Markus Andrews

Qorvo logo of a US semiconductor company is seen displayed on a smartphone and pc screen.
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Company: Qorvo Inc (QRVO)

Business: Qorvo is a global supplier of semiconductor solutions. The company operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG) and Advanced Cellular Group (ACG). The HPA segment is a global supplier of radio frequency (RF), analog mixed signal and power management solutions. The CSG segment is a global supplier of connectivity and sensor solutions. The ACG segment is a global supplier of cellular RF solutions for smartphones, wearables, laptops, tablets and other devices.
Stock Market Value: ~$8.41B ($88.94 per share)

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Qorvo shares over the past 12 months

Activist: Starboard Value

Ownership: 7.71%
Average Cost: $70.92
Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard has initiated activist campaigns at 13 prior semiconductor companies, and the firm’s average return on these situations is 85.87% versus an average of 28.91% for the Russell 2000 during the same time periods.

What’s happening

Behind the scenes

Qorvo is a global semiconductor company that specializes in manufacturing radio frequency (RF) chips for applications across mobile devices, wireless infrastructure, aerospace and defense, and other end markets. The company is organized into three operating and reportable segments: (i) High Performance Analog (HPA) supplying RF, analog mixed signal and power management solutions; (ii) Connectivity and Sensors Group (CSG) supplying connectivity and sensor solutions; and (iii) Advanced Cellular Group (ACG) supplying cellular RF solutions for smartphones and other devices. In 2024, Qorvo generated $3.77 billion of revenue, of which approximately 75% was attributable to ACG. While the company is diversified across multiple industries, it is particularly reliant on RF sales for mobile devices, with 46% and 12% of total revenue attributable to just Apple and Samsung, respectively, in FY24.

Qorvo was formed as a result of a merger of equals in an all-stock transaction between RF Micro Devices (RFMD) and TriQuint Semiconductor (TQNT) that was announced in February 2014 and completed in January 2015. Starboard is quite familiar with Qorvo considering that the firm was a 13D filer on TriQuint in 2013.  On Oct. 29, 2013, Starboard sent a letter to TriQuint outlining the company’s undervaluation, underperformance, and put forward value-enhancing proposals. On Dec. 2, 2013, Starboard nominated a majority slate of six director candidates to the board for the 2014 annual meeting. However, the engagement never went to a proxy fight, as Starboard issued a letter supporting TriQuint’s proposed merger with RFMD in March 2014 and exited its 13D. In under a year of engagement, Starboard made a 113.15% return on their investment versus 23.80% for the Russell 2000.
The merger was pitched to shareholders as an opportunity to create new growth opportunities in mobile devices, network infrastructure, and aerospace and defense, bolstered by the new company’s scale advantages, product portfolio, improved operating model and $150 million in cost synergies. The announcement was met with tremendous excitement, as shares of TriQuint and RFMD rocketed approximately 200% from the day prior to the announcement up to their combination.  However, one-year post-transaction the newly-formed Qorvo was down 27.7%. For functionally a decade, from merger completion to the day prior to Starboard Value disclosing its 7.71% stake, the stock traded flat, up just a mere 4.5%. This is quite staggering underperformance when semiconductors have been the beneficiaries of tremendous secular tailwinds in recent years. Over the same time period, the Philadelphia SE Semiconductor Index is up over 650%.
The opportunity to improve value at Qorvo is simple, operationally focused and something Starboard has done many times at many semiconductor companies: margin improvement. Despite Qorvo’s excellent product portfolio and competitiveness with peers Broadcom and Skyworks Solutions, the company’s gross and operating margins have been inferior. Last fiscal year, Qorvo had a gross margin of 39.5% and an operating margin of 8.3%, whereas its peer Skyworks boasted margins of 44.2% and 24.9% respectively. Despite having roughly similar levels of revenue ($4.7 billion for Skyworks and $3.8 billion for Qorvo), Qorvo spends 10.3% of revenue on selling, general and administrative expenses versus 6.6% for Skyworks and 18.1% of revenue in R&D versus 12.7% for Skyworks. Moreover, Qorvo spends an additional $104 million (2.8% of revenue) on “other operating expenses.” This is a blaring signal of a board and management team that need discipline and one of the main reasons Qorvo received such a high vulnerability rating in 13D Monitor’s Company Vulnerability Ratings database.
Every activist has a different style with varying levels of success across industries and strategies, but it is hard to find a more successful combination than Starboard at a semiconductor company with margin improvement opportunities. Starboard has previously commenced activist campaigns at the following 13 semiconductor companies: Actel, Microtune, Zoran, DSP Group, MIPS Technologies, Integrated Device Technology, Tessera, TriQuint Semiconductor, Micrel, Integrated Silicon Solution, Marvell, Mellanox Technologies and On Semiconductor. In all of these campaigns, Starboard has had a positive return on its investment and its average return on the 13 is 85.87% versus an average of 28.91% for the Russell 2000 during the same time periods. Starboard’s modus operandi in these situations has been take board seats if necessary, institute a philosophy of discipline that leads to more efficient SG&A and targeted R&D and helps improve operating margins. Additionally, at companies like On Semiconductor that were operating at low utilization levels, Starboard helped size capacity for more realistic manufacturing levels by consolidating fabs and using outside foundries for flexibility. The same opportunity exists here, which could lead to additional margin improvement.
We have no doubt that Starboard will want board seats, and we believe this should be a quick settlement for several reasons. First, Starboard’s experience and track record with semiconductor companies described above is unimpeachable. Second, it is indefensible to be a semiconductor company in 2025 that has deprived its shareholders of any real return over the past ten years. Third, Starboard already has relationships with three of Qorvo’s eight directors including its chairman, all of whom were directors of TriQuint when Starboard engaged there: Walden C. Rhines (chairman), David H. Y. Ho and Roderick D. Nelson. Fourth, of the company’s eight directors, five have sat on the board for the 10 years since the TriQuint /RFMD merger, and one (David H. Y. Ho) has informed the company of his intention to retire and not stand for reelection at the company’s next annual meeting. Once on the board, Starboard’s representatives and the remainder of the board will have the opportunity to evaluate whether this is the right management team to turnaround Qorvo’s recent performance. If they decide that new management is needed, it is important to note that there has been a tremendous amount of consolidation in the semiconductor industry in recent years, which has resulted in many senior and talented operators on the sidelines.
Qorvo’s director nomination window does not open until March 16, 2025, and we would be very surprised if a settlement is not reached before then.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. More

For roughly the past five years, federal student loan borrowers who fell behind on their bills didn’t need to worry about the usual consequences, including the garnishment of their wages and retirement benefits.
That will soon change.
Here’s what borrowers struggling to pay their bills need to know.

Jose Luis Pelaez | Getty Images

For roughly the past five years, federal student loan borrowers who fell behind on their bills didn’t need to worry about the usual consequences, including the garnishment of their wages and retirement benefits.
That will soon change.

In a U.S. Department of Education memo obtained by CNBC, dated Jan. 13, a top Biden administration official laid out for the first time details of when collection activity may resume. In some cases, borrowers could feel the pain as early as this summer.
By late 2024, the number of federal student loan borrowers in default was roughly 5.5 million, the department’s memo said.
Here’s what borrowers struggling to pay their bills need to know about the risks ahead.

Different garnishments to resume at different times

Federal student loan borrowers who’ve defaulted on their loans may see their wages garnished starting in October of this year, according to the Education Department memo. Social Security benefit offsets could resume as early as August.
It may be up to the new administration under President Donald Trump to decide how to handle the resumption of collections, experts said. However, the department under President Joe Biden took some steps to help defaulted borrowers.

Later this year, for the first time, borrowers in default should be able to enroll in the Income-Based Repayment plan “and have a pathway to forgiveness,” the memo says.
Currently, federal student loan borrowers need to exit default before they can access any of the income-driven repayment plans, including the IBR. These plans aim to set borrowers’ monthly bills at a number they can afford, and many end up with a $0 monthly payment.
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Meanwhile, the Biden administration also moved to protect a higher amount of people’s Social Security benefits from the department’s collection powers. When the consequences of defaults resume, those with a monthly Social Security benefit under $1,883 should be able to protect those benefits from offset, compared with the current protected amount of $750 in place today.
“Available data suggest that these actions will effectively halt Social Security offsets for more than half of affected borrowers and reduce the offset amount for many others,” the memo said.
The White House and the U.S. Department of Education did not respond to a request for comment on how the Trump administration plans to handle those measures.

What borrowers can do

Borrowers who are already in default should contact their loan servicer “right away” to talk about resolving the issue, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.
Someone can get out of default on their student loans through rehabilitating or consolidating their debt, Mayotte said.
Rehabilitating involves making “nine voluntary, reasonable and affordable monthly payments,” according to the U.S. Department of Education. Those nine payments can be made over “a period of 10 consecutive months,” it said.

Consolidation, meanwhile, may be available to those who “make three consecutive, voluntary, on-time, full monthly payments.” At that point, they can essentially repackage their debt into a new loan.
If you don’t know who your loan servicer is, you can find out at Studentaid.gov.
Those who aren’t already in default should contact their loan servicer to avoid that outcome, Mayotte said. You may be able to lower your monthly payments on an income-driven repayment plan or pause your payments through a deferment or forbearance. More

About 61% of surveyed adults of ages 18 to 35 are financially stressed, according to a new Intuit survey. 
Unexpected costs or emergencies can contribute to that stress, the report found.
“For emergencies, it’s really having that cash reserve in place. That is the financial plan,” said certified financial planner Clifford Cornell, an associate financial advisor at Bone Fide Wealth in New York City.

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Many young adults have financial stress, and experts say there’s a simple safety net that could help.
About 61% of surveyed Americans of ages 18 to 35 are financially stressed, according to a new Intuit survey. About 21% of respondents say their stress has gotten worse over the past year.

Some of the biggest stressors included high cost of living, job instability and growing housing costs. Of those who identified as financially stressed, 32% said handling unexpected emergencies like medical bills, car repairs and home maintenance trigger their anxiety with cash, the report found.
The site polled 2,000 adults of ages 18 to 35 in December.

Young adults lack a plan for money emergencies

Some of the stress can come from not having a plan — about 32% of all survey respondents admit they lack a clear strategy for managing money setbacks, Intuit found.
Almost half, or 45%, of the group say handling unexpected expenses was a challenge, and 29% have difficulty saving money.
A new report by Bankrate reflects a similar picture. The report found that older generations are more likely to say they could pay for an unexpected $1,000 emergency expense from their savings.

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About 59% of baby boomers, or those of ages 61 to 79, can pay for a $1,000 surprise expense from savings. The cohort is followed by 42% of Gen Xers, or of ages 45 to 60. 
Yet, only 32% of millennials — ages 29 to 44 — and 28% of Gen Z adults — ages 18 to 28 — have the cash readily available, according to the survey, which polled 1,039 respondents ages 18 and older in early December.
“The youngest generations are those who are earliest in their financial journey,” said Mark Hamrick, a senior economic analyst at Bankrate.

‘Setting ourselves up for failure’ without savings

Financial emergencies can catch us by surprise, from needing a locksmith because you lost your keys to unexpectedly losing your job. The best thing you can do to prepare is have savings set aside and carefully using lines of credit, experts say.
“For emergencies, it’s really having that cash reserve in place. That is the financial plan,” said certified financial planner Clifford Cornell, an associate financial advisor at Bone Fide Wealth in New York City.

Having an emergency savings fund is like having a bulletproof vest, Hamrick explained.
“They won’t save you in all outcomes, but it’s a good start,” he said.
Many Gen Zers need to gear up. About 80% of the cohort are more likely than other generations to worry about not having enough money to cover living expenses if they lost their primary job, per Bankrate data.
That’s compared to 72% of millennials, 72% of Gen Xers and 58% of baby boomers.
“We’re really setting ourselves up for failure if we don’t have sufficient emergency savings,” Hamrick said.

How to start an emergency fund

Whether you can put away $10, $50 or $150 a month, the important part is to start building the habit of saving as soon as you can, Cornell said.
If you’re in the position where you haven’t put any thought to saving for unexpected costs, here’s where to start, according to experts: 
1. Open a high-yield savings account
You want your emergency savings to sit in a highly-liquid account, or somewhere you can withdraw savings quickly and without penalties, experts say. To give your funds an extra boost, experts recommend a high-yield savings account.
While interest rates have come down from peak highs, the best high-yield savings accounts offer on average 4.31% annual percentage yields, or APYs, per Bankrate data.
To compare, traditional savings accounts offer a 0.51% APY on average nationwide, per DepositAccounts.

We’re really setting ourselves up for failure if we don’t have sufficient emergency savings.

Mark Hamrick
senior economic analyst at Bankrate

For every $1,000 you add into a HYSA, you can earn about $40 a year in interest at those rates. While $40 doesn’t sound like a lot at first blush, it’s significantly higher than what you’d earn in a traditional savings account, Cornell said. 
There are many HYSAs available. As you consider your options, you want to double-check the one you pick is FDIC-insured, which protects your deposits at insured banks and savings associations if the company fails.
2. Calculate how much you can save every month
Figuring out how much cash you can save will depend on how much money you earn versus spend in a given month, Cornell said. 
Some rules of thumb can be good starting points. For instance, the 50-30-20 rule is a budget framework that allocates 50% of your income toward essentials like housing, food and utilities, 30% toward “wants” or discretionary spending and the remaining 20% to savings and investments.

Yet, it’s not easy to follow, especially for a young person starting out their career — saving 20% of their income can be a tall order, Cornell said.
It’s fine to start off with less, and look for opportunities in your budget to save more. For example, saving part of an annual raise or tax refund.
3. Set a goal
First aim for three months’ worth of expenses as a goal, Cornell said. Once you meet that goal, consider the next: advisors often recommend you ultimately have three to six months, but some people may benefit from even more. In some cases, it’s a year or more.
Imagine having enough cash that can sustain you during a long stretch of unemployment: “It’s kind of like a pillow or a safety blanket,” he said. 
The more variable your income — say, if you depend on commissions or bonuses, or your income fluctuates every month — the more savings you’ll need to hold you over in case something comes up, Cornell said. 
Keep in mind that coming up with enough savings to tide you over for three months can take a long time. While saving so much can be daunting, experts say even having a small buffer of a few hundred dollars can help.
For instance, the Federal Reserve measures how many adults are able to cover a $400 emergency cost, a much lower benchmark.
Even a small level of savings may be enough to cover minor emergencies, or help offset how much you need to borrow. More

The Federal Reserve is likely to hold interest rates steady on Jan. 29 at the end of its two-day meeting.
In his first week in office, President Donald Trump said he’ll “demand that interest rates drop immediately.”
High interest rates have affected all sorts of consumer borrowing costs, from auto loans to credit cards. 

The Federal Reserve is expected to hold interest rates steady at the end of its two-day meeting next week, despite President Donald Trump’s comments Thursday that he’ll “demand that interest rates drop immediately.”
So far, the central bank has moved slowly to recalibrate policy after hiking its key benchmark 5.25 percentage points between 2022 and 2023 in an effort to fight inflation, which is still running above the Fed’s 2% mandate. On the campaign trail, Trump said inflation and high interest rates are “destroying our country.”

But for consumers struggling under the weight of high prices and high borrowing costs, there is little relief in sight, for now.
“Anyone hoping for the Fed to ride in as the cavalry and rescue you from high interest rates anytime soon is going to be really disappointed,” said Matt Schulz, LendingTree’s chief credit analyst. 
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The Federal funds rate, which the U.S. central bank sets, is the rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves still affect the borrowing and savings rates consumers see every day.
Once the Fed funds rate eventually comes down, consumers may see their borrowing costs decrease across various loans such as mortgages, car loans and credit cards, making it cheaper to borrow money. 

Here’s a breakdown of how it works:

Credit cards

Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. But even though the central bank cut its benchmark interest rate by a full percentage point last year, credit card costs remained elevated.
Card issuers are often slower to respond to Fed rate decreases than to increases, said Greg McBride, Bankrate’s chief financial analyst.
Currently, the average credit card rate is more than 20%, according to Bankrate — near an all-time high.
In the meantime, delinquencies are higher and the share of credit card holders making only minimum payments on their bills recently jumped to a 12-year high, according to a Philadelphia Federal Reserve report.
“That means it is maybe more important than ever to get that high-interest debt under control,” Schulz said.

Mortgage rates

Mortgage rates have risen in recent months, even as the Fed cut rates.
Because 15- and 30-year mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are not falling in step with Fed policy. Since most people have fixed-rate mortgages, their rate won’t change unless they refinance or sell their current home and buy another property. 
“Most mortgage debt is fixed, so existing homeowners are not impacted,” Bankrate’s McBride said. “It just adds to the affordability woes for would-be homebuyers and is keeping home sales on ice.”
The average rate for a 30-year, fixed-rate mortgage is now 7.06%, according to Bankrate.

Auto loans

Auto loan rates are fixed. But these debts are one of the fastest-growing sources of consumer credit outside of mortgage lending. Payments have been getting bigger because car prices are rising, driving outstanding auto loan balances to more than $1.64 trillion.
The average rate on a five-year new car loan is now around 7.47%, according to Bankrate.
“With the Fed signaling that any rate cuts in 2025 will be gradual, affordability challenges are likely to persist for most new vehicle buyers,” said Joseph Yoon, Edmunds’ consumer insights analyst.
“Although further rate cuts in 2025 could provide some relief, the continued upward trend in new vehicle pricing makes it difficult to anticipate significant improvements in affordability for consumers in the new year,” Yoon said. 

Student loans

Federal student loan rates are also fixed, so most borrowers aren’t immediately affected by any Fed moves.
However, undergraduate students who took out direct federal student loans for the 2024-25 academic year are paying 6.53%, up from 5.50% in 2023-24. Interest rates for the upcoming school year will be based in part on the May auction of the 10-year Treasury note.
Private student loans tend to have a variable rate tied to the prime, Treasury bill or another rate index, which means those borrowers are typically paying more in interest. How much more, however, varies with the benchmark.

Savings rates

While the central bank has no direct influence on deposit rates, the yields tend to be correlated to changes in the target federal funds rate.
As a result of the Fed’s string of rate hikes in recent years, top-yielding online savings accounts have offered the best returns in more than a decade and still pay nearly 5%, according to McBride.
“The good thing about the Fed being on the sidelines is that savers are going to be able to enjoy these inflation-beating yields for some time to come,” McBride said.
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CNBC interviewed career experts about their opinions on the “open to work” feature on LinkedIn, and if it helps or hurts job seekers.
Globally, more than 220 million people currently have “open to work” turned on, either privately or publicly, according to LinkedIn.
That’s a 35% increase from last year, the company said, which also reveals trouble in the job market.

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By now, you’ve probably seen the green badges splashed all over LinkedIn, advertising that person is #opentowork.
Whether unemployed and actively seeking a new position, or quiet quitting in their current role, more people are choosing to make their job-seeking status known on the career site.

Globally, more than 220 million people currently have turned on the “open to work” feature, either privately or publicly, according to LinkedIn. That’s a 35% increase from around the same time last year, the company said, which showcases the challenging job market.

Linkedin Open To Work badge
Source: Linkedin

LinkedIn rolled out its “open to work” option in 2020. People can decide if they want to more discreetly signal their status to recruiters only, or to everyone with a public green badge on their profile.
But is it always a smart move? Some recruiters are torn.
“There’s been such a massive debate on LinkedIn about the ‘open to work’ badge, with a mix of employers and recruiters firmly entrenched on both sides,” said Tatiana Becker, founder of NIAH Recruiting.

‘Avoid the green banner’

Debra Boggs, founder and CEO of D&S Executive Career Management, has concerns about the green “open to work” badge or banner for those who make their job seeking status available to all.

“You are bringing the focus to your employment status and away from your unique value in the market and qualifications for the role,” Boggs said.
Meanwhile, Boggs said, “many recruiters and hiring managers feel that it makes a job seeker look desperate, which is not an attractive quality when looking for a stand-out leader to run a function or a business.”

For entry-level and mid-level job seekers, she suggest they use the “open to work” option that only recruiters can see.
“That way, when recruiters are looking for qualified candidates, you are still signaling to them that you are actively searching, but it’s not considered a red flag,” Boggs said.
But for everyone, she said: “Avoid the green banner” that all can see.

Old-fashioned to see the green badge ‘as a red flag’

Yet Becker sees no shame in signaling your job status to the world. “I say: Put the badge on,” she said.
In the past, being a job hopper was “looked down upon,” Becker said. But that changed when millions of people lost their employment during the Covid pandemic through no fault of their own, and later, with the waves of layoffs that followed the over-hiring boom, she said.
“It’s old fashioned and biased to see the ‘open to work’ badge as a red flag,” Becker said.
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Plus, Becker said, why turn down the help? The badge lets companies and recruiters more easily identify who is looking for a job, she said.
Indeed, using the “open to work feature” doubles someone’s chances of getting a recruiter to message them, according to LinkedIn. Those who flash the green badge under the public option can up that likelihood by 40%, the company said.
“I think there are far more desperate practices on LinkedIn,” said Tiffany Dyba, a recruitment consultant.
So where does all this leave you?
“Do what you feel is best for you,” Dyba said. “It sounds trite, but I really don’t think there is a right or wrong to the ‘open to work.'” More

Scammers will make up listings that aren’t available for rent or simply do not exist in order to fraudulently take your money, according to the Federal Trade Commission.
If you plan to rent a new place this year, here are some red flags to watch for, experts say.

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It’s exciting to find a new place to rent in your neighborhood or in a new city. That is, of course, unless you get duped.
In so-called rental listing scams, scammers will make up listings that aren’t available for rent or simply do not exist in order to fraudulently take your money, according to the Federal Trade Commission. Scammers will often ask for payments like an application fee, a security deposit, the first month’s rent or a mix of such charges.

“Once the payment is sent, the [so-called] landlord or listing person … disappears,” said John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League, a consumer advocacy group.

Potential tenants lose cash to rental scams

It’s not uncommon for individuals to fall victim to fraudulent rental listings, experts say.
About 9,521 real estate fraud complaints were filed in 2023, resulting in more than $145 million in losses, according to the latest Internet Crime Report by the Federal Bureau of Investigation. Those figures are down from 11,727 victims and more than $396 million in losses in 2022. 
The agency defined real estate fraud as a loss of funds from a real estate investment or fraud involving a rental or timeshare property.
While it’s convenient to look for a new rental online, experts urge future renters to be cautious, as you may lose hundreds to thousands of dollars if not careful.

For example: Let’s say you fall for a scam that asked for a security deposit — which is often the equivalent to a month’s rent — the first month’s rent upfront, or both. Nationwide, the median monthly rent was $1,373 in December, according to Apartment List.
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A separate report by Rently, a leasing automation platform, found that 62% of respondents who experienced a rental scam lost more than $500, with 48% losing more than $1,000. A smaller share, 8%, were duped out of more than $5,000, according to the report.
The survey polled 500 U.S. adults in November who have rented an apartment, condo or house over the past five years and have either experienced or are aware of rental scams and fraud.
If you need a new place to rent this year, here are some things to watch for to determine if a rental listing is a scam and what to do, according to experts.

4 red flags to watch out for

While it’s a common tactic for different kinds of scams, rental listing scammers will try and create a sense of urgency to get you to pay the money immediately, Breyault said.
To work around this issue, experts urge renters to carve out ample time for their search. Doing so can help reduce that sense of urgency.
Rental scams can also fester in housing markets with high competition and low supply, or after natural disasters take place.
“Fraud tends to follow the news and tends to follow natural disasters in many ways,” Breyault said. “Particularly if there is suddenly an increase in the number of people who are in need of housing.”
1. Unsolicited messages about a rental
Personal information like cell phone numbers and emails are readily available on the dark web given the amount of data breaches in recent years, said Tracy Kitten Goldberg, director of fraud and cybersecurity at Javelin Strategy and Research.
If you receive an unsolicited message about an apartment that is available for rent, for example, “that would be a red flag,” she said.
“Especially if you have not contacted anyone,” whether you get a text or an cold call, she added.

Experts say if you’re contacted via text message or a phone call for a rental listing, look at the phone number’s area code. If it’s outside your area, be careful.
If you get an email, take a look at the sender’s address. Does the address contain multiple characters like a mix of letters, numbers and varied punctuation marks or symbols? Or is it coming from a personal account like a Gmail or Yahoo, but poses as a company email? If the answer to either is “yes,” delete it right away, Kitten Goldberg said.
2. Unusual forms of payment required
If the so-called landlord or listing agent requests you to pay an application fee or the first month’s rent through a wire transfer, a gift card or through cryptocurrency, that is “a huge red flag,” Breyault said.
Also be wary if they request a payment through payment apps like Apple Pay, CashApp, PayPal and Zelle, per the Federal Trade Commission.
“What all of those payment methods have in common is that the money goes from you to the recipient nearly instantaneously,” Breyault said. The transactions are often irreversible, even if you determine that it was a fraudulent payment.
Federal laws regarding compensation under fraudulent losses often don’t apply to such transactions, he said. Therefore, if you’re met with these payment options from the so-called listing agent or landlord, stop the application process in its tracks.
3. Refusing to meet or show the property in person
“You should always meet these people face-to-face before you fill out any kind of paperwork,” Kitten Goldberg said, as well as tour the property.
If a landlord or listing agent makes up excuses about why they can’t meet you in person or why you can’t see the rental property in person, that alone should be a red flag, Breyault said.

If you’re out of town or moving to a new city and do not have the ability to vet the apartment yourself, request a virtual tour of the space, experts say. If possible, ask a friend or relative to visit the property for you. 
“That’s really the litmus test to find out if an apartment is for real or not,” Breyault said.
4. Unusually low asking price
If a rental listing is “priced unusually low” compared to similar properties in an area, be careful, Breyault said.
“The reason scammers put listings like that up is because they know that it will attract a lot of eyeballs and potential victims,” he said.
Make sure to compare the listing price to others in your city or area of interest, and be wary of offer that may be too good to be true, Breyault said.
“Do bargains exist? Absolutely, but so do a lot of scams,” Breyault said. More

Starting in 2025, certain heirs with inherited individual retirement accounts must take required withdrawals every year or face an IRS penalty.
The rule covers most non-spouse beneficiaries if the original IRA owner reached the required minimum distribution, or RMD, age before death.
But some heirs may consider withdrawal timing to avoid the “10-year tax squeeze,” according to certified financial planner Edward Jastrem at Heritage Financial Services.

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Inheriting an individual retirement account is a windfall for many investors.
However, a lesser-known change for 2025 could trigger a costly surprise penalty, financial experts say.

Starting in 2025, certain heirs with inherited IRAs must take yearly required withdrawals while emptying accounts over 10 years, known as the “10-year rule.”   
“The big change [for 2025] is the IRS is enforcing penalties for missed required distributions,” said certified financial planner Judson Meinhart, director of financial planning at Modera Wealth Management in Winston-Salem, North Carolina.
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There’s a 25% penalty for missing a required minimum distribution, or RMD, from an inherited IRA. But it’s possible to reduce the fee if your RMD is “timely corrected” within two years, according to the IRS.  
Here are the key things to know about the inherited IRA change. 

Which heirs could face a penalty

Before the Secure Act of 2019, heirs could withdraw funds from inherited IRAs over their lifetime, which helped reduce yearly income taxes.
Since 2020, certain inherited accounts have been subject to the “10-year rule,” meaning heirs must deplete inherited IRAs by the 10th year after the original account owner’s death.  
After years of waived penalties for missed RMDs from inherited IRAs, the IRS in July finalized guidance. Starting in 2025, certain beneficiaries must take yearly withdrawals during the 10-year window or they’ll face a penalty for missed RMDs.

The rule applies to heirs who are not a spouse, minor child, disabled, chronically ill or certain trusts — and the yearly withdrawals apply if the original IRA owner had reached their RMD age before death.
One group who could be impacted are adult children who inherited IRAs from their parents, according to CFP Edward Jastrem, chief planning officer at Heritage Financial Services in Westwood, Massachusetts.
But the rules have become a “spiderweb mess of decision-making,” he said.

Avoid the ’10-year tax squeeze’

For 2025, there’s a enforced penalty for missed RMDs. But heirs also need to manage withdrawals to avoid the “10-year tax squeeze,” said Jastrem.
Over the past few years, some heirs have skipped yearly withdrawals from inherited IRAs, which could mean larger required withdrawals before the 10-year window closes, he said.
For example, boosting adjusted gross income can impact things like Medicare Part B and Part D premiums, eligibility for the premium tax credit for Marketplace health insurance and more. 
Of course, timing inherited IRA withdrawals depends on your complete tax situation, including multi-year projections of your adjusted gross income, Meinhart said. More

In 2025, retirement savers have a new opportunity to set aside money through their 401(k) plans and individual retirement accounts.
Here’s what experts say you should consider.

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When it comes to retirement savings, surveys often point to a big magic number you will need to have set aside to live well.
Yet retirement experts say to focus on another number — your personal savings rate — to make sure you achieve your retirement savings goals.

“Early in the year is an ideal time to reassess your retirement contributions and overall savings strategy because you can take advantage of any employer matches, adjust your monthly budget accordingly and stay ahead of potential market shifts,” said Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth, a wealth management firm based in New York City.
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What’s more, increasing your retirement savings now gives your money more time to compound — earning interest on both your contributions and previously earned interest. That can “significantly impact your nest egg over the long term,” said Boneparth, who is also a member of the CNBC FA Council.

Boost your 401(k) deferral rate

If you have a 401(k) plan through your employer, now is a great time to look at your contribution rate, according to Mike Shamrell, vice president of thought leadership at Fidelity.
Most importantly, see how your savings rate corresponds to what your employer offers in terms of a company match, he said.

“It’s the closest thing a lot of people get to free money,” Shamrell said.
Oftentimes, companies have a match formula. If you’re not clear on how much you need to contribute to get the full match, contact your human resources department or 401(k) provider, Shamrell said.

Fidelity recommends saving at least 15% of your pre-tax income annually, including your contributions and money from your employer.
If you’re not quite there — or you want to save even more — even just a 1% increase in your deferral rate can make a big difference to your retirement savings over time, Shamrell said.
“It may not have the significant impact on your take-home pay that you that you may be envisioning,” Shamrell said.

Fund your IRA for 2025 — and 2024

Retirement savers also have a window of opportunity to fund individual retirement accounts for both this year and last year.
To count for 2024, contributions can be made up to April 15. (You must designate the deposit for tax year 2024.) For that year, individuals can contribute $7,000, or $8,000 if they are age 50 and over.
The same contribution limits apply for 2025, though savers have additional time — up to April 15, 2026 — to make those contributions.
Savers may be able to deduct those IRA contributions, depending on their income.

Revisit your investment allocations

In 2024, the average 401(k) balance grew about 11%, thanks to soaring stock markets, according to Shamrell.
Heading into the rest of 2025, now is a great time to revisit your personal asset allocations.
“Make sure your allocation didn’t drift too far into equities and that you don’t have more exposure to equities than you might realize,” Shamrell said.

If you’re worried about picking the wrong investment, you can instead opt for target date, asset allocation or balanced funds, which help decide how your funds are allotted for you, according to Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.
Also be sure to consider to your risk capacity — the amount of risk you can afford — as well as risk tolerance — the amount of risk you’re willing to take, said Cheng, who is also a member of the CNBC FA Council.
Identifying those personal limits ahead of time can help you stay the course during market turbulence, she said. Investors who bail during the market’s worst days may miss the best days, which often closely follow, research finds.
If you’ve had any major recent life events — gotten married, bought a house or had a baby, for example — you may also want to check that your allocations still correspond to your long-term plans, Shamrell said. More