The holidays are right around the corner. And with gas prices remaining ulcer-inducing, getting a head start on your plans isn't a bad idea.

On this note, Discover recently announced its 5% cash back categories for the fourth quarter for its Discover it® Student Cash Back and Discover it® credit cards. It's a good mix of categories that can help you save on expenses you were going to make anyway during a very expensive time of the year.

I'll break down which categories made the 5% and things to consider with these perks.

Discover's 5% categories revealed

Here are the 5% categories:

• Entertainment: This is the first time entertainment made Discover's 5% cash back list. Earn 5% back on movies, concerts and live sports.
• Restaurants: For the second time this year, Discover cardholders receive 5% cash back on dining in, takeout, delivery apps (Grubhub, DoorDash, Uber Eats) and catering. Restaurants located inside of or affiliated with another business, such as hotels or retail stores, and establishments classified as a bakery may not qualify.
• Utilities: Just as Super El Niño keeps energy bills high, these cards provide some relief by saving you 5% on recurring bills, such as electricity, water, internet and phone services.

*Redemption value is one cent per point, so $1 per $100 charged.

Overall, this makes the fourth-quarter lineup appealing. The 5% back on entertainment comes in handy with football season, holiday music tours and blockbuster movie releases all happening.

The holidays are a big time for dining out or using carryout services for gatherings. And the utility perks come in handy if you're looking to shave a few bucks off essential expenses.

Sounds good, but there's a catch, right?

Yes, there are a few things you should consider. First, you'll only earn 5% back on the first $1,500 charged for combined categories. That said, saving $75 on purchases you were going to make anyway isn't bad and can be a welcome relief at a time of the year when there isn't much.

If you plan to use it for utilities, many companies and municipalities charge a service fee for credit cards. My water company charges $2.95 to pay via credit or debit card. This can eat into the 5% back.

However, if you're using it for your internet or cell phone bill, you're less likely to encounter other charges. That's why I recommend planning now to prioritize which categories work best for your needs.

And don't forget you won't automatically earn this incentive just because you're a cardholder.

Don't forget to do this

You won't receive the 5% back automatically unless you activate it; here are the ways to do so:

• Online: Log in to your Discover account, find the Cashback Bonus page and click on Activate.
• Mobile app: Open the app, tap Rewards (at the bottom of your screen) and tap Activate.
• Phone: Call Discover at 1-800-347-2683.
• Email: If you receive a promotional email from Discover, click on it to activate the 5% bonus on your account.

I have this card and can tell you from experience that it's easy to do. My tip is to set a reminder on your phone a week or two before the 5% categories change quarterly and use only the categories you need. This helps you maximize your cash back and avoid making purchases just to earn the perk.

One of the best cards for simplicity

As I mentioned, this is one of the credit cards in my family's lineup. We like it because the first year you earn an unlimited dollar-for-dollar match on your cashback bonuses. With this perk, you could use it for regular expenses all year and earn a sizable bonus.

And the 5% categories are usually very good. While that $75 bonus might not seem like much quarterly, we've had the card for over five years and always hit the bonus cap, meaning we saved around $1,500 on expenses.

Therefore, the savings add up. Is it the best card for everyone? No. Avid travelers would benefit from the best travel rewards credit cards, and issuers like American Express offer better perks on streaming, shopping and dining. Also, you can't use your Discover card at Costco; some small businesses won't accept it either.

Still, if simplicity is your aim and you're looking to shave some money off holiday costs, the Discover it card is worth considering. And if you're looking to compare it to other of the best cash back credit cards, here are some of our top picks:

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If you’ve been a Verizon Wireless customer for years, you may have come to like the mobile provider’s comprehensive network coverage and fast 5G speeds. But if Verizon’s plan prices are getting too steep for your budget, you may have an alternative: Visible Wireless.

Visible Wireless is a mobile virtual network operator (MVNO) that runs on Verizon’s network. Visible Wireless is known for its lower-cost unlimited prepaid wireless plans and transparent, straightforward pricing. Switching to the mobile carrier might allow Verizon customers to save money while still keeping the network they’ve used for years.

But switching to Visible Wireless doesn’t make sense for everyone. Before you leave Verizon, it’s important to understand if switching could actually lower your bill and what you might have to give up to save money.

1. Compare the cost

Let’s take a look at how the most similar Visible and Verizon plans compare in cost. The Visible base plan and single-line Verizon Simplicity plan are the most similar plans, so we’ll start by comparing them.

Verizon’s standard Simplicity plan price is $45 per month per line with Auto Pay and paper-free billing ($55 without Auto Pay). The $30 price currently advertised requires a $15-per-month Switch & Save or Bring a Number discount. It includes 5G Ultra Wideband coverage, 10 GB of mobile hotspot data and talk, text and data to Mexico and Canada.

The base Visible plan normally costs $25 per month, though eligible new customers can currently get it for $19 per month with a promotional offer. The Visible plan includes unlimited talk, text and data on Verizon’s 5G and 4G LTE networks and unlimited talk and text in Mexico and Canada. While Verizon’s Simplicity plan limits mobile hotspot use to 10 GB per month, the Visible plan includes unlimited mobile hotspot use.

If you need multiple lines, you'll want to compare the total cost carefully. Verizon's Simplicity plan normally costs $45 per line with Auto Pay, though qualifying lines can receive a $15 monthly discount. Visible plans are designed for individual lines, so you'll need a separate account for each line you want to move to Visible.

This is just a base comparison, and you’ll need to compare your current Verizon plan to a comparable Visible plan to see how much you might save. Don’t forget to factor in any discounts you currently receive from Verizon when calculating your potential savings.

2. Consider coverage and data

Though Visible uses Verizon's network, the service experience isn't necessarily identical. Customers on Visible's base plan may experience temporarily slower speeds when the network is congested because their data can be deprioritized behind other traffic. Speeds return to normal once network demand eases.

Pay attention to data, hotspot access and other important features, too. The base Visible plan includes unlimited data, talk and text. Visible+ includes unlimited premium data on Verizon's 5G Ultra Wideband network, plus 50 GB per month of premium data on 5G and 4G LTE when Ultra Wideband isn't available.

According to Visible, premium data isn't slowed because of data prioritization, which can help customers avoid the congestion-related slowdowns that may affect the base plan.

Visible+ normally costs $35 per month, though eligible new customers can currently get it for $29 per month. At the promotional price, you'd save just $1 per month compared with Verizon's promotional $30 Simplicity plan.

Hotspot access is another difference to consider. The base Visible plan includes unlimited mobile hotspot data at speeds up to 5 Mbps, while Visible+ increases hotspot speeds to up to 10 Mbps. Verizon's Simplicity plan includes 10 GB of high-speed hotspot data, with speeds reduced to up to 1 Mbps after that allowance is used.

Consider how you typically use your phone, including how often you rely on mobile hotspot data, when deciding which plan offers the better fit and value.

3. Look at what else you're getting

Visible offers lower-cost plans, but they don’t include some of the perks that Verizon offers. Though Visible offers deals like savings on plans when you purchase a year of service upfront, Verizon offers a more extensive selection of deals.

Verizon generally offers a broader selection of phone promotions and upgrade offers. Visible also offers device deals and financing, but shoppers looking for promotions on the newest phones should compare both carriers before switching.

The mobile providers also differ in customer service. Verizon has brick-and-mortar locations where you can receive in-person help, plus you can get help by phone or chat. Visible’s customer service is limited to online and chat options. Visible doesn’t operate brick-and-mortar locations, but its SIM cards are available at Best Buy stores.

All in all, you’ll have more options with Verizon, including a broader selection of plans that often come with more perks, like free streaming services. That doesn’t necessarily mean that a move to Visible isn’t worth it, though, especially if you’re paying for phone plan perks that you aren’t using.

Is switching from Verizon to Visible worth it?

If your priority is to lower your monthly phone bill and save on your cell phone plan, switching to Visible might make sense. However, Verizon may still offer a better overall value for families or customers who use its discounts and perks, or who plan to upgrade their phones more often.

Take some time to compare your actual bill and your potential annual savings. Think about how you use your phone and the services that are most important to you before you decide to switch to Visible.

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It's a question that comes up often among new parents and there's surprisingly little information out there to answer it. With the exorbitant cost of daycare, would you be crazy for even considering having one parent quit their job to stay home with the baby?

The idea of willingly giving up an entire second income can feel scary. How do you know whether you're considering all the right factors to feel confident in your decision one way or the other?

"People run the numbers, get an answer they could genuinely live with and still can't decide," David Fisher, Founder and CEO of Summit Income Planning Group, tells Kiplinger. "Because they are waiting for a version of the choice with no downside. That version doesn't exist. Every real option carries a cost."

How can you accurately estimate the costs and benefits of transitioning to a single income and make the move as seamless as possible if you do decide it's the right one? Here are seven financial moves to make that can help you make the best decision for your family.

1. Figure out the real change in income and spending

The first step in deciding whether a single income is feasible is getting a realistic estimate of how much your actual take home pay will be and exactly how your expenses will change. The real change in your household income and spending is not simply the second income minus childcare costs.

"It's the income minus the costs of things like childcare, commute, meals, and clothes," Fisher says. "The second income is also typically taxed at a higher tax bracket if the household income is high enough."

In other words, you're not just saving on daycare. The income of the parent who continues working will also be taxed less, as your household income will likely fall into a lower tax bracket and you'll be adding a new dependent.

Meanwhile, some expenses will go up. If you're putting the entire family on the working partner's health insurance, for example, expect a higher deduction for that from future paychecks.

Some additional ways you might be able to save by having one parent stay home include:

• Getting rid of the second car if there's a practical way for you to share one car when there's only one commuting parent.
• Canceling or scaling back on a professional cleaning service if you currently pay for one.
• Reduced fuel and maintenance expenses now that only one parent is commuting.
• Reduced spending on dining out if you tended to buy lunch outside while working.

Beyond changing health insurance costs, additional expenses and opportunity costs to consider when giving up one job include:

• The loss of any contributions the non-working partner was making to a 401k or other retirement account.
• The lost 401k matching contributions if the non-working partner was getting those.
• The impact on social security benefits of having fewer earning years in the stay-at-home partner's work history.

Doing the math on the whole picture can help you make a more informed decision and plan ahead for any long-term impacts this decision will have on your finances.

2. Get your life insurance in order now

When moving to a single income, your household no longer has a "backup earner" so getting life insurance to replace that income if anything were to happen becomes more important than ever.

But it's not just the working partner that needs coverage. "Insure the parent who's at home, too," Fisher advises. "People often feel it's unnecessary because there is no income but there absolutely is a cost to replace full-time childcare and household management."

Since you'll need coverage for both, rather than take out two separate policies, you can look into something called survivorship life insurance. Sometimes more bluntly referred to as "first to die" life insurance, this is a single policy that will provide a payout to either spouse in the event that the other passes.

3. Make any moves that require a credit application before the second income is lost

If you're starting a family, you might also be looking to buy your first home or move into a larger one. If not a home purchase, you might be looking into upgrading to a more family-friendly car.

Fisher recommends that couples "do anything that requires a credit application while both incomes are still on the paperwork." The higher household income will help you lock in better rates than you would qualify for on half the income.

4. Do a trial run of your single income budget

"For a few months before anyone resigns, operate the household on the single income and save 100% of the other," Fisher advises. "You'll learn more doing that than any projection."

This means living on the realistic budget you came up with in step one. Although, there will be some differences. For example, if getting rid of a car is part of your plan, you won't be able to eliminate that extra expense just yet. Meanwhile, if you're expecting a new baby, you won't be spending on diapers, clothes and other newborn expenses just yet either.

But try to get as close as you realistically can to the budget you sketched out for a few months before you actually need to make the decision.

Not only will this help you figure out if you can really make it work, but you can also make adjustments based on real world experiences during the trial period.

Even better, you can stack the cash from the second income in savings during the trial period. These savings can help you achieve step five below in a matter of months.

5. Double your emergency fund

The standard recommendation is to save three to six months of income in an emergency fund. When you're relying on a single earner, however, you want a more generous cushion because you won't have a backup income to rely on in the event of a job loss.

Instead of three to six months, aim for six to 12. As mentioned earlier, doing a trial run of your single-income budget while both spouses are still working can help you achieve this new number quickly.

To make it grow even faster, stash those extra savings in a high-yield savings account. You can use the tool below, powered by Bankrate, to find the best rates available right now:

Your goal can be to commit to the trial run for as many months as it will take to double your emergency fund. After that, you can decide whether that budget is sustainable long term.

If you decide it is, you've now got the emergency fund needed to take the leap. If you decide it isn't, you've got a generous chunk of extra savings you can use to offset future childcare costs or put toward other financial goals.

6. Make a "return to work" plan if you want that option

Sometimes, a couple might decide to make the transition temporary. One parent will stay at home during the early childhood years to avoid the daycare costs, but plan to return to work once the child is old enough to go to school.

If the plan is to ultimately return to work later, the stay-at-home partner should be planning for that return before they resign. The best way to do that is to transition to part-time or freelance work during the stay at home period.

"A resume with a reduced hours period reads completely differently than one with a five year blank," Fisher explains. When it comes time to job hunt again, the stay-at-home parent will have an easier time explaining those reduced hours rather than an extended gap.

The cash flow from that freelance or part-time work can also help pad the household budget.

If working reduced hours isn't feasible, at least make sure to maintain any certifications or make time for continuing education and networking during the stay at home period if you want to keep the door open for returning to work later.

7. Talk frankly about the shift in power dynamics that will happen

This isn't purely a financial decision. It will also have an impact on your relationship as one partner becomes fully financially dependent on the working partner.

To avoid the potential for that shift to create tension and conflict in the relationship, you should discuss how money and household work is going to be handled now and put the tools in place to make it feel fair.

For example, the non-working parent shouldn't be expected to be solely responsible for all household labor around the clock. Find ways to make sure that both parents are getting time to rest and relax throughout the week. Moreover, financial decisions should continue to be made as a couple, even though only one person is bringing in the income.

Talk openly now about how you're both going to make sure that happens instead of waiting for imbalances and conflicts to emerge later.

Thinking about giving up a second income?

Before making the change, consider talking with a financial adviser. They can help you model different scenarios, identify financial gaps and build a plan for living on one income without losing sight of your long-term goals.

Use the tool below to connect with a vetted financial professional today:

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In the hectic pace of everyday life, it's easy to lose sight of the bigger financial picture. You may have your 401k contributions set and maybe even an automatic monthly transfer to your savings account keeping you on track with your long term goals.

But it's still easy to fall into financial traps that slow down your progress toward your goals and put unnecessary pressure on your monthly budget.

From money behaviors that hold back financial success to those little purchases here and there that add up to a larger chunk of your cash than you realize, here are five common financial traps and some tips for pulling yourself out of them.

1. Keeping your emergency fund in a low yield savings account

There is a well earned sense of accomplishment you feel once you hit your target emergency fund number. But too often, savers get so focused on how much they're putting into savings each month that they don't think about how much they're earning on those savings.

But a high-yield savings account does a lot of important work for your emergency fund:

• A competitive interest rate can help your emergency savings keep pace with inflation. While it might not fully offset rising prices, earning more interest helps limit the loss of purchasing power over time.
• The interest you earn grows your emergency fund without requiring additional contributions. If you eventually need to withdraw money for an unexpected expense, that extra interest means you’ll have a little more available when you need it.
• Once your emergency fund is fully funded, the interest it earns can support other financial goals. You could leave it in the account as an extra cushion or periodically move the excess toward retirement, investments or another savings goal.

So if you just opened whatever savings account your current bank happened to offer, take a few minutes to compare your current interest rate to what you could be earning elsewhere.

You can start by using the savings tool below to search for some of the best high-yield savings accounts available right now:

2. Lifestyle creep

If you feel like you're living paycheck to paycheck despite your income growing over the past few years, you might be dealing with lifestyle creep. This happens when you start to spend a little more each month as you earn more because, technically, you can afford it.

But do you actually want that hard-earned raise you got to go toward a few extra nights of takeout or a more expensive car note? Or do you want it to go toward a more luxurious retirement and better protection from financial emergencies?

While there's nothing wrong with using some of your money to enjoy your life now, it's important to stick to a budget and be intentional about where each dollar goes, even when budgeting is no longer about just surviving to the next paycheck.

If you feel like your money is disappearing without knowing where it's all going, there are a lot of great budgeting apps that can help you regain control and figure out the best way to fund both your long term goals and your life today.

3. Piling up forgotten subscriptions

It seems like just about everything has a subscription now. It's not just streaming services or the gym you never go to — though those are a big part of the problem. It's also the subscription features in your car, the "subscribe and save" auto-ship orders you forgot about, the software or apps you forgot to downgrade to the free version after the free trial ended.

The average American now spends over $200 per month on subscriptions. That's $2,400 per year that could be going to your emergency fund, your 401k, or even just toward more valuable experiences like vacations or dining out at your favorite restaurant.

Taking just 30 minutes every year to do a subscription audit can potentially free up thousands of dollars each year to go toward more worthwhile purchases and goals.

4. Being too risk averse

Squirreling away all of your money in only the lowest risk assets doesn't feel like a financial trap. It feels safe. But there is such a thing as holding on to too much cash or having too much in your emergency fund.

For money you don't need to touch in five or more years, you should embrace at least a little more risk in order to maximize your wealth-building potential.

One of the easiest ways to manage your anxiety around risk while allowing yourself to allocate a little more of your cash to higher risk, higher yield investments is to work with a certified financial planner. With the right match, you can discuss your concerns and develop an investment strategy that takes advantage of higher return opportunities without pushing you too far out of your comfort zone.

If you don't have a financial adviser yet, you can start the process of finding one with our matching tool below, powered by Bankrate:

5. Letting one spouse make all of the financial decisions

Even if you've been vigilant about avoiding other common financial traps like lifestyle creep or forgotten subscriptions, this one can be especially hard to notice. Whether you're in a single-income or dual-income household, you should always make sure that both adults are equally involved in financial decisions.

Why is this a financial trap? Firstly, because it can cause a lot of strain in the relationship when only one partner fully understands the household's financial picture. It's not fair to expect your partner to help you achieve financial goals that they aren't really aware of.

Secondly, if the spouse who handled the money passes unexpectedly, the one who wasn't involved is going to be left with the monumental task of figuring out the finances while in the depths of grief over that loss.

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One of the perks of retirement is having more flexibility to travel outside the busy summer vacation season. Instead of squeezing a trip into a limited window, you may be able to wait until crowds thin out, temperatures cool and the pace at popular destinations becomes a little more manageable.

That makes fall an especially appealing time to get away. Depending on where you go, you can catch colorful foliage, enjoy seasonal festivals or simply spend more time outdoors without the intense heat of summer.

The best trips don't have to involve rushing from one attraction to the next, either. These five destinations offer a mix of scenery, food, history and culture, along with plenty of opportunities to slow down and enjoy the experience.

1. Vermont for classic New England fall scenery

Few places capture the feeling of fall quite like Vermont. Brilliant red, orange and yellow leaves transform the landscape, while small towns, mountain roads and covered bridges give travelers plenty to see without requiring an action-packed itinerary.

Burlington can make a convenient starting point. Spend time exploring the shops and restaurants around Church Street, enjoy views of Lake Champlain and then take a day trip into the mountains.

The DoubleTree by Hilton is within two miles of Lake Champlain and Church Street Marketplace and offers complimentary parking, making it a practical base if you plan to rent a car and explore the region.

From Burlington, consider making the roughly 40-mile trip to Stowe, where the mountains become the main attraction. You don't necessarily need to tackle a strenuous hike to appreciate the scenery. Stowe Mountain Resort's Gondola SkyRide carries passengers toward the top of Mount Mansfield, Vermont's highest peak, offering a lower-impact way to take in the foliage.

Give yourself time for scenic drives, leisurely lunches and stops in the small towns along the way. That's part of the appeal of Vermont in autumn: The drive itself can be one of the highlights rather than simply a way to get to your next attraction.

2. Park City, Utah, for a quieter mountain escape

Park City may be best known as a winter ski destination, but fall brings a different experience. The hillsides turn shades of yellow, orange and red, and the town settles into a calmer rhythm before ski season begins. Visit Park City describes fall as a time for cool weather, open spaces and everything from strolling Historic Main Street to enjoying spa and wellness experiences.

That makes it a good choice if you like the idea of a mountain vacation but don't want your trip to revolve around strenuous outdoor activities.

Start with Historic Main Street, where you can browse independent shops and galleries, stop for coffee and choose from dozens of restaurants. There are also opportunities to explore the area's mining and Olympic history.

For a more relaxing stay, consider building extra downtime into your hotel plans. The Canopy by Hilton Deer Valley offers mountain views, on-site dining, a sauna and steam room and access to the Jordanelle Express Gondola.

One consideration is timing. Fall can be relatively brief at this elevation, with foliage changing quickly. Visit Park City notes that fall colors generally begin appearing in mid- to late September and can be fully transformed by the second or third week of October.

3. Asheville, North Carolina, for mountains, food and culture

Asheville offers a little of everything: Blue Ridge Mountain scenery, a thriving restaurant scene, arts and culture and one of America's most recognizable historic homes.

Fall color gradually moves through the mountains based on elevation, giving visitors a relatively broad window to see the changing leaves. The Blue Ridge Parkway is one of the area's signature drives, although travelers should check current National Park Service road conditions before heading out because weather, construction and other events can temporarily close sections of the parkway.

You could devote another day almost entirely to Biltmore Estate. The 8,000-acre property includes Biltmore House, gardens and grounds, Antler Hill Village and a winery. Biltmore recommends setting aside at least one full day for a visit, which makes it an easy anchor for a relaxed itinerary rather than trying to squeeze several attractions into one day.

For 2026, Biltmore expects its fall floral displays to peak around mid-October, followed by additional foliage color later in the month.

Staying downtown can make it easier to alternate sightseeing with downtime. The Foundry Hotel Asheville is about a five-minute walk from downtown shops, restaurants and entertainment and roughly 2.5 miles from Biltmore Estate. The historic property has another interesting connection to the city: It occupies a former foundry that produced steel used for the Biltmore Estate.

Asheville can also work particularly well for couples who don't vacation the same way. One person can spend more time outdoors while the other browses galleries and shops, visits Biltmore or settles in for a long meal.

4. Boston, Massachusetts, for history without the summer heat

If your ideal fall vacation involves history, museums and memorable meals rather than mountain trails, Boston deserves a spot on the list. Much of the city's history is concentrated in walkable neighborhoods, allowing you to see quite a bit without renting a car.

The Freedom Trail stretches 2.5 miles and connects 16 historic sites, including Boston Common, Faneuil Hall, the Paul Revere House and Old North Church. You don't have to walk the entire trail at once, either. Visitors can choose individual sites, take a guided tour or explore portions independently.

Break up the walking with a museum visit, lunch in the North End, time in Boston Common and the Public Garden or a harbor cruise. Location can also make a significant difference in a city where many attractions are within walking distance. Hilton Boston Park Plaza sits in Back Bay near Boston Common and the Public Garden, with Beacon Hill, the Theater District and the Freedom Trail less than a mile away. Arlington MBTA station is also nearby for days when you'd rather use public transportation.

If you have an extra day, Salem is an easy addition to a Boston trip. September may be particularly attractive to travelers hoping to experience some of Salem's fall atmosphere before the biggest Halloween crowds arrive. Destination Salem says attractions and restaurants generally have more availability in September, particularly during the week.

5. New Orleans, Louisiana, for a slower taste of the South

New Orleans has plenty of famous attractions, but you don't need to create a long sightseeing checklist to have a memorable trip. In fact, this may be one of the best destinations on the list for letting food, music and atmosphere become the itinerary.

Fall brings cooler conditions and a busy calendar of music, food and cultural events. The city's tourism organization highlights outdoor dining, festivals and live music as some of the reasons to visit during the season.

Rather than spending all your time around Bourbon Street, slow down and explore more of the city's architecture and neighborhoods. Ride the St. Charles Avenue streetcar past historic homes and oak-lined streets, visit the Garden District or spend an afternoon around City Park.

The streetcar system connects visitors with areas including the French Quarter, Garden District, Mid-City and riverfront, making it possible to see more without constantly getting in and out of a car.

A centrally located hotel can make that slower approach even easier. The Roosevelt New Orleans, A Waldorf Astoria Hotel is one block from the French Quarter and has on-site restaurants, a rooftop pool and a spa, giving travelers options when they want a break from exploring. Leave room in the schedule for a jazz performance, a long dinner or simply sitting with coffee and beignets. New Orleans rewards travelers who aren't in a hurry.

Make your fall getaway easier

Wherever your fall travels take you, simplifying the logistics can leave more time for actually enjoying the destination. Booking directly through Hilton or the Hilton Honors app can make managing your trip easier. Hilton Honors members can earn points on eligible stays and receive member benefits, with additional perks available depending on status.

Direct bookings may also qualify for Hilton's Price Match Guarantee. If you find a lower qualifying price elsewhere and your claim is approved, Hilton will match the lower price and take an additional 25% off the matched room rate, subject to the program's terms.

When booking a fall getaway, compare cancellation policies as well as prices. A flexible rate could be worth considering if changing weather affects your sightseeing or travel plans.

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An inheritance can rapidly change your finances, but it often arrives alongside grief. Even if the money provides greater financial security, deciding what to do with it can feel more complicated than managing another type of windfall.

You don't need to make major financial decisions right away. Giving yourself time can help you understand what you've inherited, consider your priorities and decide what you want the money to do for you.

Where you ultimately put an inheritance will depend on your existing finances, when you might need the money and the type of assets you've inherited. The first step is making sure the money is protected while you figure out what comes next.

Start by putting the money somewhere safe

"Cash and savings" is the most popular asset that older parents say makes up their estate, a Morning Consult survey commissioned by Kiplinger found, above real estate, stocks and life insurance.

You can take your time to decide what to ultimately do with the money, but it's important to keep it safe in the meantime. If your inheritance arrives as cash, consider temporarily parking it somewhere liquid while you make a long-term plan.

Options include a high-yield savings account, a money market account or a short-term CD. These accounts can provide a safe place while you decide what to do next. Savings and money market accounts also keep funds easily accessible. With a short-term CD, you might pay an early withdrawal penalty if you take the money out before the term ends, so consider when you could need the funds.

If you've inherited a particularly large amount of money, pay attention to deposit insurance limits. Deposits are generally insured for up to $250,000 per client, per insured institution and per ownership category. If you've inherited more than $250,000, you might need to spread the money across multiple institutions or ownership categories to make sure the full amount is covered.

You might feel ready to put the money to work right away. Our survey with Morning Consult, part of Kiplinger's Trillion Dollar Talk campaign, found that 70% of adult children say they feel prepared to manage an inheritance, including 40% who say they're very confident. But being prepared doesn't mean you need to act immediately.

When you first receive an inheritance, your priority can simply be protecting the money while you decide what comes next. Once it's somewhere safe, you can take a closer look at what you've inherited, your financial priorities and any potential tax consequences.

Before investing, find out what you actually inherited

Tax rules surrounding inheritances can be confusing. The federal government generally doesn't tax beneficiaries for receiving inherited cash, though income generated by inherited assets might be taxable.

Federal estate tax, when it applies, is generally paid by the estate rather than the beneficiary. Some states, including Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania, also impose an inheritance tax, with what you owe often depending on your relationship to the person who died.

Inherited IRAs, brokerage accounts, real estate and other assets can each come with different tax rules. For example, withdrawals from an inherited traditional IRA might be subject to income tax and distribution requirements.

It's important to understand what you've inherited before making major decisions, so don't automatically cash out investments or retirement accounts before learning about potential tax consequences.

The confusion around inheritance taxes is reflected in Morning Consult and Kiplinger's survey, which found that 34% of adult children expect to owe taxes on an inheritance, compared with 20% of parents who expect their children to owe taxes. If you're unsure about the tax rules surrounding inheritances, consult an estate attorney or tax professional before making any moves that could have tax consequences.

Decide what the inheritance could do for your financial life

Instead of focusing on where you can earn the highest return, consider how the inheritance fits into your overall financial picture and what you want to accomplish. That can help you decide how to manage your inheritance.

Your priorities might include:

• Paying off high-interest debt
• Building or replenishing an emergency fund
• Catching up on retirement savings
• Saving for a near-term goal
• Investing for long-term growth
• Setting aside a small portion for something meaningful or enjoyable

An inheritance can potentially help you achieve any of these goals, but your priorities will shape what you do with it.

Match where you put the money to when you'll need it

Once you've decided what you want to accomplish, think about when you'll need the funds. Money you'll need soon generally belongs somewhere stable and accessible, while cash you won't need for many years might have more opportunity to grow through investing.

Here's how your options might change depending on your timeline:

• If you'll need the money within the next year or two: Prioritize safety and easy access over growth. A high-yield savings account or money market account can work well for money earmarked for a home purchase, major expense or other near-term goal. A short-term CD might also be an option if you're confident you won't need the money before it matures.
• If your goal is a few years away: You have more flexibility, but you might not want to expose all the money to market swings. Depending on your timeline and comfort with risk, you could keep some of the inheritance in savings or CDs while investing a portion for potential growth.
• If you're investing for the long term: Money you don't expect to need for many years might be better positioned for long-term growth. A diversified portfolio of stocks, bonds and other investments can offer greater growth potential, although you'll need to be comfortable with market fluctuations along the way.

Whatever approach you choose, consider how the inheritance fits into your broader financial plan. A significant windfall could give you opportunities to rethink goals that once seemed years away.

If you're unsure how to balance those priorities, a financial professional can help you determine how an inheritance fits into your short- and long-term goals.

Use the tool below to connect with a vetted financial professional who can help:

Consider whether this changes your bigger financial plan

An inheritance can reshape your financial plans in ways you might not have anticipated. It could allow you to retire earlier, pay off your mortgage, help your children or grandchildren, buy a home or give more to causes about which you care. Used thoughtfully, that final gift from a loved one can provide greater financial security and flexibility for years to come.

If the inheritance significantly changes your finances, consider talking with a financial planner and tax professional before making major decisions. They can help you understand how the money fits into your existing goals, identify potential tax considerations and develop a plan to use or invest it.

This might also be a good time to review your own estate plan and beneficiary designations. If your financial situation has changed, updating your plans can help ensure they still reflect your wishes and make things easier for your loved ones in the future.

More Trillion Dollar Talk

• Inherited IRA Rules Every Beneficiary Should Know
• 5 Questions to Ask a Financial Adviser About an Inherited Stock Portfolio
• The $124 Trillion Great Wealth Transfer: Fact vs Fiction Quiz

If you travel often, the best travel rewards credit cards can help lower your costs. However, finding the right fit can be tricky with so many options available.

This is what makes Navy Federal's Flagship Premier Visa Signature^® Credit Card an intriguing option. This travel card has a $95 fee and offers a simpler and more expansive travel rewards structure than many cards I've covered.

But is it a great deal for you? I'll break down its strengths, who it works best for and eligibility requirements.

Are you eligible to join Navy Federal?

Before you can snag this card, you'll need to be a member of Navy Federal Credit Union. While they focus on the military community, their "family" is actually quite broad. You might be surprised to find you already qualify through one of these groups:

• Those currently serving: Whether you're Active Duty, in the Reserves, or part of the National Guard across any branch — Army, Marine Corps, Navy, Air Force, Coast Guard, or Space Force — you're in.
• Veterans and retirees: If you previously served in any branch of the U.S. military, you may be eligible to join Navy Federal, regardless of when you served.
• Department of Defense personnel: This includes DOD civilians, contractors and even government workers stationed at DOD installations.
• Household and family members: This is the big one. If you have an immediate family member who is a Navy Federal member (or eligible to be one), or even if you just share a home with one, you can join too.

Navy Federal has a section on its website with all eligibility requirements. If you qualify for membership, here are some of the perks I like about the card.

This card delivers simplicity and value

I like travel cards with a simple rewards structure that doesn't require you to enroll in rotating categories or keep track of monthly benefits, such as the Uber Cash offered by some American Express cards, that expire if you don't use them. That's where the new Navy Federal travel card stands out.

Qualifying travel purchases earn you four times the points on every dollar charged. Unlike most travel cards that cover only basic travel, this card is broader because it includes transit. Here's a breakdown of all the purchases that qualify for four times the points:

• Regular bookings: Airfare, car rental, online travel bookings, vacation rentals, cruises and timeshares.
• Transit: This is where the card differs from other travel cards; you'll earn the maximum points back on rideshare, parking, buses, tolls, and trains, giving even more value for city travelers.

You can also earn three times the points back on restaurant purchases (including delivery, fast food and carryout purchases), a $100 airline annual credit, a statement credit for Global Entry or TSA Pre✓^® and one point back per dollar spent on all other purchases.

Is the $95 annual fee worth it? I think so. Because the $100 annual airline credit effectively cancels out the fee, the card pays for itself before you even start earning rewards. Plus, with a 4x and 3x earning structure, reaching that break-even point is effortless for any regular traveler.

Is this the right travel card for you, though?

Here's where the card might fall short

While the card's simplicity and low annual fee are great for regular travelers, they won't appeal to everyone. Navy Federal's travel card doesn't offer airport lounge access, which is a sizable miss for luxury travelers. However, you also won't pay the higher annual fee for access either.

Another area where I find the card lacking is points redemption. Unlike other travel cards where you can transfer points to participating partners, such as hotels and airlines, with Navy Federal, you can redeem points for cash, use them in the travel portal or get statement credit. That isn't bad on its own, but you also miss the opportunity to transfer points, sometimes at a higher value, to other partners.

If you're looking for this perk, the Capital One Venture Rewards Credit Card might be a better fit. It has the same annual fee; you'll earn five times the miles on hotels, vacation rentals and car rentals when you book through Capital One's Travel Portal, and you can transfer points to over 15 travel partners.

Those factors aside, the new Navy Federal card holds up well when compared to its counterparts. Here's a breakdown comparing the two cards:

My verdict on Navy Federal's new travel card

As far as travel cards go, this is one of the better options. It fits the avid traveler who wants simple points redemptions without any hoops to jump through, a low annual fee and, most importantly, earning more from all aspects of travel, not just airfare and hotels. If you want a no-nonsense card that rewards your daily commute and travel habits without the headache of transfer partners, this is a contender.

That said, if you're an avid traveler who likes to transfer points to your favorite airline, other options like the Capital One Ventures Rewards card might be a better choice.

Related content

• Top Travel Rewards Credit Cards: Maximize Miles, Points, and Benefits
• How Much the Best Travel Credit Cards Can Save You on a $10,000 Trip
• This Might Be the Most Underrated Travel Card for Simplicity

Chances are you’ve heard the standard advice about how to get rich: Spend less than you earn, invest, avoid unnecessary debt and give your money time to grow. Problem is, knowing what to do isn’t necessarily the difficult part. Consistently following through on those actions can be the true challenge.

To build substantial wealth, you may have to say no even when you can afford to say yes. Getting rich may mean taking some calculated risks and sticking to a plan, even when you’d rather change course.

It’s not easy, and if you want to build wealth, you’ll need to be prepared to make some specific choices.

1. Live below your means even when you don't have to

Living below your means is different from simply being able to pay your bills. As your income increases, there’s pressure and a natural desire to upgrade your house, car, vacations and other lifestyle elements. Those large purchases can quickly erode the wealth that you’ve built up, setting you back from your goal.

What’s more difficult is letting that gap between your income and spending grow. Upgrading your lifestyle may be tempting, and you’ll need self-control to stay focused on your goals and to continue living on less than you make.

Avoiding lifestyle creep is key to building wealth, since it leaves more money available to invest and build your assets; that’s where the real wealth-building power lies. Compound interest, in which your earnings start to generate their own earnings, can accelerate your path toward becoming rich.

There’s nothing wrong with enjoying your money, and doing so periodically can help to keep you motivated to continue working and building wealth. The issue is letting every raise permanently increase your cost of living through an expensive upgrade like a larger house or a new car.

2. Get comfortable watching other people spend more than you

Your friends, neighbors and colleagues may have a bigger house, a new luxury vehicle or seemingly endless vacations, and you’ll need to get comfortable with that scenario for years. Trying to keep up or even using their situation to justify your own spending can divert money from investing and other long-term goals.

Remember that appearances can be deceiving and you can’t tell much about someone else’s financial situation simply based on what they own. A high-spending lifestyle isn’t necessarily evidence that someone’s wealthy, and they might be financing their lifestyle through debt.

If you’re patient and don’t try to keep up with others, you’ll make more progress toward your own financial goals.

3. Put a set amount of money away before you can spend it

It’s important to be intentional about saving money. Saving whatever happens to be left over at the end of the month often isn’t enough to build substantial wealth. To build wealth, you may need to treat investing as one of your biggest recurring expenses, which means setting aside a meaningful amount of money to invest each month.

As your income grows, revisit and increase your 401(k), IRA and brokerage contributions. Where appropriate, automate your contributions so they become a standard and recurring part of your monthly budget.

Prioritizing investing can be difficult, since the money is technically available to you today. When you invest, you’re choosing to give your future self first claim to the money, and that may mean that you need to cut your spending or go without a big purchase in the meantime.

Not every dollar you set aside needs to be invested. Money you may need sooner, including your emergency fund, can be kept in a savings account where it’s accessible and protected from market swings. And with competitive high-yield savings accounts paying attractive rates, it’s worth making sure your cash is earning as much as it reasonably can.

Use the tool below to explore and compare some of today's top savings account offers:

4. Take calculated risks with your money

Building wealth often requires taking some risk. Keeping all of your money in cash can feel safe, but you may need to accept some investment risk — and some potential loss — on a long-term path to getting rich.

That doesn’t mean investing on a whim in a business you have a good feeling about or on a tip you heard from a friend. Calculated risk is part of investing, and it helps minimize the chance of you losing your money.

Diversified stock investments, real estate or business ownership may fluctuate or fail to perform as expected, but going into those investment decisions well-informed can minimize the risk you’re assuming. Avoiding risk entirely has its own cost and may cap your earning potential.

You don’t need to chase hot investments or make enormous bets, but building wealth involves some uncertainty.

5. Be boring for a very long time

Though there are certainly exceptions, building wealth doesn’t usually come from one brilliant stock pick, side hustle or financial decision. It’s boring, and it’s the result of years or decades of investing, reinvesting, controlling spending and avoiding major mistakes.

Markets will fail, trends will change and you’ll make mistakes. You’ll question yourself and may be tempted to jump to a venture that appears to offer a faster route to wealth. What’s hard is resisting the temptation to question or change your strategy, allowing compounding and time to do their work.

Building wealth is boring, and you need the patience and faith to simply be boring.

Getting rich is often about what you don't do

Building wealth sounds simple on paper. It’s often much more difficult to put into practice. Building wealth often comes down to what you don’t do, rather than making some strategic action or jumping on the right stock at the right time.

You don’t necessarily have to pursue a lifestyle of extreme sacrifice, but you may need to become comfortable making choices that don’t always result in an immediate payoff. It’s hard work and will be uncomfortable at times, but if you’re dedicated and stay consistent, the sacrifices you make now can pay off later.

Building wealth takes consistency, but you don’t necessarily have to figure out every decision on your own. A financial advisor can help you create a strategy around saving, investing and other long-term goals, and adjust that plan as your finances change.

Use the tool below to connect with a vetted financial professional today:

Related Content

• Average Net Worth by Age: How Do You Measure Up?
• These 5 Rules Separate the Rich From Everyone Else
• I'm a Financial Pro: This Is What No One Will Tell You About Getting Rich

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance, as a letter from the editor. We're sharing it here to shed light on our findings for our digital audience, as part of our Trillion Dollar Talk campaign. Subscribe to Kiplinger to help you make more money and keep more of the money you make here.

In our cover story this month, we've taken a deep dive into what the Great Wealth Transfer — the estimated $124 trillion of assets that will flow from older generations to heirs and charities through 2048 — means for families. While a good chunk of that transfer will come from a small slice of high-net-worth households, those who aren't among the super-rich are making plans to share their wealth over the coming couple of decades, too.

To gather insight into how families are handling this historic shift, Kiplinger commissioned an exclusive survey, conducted by research firm Morning Consult, of more than 5,000 older parents and adult children, asking for their knowledge and expectations surrounding the inheritance that parents will leave for their heirs.

Drawing from the survey's findings, the story you can find here offers advice on how families can successfully navigate this transition, from determining what information you may want to disclose to your children about their inheritance ahead of time to ensuring that you pass along your values, too. In another story, we outline some key takeaways from the survey.

And in a third story, we provide guidelines on having conversations with your adult children that will leave them well positioned to manage their inheritance and minimize conflicts and confusion among your heirs when the assets change hands.

How real families are handling this transition

As a complement to the stories in our cover package, we asked readers to send us their responses to this question: Are you giving away some of your money or assets to your heirs while you're still living, or do you intend to leave a larger inheritance later? I'm sharing a few responses here.

Many readers said they are offering some financial help while they're still around to see their children enjoy it, and at a stage during which their kids may most need the assistance. Says one reader, "My in-laws gave us money at a time in our lives when we were raising three children, and it was very helpful to our family. We feel that our retirement is secure and have started giving some money each year to our children while they are young adults, as they raise children and buy homes. I feel that it can benefit them more at this stage of their lives than later."

Another reader emphasized the importance of conveying financial lessons along with giving gifts. "Our philosophy for giving to children is to make their lives better, not remove the incentive for hard work and development of good spending habits," he says. He and his wife provided about 35% of the down payment for their son's home purchase, and they explained to him how paying extra on his mortgage can reduce total interest on the loan and shorten the time it takes to pay it off.

Several of you mentioned that you're helping your grandchildren, too, funding their retirement accounts and college-savings plans. One reader is contributing $5,000 yearly to each of his five grandchildren's 529 plans, with a goal of contributing $100,000 total per beneficiary.

"Because I was willing to start early, my family can benefit from the tax-free growth of these funds," he says. And, he notes, if any of the grandchildren don't use all the savings on education expenses, they can roll over as much as $35,000 from the 529 to a Roth IRA tax- and penalty-free, "giving that generation a head start on retirement savings."

A reader whose two oldest grandchildren are in college is boosting their retirement savings — and encouraging them to start thinking about investing—by contributing to their Roth IRAs. And, he says, "Once they begin their careers, we will offer to match their retirement-fund contribution."

More Trillion Dollar Talk

• The Great Wealth Transfer is Creating a New Generation of Family CFOs
• The $124 Trillion Great Wealth Transfer: Fact vs Fiction Quiz
• Could You Handle a Sudden Windfall?

Do you plan to leave your children a meaningful inheritance? Do you worry about how inflation and long-term-care costs might affect how much you have to give? Have you talked to your kids about your plans? Or, if you're the adult child in this equation, have you broached the subject of inheritance with your mom and dad?

On the eve of what's expected to be a historic generational transfer of wealth in the U.S., Kiplinger set out to explore how families are navigating inheritance planning in their households — what they intend, what they hope for, what they worry about and how they've communicated with each other. Toward that end, we partnered with research firm Morning Consult to field a national survey asking 5,156 Americans — half adult children ages 25 to 60, half parents ages 55 and up — to share their views and circumstances.

Here is a look at what we learned.

Parents and adult children are not on the same page

When it comes to inheritance plans, the survey reveals a big gap in expectations and knowledge between the older and younger generations in many families.

For starters, adult children are far less likely to think they'll be getting an inheritance at all, compared with parents who expect to leave one. Some 42% of younger respondents say they don't expect to receive a meaningful amount, but just 15% of parents say they won't have any money to pass down. On the flip side, about twice as many parents, in fact, do plan on leaving a meaningful inheritance as adult children who anticipate they'll get one.

The kids generally aren't clear what assets will be involved, either. Nearly two-thirds of parents say they have money in cash and savings, but fewer than four in 10 children think those assets are part of the older generation's estate. Adult children are also far less likely to say that life insurance, real estate, an IRA or a 401(k), and other investments are part of their parent's holdings, compared with parents who say they own these assets.

There are also big generational gaps concerning how much financial help parents extend to their children now (parents consistently say they are helping more than children believe); whether it's better to split inheritances evenly among siblings or consider other factors such as financial need or past assistance (more kids favor "fair" over equal than parents, by a 21 percentage point margin); and whether they've discussed an inheritance plan (more parents report having shared information than children recall hearing).

"Both parents and adult children need to do a better job of understanding where the other side is coming from," says Kurt Supe, a certified public accountant and retirement planner at Creative Financial Group in Indianapolis and CFD Investments. "The key is better communication."

There's a gender gap when it comes to inheritances, too.

Sons are more confident about their ability to manage an inheritance than daughters, the survey results show. That's in keeping with other research showing men's greater belief in their financial acumen (although the studies don't necessarily indicate that faith is justified).

Sons are also more likely than daughters to expect an inheritance (30% versus 18%), to say their parents have shared plans for passing down assets, and to know how to locate Mom and Dad's will and other estate-planning documents. Daughters, by contrast, answered "not sure/don't know" to questions more frequently than sons — about how much they'll inherit, whether they'll owe taxes on the bequest, and even whether they prefer financial help from their parents now or a larger inheritance later.

When it comes to talking to the kids about inheritance plans, moms rule. Although both mothers and fathers express the same comfort level in talking to their children about money, dads in practice are more likely to have said nothing to their kids about their inheritance plans (45% of dads have stayed tight-lipped, compared with just 33% of moms).

Financial adviser Stephanie McCullough, founder of Sofia Financial, a financial planning firm for women in Berwyn, Pa., suggests that women who aren't confident about managing their finances may get past the hump if they connect with a friend they feel comfortable talking with about money or if they consult with a professional. Says McCullough: "Find a money buddy or an adviser to help. And if they make you feel stupid, find a different one."

Everybody has big questions about inheritance

Inheritance plans live largely in the dark, the survey shows. Two in five families have never discussed them, and three in 10 parents have no formal plans. Families rank inheritance next to last among topics they feel comfortable discussing — only sex and dating elicit more of a shudder.

And the less wealth parents have, the quieter things get.

It's not just that parents and kids don't communicate; it's that many don't even know what's at stake. More than one-third of adult children and nearly four in 10 parents aren't sure whether the older generation will have any assets left to pass down; just over one-fourth of parents can't estimate the size of their estate; and 43% of children and 38% of parents have no clue how much each of the kids will inherit.

The top reason parents stay silent: "There are too many unknowns about how long I will live or how much will be left." Inflation and other economic pressures top their list of concerns, along with possible long-term-care costs. Kids worry about those things on their parents' behalf, too, and some 16% are also anxious that their moms and dads will need financial help from them instead of the other way around.

Wealthier families — parents with incomes above $100,000 or estates worth $1 million or more — share those same top concerns. But they also keep quiet about estate plans because they do not want their offspring to count on an inheritance (cited by about one in three parents with estates estimated at $500,000 or more, for instance, compared with 19% of parent respondents overall).

That's understandable, says financial psychologist Brad Klontz, who notes, "You don't want your child's financial plan to be your death."

Love and good intentions are abundant

When asked what they'd want done or would do with an inheritance, both parents and adult children focused primarily on practical moves that would help the younger generation. Paying off debt. Buying a home. Saving to build wealth and a secure retirement. Providing a better life for the children of the adult kids and the parents' grandchildren.

Something else families agree on: Most adult children feel ready to manage an inheritance (70%), and nearly as many parents (67%) feel the same.

What would adult children ask their parents, if they felt comfortable? Sure, some (18%) were curious to ask, "How much?" But others wanted to know their parents' wishes for the money so they could respect those intentions (9%), and to understand more about the older generation's experiences (12%). As one adult child put it, "I would ask if they were truly happy in life."

David Chubak, head of wealth management and field management at Edward Jones, says families shouldn't keep questions, feelings and plans about wealth transfer inside. He encourages them to talk in advance of assets changing hands. "These are important conversations that touch every family and every level of wealth," he says. "My best advice is to start now."

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

More Trillion Dollar Talk

• The Trillion Dollar Talk
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• Why So Many Families Are Unprepared for the Great Wealth Transfer — and What You Can Do About It
• An Expert's Guide to the Estate Planning Documents Everyone Needs

The amounts are staggering. Over the next 20 years or so, U.S. households are expected to pass an estimated $124 trillion in financial assets to heirs and other beneficiaries, according to Cerulli Associates, a financial services research firm. That includes some $85 trillion going to the Gen X and millennial offspring of boomer and Silent Generation parents, with many trillions more headed to surviving spouses and charity.

Experts are calling it the greatest wealth transfer in history, and the drumbeat heralding its arrival grows louder every day.

To explore how American families are navigating this inheritance wave and offer smart advice to help them meet the challenge, Kiplinger commissioned an exclusive, national survey of more than 5,000 older parents and adult children, conducted by the research firm Morning Consult.

What we discovered is a mix of big hopes and deep uncertainty as the older generation prepares to pass down the assets they've built over a lifetime, the younger generation stands poised to receive them and concerns grow on both sides that outside factors could erode that wealth before it changes hands.

The results also make clear there is a big gap in expectations and knowledge between older and younger family members about the money and property at stake — in part because both sides are deeply reluctant to talk to each other about it. Among the survey's key takeaways:

• Nearly half of older parents expect to leave their kids a meaningful inheritance, but the majority of adult children don't think they're getting anything or aren't sure what might be left for them.
• The amounts involved for most families are not the life-changing windfalls recent headlines suggest but still have the potential for serious impact, from enabling the younger generation to buy a home to helping put their own kids through college.
• Many parents worry that a shaky economy and their own healthcare costs will upend their plans to pass down wealth — even as the children, facing big expenses of their own, wish their elders wouldn't wait so long to send money their way.
• Plans for gifting and inheritances live mostly in the dark because parents and kids would rather talk to each other about almost anything else — only sex and dating are more awkward topics.
• As a result, uncertainty casts a cloud over the inheritance process and keeps many families from taking the steps needed to make the most of these assets — moves that could also help parents and adult children forge an even closer bond.

"People are grappling with being asked to make important decisions that will impact their wealth and the assets they want to pass to future generations without having perfect information," says Valerie Galinskaya, managing director and head of the Merrill Center for Family Wealth.

"The individuals and families I see excel and do this most effectively don't wait for uncertainty to disappear. They build their plans and then adapt as life unfolds."

Here is what you need to know to ensure that you and the people you love plan for inheritance in a way that not only creates a smooth and effective transfer of wealth but also helps bring your family closer in the process.

The Great Wealth Transfer won't be great for everyone

Lest anyone feel bad that the assets parents intend to leave to children in their family can't be counted in eight or more digits, rest assured those megasize amounts that pundits are quoting about the Great Wealth Transfer aren't all they're cracked up to be.

More than half of the expected inheritances coming down the pike over the next two decades will be concentrated among the richest 2% of U.S. households, Cerulli estimates, leaving a lot less to be divided among everyone else.

How much less? About one-fourth of the parents who expect to leave an inheritance to their children estimate their estate will be worth less than $100,000, and about half put the total at less than $500,000, according to the Kiplinger–Morning Consult survey.

Just over one in 10 valued their estate at $1 million or more. Homes made up the greatest share of the wealth to be passed down, followed by life insurance, liquid savings and investments.

The numbers get whittled down even further when you consider that in many families these assets will be divided among more than one child. Roughly one in four parents thought each of their children would inherit less than $50,000 from them, with 44% estimating the amount per child would be less than $250,000.

Bequests in seven-figure territory were rare, cited by just 5% of the parents who expect to leave an inheritance. These findings are largely in keeping with Federal Reserve data, which shows that about half of heirs receive less than $50,000 and 30% of inheritances range from $50,000 to $249,000.

"That big, huge $124 trillion number is irrelevant to the vast majority of people — but it's not that there's nothing coming, either," says Teresa Ghilarducci, professor of economics at The New School for Social Research, who puts the number of adult children who can expect an inheritance at about 30 million.

That's a lot of potential heirs, but relatively few of them know what to expect. While nearly half of parents 55 and older expect to leave a meaningful inheritance for their children, only about one-fourth of adults ages 25 to 60 with at least one living parent think they'll receive one, the Kiplinger–Morning Consult study found.

Driving the disconnect: Relatively few families are talking about inheritance. Roughly two in five have never discussed the older generation's plans for passing along their assets, the survey reveals. And among those who have talked, it's mostly in generalities, such as whether the parents have a will or who will inherit something, rather than specifics, with details about the assets parents have, their value, or Mom and Dad's wishes regarding them.

"When families do not talk, everyone makes up a different story," Ghilarducci says. "That's when trouble starts."

"Parents may think they don't want to burden a child by talking about their death," says certified financial planner Douglas Boneparth, founder and president of Bone Fide Wealth, a New York City firm that specializes in advice for millennials.

"But not communicating a plan or conveying your wishes to the very person or people who ultimately will be responsible for settling your estate and dealing with your affairs will leave them in the dark and scrambling to figure things out while they're grieving over the loss of a loved one. It's an absolute kick in the pants and burdens them more than you could have imagined."

Lack of knowledge can also prevent the younger generation from making informed choices about their lives, financial experts say. That's especially true if the parents intend to gift money during their lifetime — say, to help with the down payment on a home or a grandchild's college education.

"Counting on nothing may seem like the safest approach for adult children, and the easiest emotionally," says adviser Stephanie McCullough, founder and CEO of Sofia Financial in Berwyn, Pa.

"But if knowing that your parents plan to leave you some money might help you breathe a little easier financially now or do a little more for your own kids, it would be good to have some sense of it."

Uncertainty prevails — and paralyzes estate planning

There are plenty of reasons why many families shy away from conversations about money generally and inheritances specifically.

For starters, no one likes to talk about their own mortality or think about their parents dying. Or about the possibility that illness or disability might drain the older generation's savings.

Then, too, many boomers and members of the Silent Generation grew up in homes where talking about money was considered impolite or taboo. (Our survey found that families would prefer to talk about almost anything else — politics, mental health, you name it — than inheritances. Only sex was a more awkward topic.) And, especially at greater levels of wealth, parents may worry that learning of an inheritance could be de-motivating for their children.

Adult kids also don't want to raise the subject and risk coming across to Mom and Dad as grasping. "Bringing up a parent's finances can feel like you're being greedy or morbid," Boneparth says. "Millennials want to know but feel like they shouldn't have to ask."

Yet the top reason families stay silent, the Kiplinger–Morning Consult survey shows, is uncertainty. More than one-third of parents who haven't discussed inheritance plans with their adult children say there are too many unknowns about how long they'll live or how much money they'll have left.

Overall, the top worries among parents about the inheritance they've earmarked for their kids are that, given inflation and other economic pressures, they might not have much left to give and that long-term care or other health costs might deplete their estate. And that was true even at higher levels of income and wealth.

Another source of uncertainty for many parents is whether and how long they may need to help their kids financially now, given sometimes shaky career paths, high housing costs and, for some, hefty student loans, says David Chubak, head of wealth management and field management at Edward Jones.

The Kiplinger–Morning Consult study confirms that lots of parents are providing that support: More than four in five say they have given their adult kids financial assistance, from helping with expenses or debt to regular gifting.

"The reality is we live in an age of financial uncertainty and anxiety like no other," Chubak says.

Bundle all of that uncertainty together and it can become paralyzing, stopping parents from crafting an estate plan or talking about any plans that have been made, says Joshua Morris, vice president of thought leadership and research insights at the Fidelity Center for Family Engagement.

Parents in the Kiplinger survey who were uncertain about the value of their estate, for instance, were half as likely to have a will as parents who were confident about leaving an inheritance, and even fewer had discussed estate-planning issues with their kids.

"The senior generation often feel they need everything completely buttoned up before they say anything to their children, so feeling uncertain about one or two things regarding estate planning shuts down dialogue about everything," Morris says.

"And if you're not having dialogue, that compounds the uncertainty both generations feel, because without conversation, there's no flow of information or talking about concerns and wishes."

What the "kids" really need to know about inheritance

When it comes to inheritances, parents are usually most reluctant to share specific numbers, such as how much money they have saved or expect to leave to each child, financial advisers say.

"Mom and Dad worry if they tell the kids they have, say, a million dollars, the kids will think they're rich — the gifts should be bigger at Christmas, they should be doing more for the grandkids, and why aren't they helping me more when I'm struggling to pay my rent?" says Kurt Supe, a certified public accountant and retirement planner at Creative Financial Group in Indianapolis and CFD Investments.

"Meanwhile, the parents are thinking, We don't know if we have enough to last our lives, and a long-term-care event could wipe out half of what we've got."

If you'd prefer to keep the amounts to yourself, or you just don't know what they'll be, that's fine, advisers say. And if you choose to disclose, keep it to broad ranges and possibilities, because circumstances can change.

More important than the numbers, though, is sharing practical details, such as whether you have a will and, if so, where you've stored it, as well as insight into the reasons for key decisions, such as who your executor will be.

"A lot of times people think about disclosure as a light switch — you're either on or off," says Galinskaya at the Merrill Center for Family Wealth. "We prefer a dimmer-switch approach."

New research from the Fidelity Center for Family Engagement suggests what younger family members most want to know are details that will bring them peace of mind, instead of anxiously wondering what to expect. While the definition of peace of mind differs from individual to individual, and from family to family, common themes pop up.

For instance, a separate Fidelity study found that 76% of the younger generation want to know whether they are named as beneficiaries — something that applies to retirement accounts and life insurance policies as well as being named in a will or trust — but only 35% of baby boomers have shared this information.

A Merrill report identified clarity around expectations as the top concern of younger family members, including whether parents have specific wishes for how any money they inherit should be used. Adult children with a special-needs sibling might be concerned about whether their parents have made provisions for care when they're no longer around to provide it.

The key is to identify the issues that might cause confusion or anxiety in your particular family circumstances. And if younger family members approach the subject respectfully, they don't have to wait for parents to initiate the talk.

Says Boneparth, "The best thing a millennial child can do is give their parents a reason to have a conversation about their estate planning that has nothing to do with money. It's asking about their wishes, their values and their worries."

One exception to the suggestion that parents can stay tight-lipped about dollar figures is if you intend to provide financial gifts during your lifetime, because that knowledge might affect the decisions and choices your children make.

"Let your adult children know whether they can expect financial help from you at key moments in their life when a lump sum would really help, such as when they want to buy a house, or when they graduate from college, get married or have a child," says Ghilarducci. "Be frank and up front about what you have budgeted."

How families can set up for estate transfer success

A smooth transfer of wealth requires a clear plan that lays out who your heirs will be and how you want your assets divided among them. It should also appoint individuals you trust to settle your affairs, with legal documents in place to ensure your wishes are upheld. Few families, however, have such a plan in place.

"Most people take the ostrich approach: I'm going to stick my head in the sand and hope I never have to deal with this," Supe says.

In fact, only four in 10 parents in the Kiplinger–Morning Consult survey say they have a will, just over one-third have designated beneficiaries on retirement accounts or life insurance policies, and a scant 14% have written a letter of instruction outlining their wishes.

Wealthier families are far more likely to have the legal paperwork drawn up, but large swaths of them still go without. About one-third of parents with estates worth more than $500,000, for instance, don't have a will, and nearly half haven't documented what they want to happen to their personal possessions.

"A will is not just for rich people," Ghilarducci says. "Even a modest estate can include a house, retirement accounts, a car and personal property. Somebody has to sort all that out. Parents usually need a will, a financial power of attorney, a healthcare directive and updated beneficiary forms. A simple letter explaining where everything is can save the family a lot of grief."

Once the documents are drawn up, you'll need to communicate that information to your children and other loved ones. Let them know where the papers are stored, whether you place them in a digital file, a physical binder or both.

And it's not a one-and-done exercise; you'll want to revisit and update, as needed, every few years and after major life milestones.

"The plans that worked for you in your fifties may need to be adapted in your sixties, as well as once you retire, when your children get married or you have grandchildren, and then again in your seventies and eighties," says CFP Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Md.

You will also need to consider how taxes may impact a planned inheritance — an issue that causes a lot of confusion for both generations, the Kiplinger survey shows. None but the ultra-wealthy will owe federal taxes, with the amount exempt from estate taxes now at $15 million for individuals and $30 million for couples.

However, about a dozen states have estate taxes of their own, including Oregon (exemption: $1 million), Rhode Island ($1,838,056) and Massachusetts ($2 million). If you live in one of those states and calculate your net worth in seven figures, you'll want to consult a financial adviser about ways to minimize the impact.

A more pressing issue for most families: If you plan to leave money in a traditional IRA or 401(k) to your children, they could be in for a big tax hit. Under a recent rule change, heirs other than a spouse now typically have to withdraw all the money in these accounts by the end of the 10th year after the original IRA owner's death rather than stretching withdrawals over their life expectancy, and they'll pay taxes on the money at their ordinary income tax rates.

A possible double whammy: Those withdrawals could push heirs into a higher tax bracket.

"The biggest threat to eroding the value of an inheritance for adult children who are beneficiaries of traditional retirement plans is the possible tax hit," Supe says.

What to do? Supe suggests you might convert all or a portion of a traditional IRA or 401(k) to a Roth account over time. You'll pay income tax on the amount you convert, but your children will then be able to withdraw the money tax-free when they inherit — a strategy that makes sense if you are in a lower tax bracket than your kids, as is the case for many retirees with offspring who are in their peak earning years.

You'll want to make sure, though, that your withdrawals from the traditional plan don't push you into a higher income tax bracket or income tier for Medicare, which could cause your premiums to increase sharply.

McCullough says some people are reluctant to do the conversion and pay taxes up front because they've been taught to defer, defer, defer, and it's hard to break that mind-set. She says, "Think of the taxes you'll pay as part of what you're gifting to your children, a way to maximize the value of what they inherit from you."

Issues that can topple your inheritance plan

One of the thorniest challenges that many families face in transferring wealth to younger generations: The great now-versus-later debate.

Nearly twice as many adult children in the Kiplinger–Morning Consult study say they'd prefer their parents help them financially now, when their biggest life expenses are upon them, as those who say they favor getting a bigger inheritance later.

With older generations now living longer, healthier lives, it could be a long wait — 10 to 20 years or more — and millennials and Gen Xers are buying homes, raising children and paying for college now. Indeed, Fed data shows that inheritances in middle-class and affluent families most commonly go to recipients in their early to mid-sixties, when those heirs are often closing in on retirement themselves.

Many parents, however, aren't on board — with good reason. The largest segment of parents in the survey (42%) intend to wait to provide an inheritance, most commonly because they want to be sure they have enough money to support themselves throughout their lifetime. Just 14% said they would rather give more now to see their children benefit from the money.

Then, too, a lot of parents are already providing a generous helping hand. Nearly half of the parents in the Kiplinger–Morning Consult survey report they have provided financial help to adult children on an as-needed basis, nearly one-third have helped with other expenses and one-fourth have assisted with major life events.

Similarly, recent Visa research shows that one in four millennial homeowners received help with the down payment from their parents, and about the same number said they couldn't have purchased the house without it.

How can families navigate the competing, compelling needs of both generations? "It's a balancing act," says Cheng. "While parents don't want to give away too much during their lifetime, the flip side is that if you wait until you're gone, did your money really have the greatest impact it could have?"

Cheng suggests putting parameters around the financial help you offer now. For instance, you might provide money for a specific purpose rather than ongoing, unrestricted gifts — say, supplying the money for a down payment, paying for a grandchild's music lessons or sleepaway camp, or contributing to a 529 college-savings plan.

If you do choose to gift annually — in 2026, you can give up to $19,000 per recipient, without filing IRS paperwork; couples can give up to $38,000 — make it clear that you'll revisit your strategy every year and that you may not always be able to give the amount you've been giving, or be able to give at all, if your financial circumstances or needs change.

The key, says Galinskaya, is to avoid binary thinking. In other words, do not consider gifting to be an all-or-nothing proposition and that you'll have to do it forever once you start, or that you'll always have to give the same amount to each of your children. "There's a spectrum of options," she says.

For parents with more than one child, the question of fairness is perhaps toughest of all. Typically, parents are eager to avoid discord among siblings. That's likely why the vast majority of them in the Kiplinger–Morning Consult survey — 71% in all —said they intend to divide their assets equally among their children.

Sons and daughters, however, are less convinced that's the best approach. Although half of the adult children in the survey preferred an even split with siblings, one in five thought inheritances should be based on factors such as how much each of them had helped their parents or gotten financial help in the past (11%) or each one's financial need (9%).

Many also anticipated trouble ahead, with one-third of the adult children respondents expecting an inheritance to create conflict with their siblings. And experts agree: The risk is high.

"Adult children will often view inheritances through the lens of unresolved issues and patterns in the family, especially if the way assets are divided between siblings comes as a surprise to them," says financial psychologist Brad Klontz, coauthor of Psychology of Financial Planning. "Someone feels hurt and thinks, Oh, Mom must have loved you more than me, or You influenced our parents behind my back."

For many parents, it's their worst nightmare.

The best way to avoid that outcome is for parents to talk with their children in advance about how assets will be divided and, critically, why. "Err on the side of equality unless there's a good reason not to — and sometimes there is a good reason not to. Maybe one child works in the family business, one puts in more effort, another has special needs," says Galinskaya.

"A good outcome is less about whether dividing things equally or fairly is best and more about how you communicate your actions and explain the intent behind them."

Leaving a legacy beyond money

Experts say that's generally true of inheritance planning. "The biggest mistake parents can make is passing down money without communicating the family values that drive your thinking," says Klontz. "That could be and should be the most valuable part of your legacy."

Make sure the conversations you have as a family about transferring wealth are two-sided and collaborative, not just parents delivering news and rendering decisions from on high, advisers say. "It's Mom and Dad's money, and they get to choose what to do with it. But children should have a voice, if not a vote, in the process," Galinskaya says.

Rather than a single big talk, think in terms of having a series of smaller chats over a long period. "One misconception about the Great Wealth Transfer is that it is a single point in time, the reading of the will, like the movie scene where everyone is in the room and you find out where all the money goes," says Joshua Morris of Fidelity.

"We like to reframe the transfer as a transition that's happening over decades as parents move into and through retirement — planning, gifting and adapting plans along the way."

Fidelity uses the skiing concept of bunny slopes and black diamond trails to suggest how the conversations should move from initially low-stakes, emotionally easy topics — say, what to do with family heirlooms or where the will and other documents are stored — to more challenging subjects around inheritance and estate planning involving how assets will be divided and their value. (For more about the best ways to approach these conversations, see our article on talking to your adult kids about inheritance.)

Each conversation is an opportunity for parents and children to share feelings as well as facts, and for parents in particular to provide insight about what they view as the purpose behind the assets they've accumulated, big or small, and their wishes for the next generation.

"Whatever number is attached to the wealth you've built, it is the story of your career, the story of your life, and there's a vulnerability and emotionality attached to sharing your story that brings families closer together," Morris says.

Fidelity's latest research bears that out. It found that parents who regularly share planning details and keep family members informed are more likely to report peace of mind and confidence about the future than those who don't. Adult children will probably feel a lot better too.

Says Morris, "That's a payoff for families that goes far beyond money."

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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Joseph Moore's oldest daughter was 10 years old when she raised the question some parents dread: Are we rich?

She'd noticed that, unlike her friends, she lived in a gated golf course community with celebrities as neighbors, Moore says. The family's affluent lifestyle reflected the wealth Moore had built through real estate investing. But he was quick to challenge his daughter's assumption.

"I said to her, 'No, I'm rich,' " Moore says. "'You have what you've put in your savings account.'"

The distinction was intentional. Moore wanted his daughter to understand he had worked to create his wealth, and she would have to do the same to create her own fortune.

That doesn't mean that Moore's oldest daughter and her younger sister won't benefit from the wealth he has amassed. Rather than save the conversation for adulthood, Moore has a multiphase plan for talking with his daughters, now 13 and 6, about money and how he will share his assets with them. The framework grew out of research for his best-selling book, How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn't).

He's already started teaching them basic financial concepts and money-management skills. With his teenager, he has moved on to explaining the kinds of opportunities he'll pay for, such as college, a down payment on a home or a business venture. When his daughters are mature enough, he will share details about what assets he will pass on to them and others, including charities.

"I'd much rather them be handed these things in phases than think that there's some huge pot of gold that they're going to get at my demise," Moore says. The real inheritance he hopes to leave his daughters, he says, is competence: "That to me is the lesson of history, that competence outperforms trust funds."

Most families don't take such a deliberate approach. More than half of parents ages 55 and older surveyed by Morning Consult for Kiplinger say they rarely or never discuss money with their children.

Talking about inheritance is even more taboo. Both generations rank it as one of the most challenging topics to raise — more uncomfortable than talking about mental health, politics, or even your end-of-life wishes and funeral arrangements.

Financial experts say that avoiding these conversations can leave children unprepared to manage wealth and families vulnerable to confusion or conflict when assets eventually change hands.

"I have seen many families really struggle, be torn apart due to surprises about things that came out after people passed away," says Ruschelle Khanna, a therapist with 25 years of experience working with high-net-worth families and author of Inherited Trauma and Family Wealth.

One reason many find it difficult to have these discussions is that there's little historical precedence for having them, Moore says. In the past, few families had the type of wealth that could be bequeathed to the next generation. Since the shift from pensions to 401(k)s began in the early 1980s, Americans have been retiring with more liquid assets that can be passed on when they die, Moore says.

Known as the Great Wealth Transfer, $105 trillion is expected to be handed down — largely by high-net-worth households — to heirs through 2048, according to the consulting firm Cerulli Associates. After removing the top 1% from the equation, there's still an estimated $36 trillion that will be transferred from boomers to their Gen X and millennial children over the next two decades, according to Visa Business and Economic Insights.

"This is a newer conversation for middle-class families," Moore says. "If your parents didn't sit you down and explain how you were going to inherit your wealth, you don't know how to do it with someone else."

That doesn't mean you can't learn. Experts say productive inheritance conversations aren't about revealing dollar amounts all at once. Instead, they recommend treating them as an ongoing dialogue that evolves with your child's age and maturity and any changes in your own circumstances or views. Here's how to start.

The case for talking about inheritance

When it comes to inheritance, there's a transparency gap. Nearly half of parents expect to leave money or assets to loved ones when they die, but only about one-fourth of adult children expect to receive an inheritance, according to the Kiplinger–Morning Consult survey.

The most-common reasons parents give for not talking are that there are too many unknowns, they don't have a clear plan or that they simply haven't gotten around to having the conversation, the survey found.

"I have had clients say, 'I don't care what happens because I'll be dead,'" says Sandi Bragar, chief client officer at wealth management firm Aspiriant in San Francisco.

If you die without any estate-planning documents, such as a will or trust, that spell out who gets what when you die, your state's laws will determine how your assets will be distributed. "People of all net worths ought to have a plan," says Michael Whitty, an estate-planning attorney with Smith, Gambrill and Russell in Chicago. "Even if they are of very modest means, they should have at least a will."

Online will and trust creation services, such as LegalZoom, Trust & Will and Quicken WillMaker & Trust, are low-cost options. However, Whitty advises working with a professional who can ask the right questions about your wishes to tailor estate-planning documents to your needs, rather than trying to rely exclusively on self-help services.

Once you have a plan, it's important to let your family know that you have one and to share some details. "One of the biggest mistakes is not communicating with your children or asking your advisers to communicate on your behalf," says Dawn Jinsky, a partner with Plante Moran Wealth Management in Ann Arbor, Michigan. "They need to hear it from you."

If they don't, your children could make assumptions about the reasons you won't share inheritance information with them. They might think that you don't trust them with money, Jinsky says. Or they might have unrealistic expectations about what they will inherit.

Lack of communication can also leave children unprepared for the wealth they receive or roles they'll have to fill. "For example, if a child is meant to become a trustee of a trust, we want to help the client make sure the child has the skills and competency to fulfill the responsibilities of the trust," Bragar says.

Plus, an unwillingness to discuss your plan and explain the reasoning behind your decisions can lead to resentment or disputes among your children.

"There are plenty of stories of families throughout history who go to the will reading to find out that what they had assumed would be a fair and equitable distribution was not," Moore says. "Your legacy is forever locked into that last moment of conflict."

When to have conversations about inheritance

The best time to start talking about inheritance isn't when you're drafting your estate plan. Ideally, parents should start laying the foundation for discussions as soon as their children can understand the concept of money. "The families that do this the best begin as young as possible," Khanna says.

When children are in elementary school, conversations can focus on family values and money-management basics. As children mature, parents can gradually introduce more information about family finances, including goals for their wealth and, eventually, details about their inheritance planning, Whitty says. The goal is to avoid leaving children to fill in the blanks.

"If you're silent, the kids might think, I don't know if I'll get anything, but I may get a lot," Whitty says. "That could distort their motivations about their own careers, personal development, even their choice of a potential spouse."

Parents who missed earlier opportunities shouldn't assume they have waited too long. Experts say discussions with adult children are essential — as long as they happen before a crisis forces the issue.

"I'm sure a lot of these conversations occur on the deathbed," says David Russell, a wealth adviser with Argent Trust in Ridgeland, Missouri. "At that time, it's too late to do anything planning-wise."

Don't let reluctance to talk hold you back. "If you're not ready to jump into the conversation, find an adviser as soon as possible," Khanna says.

She recommends working with a financial planner with experience facilitating family money talks. (You may be able to find one using the directory at 2164.net/advisors, which lists financial pros who focus on multigenerational planning and family philanthropy.)

If emotional barriers are getting in the way, a financial therapist can help you address fears that are preventing you from sharing inheritance information with your children. You can find a financial therapist through the Financial Therapy Association

What to share about inheritance

Before you talk, Bragar recommends identifying what you hope to achieve. "How do you want your family to think about the wealth that will be left?" she says.

"When people care about their family members and want there to be some level of harmony, it's easier to go into the conversation when you visualize what is important."

Then, consider the questions your children might have. "What type of information might they need about you to live their lives stress-free?" Bragar says. For example, they might be wondering whether you have enough money to live comfortably in retirement or to pay for long-term care.

Bragar says some parents are reluctant to spend savings because they want to leave more for their children — even though that can be the last thing the children want.

Russell has what he calls "who does what when" meetings with his clients and their children to foster conversations about both wealth transfer and long-term-care planning. The focus on logistics can help keep emotions at bay to ensure a more productive discussion, he says.

To replicate the process, parents can create three columns on paper or a computer document to list the people they expect to be involved with their finances as they age and after they die, what role each person will play, and when they are expected to fill those roles. Parents could add a fourth "Why" column to explain the reasoning behind their choices, Russell says.

Note that there's not a column for "How much." Russell says that most of his clients aren't willing to share the details of how much they have.

Other financial advisers meet with the same resistance. "Clients feel like communication means opening the curtain and sharing everything," Jinsky says. "You don't need full transparency with your children."

There are a handful of reasons why it could make sense not to share specifics about how much your children or family members will inherit. For starters, you might end up needing to spend more of your savings than you think, especially if dementia or another chronic condition forces you to pay hundreds of thousands of dollars for many years of care.

Another reason: You might change your mind. "Don't lock yourself into a conversation your children will remember," Jinsky says. For example, one of her clients who lived to age 96 changed her estate-planning documents 32 times — every time she did or didn't get a call on her birthday.

However, Jinsky cautions that full disclosure is needed in some circumstances, such as when you've legally appointed your child to manage your assets when you die. "If you're in your eighties and your child is the trustee, that is a pull-the-curtain-and-share-everything moment," she says.

Another reason parents might opt for sharing some details with children about what they can expect to inherit or receive while you're still living: If knowing, even just broad ranges, might help them make more-informed financial and estate-planning decisions in their own lives, Whitty says.

How to keep inheritance conflict to a minimum

Experts recommend having a family meeting with all of your children to share your inheritance plans if everyone gets along well. This holds true even if you plan to divide your assets unevenly or give the bulk of your wealth to charity, your place of worship or a similar organization.

Children who are mature and have a strong relationship with their parents and each other should understand why, for example, their parents plan to give more to a child with special needs, Whitty says.

When a family meeting isn't the best choice: "If there is resentment, jealousy or in-fighting, or any sort of disrespect, maybe you want to have those conversations individually," Khanna says. It also can be helpful to have a third party, such as an attorney, financial adviser or therapist, mediate potentially difficult inheritance talks to "slow the conversation down and hold space for big feelings," she says.

Another option is to write letters to your children to explain your decisions. This tactic can also be effective if you have children who are unwilling to engage in a conversation because of their fears about aging and death, Khanna says.

Although it's your money at the end of the day, and the approach you choose is ultimately up to you, Khanna says, "I always try to encourage families to make compassionate decisions knowing the impact it will have on people."

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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When you picture a millionaire, you might imagine someone living in a huge home, driving a luxury car and taking lavish vacations. But having a $1 million net worth doesn't necessarily mean living as if you're rich or even earning an exceptionally high salary.

Plenty of wealth is built much more quietly. Someone might spend decades working a regular job, living in the same relatively modest home and consistently putting money into retirement accounts and other investments.

Being a millionaire generally means having a net worth of at least $1 million; it doesn't mean earning $1 million a year. Your net worth is the value of what you own (including savings, investments, retirement accounts and home equity) minus what you owe.

Over time, those assets can add up. A household could have several hundred thousand dollars in retirement accounts, another chunk of money invested elsewhere and significant equity in a paid-down home, eventually pushing its net worth past $1 million without ever earning anywhere close to $1 million a year.

Here are three practical money moves that can help middle-class households quietly build wealth.

1. Make investing part of your monthly budget

One of the biggest advantages you can give yourself when building wealth isn't finding the perfect stock. It's time.

Consistently investing every month allows you to benefit from compounding, meaning you can potentially earn returns not only on the money you've contributed but also on previous investment gains.

You can see how time and consistent contributions can affect your potential investment growth using Investor.gov's compound interest calculator. The tool lets you model different scenarios by changing your initial investment, monthly contributions, time horizon and estimated rate of return.

For example, someone starting with $1,000 at age 25 and investing about $375 per month could accumulate roughly $1 million by age 65, assuming a hypothetical 7% average annual return.

Someone starting at age 35 with the same $1,000 initial investment would need to contribute about $813 per month to reach the same goal.

Actual investment returns will vary, of course, and investing always involves risk. These hypothetical examples also don't account for taxes or investment fees.

The lesson isn't that everyone should expect a 7% return or that $375 is a magic number. It's that consistent contributions, given enough time, can potentially become a substantial amount of money.

For many workers, a workplace retirement account such as a 401(k) is one of the easiest places to start because contributions can come directly from your paycheck. If your employer offers a matching contribution, consider contributing enough to receive the full match if your budget allows. Employer matching formulas and vesting rules vary by plan, so check your plan documents to understand how your match works.

From there, look for opportunities to increase your savings rate over time. When you get a 3% raise, for example, you don't necessarily have to increase your spending by the full 3%. You might bump your retirement contribution up by 1% and use the rest for current expenses or other financial goals.

2. Keep lifestyle creep under control

Earning more money can certainly make it easier to build wealth, but income alone doesn't determine how much wealth you keep.

Lifestyle creep can quietly absorb raises and promotions before you have a chance to save or invest that additional income. Maybe a higher salary leads to a newer car, a larger house, more expensive vacations, additional subscriptions and more frequent dining out.

There's nothing inherently wrong with spending more as your financial situation improves. Money is also there to help you enjoy your life. The problem occurs when expenses rise just as quickly, or even faster, than your income.

Someone who consistently spends less than they earn has room to save and invest. Someone who spends nearly everything they bring in, even with a much higher income, might have surprisingly little left to build wealth.

Some of the biggest opportunities to maintain that gap involve your largest expenses, particularly housing and transportation. For example, getting a raise doesn't mean you immediately need to move into a larger house. Paying off your car doesn't necessarily mean it's time to replace it with another vehicle and another monthly payment.

This doesn't require extreme frugality, either. You don't have to cut every vacation, restaurant meal or small luxury out of your life in pursuit of a seven-figure net worth.

Instead, consider being selective about the lifestyle upgrades you make. Spend more on the things that genuinely improve your quality of life while allowing at least some of your rising income to increase your savings and investments. Over decades, maintaining that margin can make a significant difference.

3. Don't let debt eat away at your wealth

Debt isn't automatically the enemy of wealth building. Many financially successful households have used mortgages to purchase homes, for example, rather than waiting until they could afford to pay cash.

The bigger concern is allowing high-interest debt to become a permanent part of your lifestyle.

High-interest credit card balances can be particularly damaging because interest charges consume money that could otherwise be going toward savings, investments or other financial goals.

There's also an opportunity cost to continually financing purchases. If you're regularly making payments on credit card balances, personal loans or vehicles that stretch your budget, those monthly obligations leave less money available for investing.

That's why paying down high-interest debt can be an important part of a long-term wealth-building strategy. Your approach might depend on the type of debt, interest rate, access to an employer retirement match, emergency savings and other factors. Pay attention to whether debt helps you accomplish a larger financial goal or funding a lifestyle that's difficult to sustain.

A manageable mortgage on a home you can comfortably afford looks very different from carrying revolving credit card debt for vacations, clothing and everyday expenses year after year.

As high-interest debts are paid off, you can also redirect payments toward building assets. Paying off a $500 monthly debt payment, for example, doesn't have to mean finding a new way to spend $500 each month. Instead, consider redirecting some or all of that $500 toward retirement accounts, investments or other long-term goals.

The quiet path to a $1 million net worth

Building a net worth of $1 million generally doesn't happen overnight, and for many middle-class households, that's exactly the point.

Building wealth can take decades of consistently investing, keeping lifestyle creep in check and avoiding high-interest debt that pulls money away from long-term goals. Over time, retirement accounts can grow, mortgage balances can shrink and other assets can increase in value.

You don't have to look rich to become wealthy. Resisting the pressure to upgrade your car every few years, spend every raise or keep up with a more expensive lifestyle can leave more money available to save and invest. These habits aren't flashy, but practiced consistently over time, they can help turn an ordinary income into substantial wealth.

Whether your goal is a $1 million net worth or simply greater financial security, a financial adviser can help you map out a realistic path for getting there.

Use the tool below to connect with a vetted financial professional who can help:

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One of my favorite online reads is the "Tough Love" column in The Free Press, in which author Abigail Shrier dispenses advice to readers seeking help with a wide range of family-related issues.

Recently, Abigail replied to a query from a reader signed Darrill. Darrill sought advice on how to eject his 38-year-old son, who has been living in Darrill's garage apartment for eight years (along with his current girlfriend) and shows no inclination to leave despite having earned two college degrees funded by his parents.

Darrill writes, "We've made it clear that the gravy train ends in six months, and he either moves or starts paying rent, but I have no confidence that things will change by then."

Abigail responds: "How do you make a 38-year-old act like an adult? You can't. You have but one productive role to play in your son's rescue: Kick him out. Cease your mollycoddling and leave the rest to him. Give them two months and then — if necessary — hire a company to box up their things and put them out on the lawn."

Along with most of the dozens of readers who commented, I agreed that in the spirit of tough love, Abigail's counsel was spot on, if often difficult for parents to take. That prompted me to revisit advice I had given to parents of boomerang kids when I wrote my book Raising Money Smart Kids more than two decades ago.

Would the advice of my younger self still hold up, especially at a time when one-third of adults between the ages of 18 and 34 are still living with their parents? Many parents are happy to lend a hand — or a spare bedroom — but how do you keep the kids from becoming too comfy on the couch, stunting their growth into adulthood and possibly jeopardizing your own retirement?

Lay down the house rules.

My best advice, both then and now, is to nip things in the bud by coming up with "The Plan." You and your children should work out in advance the terms under which they'll move back into your home and what they'll do once they get there.

The Plan should start by addressing how long your children will stay. It needn't be a brief interlude, but it shouldn't be open-ended. If your children are home to attend a graduate or training program, their stay could end with the program. If the kids are job-hunting, start with, say, six months and give them an option to renew. Ditto if they have a job and are saving up for a deposit on an apartment. Not being firm enough on this point is one of the biggest mistakes parents can make.

Another big bone of contention is room and board. If your young adults have a job, The Plan should include an arrangement for them to pay at least a nominal amount of rent. If you don't need the money, you can always put it aside for the kids to save for a security deposit on an apartment or to pay off any debt. As an alternative to rent, they could contribute to the cost of food, streaming services or other household expenses. And kids with no income can provide in-kind payment by cooking, grocery shopping, taking over the yard work or performing other household chores.

Whatever arrangement you agree on, it helps to write down the terms in a contract so everyone is working from the same page. And most important, follow through — even if it means, as in Darrill's case, boxing up their things and moving them out.

But it shouldn't come to that if you create The Plan beforehand. It isn't helpful for either of you if you continue to play the role of enabler, conspiring to keep your adult children from growing up.

Note: If you have had adult children return home, let me know how you handled the situation. I'll be happy to share your advice.

Janet Bodnar is editor at large of Kiplinger Personal Finance. Contact her at Janet.Bodnar@futurenet.com.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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Your 70th birthday is a major life milestone. From a financial perspective, you now qualify for the highest Social Security benefits (if you waited to claim Social Security at 70) thanks to delayed retirement benefits and, if you worked until this age, potentially more higher-earning years, which can also translate to a higher Social Security check.

But it can also be a rough transition for retirees, who've spent decades saving for this moment and now find it surprisingly difficult to watch their retirement savings go down — even if you've done all the planning and triple-checking to make sure your withdrawal amount is sustainable.

Whether you're worried about running out of money in retirement, overwhelmed by estate planning, or just generally unsure of how you should approach retirement planning when you're already retired, here's a financial checklist for your 70s to help you stay on track and feel more confident about enjoying your money.

1. Create a realistic spending plan, then spend your money

When you're still working, retirement planning is about identifying a healthy target number to save that will give you the lifestyle you want. By your 70s, "Retirement planning should be less about putting life on hold in the name of preservation and more about funding the experiences, and legacy that matter most," Nancy Anderson, director of wealth planning programs at Key Private Bank, told Kiplinger.

While coming up with an annual spending amount on paper is straightforward, shifting from a saving mindset to a spending mindset is much harder. To help make that behavioral shift, Anderson recommends:

• Create separate accounts for separate expense categories. As cash comes in from Social Security, distributions and other income sources, fund your household expenses account first. Put the amount you've allocated for travel and hobbies into a separate account. That way, you can be confident that your essential costs are covered, and you can see at a glance exactly how much you can afford to spend on travel and hobbies. "Knowing that money has been earmarked for a specific purpose can make spending feel more comfortable and intentional," Anderson explained.
• Claim Social Security now if you haven't already. While delaying Social Security can increase your benefits by up to 24%, "waiting beyond age 70 does not create additional value," she said. This guaranteed income isn't vulnerable to market volatility and can give you a spending floor — the minimum you'll be able to spend each month even if all your other assets disappeared.
• Make a plan for required minimum distributions (RMDs). These kick in in your mid-70s and often catch retirees by surprise, warned Anderson. This can throw off your tax planning by increasing taxable income if you don't plan for it. But there are strategies you can use to mitigate that if you get a plan in place before they kick in.
• Review your withdrawal amount annually. Your annual withdrawal amount isn't a "set it and forget it" number. Anderson recommends reviewing your spending amount annually to make sure it's still sustainable. "An annual review provides an opportunity to adjust spending based on market performance, inflation, and personal circumstances," she said.

2. Stress-test your finances annually

In addition to reviewing your withdrawal amount annually based on current market conditions and personal needs, Anderson recommends stress-testing your finances against possible future risks.

"Running stress tests that account for market volatility, inflation, healthcare costs and longevity can help identify potential shortfalls before they become serious problems," she noted.

By examining all the "what if" scenarios you can think of, you'll see exactly how long your savings would last in each one. More important, you'll be able to come up with contingency plans and adjusted spending limits that account for those various risks.

"In many cases, relatively small changes can significantly improve long-term outcomes," Anderson said.

By running these stress tests annually, you can anticipate problems before they become serious and, in many cases, avoid needing to make drastic changes to your spending. "The sooner adjustments are made; the more options are available and the less dramatic the changes typically need to be," she noted.

This habit will replace those vague fears of running out of money with a concrete picture of how your savings would hold up under different scenarios and what adjustments you can make to address specific threats.

3. Plan your retirement in five-year chapters

The biggest risk in retirement isn't necessarily running out of money, Anderson says. "Sometimes, it's about reaching a point where you no longer have the health, energy, or opportunity to do the things you want to do."

That's why she advises clients not to assume spending will remain constant from age 70 to 100. Instead, she recommends planning in five-year chapters. Start by funding the experiences and bucket list adventures you know you'll regret postponing if health or other circumstances prevent you from being able to enjoy them later.

"Many retirees spend more in the initial phase because they have greater flexibility and often want to travel, pursue hobbies or enjoy experiences they postponed while working," she said.

That higher spending up front might make you anxious if you're stuck in that saving mindset. But when you factor that into the plan by planning in five-year chapters and back it up with those annual reviews and stress tests, you can be confident that your overall spending plan is sustainable.

4. Put fraud protection in place before you're targeted

That generous nest egg you worked so hard to build makes you an attractive target to scammers and fraudsters. It also puts you at heightened risk of financial abuse — especially as you get older and start relying more on family to make financial decisions for you.

"Cognitive decline does not need to be severe before financial judgment begins deteriorating," warned Evan Farr, a Certified Elder Law Attorney and retirement planner practicing in Virginia, Maryland, and Washington, D.C.

Even before cognitive decline hits, modern technology is making scams harder to spot. Taking proactive steps now can go a long way toward protecting yourself in the future. Some of the most effective strategies to do that, Farr says, include:

• Enable transaction alerts on your bank and brokerage accounts so you can catch suspicious activity promptly.
• Set up multifactor authentication on all your financial accounts.
• Learn how to freeze your credit now so you can do it quickly when necessary.
• Make a rule that you'll discuss all major transfers or investment decisions with a designated trusted person, such as your financial planner or attorney, before acting.
• Designate a trusted contact to be notified of suspicious transactions. Most major financial institutions will allow you to note this on your account so that if a bank representative notices signs of a scam, exploitation or fraud, they can reach out to this trusted contact.
• Sign strong power of attorney paperwork, and make sure the person you name has the integrity and capacity to take on that responsibility.
• Be cautious about adding family members jointly on your accounts. Even if you trust the person fully, doing so can create conflicts later around ownership and inheritance that you never intended.

5. Reduce unnecessary financial complexity for your heirs

"Many people by age 70 have accumulated numerous bank accounts, brokerage accounts, retirement accounts, insurance policies, real property holdings, past beneficiary designations, passwords and/or decades of documentation," Farr told Kiplinger.

While this might not be a problem for you, it can be a confusing maze of accounts and records to sift through for your heirs.

Farr recommends clients simplify their financial affairs as much as possible and leave a roadmap to make it easier for heirs to know what's what and where to look. That includes consolidating unnecessary accounts and maintaining an up-to-date account of assets and passwords. It can be helpful to do this with a financial planner so you can spot any old 401k or other accounts you might have forgotten about.

Lastly, Farr said to make sure you "inform those who will act on behalf of your client during incapacitation that the documentation exists and how they can obtain access to it."

6. Get more specific with your estate planning

In the past, it might have been enough to name a beneficiary or have a general plan for how your assets would be split among heirs. As you get older, it's time to get more specific with your estate planning to prevent unnecessary conflict or obstacles when carrying out your final wishes.

According to Farr, "While it was previously sufficient to ask who would receive the decedent's assets upon death, today the decedents' estates must address how the assets will pass, who will administer matters should the decedent become incapacitated, whether probate may be avoided, whether an inheritance should pass directly to beneficiaries or remain protected within a trust arrangement(s), and whether the estate plan will lead to conflict amongst the beneficiaries."

You deserve to enjoy the retirement you saved up for

If you've been feeling too nervous to splurge on vacations or start embracing all the hobbies and experiences you promised yourself you'd enjoy once you retired, know that a lot of retirees struggle with that same anxiety.

By following the steps in this checklist every few years, you can ensure that the "permission to spend" amount you're working with truly is sustainable and that you'll be able to catch any shortfalls or issues early to adjust your spending long before you run any real risk of outliving your savings.

Doing the steps with the help of a financial planner can help ease those fears even more as you'll know that an outside expert helped you come up with that realistic, sustainable spending amount.

Use the tool below to connect with a vetted financial professional who can help you stay on track and make the most of the retirement for which you planned:

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Are you maximizing your hard-earned money? If you've been looking at your bank statements and want to earn a little more, now is a smart time to re-evaluate your savings approach.

Why now? Inflation has remained sticky, giving the Federal Reserve less room to cut interest rates.

Instead, I've found that while high-yield savings accounts have been stagnant, CDs have seen higher rates in the past few weeks. I'll explain when you should make the pivot and how much money you're missing by not doing so.

Is it time to switch to CDs?

I review savings accounts weekly and have found that the best CD rates have been increasing in the past few weeks. The highest CD rates are now outpacing many of the best high-yield savings account (HYSA) rates.

Now, CDs won't be the smartest approach for everyone. If you're still growing your emergency fund or need access to your cash, a high-yield savings account is the smarter move. I recommend the one from Newtek Bank, as it offers 4.20% with no account fees or minimums.

That said, if you're comfortable with your cash flow and emergency fund, use this Bankrate tool to find the best rate for your savings goals:

As you'll see, CD rates are significantly higher than they were even three to four months ago. Locking one in now guarantees you a return and annual percentage yield (APY) that currently outpaces inflation in many cases.

However, choosing the right CD term can feel like a gamble; here's how to clarify your options.

Which CD term is right for me?

CDs are inflexible savings vehicles. Once you lock one in, you must keep the money in the account until the term expires. If you need to break it open, you'll generally face an early withdrawal penalty, which can reduce your earnings and, in some cases, your principal.

That's why being intentional with your savings goals can point you to the right term. If you're concerned about inflation rising again and don't want it to erode some of your future purchasing power, a short-term CD might be worth considering, such as a six-month or one-year CD.

This achieves several objectives:

• You won't have your money tied up for long.
• You'll have the flexibility to pivot to other savings or investment solutions as economic conditions clarify.
• If the Fed decides to hike rates in the future, you'll be in a prime position to capitalize.

Such a move could help you earn hundreds of dollars more in the interim with the higher APY. Here's a comparison of what you would earn with a $100,000 HYSA vs a $100,000 jumbo CD:

Alternatively, if you're approaching retirement and want to move some of your cash to safer investments without chasing APYs, a long-term CD can still be a smart move. You'll earn a guaranteed return, with APYs as high as 4.40%.

That can give you peace of mind and assurance that your money is safe from market dips. CDs at federally insured banks and credit unions are also protected by FDIC or NCUA insurance, generally up to $250,000 per depositor, per institution and ownership category.

If you have a large sum of money to move (think $100,000 or more), a jumbo CD might be worth considering. You'll earn a rate as high as 4.55%, with maturity windows of around one year.

Before signing up for any CD, consider the tax situation.

Factor in the tax implications of a CD

As part of your savings strategy, keep in mind that interest earned on a CD is generally taxable as ordinary income. With CDs that mature in more than one year, you might have to report a portion of the interest as it accrues each year, even if you don't receive the money until the CD matures.

As you calculate your potential return, consider your current tax bracket or consult a tax professional about how CD interest could affect your overall tax liability.

Overall, with some of the best CD rates moving higher, now is a good time to take a fresh look at your savings strategy. High-yield savings accounts remain a smart choice if you're building an emergency fund or need easy access to your cash.

However, if your emergency fund is established and you have money you won't need for a set period, locking in a CD rate might be worth considering. Think about your savings goals and when you'll need the money to determine the right term for you. That way, you can take advantage of a competitive rate without giving up access to money you might need sooner.

Not sure how CDs fit into your broader savings strategy?

A financial professional can help you weigh your options and decide how to put your cash to work based on your goals, timeline and need for flexibility. Use the tool below to connect with a vetted financial professional today:

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Power outages are more than inconvenient; for homes relying on medical equipment, they're a safety risk. Additionally, there's another, quieter crisis hitting homes: The 116% surge in electricity costs over the past 25 years.

To illustrate, the average electricity rate in August of 2000 was 0.091 cents per kWh. In July of 2026, that rate increased to 0.197 cents per kWh, according to the Federal Reserve Bank of St. Louis.

For many homeowners, the conversation around solar use circles back to a single metric: The financial return on investment. However, if you're looking at the next chapter of your life, the true value of these systems extends far beyond a monthly electric bill. It represents building a resilient homestead and moving away from reliance on an outdated and overtaxed grid.

How homeowners can prepare for an unreliable grid

The reality is we are relying on an electrical grid built over 100 years ago. Dr. Michael Stadler, an expert in energy systems and the Chief Technology Officer at Xendee, told Kiplinger this will become increasingly problematic as demand from climate change and AI data centers increases.

The Department of Energy released a report last year titled Report on Evaluating U.S. Grid Reliability and Security. It warns that blackouts could increase one hundredfold in 2030 if the US continues to shutter reliable power sources and doesn't add more firm capacity.

Reliability on an aging network is a cost issue. Most importantly, it's a stability issue too. If you're a homeowner, this creates an almost must-have shift away from traditional means to energy sovereignty. A solar and battery system can serve as an insurance policy, ensuring your home remains powered and secure even with increasing blackouts.

How to make your home more energy independent

One of the shifts is seeing homeowners move away from passive consumption, where you rely on your electric utility/supplier for power, to self-sufficient hubs. Using photovoltaics (PV) and battery storage means you've created a localized microgrid.

This has several advantages for your home's journey toward energy independence. It means that when rolling blackouts or power outages occur, your home will retain power since it isn't relying on the grid. And you can sell your excess power (offsets or net metering) to your local energy company if your state laws allow.

What's more, smart control systems make it easy to manage power. It optimizes how you use and store electricity, and when to sell it, based on real-time grid needs. Dr. Stadler recommends selling offsets during peak demand, when you're likely to earn more for them. This automation not only helps you optimize earnings, but it also protects your home for years to come.

Is the ROI worth it?

While these systems require a significant initial investment, usually in the $20,000 to $40,000 range, federal tax incentives, such as the Clean Electricity Investment Credit, provide a six percent tax credit on the qualified investment. Dr. Stadler notes that if your current rate is at or above 20 cents per kWh, the economics of installing such a system become increasingly favorable.

Keep in mind that your electric rate is only one component of your bill. In my case, I found that the transmission/delivery fee is almost half of what I pay. With solar, the excess energy gained and sold could help offset these delivery fees while reducing your energy reliance on the grid, bringing down costs even more.

Another consideration is that solar is clean energy. In some cases, the energy you receive from your electric company can be dirty. Dirty electricity can take the form of high-voltage spikes, harmonic distortions and surges that, over time, can shorten the lifespan of your appliances and electronics.

Is your home ready for a microgrid?

Keep in mind that not every home will be an ideal fit for a microgrid. Use this checklist to evaluate whether your home has the elements required for a successful transition:

• Roof health: Make sure your roof shingles and structure are in good shape since solar panels last 25 to 35 years. If not, you'll need to budget for a new roof.
• Sun exposure: Does your home have obstructions such as large trees or neighboring buildings that cast ample shade? This might limit its effectiveness.
• Energy use: Examine the last year of utility bills to determine your average kWh monthly. This is essential for choosing the right-sized system for your home.
• Local regulations: Read up on your state's net-metering policies. Some homeowners associations might also have restrictions on where you place panels.
• Critical load: Determine which appliances you want on during an outage, as this will decide the battery storage system size you need.

Taking these considerations into account can help you determine if your home is ready for a microgrid.

Ultimately, investing in solar isn't only about reducing your electricity bills; it's about building a resilient, energy-efficient asset. Solar is becoming an essential home improvement that secures your property's independence in a future where grid reliability isn't guaranteed.

Making your home more energy independent can be a significant investment. A financial professional can help you build a plan for upgrades such as solar and battery storage while balancing them with your other financial priorities.

Use the tool below to connect with a financial professional and get started:

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Homeowners age 62 and older hold almost $15 trillion in home equity, nearly double the total of early 2020, according to data from the National Reverse Mortgage Lenders Association. If you own your home or another property, you have another financial resource for renovations, debt consolidation, extra income or even a business investment. But accessing that value is not as simple as withdrawing cash from the bank or selling shares in a retirement account.

"Using home equity is a puzzle," says Ashley Morgan, a debt attorney in Chantilly, Va. "It goes beyond whether you can afford to take the money out. You also need to consider how that decision fits with your future financial and housing goals."

Whether you need extra money now or simply want to understand the possibilities, here's what you should know about using home equity in retirement.

1. There are multiple ways to tap home equity.

Home equity is the portion of a property's value that you own outright. In other words, it's what you would receive if you sold, after paying any remaining mortgage debt and transaction costs.

Selling is the simplest way to cash out your equity, but there are other ways to access that value while staying in your home, each with its own tradeoffs.

The right option depends on what you need the money for, whether you can afford ongoing loan payments and whether the property still fits how and where you want to live in retirement.

2. A HELOC provides borrowing flexibility.

With a home equity line of credit (HELOC), you receive a borrowing limit based on the value of your property. You decide when and how much to draw, and typically owe interest only on the amount borrowed. After you repay the balance, that credit generally becomes available to borrow again.

"A HELOC gives you the ability to prepare for future expenses or cover projects that happen in multiple stages," says Fabien Thierry, head of home equity lending at Citizens Bank. However, HELOCs typically charge adjustable interest rates, so the monthly payment can change.

3. A home equity loan makes sense for a specific need.

A home equity loan provides a lump sum of cash upfront, which you repay on a set schedule, usually with a fixed interest rate and monthly payments.

Interest begins accruing on the full amount immediately, and some loans charge a prepayment penalty if you repay early. Home equity loans can work well for a specific expense, such as a major renovation or accessibility upgrade.

In a 2026 Citizens Bank survey of homeowners, 44% said renovating their property to fit their needs better was their most realistic housing option. Just 13% said buying another home felt achievable.

4. Borrowing against your home equity is affordable, but carries extra risk.

Home equity loans and HELOCs use your house as collateral. Interest rates for home equity loans and HELOCs averaged about 8%, compared with 12% for unsecured personal loans and nearly 20% for credit cards, according to a national Bankrate survey of lenders in June 2026.

The tradeoff is that if you fail to make the scheduled payments, the lender could eventually foreclose on your home.

5. A reverse mortgage lets you stay in the home without monthly loan payments.

A federally insured Home Equity Conversion Mortgage is available starting at age 62. You can receive the money as a lump sum, installment payments or as a line of credit.

Interest and fees are added to the loan balance over time. The balance becomes due when you sell the property, move out permanently or pass away. However, your heirs will not owe more than the property's value if the loan balance grows beyond it.

You must continue to cover property taxes and insurance, and keep the home in good condition. Otherwise, the lender could foreclose on the home.

6. Home equity investments offer cash, but at a high price.

With a home equity investment (HEIs), also known as a home equity sharing agreement, you sell a percentage of your equity to an investor. You get cash upfront and don't owe ongoing loan payments. Instead, the investor collects when you sell or refinance the home later.

These deals have grown more popular as homeowners look for ways to tap their equity without adding another monthly bill. Because the cost is deferred and tied to the home's future value, they can feel far less expensive than they are.

Here's an example: A homeowner receives $50,000, equal to 10% of a $500,000 home's value. They would owe $110,000 after 10 years if the property appreciates at 1.5% annually, or $187,000 if it appreciates at 5.5% annually, based on estimates from Point, an online provider of HEIs. Processing and other fees can also reduce the cash you receive.

By comparison, a 10-year home equity loan for the same amount at an 8% interest rate would cost about $73,000 to repay. "The seller may not realize how much upside they are giving away," says Luca Rassenti, a financial adviser in Tucson, Ariz.

7 Compare your options.

When borrowing against the equity in your home, compare offers from several lenders before committing. "Look at the rate, the support during the application process and how quickly you can get the money," says Thierry from Citizens Bank. Many banks offer online calculators that can give you an initial estimate of the rate and monthly payment.

Shopping around also matters for reverse mortgages and home equity investments, where fees and contract terms vary considerably.

Use the Bankrate tool below to explore and compare today's top refinance offers:

8. Selling unlocks your equity, but costs can add up.

Selling is the most direct way to access all your home equity. Downsizing to a less expensive property can also free up cash and reduce future housing costs.

However, you will lose value due to transaction costs and taxes, typically running up to 10% of the property for selling and 5% for buying another one, according to Zillow. So price out the full cost of the move before counting on a large amount of extra cash.

Single homeowners can exclude up to $250,000 of profit from their taxes for the sale of a primary residence, or $500,000 for a married couple filing jointly, as long as you (or your spouse) have lived in the home for two out of the last five years. "If you've owned a house for many years, you could have a substantial taxable gain," says Morgan, the debt attorney from Virginia.

9. Saving equity prepares for future needs.

Untapped home equity can serve as a reserve for later costs, including assisted living or long-term care. About 80% of 65-year-olds will need long-term care at some point, according to the Center for Retirement Research, and costs can run over $100,000 per year.

Before tapping your equity for a less urgent expense, consider whether other savings or assets could cover it and preserve that buffer.

10. Include your heirs in the plan.

When you pass away, your real estate receives a step-up in basis to its market value at that time. That means your heirs could sell it without owing taxes on the appreciation during your ownership.

If you need cash, Rassenti suggests asking your heirs whether they would provide a loan or gift today, with the expectation that they will inherit the property later. They may also have emotional reasons for wanting to keep a longtime home in the family. "Talk to the kids about what matters to them," says Morgan.

Note: This item first appeared in Kiplinger Retirement Report, our popular monthly periodical that covers key concerns of affluent older Americans who are retired or preparing for retirement. Subscribe for retirement advice that's right on the money.

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You've used your airline miles to save on your flight, carefully shopped around for the best hotel or lodging prices and done the hard work to save money on your international vacation.

But there's one potential financial catch you may have overlooked: how you'll pay for things once you're abroad.

Exchanging money, withdrawing cash and using your credit or debit card overseas can all come with added costs. Unfavorable exchange rates, foreign transaction fees and ATM charges can quickly eat into your travel budget, and some of the most convenient options can also be among the most expensive. Before you leave, it helps to understand your payment and currency conversion options. Here are some common money mistakes to avoid when traveling internationally.

1. Accepting dynamic currency conversion

Some businesses offer dynamic currency conversion when you make a purchase using a credit or debit card. If you accept the conversion, you can complete the transaction using U.S. currency. The card processor automatically calculates the conversion and adds on any additional fees.

Dynamic currency conversion rates often include a markup over the exchange rate that your bank would use. Extra fees may also be bundled into the conversion rate, so you’ll often pay a higher rate for dynamic currency conversion than you would if your bank performed the conversion.

Generally, you will save money by choosing to complete the transaction using local currency, then letting your card network handle the conversion.

2. Exchanging money at the airport

Airport currency exchange booths are convenient, especially if you arrive without any local cash. But you may pay a premium for that convenience. These booths often offer less favorable exchange rates than banks and may charge additional fees, making them one of the more expensive ways to get foreign currency.

If you know you'll need cash when you arrive, consider planning ahead. Check whether your bank allows you to order foreign currency before your trip and compare the exchange rate and any fees. Another option is to wait until you reach your destination and withdraw a small amount of local currency from a bank-operated ATM. Just be sure to check your bank's international ATM fees before you travel.

3. Using the wrong ATM

When you need cash abroad, look for an ATM operated by a bank rather than an independent ATM in an airport, hotel, bar or other high-traffic area. Independent ATMs may charge higher fees or offer less favorable currency conversion rates. A bank-operated ATM, particularly one located at or inside a bank branch, may offer a better option.

But using a bank ATM doesn't necessarily mean the withdrawal will be free. You could still face several ATM fees. The ATM operator may charge a fee for the transaction, and your own bank may charge an out-of-network fee. International withdrawals can come with additional costs, too. According to Bankrate, international ATM withdrawals often carry an additional fee of 1% to 3% of the amount withdrawn.

Before your trip, check your bank's international ATM policy. Some banks reimburse certain ATM fees, while others have partnerships with overseas banks that may allow you to withdraw cash with fewer fees. Knowing which ATMs to look for before you arrive can help you avoid unnecessary charges.

4. Choosing U.S. dollars at a foreign ATM

When using an ATM abroad, you may be asked whether you want the transaction converted to U.S. dollars or processed in the local currency. You might see a message such as, "This ATM offers conversion to your home currency."

This is another form of dynamic currency conversion, similar to what you may encounter when paying with a credit or debit card at a store or restaurant. Choosing U.S. dollars allows the ATM operator to perform the currency conversion, often using an exchange rate that includes a markup or additional fees.

The wording on the screen isn't always straightforward. You may be asked whether you want to "accept conversion," "continue with conversion," or be charged in your home currency. In most cases, choosing the local currency and declining the ATM's conversion allows your bank or card network to handle the exchange instead.

Before completing the withdrawal, review the exchange rate and any fees displayed on the screen so you understand what you'll be charged.

5. Paying foreign transaction fees

A foreign transaction fee is an extra charge some credit card issuers apply when you make purchases outside the U.S. or with a foreign merchant. These fees are often around 3% of the purchase price, which may not sound like much until you add up everything you spend during a trip.

For example, if you charge $6,000 in hotels, restaurants, transportation, shopping and other expenses to a card with a 3% foreign transaction fee, you could pay an additional $180 in fees.

Before traveling, check your credit card's terms to see whether it charges foreign transaction fees. Many travel credit cards don't charge them. If your current card does, compare your options before your trip and consider whether a card without foreign transaction fees makes sense for your spending and travel habits.

6. Taking a cash advance on your credit card

A cash advance on your credit card lets you borrow cash against your available credit, but it can be an expensive way to get money while traveling. Unlike a debit card withdrawal, which takes money directly from your bank account, a credit card cash advance is borrowed money that you'll need to repay.

Cash advances typically begin accruing interest immediately, without the grace period that often applies to regular credit card purchases. You may also pay a cash advance fee, often around 3% to 5% of the amount withdrawn. Depending on where you get the cash, ATM fees may apply as well.

If you need cash while traveling, withdrawing money from your bank account with a debit card will generally be less expensive than taking a credit card cash advance. Check your bank's international ATM fees and withdrawal policies before your trip so you know what to expect.

7. Carrying too much cash

It might be tempting to withdraw plenty of cash for your trip, but think carefully about the potential theft or loss of that money. If you have leftover currency at the end of your trip, you'll need to convert that back to U.S. dollars, which isn't convenient and comes at a conversion cost.

Consider using a mix of payment methods to cover your expenses during your trip, such as a credit card that doesn’t charge foreign transaction fees and some cash that you've converted. Keep some backup cash separate from your primary wallet in case of theft or loss.

In certain situations, cash may still be necessary, such as for easily tipping hotel staff or when you’re making small purchases, like buying snacks. It’s also helpful to have cash as a backup in case you experience an issue with your card or a business’ card reader is down, but for safety's sake, don't go overboard with the amount of cash you keep on hand.

Preparing for your trip

There are plenty of ways to access and spend money abroad, but some options can cost significantly more than others. Before you leave, familiarize yourself with your choices and make a plan for how you'll pay for purchases and access cash.

A little preparation can help you avoid unnecessary conversion costs, foreign transaction fees and ATM charges, leaving more of your travel budget for the experiences you planned the trip for.

Put your vacation fund to work

Avoiding unnecessary fees can help you stretch your travel budget once you're abroad, but smart planning can start well before you leave. If you're setting aside money for an upcoming trip, consider keeping your vacation fund in a high-yield savings account or CD, where it can earn interest while you plan.

Use the Bankrate tool below to compare some of today's top savings accounts and CDs and find an option that fits your travel timeline:

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Sam’s Club shelves are filled with Member’s Mark products, encompassing everything from groceries and prepared foods to paper products and household essentials. This private label can sometimes offer a lower-priced alternative to national brands, helping shoppers to stretch their warehouse-club budget.

But with so many Member’s Mark products available, it can be tricky to determine which ones are worth trying. Since some of these products are sold in large or even bulk portions, you want to be sure they deliver on value before you make a purchase.

We looked at what Sam’s Club shoppers are recommending, including products that repeatedly earn praise in Reddit discussions, to find 10 Member’s Mark favorites worth a try.

What is Member’s Mark?

Member’s Mark is Sam’s Club’s private-label brand, with products spanning groceries, household essentials, clothing and accessories, pet supplies, home decor and more.

Like other Sam’s Club merchandise, Member’s Mark products are backed by the retailer’s 100% satisfaction guarantee. Most items can be returned at any time, although some products, including electronics and alcohol, are subject to different return restrictions.

Private-label brands can help warehouse clubs keep costs down because they typically require less spending on advertising and marketing than national brands. They also give retailers more control over pricing and can help build loyalty by offering products shoppers can’t buy elsewhere.

That can translate into lower prices for members, but a store brand isn’t automatically the best deal. Compare unit prices, especially when buying in bulk, rather than relying on the package price alone. If you find a Member’s Mark product you like just as much as the national-brand alternative, choosing the lower-priced option could help you save.

Household essentials Sam's Club shoppers recommend

Member’s Mark offers plenty of everyday household essentials, and several consistently earn praise from Sam’s Club shoppers. These three picks combine positive shopper feedback with prices that can compete with national brands.

• Member's Mark Ultra Premium 2-Ply Toilet Paper — Member's Mark toilet paper receives some of the strongest recurring recommendations online. Many shoppers praise the quality of the toilet paper, saying it's better than Costco’s TP. The Member's Mark toilet paper's price breaks down to $0.0023 per sheet, while Quilted Northern Ultra Soft & Strong 2-Ply Toilet Paper breaks down to $0.0031 per sheet.
• Member's Mark Select & Tear 2-Play Paper Towels — The 15-roll pack of paper towels is another shopper favorite, offering the opportunity to save on a household staple. The Member's Mark paper towels cost $0.0093 each, while Bounty Select-A-Size 2-Ply Paper Towels cost more than twice as much at $0.19 each.
• Member’s Mark 33-Gallon Power Flex Drawstring Trash Bags — This 90-count package of large trash bags breaks down to a cost of $0.23 per bag. In comparison, you’ll pay $0.25 per bag if you buy a 90-pack of Hefty Ultra Strong 33-Gallon Drawstring Trash Bags.

Member's Mark foods Sam's Club shoppers recommend

• Member's Mark Southern Style Chicken Bites — Another fan favorite, these chicken bites are crafted with white meat chicken and are lightly breaded. They can be prepared with an air fryer, conventional oven or microwave, so they’re a quick option for a snack, party or dinner.  
• Member's Mark Pineapple Spears in Coconut Water — This unusual product gets enthusiastic recommendations. Yes, it costs substantially more than your typical jar of canned pineapple, but the flavor combination makes it a must-try. The pineapple is packed with vitamin C and is an ideal addition to smoothies, desserts, fruit salads and more.
• Member's Mark Fully Cooked Bacon — The 10.5-ounce package of Member’s Mark Fully Cooked Bacon sells for $13.46. It’s frequently mentioned by shoppers online, and since it’s already cooked, it’s an easy addition to breakfasts, BLTs, soups and more. It’s also slightly cheaper than a 10.5-ounce package of Hormel Black Label Fully Cooked Bacon, which costs $15.87.
• Member's Mark BBQ Baked Beans with Brisket— This flavorful side dish is a frequently mentioned item. It combines bites of slow-cooked brisket with molasses and brown sugar for a touch of sweetness. It’s a great choice for a dinner or BBQ side.
• Member's Mark Indian Butter Chicken — Member’s Mark Indian Butter Chicken is one example of the brand’s numerous prepared meal selections. Ready to heat and eat, this convenient 32-ounce meal delivers six servings, perfect for larger families or leftovers.
• Member's Mark Iced Cinnamon Rolls — Ready for breakfast or dessert, Member’s Mark Iced Cinnamon Rolls are a popular bakery pick. They’re crafted with the Member’s Mark Made Without Commitment, meaning they’re free of more than 40 ingredients like high fructose corn syrup and certified synthetic colors.
• Member's Mark Seasoned Rotisserie Chicken — Made fresh daily, Member’s Mark Seasoned Rotisserie Chicken is a simple and affordable mealtime solution. You can pair it with one of the Member’s Mark side dishes or make your own sides. The chicken is crafted without any antibiotics, MSG or artificial flavors or colors.

How to decide if a Member’s Mark product is a good deal

When shopping at Sam’s Club, Member’s Mark products may offer a good deal, but it’s still important to comparison shop. Compare unit prices, not just packaging prices, to get the most accurate idea of how prices compare and whether you’re really saving with a Member’s Mark product.

If you’ll be buying in bulk, consider whether you’ll actually use all of the product before it expires. Some products may be frozen, but others can go stale or can spoil.

When comparing a Member’s Mark product against a national brand, consider the ingredients, size and features. A lower price on a Member’s Mark product isn’t necessarily a better value if you don’t end up liking the product or if you can’t fully use the larger quantity without having to throw out some of the product. Always keep your household’s preferences and habits in mind when deciding which products are the best choice and truly offer the best value.

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High-yield savings accounts (HYSAs) are one of the best places to keep your emergency funds and other short-term savings. HYSAs often offer significantly higher APYs than traditional savings accounts, putting your money to work to earn more.

Putting your savings into a HYSA can help maximize what it earns in interest while keeping it accessible if you need the cash. But opening a HYSA doesn't guarantee that you're getting the maximum return on your money.

Small habits and overlooked details might quietly reduce your earnings or keep your money from working as hard as it could. Here are five common HYSA mistakes to avoid.

1. Sticking with a low-rate savings account

Many people keep emergency savings in their primary savings account, where it earns a fraction of the interest it could earn in an online HYSA.

Since online banks don't face the overhead that brick-and-mortar banks do, they often pass those savings along to customers in the form of perks, such as higher interest rates on HYSAs. HYSAs currently offer annual percentage yields (APYs) up to about 4.2%, while traditional savings accounts offer an average APY of 0.38%, according to Experian. Interest on both types of accounts typically compounds monthly, meaning your earnings can generate additional interest over time.

Let’s say you deposit $10,000 into a HYSA earning 4% APY. If the APY remains unchanged and you don't make any withdrawals, you could earn about $400 in interest after one year.

By comparison, that same $10,000 in a traditional savings account earning 0.38% APY would earn about $38 after one year. That’s roughly $362 less than you could earn with a HYSA paying 4% APY.

2. Chasing every tiny APY increase

You want to choose a HYSA that offers a competitive rate, but it’s often not worth the hassle to switch banks every time another institution offers 0.05% or 0.10% more in interest. Interest rates are variable, so making the switch for a small increase in earnings might not pay off.

Instead, look for larger and more meaningful perks:

• Convenience: A bank that offers streamlined digital banking or other banking products you need might be an appealing and more convenient option.
• Customer service: If you’ve had a negative experience with your bank’s customer service, then you might consider changing to another bank with a reputation for excellent customer service.
• Account features: It might be worth it to switch to a bank that offers desirable features such as no monthly fees, a low or no minimum balance and lots of freedom on withdrawals.

3. Keeping all your savings in cash

HYSAs are ideal for your emergency fund and short-term goals, since the money remains easily accessible while earning interest. But HYSAs aren't the ideal solution for long-term savings goals.

If you have money earmarked for retirement goals several years away, it might be better invested or placed in a certificate of deposit (CD). According to Bankrate, CDs earn around 4% APY, with top rates reaching 4.35%.

Unlike HYSAs, in which interest rates are variable, CDs feature a guaranteed rate, and their APY might be even higher than a HYSA. Depending on your timeline, a CD might be an ideal choice for your long-term investments.

Not sure where your savings should go? A financial planner can help you build a strategy for your money based on your short- and long-term goals, including how much to keep accessible in savings and how much to consider investing for the future.

Use the Bankrate tool below to connect with a financial professional who can help you map out your next steps:

4. Forgetting to review your account

Since HYSAs feature variable interest rates, your bank might raise or lower that rate over time. Letting your account sit without periodically reviewing it can be a mistake that might cause you to miss out on potential interest.

Check your account's interest rates a few times a year to ensure that it stays competitive. Check a few weeks after Federal Reserve meetings; if the Fed raises or lowers the benchmark interest rate, your bank might also follow. If your HYSA’s APY drops, consider shopping around to see if you can find an account with a more competitive rate.

5. Ignoring FDIC insurance limits

As with any other banking product, it's essential to verify that your HYSA is insured and your money is protected. The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 of your money per ownership category, per insured bank.

For example, if you have a HYSA and a checking account at an FDIC-insured bank, then up to $250,000 of the value of those combined accounts is insured.

If you have larger balances exceeding $250,000, consider dividing those balances across multiple banks or multiple ownership categories, such as by putting your money in a single account, a joint account and a trust account.

Contact any bank you use or are considering using, and verify that it’s FDIC-insured so that you know your money is protected. The bank can also help you determine which types of accounts are insured, so you can strategically and confidently choose the best places for your money.

Make the most of your high-yield savings account

Opening a HYSA is a smart first step to putting your money to work, but getting the most from the account requires making an extra effort. Periodically review your APY rate, be sure you understand how the account works, and make sure your savings strategy fits your financial goals.

Performing a few check-ins each year, such as by verifying the HYSA’s current interest rate, can help ensure your cash continues earning a competitive return. It can also ensure that your money stays protected, and your financial strategy stays aligned with your short- and long-term goals and needs.

Savings rates can change frequently, so it pays to periodically compare your account with other options.

Use the Bankrate tool below to explore some of today’s top-earning savings accounts and see whether you could earn more on your cash:

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When you shop for a car, paying full price is usually frowned upon. Should you use the same premise when booking your trips?

This is where the best travel credit cards come into play. With generous miles or points back, you can score significant discounts on your trips, along with a few other perks. To find the best travel rewards credit cards, we asked you, as part of our Readers' Choice awards — an online survey conducted every winter to recommend the best based on factors such as customer service, overall satisfaction and most recommended.

Here are three reasons why you chose the Capital One Venture Rewards Credit Card as the top option. I'll also include the other travel cards earning high rankings.

1. Abundant travel perks

Here's an example of the many travel perks this credit card offers you:

You'll earn elevated miles when using Capital One's travel portal. The other benefit of this approach is that it's among the most affordable for credit card portals, according to The Points Guy. It means not only are you receiving exceptional rewards for regular travel, but you're also not overpaying.

Furthermore, Capital One offers a price match. If you book flights, hotels or rental cars through their portal and find a lower price on another website within 24 hours, you can contact Capital One, and they'll issue a travel credit for the difference.

2. Flexible and easy redemption

One Kiplinger reader shared, "I never had a problem redeeming my points/miles. Very easy to do." There are a few ways to redeem miles easily:

• Pay for past purchases: After using your Capital One Venture Rewards card for travel purchases, you'll earn miles. Once those apply to your account, you can use these miles, at a rate of one mile per cent, to pay for some or all your recent travel purchases.
• Transfer miles to participating partners: Another option is to pool your miles and transfer them to more than 15 travel partners, including airlines and hotels. Some transfers could fetch you higher redemption rates, such as moving your miles to Air Canada.

Overall, these options give you more ways to redeem miles, helping you save even more on future trips. By removing complexity from the redemption process, this card ensures that your rewards are usable — turning miles into real savings rather than just numbers on a screen.

3. Proactive fraud detection

One of the main reasons this credit card received such a high ranking was the customer service Capital One provides, especially fraud detection. One reader noted, "The card has been excellent at holding fraudulent costs, waiting to ask. It has caught every legit fraud and rarely halts non-fraud. "

Overall, this card is a great fit for regular travelers who want to save on flights, access elevated hotel experiences, and redeem travel rewards flexibly. This card will not be great for travelers seeking airport lounge access, luxury travel perks and other credits, such as dining and shopping.

Along with Venture Rewards, these cards also ranked highly among our readers:

• Chase Sapphire Preferred
• American Express Platinum Card®

While the Venture Rewards card is a fantastic all-around choice for many, these alternatives offer different strengths — so consider which travel goals matter most to you before you apply.

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Imagine: You're out on a nice drive when you turn a corner and someone, busy doing a livestream instead of driving, merges without looking, smashing into your car. Vexing, but no worries; you get out to assess the damage and exchange insurance information.

The only problem is the other driver has a different story of the events. They claim you cut them off. Several witnesses come forward, some siding with you, others siding with the other driver. While cops and insurance adjusters will investigate the scene to determine the cause, sometimes you could do nothing wrong and still be found at fault.

This can have significant financial ramifications. First, it could raise your car insurance rates. It could also cost you money out of pocket if the damages a judge awards the other driver exceed your insurance coverage. This is where a dash cam can level the playing field.

The essential tool every driver needs

Dash cams provide video recordings of events as they happen. Using the above example, it would capture the other driver running into you while livestreaming. This provides concrete evidence to police and insurance adjusters when they determine who was responsible.

In turn, it could prevent you from incurring rising insurance costs for something that wasn't your fault. You also wouldn't have to worry about being liable for other damages the court could have awarded without the evidence.

So, with this in mind, what are some factors you should consider when choosing a dash cam? Here are the most important:

• Video quality: Find cameras that offer 1080p resolution and a wide field of view to ensure they capture license plates and your surroundings.
• Night vision: With some accidents occurring in low-light conditions, prioritize a model with high-quality sensors (like STARVIS) to keep your recordings clear.
• Smart features: Seek out dash cams with loop recording, which prevents storage issues. Also, look for units with G-force sensors, as they lock footage during a collision.
• Driving behaviors: If you plan to drive often at night or through inclement weather, look for dash cams that offer thermal imaging and alerts, as they can detect wildlife and other road hazards.

Top dash cam options to consider

Now that you know what technical specs to prioritize, let's look at some of the most reliable models currently on the market to help you make your final choice:

If you choose a dash cam with SD card storage, check it periodically to ensure that it has not become corrupted. You can do this by removing the card from the cam and plugging it into your computer to view files.

Don't forget to do this before installing

Before you install your dash cam, it's ideal to check your state and local laws to ensure that where you place it is compliant.

Here are two areas of emphasis:

• Windshield obstruction: Some states have rules about where you can mount a camera in your car to prevent obstruction of the driver's view. In Ohio, you cannot install a dash cam on a windshield.
• Audio recording: Your state might have restrictions on recording other passengers without their knowledge. You can address this by asking each passenger's permission before they enter your car.

Ultimately, a dash cam isn't just about managing insurance claims; it’s about having peace of mind so you can focus on the road ahead. In turn, it can protect you from financial ramifications, such as higher insurance bills and out-of-pocket settlements from judgments in accidents you didn't cause.

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Single drivers in California may pay more for auto insurance than married drivers following a recent court ruling.

In July, a California appeals court upheld a decision allowing insurers to continue using marital status as an optional factor when setting auto insurance rates, according to the Los Angeles Times. The court rejected a lawsuit arguing that the practice violated California’s anti-discrimination laws.

Here’s what the ruling means for California drivers, whether it could affect drivers in other states and what you can do if you're paying more for coverage.

What it means for California drivers

Given the appeals court’s ruling, married drivers in California may continue to pay lower auto insurance premiums than unmarried drivers with similar risk profiles. Depending on the insurer and policy, single, divorced and widowed drivers could pay approximately $56 to $100 more per year.

Marital status is just one of many factors insurers may use to calculate premiums. Your driving record, annual mileage, location, claims history, vehicle type, age and gender can also influence how an insurer assesses your risk and, ultimately, how much you pay for coverage.

Could this affect drivers outside California?

Insurance rating laws vary widely by state. Some states prohibit or restrict insurers from using certain personal characteristics in their rating calculations. For example, while many states allow insurers to consider a driver’s credit score when calculating their rates, Massachusetts, Michigan, Hawaii and California have banned the practice.

New York prohibits insurers from using a driver’s occupation and education as rating factors, while Michigan prohibits the use of factors like gender and education.

California’s court ruling doesn’t change insurance laws in other states, but regulators, insurers and consumer advocates may watch its impact. The decision allows California insurers to use marital status as a rating factor when it can be shown to relate to driver risk.

At this time, only Massachusetts and Hawaii have barred insurers from using marital status as a factor.

What drivers can do if they're paying more

If your car insurance costs continue to climb or suddenly spike, you may be overpaying. Regardless of your marital status or where you live, there are several ways you may be able to lower your premiums:

• Compare quotes every renewal: When your policy renews, shop around and compare quotes from other insurers. If another insurer offers you a lower premium for the same coverage, your current insurer might be willing to match that quote to retain you as a customer. Alternatively, you might find that another insurer offers you a better deal and decide to switch your insurance.
• Ask which discounts you're eligible for: Call your current insurer and ask about their available discounts. You might find you qualify for discounts that you’re not currently receiving, and adding those discounts in can help lower your premiums.
• Bundle policies if it makes financial sense: You may be able to save money by bundling policies, such as bundling your home and auto insurance policies. Just make sure that the decision makes sense for you, and that you’re not transferring a policy to an insurer that doesn’t really meet your needs, just to take advantage of a bundle offer.
• Review your deductible: You may be able to lower your auto insurance premium by increasing your deductible, but this decision comes with some risk. If you ever have to file a claim, you’ll need to pay the deductible upfront, so make sure you have enough cash set aside to do so. If you decide to choose a higher deductible, it’s a good idea to put the payment for the deductible in a high-yield savings account so it’s accessible if you need it but earns interest in the meantime.  
• Evaluate your optional coverage: Depending on your state, certain types of car insurance are optional. Collision and comprehensive are often optional as long as you own your vehicle outright, and roadside assistance and some higher policy limits are optional, too. Dropping some optional coverages can help lower your premium, but you’ll need to consider the level of risk that you’re comfortable with before you decide to drop the coverage.

Since insurers weigh rating factors differently, simply shopping around for auto insurance is one of the best ways to ensure you’re getting a good rate.

Make sure that you’re comparing policies with the same types of coverage, coverage limits and deductibles. It’s easy to renew your policy out of habit, but making a point of shopping around at least once a year may help you lower your car insurance rate while still getting the coverage you need.

Use the Bankrate tool below to gather quotes and compare today's top car insurance offers:

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Credit card debt can quickly become overwhelming, especially when high interest rates make it difficult to reduce your balance even as you make payments. While Experian reports that the average credit card interest rate is 19.35% as of July, rates can reach nearly 30%. If you're only making minimum payments, it can be difficult to keep up.

Your home's equity may offer a way to manage that debt. By borrowing against your home equity, you may be able to pay down or eliminate your credit card balance and potentially reduce the amount you're paying in interest. But using an option such as a home equity line of credit (HELOC) also puts your home on the line.

If you're struggling with credit card debt but have equity in your home, you have options. Before you tap your home equity, make sure you understand how each option works and the risks involved.

When using home equity to pay off debt makes sense

Using home equity to pay off credit card debt can make sense in certain situations. If you have credit card debt with an APR of 20% or higher, for example, a HELOC or home equity loan may offer a lower interest rate and reduce the amount of interest you pay.

But interest rates aren't the only factor to consider. If you can't make the payments on a HELOC or home equity loan, you could potentially lose your home. Before borrowing, make sure the payments comfortably fit your budget and you have a clear plan for paying off the debt.

You'll also need enough home equity to qualify. Many lenders limit how much of your home's value you can borrow against, often requiring you to retain a certain amount of equity in the property.

For example, say your home is worth $400,000 and you owe $250,000 on your mortgage. That gives you $150,000 in equity. If your lender requires you to maintain 20% equity, or $80,000, you may be able to borrow up to $70,000 of your available equity, depending on the lender's requirements and your qualifications.

Compare your options before borrowing

There are several ways to pay down credit card debt, including options that let you borrow against your home equity. Each comes with different costs, requirements and risks, so it's important to compare them before deciding which approach is right for you.

Both a HELOC and a home equity loan use your home as collateral. With a HELOC, you can borrow from a revolving line of credit as needed, up to your approved limit. A home equity loan, on the other hand, provides a lump sum that you repay over a set period.

The biggest downside: You're putting your home on the line

HELOCs and home equity loans are forms of secured debt and typically have lower interest rates than credit cards. But that lower rate comes with a significant risk: Your home serves as collateral. If you fall behind on payments, you could face foreclosure and potentially lose your home.

Even if you have a solid repayment plan, consider how an unexpected job loss, medical bill or other major expense could affect your ability to make payments. HELOCs come with another consideration: They typically have variable interest rates, meaning your rate and monthly payment could increase over time.

Using a HELOC or home equity loan also doesn't address the reason you accumulated credit card debt in the first place. Before taking on new debt to pay off your credit cards, consider what led to the balances and whether you've addressed the underlying issue.

Questions to ask before using your equity

If you're on the fence about using your home equity, these questions may help you decide:

• Can I realistically pay this off? Make sure the monthly HELOC or home equity loan payment comfortably fits into your budget, with room for other expenses.
• Will my monthly payment decrease? Depending on your credit card balance and interest rate, switching to a HELOC or home equity loan may result in only a small reduction in your monthly payment, or none at all.
• Am I solving a temporary problem or creating a bigger one? Consider what caused you to accumulate credit card debt and whether you've addressed that issue before taking on new debt to pay it off.
• Is my income stable? Consider whether you could continue making payments if your income dropped or you unexpectedly lost your job.
• Do I have an emergency fund? Ideally, have enough savings to cover three to six months of living expenses so an unexpected expense doesn't interfere with your debt repayment plan.

Alternatives that may be safer

Using home equity isn't right for everyone, and there are several alternative options that may be safer:

• Debt consolidation loan: A debt consolidation loan lets you combine multiple debts into a single loan with one monthly payment. If you qualify for a lower interest rate than you're currently paying, you could also save money on interest. Compare rates, fees and repayment terms before applying.
• Balance transfer credit card: A balance transfer card may offer a 0% introductory APR for a limited time, allowing you to pay down your balance without accumulating additional interest during that period. Most cards charge a balance transfer fee, and any remaining balance may be subject to a much higher APR once the promotional period ends.
• Debt avalanche method: If you have multiple debts, the debt avalanche method can help minimize interest costs. Make the minimum required payment on each debt, then put extra money toward the debt with the highest interest rate. Once that's paid off, move on to the debt with the next-highest rate.
• Credit counseling: A nonprofit credit counseling agency can help you review your finances, create a budget and develop a plan for paying down debt. Depending on your situation, a counselor may also discuss whether a debt management plan is appropriate.
• Budget adjustments: Look for expenses you can temporarily reduce and redirect that money toward your credit card balance. Even smaller cuts to discretionary spending, such as dining out or entertainment, can give you more money to put toward debt each month.

Your home equity can be a valuable financial tool, but it isn't free money. Borrowing against it means taking on new debt and putting your home at risk if you can't make the payments.

Before using home equity to pay off credit card debt, consider what led to the debt and whether you have a realistic plan for repaying what you borrow. A lower interest rate can save you money, but only if you can comfortably manage the new debt without putting your home at unnecessary risk.

If you’re considering tapping your home equity, refinancing may be another option worth comparing to see how today’s rates and offers could affect your monthly costs.

Use the Bankrate tool below to compare today's top refinance offers:

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The average person holds onto their smartphone for over three years, per Assurant. However, with component prices rising from AI data centers gobbling up resources, your next phone upgrade will likely cost quite a bit more.

How much? FDM CCS Insight found that entry-level smartphones have increased in price by more than 50% since last year. This means that as more people hold onto their phones longer or look at the resale market for replacement options, the care you give your device can make all the difference in the value you receive when you're ready to part with it.

If you're looking to get more value out of your device while you own it and when you trade it in, I am going to show you an overlooked component that might add more value than it costs.

A different way to look at your smartphone protection

Mobile devices are subject to significant daily risks. From frequent travel to the simple reality of accidental drops and physical wear, smartphones are often traded in to keep up with performance demands. However, doing so through a cell carrier frequently resets the duration of your service contract.

Because I tire of being stuck with the same carrier for longer than I have owned some cars, I decided to look into cell phone insurance. And to my surprise, it does offer some value.

I don't think of it as just another bill, but as a hedge against depreciation. A cracked screen or an older phone with a worn-out battery will significantly impact its trade-in value by hundreds of dollars.

Without coverage, a minor accident forces you to consider expensive options: Either pay out of pocket for a repair or do an unplanned upgrade. By having insurance, you are actively protecting your asset's residual value. It means when you're finally ready to trade it in, you're holding a device in peak condition, which will fetch you significantly more money.

How much does cell phone insurance cost?

Having cell phone insurance gives you a cheaper way to maintain your device through the life of ownership. So, what cell phone insurance providers are there? Here's a quick breakdown:

Coverage, costs and deductibles vary by device and plan, so compare your options before enrolling.

But before signing up for insurance, do a device audit. Find out the resale value to determine if insurance is even worthwhile. You don't want to add another monthly payment to protect something only worth a few hundred dollars.

However, since most devices should last you between three and five years, it's worth a closer look if you plan to hold on to your current one longer. This is why shifting the mindset from 'paying for insurance' to 'managing an asset' changes how you view your tech, and can save you significantly when you're ready to upgrade.

Insurance isn't just about peace of mind; it’s a tool to protect your investment. Before you sign up, check your credit card benefits or homeowners policy (which can recover costs from theft, fire or vandalism), then pick the plan that best fits your risk tolerance and your wallet.

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You found your dream home, the seller accepted your offer, and you're eager to close on the sale. But as you finalize the paperwork, make sure you don't overlook a policy that could prove invaluable down the road: owner’s title insurance. Without it, you could lose your home and the money you've put into it if someone else one day lays an ownership claim to the title — your legal right to own the property.

Many home buyers assume that the title insurance their mortgage lender requires them to pay for at closing protects their interests. However, that policy applies only to the lender's investment. It does nothing to shield your finances if a title dispute arises.

Although purchasing an owner's title insurance policy is optional for home buyers, doing so is worthwhile because it can safeguard your investment, including any financial losses or legal fees, says Sarah Frano, vice president of corporate underwriting with First American Title. "I would not buy a property without title insurance," she says. "I’ve seen the variety of things that can pop up after closing — sometimes years or decades after someone purchases their home."

How it works.

Lenders order a title search once a home is under contract to ensure there are no outstanding ownership claims so that title can pass from one owner to the next. But title examiners don't catch everything, said Karina Borgia-Lacroix, owner of American Real Title in Ft. Myers, Fla.

If they miss an undisclosed heir with a valid claim to the home, for example, that heir could take you to court to challenge ownership. Or if there's a lien on the property for, say, work that a contractor completed but went unpaid by the previous owner, then the home could be forced into a foreclosure if the contractor files a lawsuit. If you don’t have an owner's policy when these types of problems arise, you’ll either have to pay the outstanding liens or defend yourself against title claims in court.

Other scenarios that can result in a dispute, says Frano, include forgery and fraud (such as fake signatures, impersonation or fraudulent sellers); recording errors in county records; misspelled names on recorded documents; and unknown easements that limit how property can be used.

How much does owner's title insurance cost?

While you can purchase owner's title insurance at any time, it’s best to do it during the closing process so you can protect yourself against title claims during the entirety of your ownership.

Plus, purchasing it after closing can be more complex and expensive. If you inherit a property, review the existing title policy to see whether the insurance covers you as an heir, says Frano. If it doesn’t, you’ll need to buy a new policy.

Title insurance premiums are regulated by each state. Expect to pay roughly 0.5% to 1% of the home’s purchase price for an owner's policy. You'll pay much less for the lender's policy, which is based on the loan amount and typically adds just a few hundred dollars to your closing costs.

Buyers usually cover the cost of the lender's title policy. With the owner's policy, whether the buyer or seller pays — or the cost is split down the middle — depends on local customs and laws, Frano says.

Title agents often provide discounts when you combine the purchase of an owner's and a lender's policy, says Borgia-Lacroix. You can shop around among title insurance companies to compare costs and coverage levels.

Buying a home involves more than saving for a down payment. A financial professional can help you build a plan for closing costs, ongoing homeownership expenses and protecting your investment over the long term.

Use the Bankrate tool below to connect with a financial professional and get started today:

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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I like long-term CDs. They earn a guaranteed rate of return, the APY won't change, and they can help you meet long-term savings goals. In a world full of questionable financial options, they're among the most dependable things you can get.

Yet, timing when to open one is imperative. Locking in a rate now, with the current 3.50% inflation rate as a permanent ceiling, will likely prove short-lived, which means inflation might erode some of your future purchasing power. With the ongoing war in Iran raising gas prices again, expect inflation to follow suit.

On top of this, the Federal Reserve is currently holding steady. However, if the bond market tightening doesn't bring down inflation through higher borrowing costs, they may be forced to hike rates — meaning today's locked-in rates could quickly look like a missed opportunity. With that in mind, here is the short-term strategy I'm currently using, as someone who checks and analyzes savings rates for a living, to stay flexible as the market settles.

Short-term CDs provide the dependability and flexibility you want now

I recommend a short-term CD in the interim. With one, you'll have all the benefits you come to love about CDs, with quick access to your cash.

They work best if you have an emergency fund already established and don't need to touch your money during the term. If you have to break it open for any reason, you'll lose some of your earnings to early termination fees. Thankfully, with terms that accommodate all savings goals, you can find the best fit for your goals and cash flow.

Use this Bankrate tool to shop for and compare the best CD rates quickly:

Having quick access to your cash is important because if inflation continues to creep back up, you might want to revisit where you invest your cash when the CD matures. And if the Federal Reserve decides to hike rates later this year, it places you in an excellent position to capitalize on higher returns.

Does waiting really make that big of an impact?

Timing matters when choosing the right savings account. And knowing when to lock in a long-term CD can be the difference between earning hundreds to thousands of dollars more.

To demonstrate, say you locked in a $50,000 five-year CD at 4.00%. You'll earn $10,832.65. However, if you wait a few months and the Fed hikes rates, you could have access to higher returns. A five-year CD at 4.25% APY will earn you $11,567.33, a difference of almost $735, just for waiting a few months.

That's pretty significant, and it's one of the reasons why I would wait on a longer-term CD. On the other side of the coin, you might be thinking, well, would waiting hurt me? After all, what happens if CD rates drop in the interim?

Rest assured, I don't see that happening any time soon. I review CD rates biweekly and have found that some banks have raised CD rates. Here are some of the ones I found recently that rose:

And with inflation so high, cutting the federal funds rate would not be a sound strategy to curb rising costs. While waiting carries the risk of returns remaining flat, the potential upside of a higher rate makes this strategy a smart move in this environment.

Ultimately, short-term CDs are the better play right now. They provide a safe place to park your cash while the economic landscape settles, without locking you into a long-term commitment. By prioritizing terms that keep your money accessible, you're not just earning a competitive term — you're maintaining the flexibility to pivot as soon as better opportunities arise.

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As affordability issues continue to plague the housing market, many homeowners are choosing to make changes to their home rather than their address to get the living space they need.

According to a recent survey from Citizens Financial Group, nearly half of homeowners now say that renovating their house is the most realistic financial option for their family — compared with just 13% who plan to buy a new home — and seven in 10 expect to complete a remodeling project in the next two years.

"They can’t find another place to go," says Linda Kody, a broker with Kody & Company in North Andover, Mass. "They love their neighborhood, and they want a home exactly the way that they want it."

The boom in renovations makes sense given the current state of the housing market. Home prices have jumped 54% since 2020, according to the Joint Center for Housing Studies at Harvard University.

Meanwhile, with mortgage interest rates hovering between 6% and 6.5% lately, many homeowners are reluctant to give up the 3% to 4% loans they scored before rates began climbing a few years ago. The resulting lack of inventory — there are 17% fewer homes for sale now than before the pandemic — also means there are fewer options available for those who want to move.

If you're among the many homeowners contemplating a remodeling project in the next year or two, these strategies can help you decide which projects to tackle and how to keep costs manageable.

Choose renovations strategically.

Start by thinking about your immediate maintenance needs and the functionality required for your lifestyle. If you're planning to stay in the house through retirement, for instance, consider adding design elements, such as a walk-in shower or zero-step entryway, that will make living there easier as you get older.

"The risk of having to move later can be significantly reduced if you prepare your home in advance," says Louis Tenenbaum, president and CEO of HomeRenewed Ventures, a Washington, D.C., firm that offers consulting services for homeowners to age in place.

Tenenbaum recommends completing as many necessary projects as possible simultaneously, because trying to remodel in stages as health and mobility challenges arise ends up being more expensive and stressful. Basic upgrades and repairs, such as replacing old wiring or fixing a leaky roof, also help your home retain its value and reduce maintenance costs in the future.

After that, look at high-use areas such as kitchens and bathrooms. If resale value is important to you, focus on projects that will allow you to recoup a big chunk of your costs.

Recently, that included exterior upgrades (such as replacing garage doors or upgrading siding), minor kitchen remodels and installing a backup power generator, according to Zonda, a home-building data and marketing company.

Keep spending in check.

For larger projects, Alan Archuleta, CEO and president of Archuleta Builders in Morristown, N.J., recommends starting with an architect or design firm with experience in your municipality. Rates for this type of work vary depending on scope, but the average is about $6,600, according to HomeAdvisor.

"The architects and towns dictate what you can and can't do to a home, from a zoning standpoint or an actual structural standpoint," Archuleta explains.

Get quotes from at least three contractors, and ask for itemized bids that spell out costs. Then, add an extra 20% to your budget to allow for surprise expenses, such as water damage or structural repairs, especially in older homes. "Remodeling often prompts code upgrades that would not otherwise be required," says Mari Adam, a certified financial planner in Boca Raton, Fla.

You can lower costs further by opting for midrange fixtures and materials, which balance quality and costs. If you can be flexible with your project’s timing, you may also find better contractor availability and pricing.

"The smartest approach right now is to renovate with intention, rather than rushing into a project," says Elizabeth Gomez, owner of Bridge City Contracting in Portland, Ore.

If you're planning a major renovation, comparing today's refinance rates could help you determine whether tapping your home's equity makes sense for your budget.

Use the Bankrate tool below to compare some of today's top refinance offers:

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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Retirement is supposed to be carefree and financially predictable, but that doesn't mean you're exempt from recurring bills. That's particularly true if you own a home. Everything from maintenance to insurance comes at a cost. How you pay those bills — all at once or over time — can have a big impact on your savings and cash flow.

The secret to saving money is timing. Some annual expenses offer discounts if you lock them in early, while others are best kept flexible so you can shop around or keep your money earning interest.

To help you figure it out, here are four everyday bills you should wait to pay to save some serious cash.

4 bills retirees should not prepay

1. Heating oil

For retirees who value predictability, locking in heating oil rates ahead of winter provides peace of mind amid volatile energy markets, but they typically pay extra for that relief.

A fixed-rate plan locks in your price for the entire season, protecting you from cold-weather price spikes. But you won't benefit if market prices drop. A capped-price plan sets a ceiling and lets you pay lower rates if prices fall, but dealers usually charge an upfront protection fee for that option.

The cheapest option, according to nonprofit consumer energy groups and state agencies, is a floating-rate plan. With that, you pay the current market rate and that's it. Over multiple years, those savings can add up.

2. Electricity

Just like heating oil, you can lock in your electricity rate for the year, but doing so can cost you if electricity rates decline.

Plus, you have to be careful of the fine print when signing up for a fixed-rate electricity contract. Some may have early termination fees, monthly recurring charges, and promotional rates that spike once the initial period expires.

3. Auto and homeowners insurance

Who doesn't love the convenience of auto-renewal for auto and homeowners insurance? It's one less thing to worry about, and doesn't loyalty always pay? It turns out it's better to shop around each year to ensure you're getting the best rates.

How much can you actually save? According to a LendingTree survey, drivers reported saving at least $100 per year simply by switching auto insurance providers.

Use the Bankrate tool below to connect with auto insurance providers and compare quotes:

4. Home warranty contracts

Home warranty contracts are supposed to protect you from expensive repairs. For a fixed annual fee, you won't have to worry if the furnace dies, a pipe bursts or the AC is on the fritz. Often, you get high service call fees, strict restrictions on what is covered and exclusions hidden deep in the fine print.

Instead of locking up money in a warranty contract that will require you to pay out of pocket anyway, put it in a high-yield savings account where your cash earns interest until it's needed for a repair.

Keep control of your retirement

Cash is king; it couldn't be truer in retirement, which is why patience pays off when it comes to some everyday expenses.

By shopping around annually and keeping your cash accessible in high-yield savings, you'll ensure your money stays liquid and under your control.

Use the Bankrate tool below to search for today's top high-yield savings account offers:

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You've only been shopping for an hour, but as you walk up to your car in the parking lot, you're shocked to find damage to its bumper and scrapes along one side.

Someone has clearly hit your car in the parking lot, and then they drove away without leaving any contact information.

What should you do? And what insurance coverage applies if your parked car is damaged in a hit-and-run? Taking the right steps can improve your chances of finding the driver and help you navigate the insurance claims process.

What to do immediately after discovering the damage

It's important to carefully document the damage at the scene, so don't move your car. Photograph the damage and the surrounding area in the parking lot. Look for any debris or paint transfer that might help identify the vehicle that hit your car.

Check for witnesses who may have seen what happened. Many businesses have surveillance cameras in parking lots, so check with nearby businesses to see if they have cameras that might have caught the incident.

Contact the police and file an accident report to document what happened. Many insurance companies require a copy of the police report before they'll process your claim. Ask the responding officer for their name and badge number, and find out how you can obtain a copy of the report.

Should you file an insurance claim?

If you're able to identify the driver who hit your car, their liability insurance is generally responsible for paying for your vehicle's repairs. But if you can't identify the driver, the situation becomes more complicated.

Many insurers treat this type of incident as a hit-and-run. Depending on your policy, your own insurance may help cover the repair costs.

Before filing a claim, compare the estimated repair costs with your deductible. It's also worth considering that filing a claim could lead to higher insurance premiums, depending on your insurer, state and claims history.

In some cases, paying for the repairs out of pocket may make more financial sense. For example, if your deductible is $1,000 and the repairs are estimated at $1,100, filing a claim would save you only $100 before factoring in the potential impact on your premiums.

On the other hand, if your deductible is $1,000 and the damage is estimated to cost $3,000 to repair, filing a claim could substantially reduce your out-of-pocket costs.

What insurance covers a parked car hit-and-run?

Only certain types of auto insurance can help cover damage if your parked car is hit in a hit-and-run.

Collision coverage typically pays to repair your vehicle after an accident, regardless of who caused it. If you can't identify the driver who hit your parked car, you may be able to file a claim under your collision coverage, though you'll likely have to pay your deductible.

Uninsured motorist property damage (UMPD) is optional coverage in some states. Depending on where you live and the terms of your policy, it may help pay for repairs if the at-fault driver is uninsured or leaves the scene. However, not every state or insurer covers hit-and-run accidents under UMPD, so it's important to review your policy.

Liability insurance generally won't cover damage to your own vehicle. Instead, it's designed to pay for injuries or property damage you cause to others if you're at fault in an accident.

If you're concerned about the financial impact of a parking lot hit-and-run, review your policy to see whether you have collision coverage or other protections that would help pay for repairs. It's a good idea to shop around for insurance and make sure you've got the right coverage at the right price.

Use the Bankrate tool below to gather quotes and compare coverage:

Will filing a claim raise your insurance premiums?

In some cases, filing a claim after a hit-and-run parking lot accident may raise your insurance premiums. The decision depends on your insurer, state and claims history. Some insurance companies will increase your insurance premiums any time you file a claim, even if you weren't at fault.

Rate increases may be more significant if you've filed a certain number of claims within a particular period, and you might feel the effect of those rate increases for years.

Since policies vary between different insurance companies, it's a good idea to ask your insurer about their policy before you proceed with a claim.

Can security cameras help identify the driver?

Identifying the driver may help you avoid filing a claim against your own insurance coverage, saving you money on repair costs and potential insurance premium hikes. Security cameras may help you identify the driver after a car accident, so check with the store you were in to see if they have surveillance footage.

If you plan to collect security camera footage, it’s important to act quickly. Home security systems often delete footage within seven to 30 days, while commercial systems tend to maintain footage for 30 to 90 days.

Be proactive and ask for footage promptly to avoid any chance of it being deleted.

What if someone left a note?

If the driver leaves a note, it may include their contact and insurance information. You can contact their insurance company to verify the policy and begin the claims process.

You can also notify your own insurance company and provide the other driver's information. Your insurer can work directly with the at-fault driver's insurance company to seek payment for your vehicle's repairs.

How to reduce the chances of future parking lot damage

How and where you park may reduce the chance of your vehicle being damaged in a parking lot. Make sure your vehicle is always fully within the painted lines and try to avoid parking in the high-traffic areas that are closest to the store.

If you have a vehicle with large side mirrors, fold the mirrors in when you park to help prevent collisions. You can reduce the chance of someone hitting your vehicle by parking next to a curb or cart return so there's only room for one vehicle to park directly next to you. When parking at night, choose a well-lit area of the parking lot to ensure your vehicle is easily visible.

You may also want to invest in a dash cam with a parking mode for your vehicle. These cameras automatically start recording if they detect motion or impact to your vehicle, hopefully capturing footage of the other vehicle that damages your car.

No one expects to return to a damaged car, but knowing what to do can make the situation easier to navigate. Reviewing your auto insurance coverage, parking strategically and understanding the claims process can help you protect both your finances and your vehicle.

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For older adults who need supervised care throughout the day, an adult day center can offer some much-needed support. These nonresidential facilities provide services such as medical assistance, social interaction and organized activities for participants, who typically have some physical or cognitive impairment. And their adult child, spouse or other caregiver can use the time to work or take a break from their caregiving responsibilities.

Generally, there are three types of adult day centers. Social day centers primarily offer opportunities for attendees to interact with one another and participate in group activities. A medical day center also provides health-focused services, such as physical or occupational therapy. Specialized centers include services such as memory care or therapeutic exercises for those with certain health conditions, such as dementia or Parkinson's disease.

To find local day centers, Tia Sauceda, executive director of the National Adult Day Services Association, suggests using NADSA's tool or this AARP-sponsored directory (click on "Community Services"). Or ask your loved one's doctor for recommendations. Once you've narrowed down a list of centers to consider, contact your state's department of aging to verify that they are licensed, and visit them in person, says William Zagorski, president of American Senior Care Centers, in Nashville. Day centers typically require a doctor's letter detailing the attendee's health condition.

Financial assistance and tax breaks

According to a 2025 study from CareScout, a site families can use to search for care providers, adult day centers charge a median daily rate of $95. Some centers have additional fees for certain services, such as a certified nursing assistant providing showers, says Sauceda.

While original Medicare generally doesn't pay for care at an adult day center, some Medicare Advantage (Part C) private insurance plans cover the expense. Medicaid, the government-provided health insurance for low-income Americans, may also cover day center care.

A specialized Medicare/Medicaid program that provides coverage for adult day center services is the Program of All-Inclusive Care for the Elderly (PACE). It aims to help older adults who need a nursing home level of care to continue living in their homes and is offered in 33 states (see the list here) and Washington, D.C.

A couple of other possible avenues for financial assistance: If your loved one has a long-term-care insurance policy, see whether care from an adult day center is included. Military veterans enrolled in the Veterans Affairs Medical Benefits Package who need clinical care are eligible for coverage at an adult day center.

Don't overlook tax breaks you may qualify for as a caregiver. If your loved one is unable to care for himself or herself and lives with you at least six months of the year, and you pay for them to attend a day center while you work or seek employment, you may be able to claim the child and dependent care tax credit.

If your employer offers a dependent care flexible savings account, through which you can set aside pretax dollars to pay for a dependent's care while you work, you may use those funds for day center care. (Note that you can't use the same expenses your FSA reimburses to claim the child and dependent care tax credit.)

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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As someone who reviews savings accounts and inflation for a living, it's become easier to see where things are heading. Understanding how these trends move can be the difference between keeping your money in the right account and missing opportunities to maximize growth.

Case in point, inflation remains stubbornly high, and ongoing tensions in the Middle East could keep pressure on energy prices. David Payne of the Kiplinger Letter projects inflation will be around 4.0% to end the year. If higher inflation persists, it could eventually force the Federal Reserve to hike rates. For now, though, the Fed left its benchmark interest rate unchanged at 3.5% to 3.75%, signaling that policymakers are still waiting for clearer evidence that inflation is moving back toward its 2% target. For savers, the Fed's decision means today's high-yield savings accounts and CDs remain attractive options, though the next move will depend on how inflation evolves.

Navigating these shifts is the difference between letting your money stagnate and putting it to work. If you have $10k sitting on the sidelines, here are the smartest places to park it — and the traps you need to avoid.

The smartest places to park your cash in the interim

First, if you're building an emergency fund or have short-term savings goals that require liquidity, a high-yield savings account will be the best option. And when you're looking for one, I recommend finding an account earning at least 4.00% APY, since that's likely where inflation will remain for the foreseeable future.

Based on my research, this savings account is a home run option:

Meanwhile, if you have an emergency fund and don't require any liquidity, I would recommend a short-term CD. Look for options between three and six months, since if a rate hike happens, it will likely be in the fall or winter.

If it does, it puts you in prime position to capitalize on even higher rates when your CD matures. Use this Bankrate tool to compare and find the best solution for your money:

Another positive about this approach is that if the Fed doesn't hike rates and inflation remains high, you have flexibility to decide where to hedge your cash in the near future.

Whether that's renewing your existing CD or putting money in the market, you won't have to worry about your future purchasing power eroding due to inflation.

These are the savings accounts I would cautiously consider

Long-term CDs are cozy solutions. After all, once you open one, you're guaranteed to earn that APY no matter what happens. If you're approaching retirement and are concerned about market volatility, it can be a smart approach.

Here are some of the top options I found to help you:

One thing to remember is that the longer your money sits in a CD, the more susceptible it could be to losing future purchasing power if inflation continues to rise. So these options work best for savers with an emergency fund, short-term savings and retirement goals all either fully funded or on course to be.

Avoid this savings trap

The only savings accounts I don't recommend using right now are those at brick-and-mortar banks, where your APYs will be much lower than the current inflation rate of 3.50%. This means every dollar you have in one of these accounts loses purchasing power every month you keep it there.

That said, some local banks do offer higher returns on money market accounts or CDs if you deposit enough money into them, usually between $10,000 and $25,000. So, if you're in a position where you don't feel comfortable moving away from your local bank, ask about any savings incentives they have that can help you.

Ultimately, managing your cash effectively requires a strategic approach. Take a moment to audit your current accounts against the 3.50% inflation rate.

By prioritizing high-yield options that keep your money working for you, you can strike a balance between liquidity for immediate needs and growth to hit your long-term targets. You'll also protect your purchasing power and make the most of your $10k savings.

The right savings strategy is a strong starting point, but a financial professional can help you build on that foundation with a personalized plan for your long-term goals.

Use the tool below to connect with a financial advisor and get started today:

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Google has updated its cloud storage policy for Android device backups. For existing users, the change will take effect 45 days after they receive Google's notification email. Android device backups will count toward the 15 GB of free storage included with every Google Account. The company is also rolling out more detailed backup controls for devices running Android 9 and newer.

For many users, the impact may be small because photos, videos and other media files already count toward the same 15 GB storage limit. However, adding device backups could push some accounts closer to — or over — that cap.

If your account exceeds the free storage limit, your Android device will stop automatically updating its backups until you free up space or upgrade your storage. Checking how much storage you currently use can help you avoid interruptions once the policy takes effect.

Who will notice the biggest impact?

Users who are already close to Google's 15 GB free storage limit are likely to notice the biggest impact. If their account exceeds the storage limit, automatic backups will be paused.

People with years of Gmail, Google Photos and Drive files might also exceed the Google Storage cap when their device backup data counts toward the limit.

People who use multiple Android devices, such as a phone and tablet, may also see their storage fill more quickly. Every device under the same account syncs to the same storage space, so adding in backup data for multiple devices might push the account past the storage limit.

How to check your available Google storage

Google has started emailing Android users with details about the policy change, including how much Google storage they've already used and an estimate of how much space their device backup may require. You can also check your storage usage at any time.

To see how much storage you have available, sign in to your Google One account. Your dashboard shows how much of your 15 GB of free storage you've used and breaks down what's consuming that space.

Gmail, Google Drive and Google Photos all count toward your storage limit. Reviewing the breakdown can help you identify opportunities to free up space before the new backup policy takes effect.

What happens if you run out of storage?

If the new backup policy pushes your account over the storage limit, some Google services may stop working until you free up space or upgrade your storage plan.

Your Android device's automatic backups may be paused, Gmail may stop receiving new emails, Google Drive uploads could fail and Google Photos may stop syncing new photos and videos.

Five ways to avoid paying for more storage

While you can pay to increase your Google storage, there are workarounds that can help keep your storage functioning without you having to pay:

• Delete unnecessary files from Google Drive: Large Google Drive files can quickly eat into your storage capacity. Go through your Google Drive account and delete any unnecessary files. Deleted files are stored in your Trash folder for 30 days, so be sure to go to the Trash folder and permanently delete the files to free up the storage.
• Remove large email attachments: Large Gmail attachments can take up extra storage. The Google One Storage Manager allows you to identify and delete the largest email attachments.
• Clean up Google Photos: Go through your Google Photos and delete any photos you no longer need. The deleted images will sit in your Trash folder, so be sure to delete them from the Trash folder to free up storage.
• Review what your phone backs up: Use the Google One app or your Android phone's backup settings to review what's backed up. If certain apps take up a lot of storage, you can toggle those apps off so they aren't backed up.
• Delete old device backups you no longer need: You can use the Google One app to delete old device backups that you no longer need to free up more space.

When paying for Google One makes sense

While there are several ways to free up storage and avoid paying for additional space, upgrading to a Google One plan may be worthwhile in some situations.

Google One offers four paid storage tiers ranging from 100 GB to 2 TB. Plans cost $1.99 to $9.99 per month, and you can save about 16% by paying annually instead of monthly.

A paid plan may make sense for households with multiple Android devices sharing the same Google Account or for people who rely heavily on Google Photos and regularly store large files in Google Drive.

It can also be worthwhile if you'd rather not constantly manage your files to stay under the free 15 GB storage limit. Some Google One plans include additional perks, such as access to the Gemini app and Google Flow AI, making an upgrade worthwhile for users who want those premium features.

Preparing for the Google Storage changes

Google has started emailing Android users about the upcoming storage policy change. Once you receive the email, you'll have 45 days before the new policy takes effect for your account, giving you time to review your storage usage, free up space if needed and prepare your device.

Taking the time to review your storage usage now can help ensure a smooth transition and uninterrupted use of your device once the storage policy change takes effect.

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The original Financial Independence, Retire Early (FIRE) movement paved a path to early retirement through aggressive saving and extreme frugality. Today, many people view FIRE as a way to gain financial independence and flexibility, rather than retiring as early as possible.

Many early FIRE advocates aimed to save 50% to 75% of their income, working toward a goal of accumulating about 25 times their annual expenses before retiring.

But in today's world of high housing prices, inflation and healthcare costs, the FIRE movement might feel impossible. While some individuals may have found financial independence through the FIRE movement, there's a shift in the movement and in how people approach financial independence.

Why the FIRE movement is changing

The FIRE movement was popularized in the 1990s, but today's economy is vastly different, and the conversation has shifted from early retirement to financial flexibility.

Take the housing market, for example. According to the National Association of REALTORS, the median existing-home sales price was $114,600 in 1995. By 2023, the median price had climbed to $389,800. Simply buying a home now requires more of your paycheck, making it much harder to save 75% of your income under a traditional FIRE strategy.

Inflation has created additional financial strain, and tariffs and geopolitical tensions have contributed to higher costs for some goods. Healthcare costs have also skyrocketed. According to the Peterson-KFF Health System Tracker, which uses Centers for Medicare and Medicaid Services data, in 1990, annual per-person health spending averaged $2,835 in 1990, or $5,864 when adjusted for inflation. By 2024, per-person annual spending averaged $15,474.

In short, Americans have less left in their paychecks after paying for essentials like housing, food and healthcare. In many cases, consumers are increasingly prioritizing financial stability rather than planning for an early retirement.

Coast FIRE vs. traditional FIRE

Several variations of the FIRE movement exist. The traditional FIRE strategy focuses on building a large portfolio that can fully fund your retirement early, requiring you to save aggressively and potentially change your lifestyle to reflect your early retirement goals.

The Coast FIRE strategy takes a more moderate approach to save enough money early, so your investment portfolio can compound and support your retirement. Once you've amassed enough savings, you might continue to work to cover your living expenses, but early retirement isn't usually the goal. Since you won't be withdrawing from your investment portfolio early, the Coast FIRE strategy may be a more conservative option because it doesn't rely on withdrawing from investments decades before traditional retirement.

If you choose to pursue the Barista FIRE strategy, you'll work to build your savings and ultimately quit your traditional job. From there, you'll combine part-time work with your savings. Many people pursuing Barista FIRE choose to reduce their expenses so part-time income is enough to cover their living costs. Given the availability of freelance and gig work, this strategy may be a solid option for some, but you'll need to consider the limitations and expenses of securing health insurance without full-time employment.

How much money do you need to make work optional?

The amount of money that you'll need to make work optional will depend on everything from your lifestyle to your location and age.

Many individuals use the rule of 25 to determine how much they’ll need in investments to be able to retire. A commonly cited guideline suggests accumulating investments equal to about 25 times your annual expenses. The guideline is based on the widely known 4% rule, which suggests a retiree may be able to withdraw about 4% of a diversified portfolio annually, though there's no guarantee it will work in every market or retirement scenario.

Following the rule of 25, if you make $100,000 a year, you would need approximately $2,500,000 in investments to make working optional. In that situation, the guideline would suggest an initial annual withdrawal of about $100,000.

Emergency savings and retirement assets play a role, too. It's advisable to have at least three to six months of your living expenses in emergency savings. Your retirement assets may play a role, too. In addition to building up 401(k)s and Roth IRAs, consider how other assets, like Health Savings Accounts and rental properties, might support you financially once you no longer work.

Identifying the right balance of assets and the ideal amount of money you need to retire can be tricky, so consider consulting with a financial advisor.

Use the Bankrate tool below to connect with a financial professional who can help you tailor a strategy to reach your retirement goals:

Why many people keep working after reaching financial independence

Becoming financially independent and having the option to retire may sound appealing, but many financially independent individuals choose to continue working.

That's because some individuals enjoy their careers and find their work fulfilling. Some want the social engagement that comes with a career, while others may prefer having the additional income that they're able to generate.

Even if you choose to continue working, having the option to retire on your own terms can be a reassuring milestone.

Is financial independence realistic for average earners?

While reaching financial independence may take longer for average earners, many people can make meaningful progress through consistent saving, investing and keeping expenses under control.

To achieve financial independence, you may need to start early on in your career, and you'll need to be willing to live modestly. Focus on making consistent contributions to your retirement accounts and accumulating emergency savings in a high-yield savings account where your money can earn maximum interest.

Taking steps to increase your income will also help. Look for promotions and overtime opportunities, and consider taking on a side hustle where you can put your skills to work to earn extra money.

Perhaps most importantly, make a budget and stick to it. Your budget may help you identify ways you can cut spending and save money. By consistently living below your means, you can put your money to work for you and lay the pathway toward financial independence.

Financial independence can mean more than retirement

Becoming financially independent doesn't necessarily mean you'll retire early. Instead, it gives you the freedom to decide if, when and how you want to work. Rather than focusing on reaching a specific retirement age, financial independence offers greater flexibility, security and peace of mind — benefits that can be just as motivating as the prospect of early retirement.

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Jean Chatzky is the CEO of HerMoney.com and host of the podcast HerMoney With Jean Chatzky. Here, she speaks with Kiplinger about her new book, The Forever Paycheck, and what retirees struggle with in the transition to spending.

Kiplinger: You've referred to your new book, The Forever Paycheck, as the most important work you've done in your 40-year career. Why is this book such a passion project for you?

Chatzky: The book is about how to spend down your savings once you retire — or decumulate, as experts call it — and it is not something you can afford to get wrong. If you overdo withdrawals, you'll run short of resources late in life. If you underdo them, you're essentially underliving — not getting the most out of this phase of your life that you saved so long for. I think that's incredibly sad. For me, this issue feels both urgent and important.

Why do many re­tirees struggle with the transition from saving to spending?

It's emotionally really hard, because spending from savings feels like a loss. When you put so much time into accumulating something, it feels precious. You want to hold on tight.

Tactically, we've also had a lot of help accumulating, with automatic enrollment and escalation in retirement-savings plans and target-date funds. It has become super easy to do the right thing without doing anything. Those automatic hacks don't exist yet for managing withdrawals from savings.

You think the solution lies in creating what you call a forever paycheck. How can this help retirees?

A forever paycheck is a stream of income that will last for the rest of your life, and that enables you to live comfortably without the fear you'll run out of money. The income stream ideally should be enough to cover your needs and some of your wants — the ones you really don't want to give an inch on.

It is not a solution for all of your money. Everybody still needs to have some money invested in the market to grow. But researchers have found that having a regular income stream enables you to feel much more comfortable about spending.

How do you fund a forever paycheck?

If you can afford to, waiting as long as possible to claim Social Security so you maximize benefits is typically the right move for most people. That's the base of almost everyone's forever paycheck, plus any pensions you may get.

Then look at your expenses, those necessities and wants, to figure out how much money you'll need on an ongoing basis. Deduct the income you'll get from Social Security and pensions, and what is left is your gap. You can fill that gap with guaranteed income from annuities or withdrawals from your investments.

Personally, I'm going the guaranteed route. About a third of my retirement income will come from Social Security, another third from the rest of my forever paycheck, and a third from money invested in the market for growth.

How can retirees prevent an unpredictable event such as inflation or a big drop in stock prices from derailing their plans?

The whole point of building a forever paycheck is so these events will not derail you. If you've got a paycheck that covers your needs and key wants, and the market takes a tumble, you don't have to sell. You can give the market time to come back. And maximizing Social Security is your best friend when it comes to fighting inflation because it has a cost-of-living increase that's recalculated each year.

What else do retirees get wrong when it comes to spending?

Besides underspending and not living as well as they could be because of fear, many retirees think that spending across retirement will be consistent. It's not. People spend more in the early years, when they take their bucket-list trips and do home-improvement projects. Once we get into our mid-seventies, things slow down, and we don't spend as much. That fact should give people license to spend a bit more early on.

We should also think about ways to pass money along, whether it's to children or charities, while we're living. If I die in my nineties, my kids will be in their sixties. I really hope they don't need my money by then.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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If you're aiming to retire at the standard retirement age of 65, your 50s can feel like crunch time. Whether you're falling behind or you're pretty sure you're on track, this is the decade to nail down exactly how much you need to save for the retirement lifestyle you want and exactly what it's going to take over these next 10 to 15 years to get there.

At the same time, you might be part of the sandwich generation – those who have been stretched thin by the need to take care of both their aging parents and their older children, all while still trying to keep up with their own financial goals.

Suddenly, you hit 50 and realize the runway to retirement has gotten a lot shorter and you're not sure if you're anywhere close to where you should be at this point. If that sounds familiar, this checklist should help you get back on track.

4 financial priorities for your 50s

In your 50s, you have one major financial goal: get your retirement fully funded. With a few exceptions, anything else will take a back seat for this next decade. The question is less about what your financial priorities should be and more about building a personalized plan to get you where you want to be.

1. Come up with a realistic retirement number

When you first started putting away money in your 401k or other retirement accounts, you might have had a vague sense of how much money you needed to save up for your golden years. Now that those years are moving closer, it's time to revisit your goal and, if it's not already, make it more concrete.

You'll find some rules of thumb around what percentage of your current salary you should plan to spend each year in retirement — like 70% or 80% of your pre-retirement income — in order to maintain your current lifestyle. And you might have an idea of your expected lifespan based on how long your parents or grandparents lived.

But in reality, the amount you should plan to have for retirement depends on so many different factors. Do you want to maintain your current lifestyle or do you want to do more, like travel or rent out your home and retire in an RV for a few years?

This answer can change how much you need to save. Do you have a lot put away already or have you only just started to really save seriously for retirement? This answer can change how much you can realistically save (or what age you can realistically retire). Do you want to hang up your boots right at 65 or do you plan to retire sooner (or later) than that?

The best way to find the magic number that fits your retirement goals and your current financial situation is to meet with a financial planner. More than any online calculator or broad rules of thumb, a professional financial planner can talk through your finances with you and help you create a personalized plan to get you from wherever you are today to where you want to be when you retire.

Use the Bankrate tool below to connect with a financial professional who can tailor a plan to help you reach your financial goals:

2. Start learning about social security, Medicare and other retirement benefits now

How much can you expect social security to contribute to your retirement income? How much will that number change depending on what age you begin claiming it? If you plan to, say, start a business or take a part time job to keep busy and pad your budget, how will working affect your benefits?

Navigating the paperwork and logistics of social security, Medicare or a pension (if you have one) can be complicated and you don't want to wait until you actually need that income to figure it all out. If you haven't spent much time learning about how it all works yet, here are a few resources to get you started:

• How to estimate your Social Security benefits
• How to maximize your Social Security benefits
• A guide to Medicare basics
• What is Medigap insurance and who needs it?
• How does your retirement strategy change if you will have a pension?
• What happens to your benefits and taxes if you work past retirement age?

These are all great things to discuss with a financial planner as well. But if you're not ready to work with one just yet, take advantage of all the online resources you can right now to familiarize yourself with how it all works.

3. Aim to be debt-free by retirement

If you're still wrestling with debt, the idea of putting anything extra toward retirement might seem impossible. In that situation, think of your debt payments as part of your retirement plan. If you tally up everything you're spending now on your mortgage and other debts, that's the amount you can subtract from your retirement budget – or redirect toward pursuing the hobbies and bucket list adventures you're planning to do in retirement – once you've paid it all off.

Instead of feeling like those debt payments are holding you back, know that paying that debt down is just as important for your post-retirement future as contributing to your 401k is.

4. Prioritize your health now

A healthy retirement is just as important as a fully-funded one. Not only does physical health allow you to do more in retirement, it can also be a financial boost by lowering your future medical costs.

Work with your doctor to come up with a comprehensive and personalized diet and exercise plan so you can establish the right healthy habits now to slow the progression of conditions you might already have and prevent ones you don't.

The changes you make now can have a big impact, even if you weren't keeping up with regular exercise or a healthy diet before.

What to do if you're behind on retirement savings

By 55, the typical American has just $185,000 in retirement accounts, according to the Federal Reserve. That's just over two years worth of the median income of $82,150 at that age. In other words, it's not enough to retire on. If you're in a similar situation and feel like you might never be able to retire, here are a few strategies that can help you catch up.

Max out every retirement account you can

Once you hit 50, the IRS allows you to contribute even more than the standard maximum contributions to your retirement funds. By age 60, you'll enjoy super catch-up contributions to help you reach your goals even faster. All of these give you more wiggle room to catch up on your retirement savings if your fund isn't where you want it to be right now.

Before contributing more beyond the tax-advantaged limits on your 401k and IRA, however, make sure you also contribute to your health savings account (HSA) if you have one. HSA contributions are tax-free when you contribute to the account and tax-free when you withdraw later — provided you use them for medical expenses.

By treating your HSA like an extra retirement account, you can build up a sort of separate healthcare fund so you're not tapping your main retirement savings to pay for the medical expenses that inevitably come up as you age.

Be realistic about how much financial support you can provide others

As the sandwich generation, you love your kids and your parents. If you can afford to help out financially without sacrificing your retirement, that's great. But right now, your top priority needs to be a fully funded retirement, so you may need to set some boundaries.

You can still provide support to your loved ones in other ways. For example, instead of handing your kids cash, consider letting them move back home so they can focus on saving up for their own goals without worrying about rent.

If your parents are struggling to make ends meet, you can help them navigate the paperwork and logistics of setting up the long-term care they need through Medicare or other resources rather than writing the checks yourself.

If you have debt, work on lowering your interest rates

Juggling debt and catch-up retirement savings at the same time can be exhausting and make you feel you're not really making a lot of progress on either goal. To break through that plateau feeling, one of the most accessible tricks that many people overlook is lowering your interest rates.

Every percentage you can shave off that interest rate means more of each monthly payment is paying down the actual principal instead of being eaten up by interest.

Here are a few ways to lower your interest rates:

• Ask for lower rates. Yes, you can simply call up your credit card or loan provider and ask for a lower interest rate. Your chances of a yes are better if you have a good track record of on-time payments. But it doesn't hurt to ask regardless of your payment history.
• Use 0% intro offers on credit cards. 0% introductory rates on new cards or balance transfer offers on your existing cards can be a useful way to build momentum on debt repayment. The key is limiting the amount to what you can pay off before the introductory rate expires — and making sure you don't build up new debt now that the old debt is gone.
• Tap home equity to consolidate higher interest debt. By your 50s, you may have built up a healthy amount of home equity. Often, home equity loans can come with much better interest rates than you'll find elsewhere. So, whether you're battling credit card debt or a high interest auto loan, tapping some of that equity to consolidate that into a lower interest loan can help you pay down debt faster and pay less in interest overall.

These aren't one-off tricks, either. You can repeat these strategies regularly as you chip away at your debt. When your 20% credit card debt is gone, for example, your 10% personal loan becomes the "high interest debt" that you can consolidate into either a better rate loan or a 0% introductory offer credit card.

Use the tool below, powered by Bankrate, to compare today's top home equity offers:

Consider taking a side job

If you don't think you'll get anywhere close to your retirement goal with the amount you're currently able to contribute, it might be worth taking on a flexible second job for the next few years to help you catch up. You can dump those entire paychecks into retirement savings or debt to build some strong momentum toward your financial goals.

This isn't an option for everyone. But if you're able to take on the added stress of a side job for a few years in your 50s, it might be the ticket that unlocks the retirement you've been dreaming about 10 to 15 years from now.

Create retirement back up plans

Depending on where your retirement savings are at right now, it can help to come up with a few different scenarios for what your retirement might look like. For example, maybe you don't have the savings to fully retire at 65, but you have enough to cut back to part time work at that age for a few years to finish funding your retirement.

Maybe you're only slightly behind and can pull it off if you just push your retirement age up to 67 instead of 65 — or maybe you can retire at 65, but only if you downsize your home and throw that extra equity into retirement.

There are a lot of different ways to retire, and no one size fits all. Even if your alternatives don't sound quite as ideal as the retirement you envisioned, having those back-up plans can help you breathe easier. You'll know that no matter what, you've got a plan in place.

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If you have a travel-focused credit card that offers points on your spending, you can usually redeem them for flights and hotel rooms by visiting the issuer’s booking platform or getting statement credits for travel purchases.

And some cards offer another way to use your points: Transferring them to airline and hotel loyalty programs. The key is knowing conversion ratios, as this can help you maximize the value of the points you're transferring to a participating partner.

Here's a look at the credit card companies that offer points transfer, some of the participating partners they work with and how you can maximize your points value for elevated travel.

Transferring points: What are my options?

American Express allows customers who collect Membership Rewards points with its cards to convert them to 20 loyalty programs, including Delta SkyMiles, Hilton Honors and Marriott Bonvoy.

Those who use the Chase Sapphire Preferred and Chase Sapphire Reserve cards can transfer their Ultimate Rewards points to 14 partners, such as Southwest Rapid Rewards, United MileagePlus and Marriott Bonvoy.

Eligible Citi cardholders can transfer their ThankYou points to about 20 programs, including American Airlines AAdvantage and Choice Privileges.

Capital One’s credit card miles are transferable to more than 15 partners; among them are JetBlue TrueBlue and Wyndham Rewards.

How to maximize your transfer value

Especially for premium airline tickets or luxury hotel stays, you may get the best value out of your rewards by making a transfer and redeeming the miles or points through the airline or hotel loyalty program.

But as you compare the options, factor in the transfer conversion rate. Some transfers take place at a 1:1 ratio, meaning 1,000 credit card points translate to 1,000 points with the loyalty program. In other cases, the ratio may differ. A transfer of 1,000 credit card points may result in 800 airline miles with some programs, for instance.

"Keep in mind that these transfers are irreversible," says Nick Ewen, editor-in-chief at travel website The Points Guy. He advises using transferred points as soon as possible. If you delay, you may miss out on any award bookings you were planning to make. And over time, loyalty programs may devalue their points or miles.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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Chances are, you've been with the same bank for years. After all, it's easier to stick with the checking account you have now than to switch to a new one. But every once in a while, it's worth looking at what else is out there.

Even if you're mostly satisfied with your current bank, you may find that a different one better fits your needs, whether with lower fees, higher interest rates, superior in-person services, or more-attractive premium account packages that layer on the perks as your wealth grows. Or you may choose to stick with your current institution for everyday banking and open a savings account or certificate of deposit at an online bank or credit union, taking advantage of high yields on your extra cash.

You'll find plenty of great options to consider here. With the help of LendingTree, which collects deposit-account information, we've analyzed interest rates, fees, balance requirements and other features of accounts at national banks, credit unions, online banks and regional banks, and we've named winners in each of those categories. We've also highlighted two institutions that may be strong choices for customers in each of four profiles: Retirees, high-net-worth clients, travelers and families with kids.

These institutions offer specialized accounts for young people as they learn the ropes of spending and saving, as well as tools for parents to help manage and monitor the accounts.

Interest rates change frequently, so before you commit to any of these accounts, check the current yield. Yields and other terms listed here are as of early July.