EVEN REVIEW SITES ARE SUBJECT TO LAWSUITS
3Ways to Invest in Yourself After Retirement
Yelp’s Battle Against Extortion Allegations
You’ve spent your entire life being told to save, save, save. Now you’re finally retired, so it’s time to spend some of that money — but you’re scared! This is only natural because it means breaking a lifelong habit of socking away money and refusing to touch it. You’re not alone. A recent study of retirees’ spending habits showed many people actually spend less than they can afford to. They’re scared of the “what ifs” that come with living on a fixed income. However, at age 70 1/2, you have to start taking the required minimum distributions (RMDs) from your traditional IRA and 401(k) whether you want to or not. Instead of stressing over the fact that you’re pulling money out of these accounts, embrace the opportunity to do something for yourself. Travel It can be tempting to hold off spending money as long as possible. After all, who knows how long you need your savings to last? Travel, however, is one thing you can indulge in early without feeling guilty. Even the most leisurely trips can be physically demanding, so it’s better to see the world at 70 rather than wait until you’re 90. To keep yourself on track financially, divide your retirement to set up a separate savings account just for travel. Invest in Your Home Once you no longer have to work five days a week, you’ll be in your home more often, so why not make it amazing? An in-ground pool or a private tennis court might be outside your budget, but new kitchen countertops or a deeper tub will add a touch of luxury to the space you spend the most time in. Upgrading your home is almost always a good investment because it adds equity, which will pay off down the road. That extra cash will come in handy if you decide to sell later on in order to downsize or you plan to enter assisted living. Don’t forget to set aside money for ongoing maintenance, such as a new water heater or roof repairs. Go Back to College It might sound counterintuitive to go to college when you’re not planning to go back to work, but continuing your education after retirement offers many benefits. Many individuals find themselves with more time on their hands than they’re accustomed to, and without a plan to fill this time, it’s easy to become depressed or isolated. Numerous studies have shown that continuing to exercise your brain has a positive impact on cognitive function, so taking a few classes can be the perfect way to stay busy and keep your mind sharp. Attending school late in life is also a great opportunity to indulge your passions and learn more about subjects you’ve always been interested in. Many colleges offer free classes or reduced tuition to seniors, so check with your local schools and see what classes or programs they have available.
Google, Avvo, and Facebook are all common review sites, but if you ask small businesses across the country, you might hear of one particular option to stay away from: Yelp. Claims persist that Yelp extorts organizations. Firms just like ours thrive on reviews as a way for the general public to know about the companies’ ethics. Many businesses argue that Yelp was holding positive information hostage.
Filter
Online review sources generally filter comments by date, showing the most recent rating at the top, but Yelp does not. Opponents claim Yelp filters their reviews using an algorithm that assesses reliability. On the surface, it sounds like a great idea. But in practice, many owners cry foul play.
Hostage
Allegations state that Yelp displays negative or inaccurate reviews at the top of the feed instead of higher-rated ones. In order for viewers to see good feedback, claims suggest Yelp requires the business to pay for Yelp’s advertising services. Once the transaction is confirmed, the reviews are allegedly reprioritized, with praise at the top.
Law
The accusations started in 2014 with the class action suit Levitt v. Yelp, which resulted in an investigation by the Federal Trade Commission (FTC). After careful consideration, the FTC closed the investigation without taking action when the U.S. Court of Appeals for the Ninth Circuit found no extortion or wrongdoing by Yelp and dismissed the case. Since then, it seems that Yelp has changed. More and more consumers are looking to Yelp for information and reviews. Whatever complications prompted the initial suit seem to have been resolved, and the site is a popular go-to option. At Beckett Law, we welcome all reviews because we crave feedback. If you’re happy with our services, feel free to leave us a review.
2 www.beckett-law.com
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