customer receipts.
The agreement does not provide direct refunds to affected shoppers. Dollar General neither admitted nor denied the state’s findings.
New York is not among the 20 states participating in the new federal lawsuit.
According to the latest FTC complaint, Dollar General has entered into seven settlements with six state enforcement agencies over inaccurate pricing since 2019, paying more than $6 million in penalties.
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The company also previously settled a nationwide consumer class-action lawsuit valued at $15 million.
The escalating legal challenges come as Dollar General continues emphasizing its affordability to Americans struggling with everyday expenses.
According to the FTC complaint, households earning $35,000 or less account for approximately 60% of Dollar General’s revenue. The company also offers around 2,000 products priced at $1 or less.
The latest lawsuit could result in additional pricing reforms and financial relief for consumers if regulators prevail, although no compensation is guaranteed.
For now, shoppers may want to compare shelf prices, weekly promotions, and digital coupons against their checkout receipts.
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