There's nothing like traveling. Snapping out of the routine of everyday life to explore a new locale, meet new people, sample different cuisine and have the joy of becoming lost in an experience or scene. It's well worth the expense.

And that expense will cost you. The war in Iran has increased fuel prices. The result? Airfare increased by 23.4% compared to last year, according to the US Travel Association, while hotels are up 2.9%.

The other essential travel expense is food. As diesel continues to rise, it will hit your wallet when you dine out. Thankfully, you can lower food costs when traveling. Here's how.

Do some detective work

When I travel to a city I've never been to before, I turn to Reddit. Reddit is a collection of online communities where you can learn more about everything from investing to travel hotspots.

If you are traveling to San Francisco for the first time and want to find "local places away from tourist traps," type that phrase into Google with "Reddit" at the end and find recommendations from local Redditors.

I've used it to find amazing restaurants in Las Vegas, Honolulu, Los Angeles, Charleston and Montreal. Most of the time, the recommendations are exceptional. Just pay close attention to when a user posts a recommendation, since some can be years old, and that hotspot you were looking at might not be open anymore.

Another tip I found helpful is to Google Maps the area around your hotel before you arrive. It gives you an idea of what's around you, and you can research restaurants ahead of time to find places you want to visit. When looking at places, pay close attention to the three- and four-star Google reviews, as they tend to offer more honest assessments.

Places where I would use caution include local magazines and food blogs. Many of these rely on paid endorsements from restaurants. So if you're reading a review that's 100% positive, it's likely a paid promotion.

Ask the locals

If Reddit is a wash, consult the real-life locals. I recommend Uber or taxi drivers (if they're talkative) since they often know where to go and places to avoid.

Another source to consider is a bartender. Bartenders make excellent local guides because many know the best places and which ones will overcharge you.

Finally, local colleagues and friends also make exceptional resources. They can help you find convenient spots while avoiding a tourist tax. I was recently in St. Louis, and a colleague recommended a place that served one of the best Chinese meals I've ever had. So, it always pays to ask.

Smart money moves for every meal

Touristy areas can be fun, but the food around them isn't always the best, and it can be overpriced. To demonstrate, many places in Miami add an 18% to 20% service fee on top of credit card processing fees and local tax.

That's why, if you do dine in a tourist hotspot, pay close attention to the menu. Many states, including Florida, require restaurants to be transparent about their fees.

Along with this, here are other smart ways to lower food inflation costs:

• Pay in cash: This helps you avoid the 3% to 4% credit card processing fee.
• Use other credit card perks: For example, American Express offers its Fine Hotels + Resorts Program, where you'll earn generous cash back on hotel bookings in this collection, plus free breakfast and a hotel credit you can use for drinks and other expenses, which can lower food costs.
• Travel during weekdays: You can find better hotel and flight deals, and many local restaurants also offer weekday deals, so you can save money and eat well. Also, many breweries and restaurants hold fun local events during the week, such as music bingo, philosophy meetups and more to add to the experience.
• Embrace street food: Street food can be a city's culinary heartbeat; it is often less expensive than a sit-down meal, and there are great options anywhere you go. Tamales in San Antonio. Hot dogs in Chicago. Tacos in Mexico City. Doner in Munich. OK, I am hungry now.
• Resy for the win: If you have The Platinum Card from American Express, you can earn $400 back annually (broken down into $100 quarterly) for using your Platinum credit card at over 10,000 qualifying U.S. Resy restaurants. Enrollment required.

Travel is one of the most rewarding experiences you can have. Even with costs rising, smart planning ensures your budget goes toward memorable experiences instead of overpriced meals. By doing some homework, tapping into local insight and using savvy payment strategies, you can enjoy local culinary gems without breaking the bank.

Related content

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You sold a second home, earned a sizable year-end bonus or received an inheritance. The check arrives, and it's equal parts exciting and overwhelming.

You think of all the ways you plan to use that check, but first you have to deposit it. And this is where you might run into challenges.

To make what could be a frustrating situation less stressful, I am going to show you some obstacles you could encounter and ways to work around them when depositing a substantial check.

Depositing a large check isn't easy

Banks want to protect themselves from scammers. So they impose mobile and other deposit restrictions.

That's why each bank has its own policy for larger check deposits. In general, if your check is over $10,000, a mobile deposit might not work. If you don't have a branch nearby, what do you do?

Thankfully, it's not hopeless. First, contact your bank. Explain your situation and see what options are available. They might suggest overnighting the check. Use certified mail to track your package and ensure it arrives.

Credit union members might have access to partner branches. This means you can visit a participating branch to conduct transactions. However, I recommend calling that partner branch in advance and explaining your situation to ensure they can help.

You could also contact the check issuer and request an electronic payment instead. You might have to pay a stop-payment or wire transfer fee, but this guarantees you receive the money without jumping through any hoops.

And when you receive the money, here's a smart strategy.

Grow your wealth while planning for the future

Receiving a large deposit is exhilarating until you have to determine what to do with it. That's why I recommend opening a savings account or storing it in a short-term certificate of deposit while figuring out next steps.

If you need cash access, a high-yield savings account will be your best bet. Look for online banks since they offer higher APYs with no monthly fees. Newtek Bank is our top choice at the time of this writing, offering a 4.20% APY.

The other thing to keep in mind is that high-yield savings accounts have variable interest rates. If the Fed issues another rate hike, you could receive an even higher APY.

Alternatively, a certificate of deposit is perfect for storing money away for a few months and not touching it. Some CDs offer higher APYs than high-yield savings accounts, giving you a better way to grow your deposit.

Use this Bankrate tool to find the best option for your goals:

Remember, if you need to break a CD term, you'll incur early termination fees. So, if you're on the fence about cash flow, use a high-yield savings account for a few months until you have a plan in place.

Ultimately, depositing a large check can be challenging, but it's doable. Contact your bank to learn more about their deposit policies. Once your deposit goes through, buy yourself time with a short-term CD or high-yield savings account, where your money grows even more as you plan for next steps.

Speaking of planning, if you come into a lot of cash and need help with next steps, consider a reputable financial adviser or personal banker. They can work with you to establish goals that help you build wealth, pay off debt and plan for any tax implications.

If you don't have an adviser, use this Bankrate tool to find a reputable one:

Related content

• Manage an Inheritance Like a Pro in Just 7 Steps
• Best CD Rates — Earn Up to 4.50%
• How to Manage a Financial Windfall
• Best High-Yield Savings Accounts
• 8 Rules for Choosing the Right Financial Adviser

You've come into some cash, or you're looking to allocate some money away from the rollercoaster of market volatility as you approach retirement. So, where do you place it?

If you're looking to store significant cash (think $100,000), a smart solution can be a jumbo CD. Jumbo CDs come in a variety of terms to match your savings goals. And with competitive APYs, you can earn thousands of dollars effortlessly.

I'll show you how much you can earn with the best jumbo CD rates and whether now is the right time to lock one in.

How much can I earn with an 18-month jumbo CD?

I review CD rates regularly and have found that jumbo CDs consistently offer some of the highest APYs. CreditOne Bank offers an 18-month CD with a 4.50% APY and no monthly account fees.

If you deposit the minimum $100,000 into this CD, you'll earn $6,825.38 effortlessly over just a year and a half.

Of course, this term might not suit your timeline. Jumbo CDs carry early withdrawal penalties. For larger cash balances, breaking a CD early can mean losing thousands of dollars in interest.

If you want to earn a higher rate but don't want to tie up your cash for that long, use this Bankrate tool to find a term that matches your needs:

Another factor to consider is that CDs have fixed interest rates. This means that even if the Federal Reserve hikes rates during your term, your APY will remain unchanged.

Is the timing right for a longer-term CD?

The Fed is unlikely to make a move at its October meeting. The same doesn't apply for the December meeting, especially if sticky inflation remains.

This means if the Fed hikes rates again, you could miss out on a higher APY. With that significant a deposit, you'll lose out on hundreds of extra dollars.

An alternative is to look for a shorter-term option (ideally six months) for now. This positions you to earn a high APY now, and when the CD matures, you could earn an even higher APY.

However, if you don't want to chase rates and want a guaranteed return on your cash, the 18-month jumbo CD from CreditOne Bank checks all the boxes.

Don't forget to plan for this

CD earnings are taxed as ordinary income, so your marginal tax rate applies to your yield. A financial adviser or accountant can help you plan accordingly.

As Dat Ngo, CPA at Vetted Prop Firms, notes: "One thing savers often miss when comparing jumbo CDs to high-yield savings accounts is the tax timing. With a CD, you typically owe income tax on interest in the year it's earned — even if the term hasn't matured yet — so a multi-year CD on $100k can create a recurring tax bill you weren't budgeting for."

What are the best reasons to use a jumbo CD?

Some of the best options include:

• You have a shorter-term savings goal: Whether you're planning a dream vacation, want to pay in cash for home remodels or have your eyes on another expense, 18 months can be the sweet spot to make some money and achieve these goals.
• You're retiring soon or are retired: You want to protect some of your hard-earned money from risk while earning a guaranteed return.
• FDIC Insurance: FDIC-insured banks are generally covered up to $250,000 per depositor, per insured bank, for each account ownership category. That protection can make CDs an attractive place to hold a large cash balance while earning a guaranteed return.

No matter your financial strategy, jumbo CDs offer a compelling blend of security and competitive yields. Locking in a top-tier APY now puts your money to work safely —maximizing your returns without the risk.

Related content

• How Much Money Should You Put in a CD?
• 7 Frugal Habits to Keep Even When You're Rich
• Maximize Your Savings: The Best Jumbo CD Rates to Lock In Now

The iPhone 18 Pro is here, and it's a stellar upgrade. The new phone delivers 24 hours of battery life with regular daily use, so you're not tethered to your charger.

Do you love taking pictures? The variable aperture and pro controls allow you to capture more creative shots. Overall, the phone offers excellent battery and camera features, making it worth a closer look.

If you're looking to upgrade from your current model, you're in luck, as all the major carriers offer it for free. But "free" comes with strings attached, typically requiring an eligible plan and long-term commitment to receive the full promotional credits. However, is that the right play? I'll break down why getting a free phone from a major carrier isn't really free, and a cost-saving alternative.

Your phone is never free through major carriers

Major carriers like AT&T, T-Mobile and Verizon make it easy to transfer service or upgrade devices with little to no out-of-pocket expenses. The problem? You have to sign up for a more expensive plan to earn the incentive.

T-Mobile offers the iPhone 18 Pro for free with the Experience Beyond 2.0 plan. This plan is $100 for one line, $170 for two. If you're 55+, you qualify for T-Mobile's senior plans, lowering the costs to $85 for one line or $130 for two.

To be fair, this plan packs ample perks, such as a five-year price-lock guarantee, free ad-supported plans for Hulu and Netflix and unlimited premium data. But if you don't need many of those perks, you'll overpay.

Because the other aspect of earning a "free" phone is that you must keep service for 36 months. For a free iPhone 18 Pro from T-Mobile, your out-of-pocket costs for three years on the plan alone will be…

• $3,600 for a single-line subscriber
• $6,120 for two lines
• $3,060 for a 55+ plan for one line
• $4,680 for two 55+ plans

Sounds expensive? Because it is. Verizon offers a free iPhone 18 Pro with its Unlimited Plus Plan for $80 per month. Meanwhile, AT&T offers the best iPhone 18 Pro deal with the AT&T Value 2.0 plan for $50.

Now, let's compare another option.

Own the phone instead of a plan owning you

Another option is to purchase the iPhone 18 Pro outright. This is a pretty penny upfront, as the base model starts at $1,199. Yet, once you buy the phone, you can use whichever cell service you want, without locking into a multi-year commitment.

If you want a bare-bones cell phone plan with unlimited texting and calling and some high-speed data, you don't have to settle for more expensive plans. Instead, you can use a service like Mint Mobile, where plans start at $15 per month.

Striking a balance between perks and value

Most people don't need the most expensive plan cell phone providers offer, but you want a steady baseline of perks.

Here's a breakdown of the basic plan each carrier offers, its cost, and how much it would be to purchase the iPhone 18 Pro outright and use these plans for the same three years:

Therefore, buying your iPhone 18 Pro outright not only gives you more flexibility to choose a plan that fits your needs, but it could also save you hundreds of dollars over three years.

How trade-ins factor into the math

You'll likely be upgrading from an older phone. Trading in an older device lowers the upfront cost of purchasing an iPhone 18 Pro, as major carriers provide monthly credits to offset some or all of the costs.

Keep in mind, though, that carriers typically spread these credits over a set period, often 24 or 36 months. If you cancel service before this time, you forfeit any remaining credits and must pay off the device balance.

One smart alternative is to work directly with Apple regarding your trade-in. This approach gives you an immediate discount and lets you choose your carrier and plan.

Ultimately, if you haven't upgraded your phone in a while and want better battery life, the iPhone 18 Pro is a smart option. Instead of getting it for "free" through your carrier, you can save thousands of dollars by purchasing it, then choosing a carrier and plan that fits your needs.

Related content

• Apple's New Foldable Phone Poised for Strong Sales
• One of T-Mobile's Most Valuable Offers for Seniors
• Apple's Price Hikes Signal Costlier Electronics for Years to Come
• Mint Mobile's Unlimited Plan Is Just $15 a Month Right Now

In a Berkshire Hathaway shareholder letter, Warren Buffett once advised, "Leave the children enough so that they can do anything but not enough that they can do nothing."

Many parents share this sentiment. A recent survey from Kiplinger and Morning Consult found that parents hope their adult children use an inheritance to improve their lives (22%), not waste it (20%).

Once it's handed over, though, an inheritance can go toward things you'd never condone, or the windfall can shift a child's behavior in unhealthy ways in the long run.

Take David and Kathy, a hypothetical couple who gave their 20-something twins $100,000 each. Instead of using it to buy a house or invest wisely, one twin quit a steady job to day-trade, while the other used it to buy a luxury car that would depreciate over time. What was meant as a gift to open up the future instead became a setback or wasted opportunity.

As Joy Slabaugh, a certified financial planner (CFP) and founder of the Wealth Alignment Institute, explains: "Money can unintentionally interfere with motivation, identity, autonomy or family relationships."

Fortunately, avoiding that outcome doesn't have to change your desire to give or how much, just the way you give it. This holds true for parents as well as grandparents.

Why early inheritances can backfire

An early inheritance is a chance to help adult children while you're still around to see them enjoy it. While more adult children would rather get financial help now (45%) than a larger inheritance later, only 14% of parents say they'd prefer to give now, according to Kiplinger's survey.

Part of that hesitation might stem from research such as a 2026 study that found 42% of heirs spend their entire inheritance within a single year of receiving it. Going from having little to suddenly having a lot can trigger impulsive spending. Depending on the amount, it can also dull the motivation to work hard or invest.

Psychological factors are at play, too. Heirs can experience what researchers call "mortality salience" — the subconscious discomfort of handling "death money," which can prompt rapid spending as a coping mechanism.

Unearned money also tends to be treated more casually than a paycheck. Behavioral economists call this the "house money effect." People spend windfalls, gifts and winnings more freely than money they worked for, as though it were the casino's money rather than their own.

Control of an early inheritance with incentive trusts

For parents who want to give each adult child an early inheritance without fear that it will become a slush fund to live on, one possible solution is an incentive trust.

An incentive trust releases money only when your child meets certain conditions you've set, rather than handing everything over at once. Think of it as a gift with instructions attached. You, the parent, write the rules, while a trustee checks that each one is met before releasing any money. Your child receives a payout only after clearing the bar you set.

If David and Kathy had used an incentive trust, they could have nipped the twins' spendthrift behavior in the bud. Some common conditions they might have required are: a college degree; matching income from a job; or releasing money for a specific step such as buying a first home. Other requirements act as guardrails, such as pausing payouts if a child struggles with substance abuse.

Jon Lapp, a CFP and founder of Haven Financial Advisors, suggests, "Reasonable provisions might support college or vocational training, match retirement savings, help purchase a first home, fund a credible business plan, or give an independent trustee discretion to make staged distributions as the beneficiary demonstrates financial responsibility."

Ultimately, the purpose of an incentive trust is to encourage a desired action or prevent mismanagement. "I would consider this type of trust when the inheritance is large relative to the child's experience, or when there are specific concerns involving addiction, impulsive spending, creditors or an unstable relationship," Lapp says.

What to know before setting up an incentive trust

While an incentive trust sounds good on paper, it can turn into a problem in practice without careful planning.

For instance, Lapp says, "Conditions based on earning a particular salary, entering a certain profession, getting married or having children can become unfair very quickly. Even an earned-income match can penalize a teacher, caregiver, entrepreneur or disabled beneficiary."

Rigid rules can also become outdated, fail to account for unexpected life events such as illness or injury, and place trustees in difficult emotional positions. "When parents use wealth to protect, control, rescue or reward their children, the financial gift can become emotionally complicated for everyone involved," says Slabaugh.

When weighing how best to give an early inheritance, she recommends first asking the right question: "Rather than asking, 'How do we keep our kids from wasting the money?' I encourage families to ask, 'What do we want this wealth to make possible for our children, and what do we want it to teach or reinforce?' "

Other ways to help sooner rather than later

If you plan to give as much as a six-figure sum to your adult children, Lapp advises starting small. "Smaller gifts over several years can provide a useful test of how the child handles money," he says.

Other options Lapp offers include helping fund a Roth IRA when the child has eligible earned income, using a parent- or grandparent-controlled 529 account, paying tuition or medical costs directly to the provider and structuring housing help as a formal loan rather than an informal blank check. He points out that direct tuition and medical payments can also qualify for specific federal gift-tax exclusions when handled correctly.

When the money supports positive choices a child has already made, it can set healthier expectations. That's what parents want most. As Lapp puts it, "The primary goal is to help the next generation, without enabling poor financial management, or creating the expectation that they will always be 'bailed out' by mom and dad."

More Trillion Dollar Talk

• How to Talk to Your Adult Kids About Their Inheritance
• Shielding Your Heirs: The Expert Guide to a Tax-Free Inheritance
• Why So Many Families Are Unprepared for the Great Wealth Transfer — and What You Can Do About it
• Why Leaving an Equal Inheritance to Your Children Could Backfire

Imagine this: You receive a check with the proceeds of an inheritance. Whether you were expecting it or not, the question now is: What do you do with it?

Here's where you might run into some problems. If the amount is larger than $10,000, most banks won't accept a mobile deposit. A Kiplinger colleague recently experienced this after losing a loved one and encountered unexpected challenges.

The check arrived, but they couldn't deposit it electronically. Another issue? They didn't live close to any of their bank's brick-and-mortar branches. If you find yourself in a similar situation, here's what to do.

Ask your bank for solutions

My colleague reached out to their bank, which suggested overnighting the check. If you go this route, send the check via certified mail, then you can track the package and have proof that the bank received it.

But mailing a large check can be uncomfortable for many, including my colleague. If you don't want to mail your check, contact your bank directly to explain your situation.

Chances are, they'll find ways to work with you. Banks usually set deposit limits based on your average daily balance and account age for both savings and investing accounts such as IRAs. Yet, they'll give you more clout when depositing a larger amount.

Other ways to deposit your beneficiary check

Some banks partner with other institutions. This is more prevalent with credit unions. If you don't have a local physical branch, a partner institution might, allowing you to conduct in-person transactions seamlessly.

Another option is to contact the will's executor. Ask them to cancel the check and wire your funds electronically. This can bypass any deposit limits the bank imposes, giving you quicker access to your funds.

My colleague reached out to their brokerage firm for help. The firm eventually decided to send someone to their house to pick up the check for deposit. This is likely a last resort, as many banks don't have the resources or won't offer that service.

Once you deposit your inheritance check, another question emerges: What do you do with the funds?

Buy yourself some time with this step

Proper planning goes a long way to ensure the gift you receive helps you achieve your goals. I recommend opening a high-yield savings account, a money market account or a short-term CD until you decide if there's anything further or more specific you want to do with the funds.

Look for online banks since they offer higher APYs, lower fees and many accept mobile deposits. On the high-yield savings end, here's a smart recommendation:

Money market accounts are great if you want to grow your cash with the purchasing power of a checking account. Keep in mind that some banks set transaction limits, so this account works best for someone who wants guaranteed returns while making minimal transactions.

Meanwhile, a CD locks in a decent rate of return without market volatility, thanks to its fixed interest rate. I recommend a short-term option of three to six months or a jumbo CD (if the deposit is $50,000 or more) to earn a sizable return while you figure out next steps.

Use this Bankrate tool to find and compare options fast:

When choosing an account, look for FDIC insurance. This protects your deposit up to $250,000 per account holder, giving you peace of mind.

Once you choose a savings account, do this next.

Set goals to create lasting wealth

Your loved one left you a valuable resource. It's up to you to determine what to do with it. If you haven't been in a position in which you've had this much money before, my first tip is to find a reputable financial adviser or personal banker.

When searching for a financial adviser, look for the following qualities:

• Fiduciary designation. This ensures they act in your best interest rather than prioritizing commissions or sales targets.
• Reputation. Read client feedback to gauge trustworthiness. Common complaints across reviews can point to recurring issues you might experience too.
• Personal. Find an adviser who asks open-ended questions about your financial goals and values rather than boxing you into a one-size-fits-all approach.
• Services. Can they cover all your financial needs, such as retirement planning, tax strategies, asset allocation and estate planning?
• Proactivity. Goals evolve. Look for an adviser who commits to meeting regularly, so they can update plans as priorities change.

One of the best things about working with a reputable financial adviser is that they can take some of the planning off your plate. Once they understand your goals and values, they can tailor a plan to pay off debt, save/invest, plan your estate and address any other financial concerns you might have.

If you don't have an adviser yet, you can use this Bankrate tool to find a reputable one quickly:

Ultimately, receiving an inheritance check can be a challenging process at a time when you're experiencing the fog of grief. However, by following these steps, you can find the right deposit solutions, give yourself time to figure things out and develop a plan that helps you build wealth now and well into the future, as the gift was intended.

Related content

• Manage an Inheritance Like a Pro in Just 7 Steps
• What Kind of Heir Are You? Take Our Quiz to Reveal Your Money Style
• No One Wants to Ask Their Aging Parents About Their Finances, But Here's How
• Where to Put Inherited Money: What to Do After You Receive a Lump Sum
• How Real Families Are Handling The Great Wealth Transfer

As part of our Trillion Dollar Talk campaign, Kiplinger editors — Alexandra Svokos, Kiplinger digital managing editor and Diane Harris, Kiplinger Personal Finance Magazine deputy editor — brought together three of our favorite experts to discuss inheritance.

We had an invigorating conversation about how families can approach these conversations and the types of problems that often come up, as well as highlighting possible solutions for those scenarios.

Joining us for our panel conversation were: Valerie Galinskaya, managing director and head of the Merrill Center for Family Wealth®; Brad Klontz, associate professor of practice in financial psychology at Creighton University Heider College of Business; and Ryan Coon, attorney at Anderson Advisors and J.D. from Willamette University.

Watch the full conversation here:

During this episode of Kiplinger Conversations, we asked viewers to send us their questions. Here's a round-up of those questions, along with our responses. If you have questions on this topic, please reach out to us at KipInheritanceTalk@futurenet.com.

We will do our best to answer as many questions as we can, and your questions might inspire future articles for Kiplinger. The answers provided by our editors are for general informational purposes only. Not all questions submitted will be published, and some will be edited for clarity.

1. Addressing specific numbers.

Question: The overarching question is, how do you have an informed conversation with your adult children without having to discuss specific dollars and cents?

Diane Harris: Great question! It's a very common concern among parents, not wanting to disclose exact numbers.

And you don't need to, honestly. Your general intentions, and why you've made the decisions you've made, and what plans you have in place are what the kids need to know, not numbers. After all, those numbers can change, depending on how long you live and what your expenses will be, particularly when it comes to health or long-term care.

The critical details are not the amounts you intend to leave but whether you have a will and other estate planning documents and, if so, where to find them; the kind of assets you have (for example, do you have accounts that will pass outside of a will, property in addition to your primary residence, investment accounts, and so on); and how you plan to divide them and why.

In particular, it's important to explain your thinking if you intend an unequal distribution of assets among your children, so they understand your reasoning.

And if you have money you intend to give for specific purposes during your lifetime — say, if you plan to help pay for a wedding or assist with the down payment on a home or your grandchildren's college education — it would be good for the children to know that too, so they can plan accordingly.

Alexandra Svokos: It's not unheard of to be concerned about this. In our Trillion Dollar Talk survey, conducted by Morning Consult, we asked adult children to write in the one question they would want to ask their parents about a possible inheritance. The most common response we heard was a version of, "How much will I receive?"

On the flip side, the most common reason parents said they haven't talked to their kids about inheritance yet is that "there are too many unknowns."

Don't let this uncertainty stop the conversation from happening in the first place.

As Diane said, you don't have to lay out everything in your estate — but I would recommend you aim to give your children a ballpark idea of what's in your estate so you can both plan appropriately. Again, exact numbers aren't what matter here; you just don't want to leave them surprised and unprepared when you're gone.

Additional reading:

• We Know You'd Rather Talk to Your Kids About Politics Than Inheritance. Here's the Right Way to Have That Conversation Anyway.
• Why So Many Families Are Unprepared for the Great Wealth Transfer — and What to Do About It
• Counting on the Great Wealth Transfer? Why It May Not Pan Out the Way You Hope

2. One-on-one vs group conversations

Question: Do you feel it is better to have a family group inheritance discussion or one-on-one with each family member?

Alexandra Svokos: The answer to this largely depends on your own family dynamics. If your family regularly has open (and healthy) conversations about finance and future planning, a group setting would make sense. If, however, group settings tend to bring up arguments, you may want to start the conversations one-on-one.

Starting with a one-on-one conversation is also helpful if you're splitting an estate anything besides explicitly equally — that way, you can explain your reasoning without having to balance group dynamics, and you'll be in a space where the heir can openly ask questions to understand your decisions.

But what I would keep in mind, as Ryan said, is that it's not a one-and-done conversation. You can have both group discussions and one-on-one conversations to make sure everyone feels comfortable and confident.

Additional reading:

• The Conversation You’re Avoiding: How to Bring Up Estate Planning with Your Family

3. Handling older parents' finances

Question: My husband is an only child, and his parents own two homes. They are 88 and 87. They have made it clear that everything is coming to us and have started to gift us the max each year $76,000.

We don't know how much they have, and we don't need the money. We worry that they might need extensive care as they get older (her mother lived to 106 years old). We are keeping the money in an interest-bearing account so we can use it for them if they need it later. Are there any recommendations as to how/where we keep these funds they are gifting to us? We want to do what is best for them.

Alexandra Svokos: Thanks for your question. Long-term care costs are something many families are worrying about. In fact, our survey found that 24% of older parents fear that ongoing care costs will deplete their estate.

First and foremost, we recommend speaking to professionals for advice on your own particular case. Our answers here are for general information purposes only.

As a general principle, it's worth having a conversation to ask parents if they have their own plans for managing long-term care. They may feel comfortable making gifts because they have a plan in place, for example, and if not, you can discuss how to set up a plan and what makes sense for you both.

Again, this is generally speaking: If you have funds you may need to use within a short time span, an interest-bearing account where you can immediately access funds (like a high-yield savings account) is a decent idea. If you feel sure you won't have to use funds for a longer time period, you can consider CDs (which typically have higher rates, but lock your money in for a set time period) or investing in the market, although that comes with higher capital gains tax rates if sold within a year, and of course, more risk than, say, a locked-in CD.

Additional reading:

• No One Wants to Ask Their Aging Parents About Their Finances, But Here's How
• Where to Put Inherited Money
• Gift Tax Exclusion 2026: How Much You Can Give Tax‑Free This Year
• I Have $150,000 That I Don’t Need Anytime Soon, but I Don't Want To Put It in the Market. What Should I Do?

4. Estate planning for blended families

Question: Given the realities of today’s blended and often fractured family dynamics, is there a provision that allows us to safeguard the inheritance so it stays within the family?

Diane Harris: Yes, in blended families, as our panelists mentioned during the discussion, a will is often not sufficient to ensure your assets pass as you want them to and protect the people you love and want to provide for.

One key estate-planning tool that helps with this is a trust, which allows you to make stipulations — for example, you might set up a trust in a way that provides for a surviving spouse during his or her lifetime but then ensures that the remaining assets will pass to your children from a previous union. Whatever the specifics you want to put in place, a trust is often a good tool. Laying out your intention for personal property in a letter of intent, while not legally binding, is also often helpful.

Often the most contentious items in an estate — in all families, not just blended ones — are items with emotional resonance, not the investment portfolio. Who gets Mom's engagement ring or Dad's prized watch or the ornament that sat on top of the Christmas tree or Grandma's yellow pie plate… those are the items that can cause the greatest friction in families, experts tell us.

An estate planning attorney can help with all of these decisions. You can find them either via personal recommendations from people you trust or by checking a professional directory such as those from the National Association of Estate Planners and Councils or the American College of Trust and Estate Counsel (ACTEC) Directory.

Additional reading:

• The 5 Essential Trusts You Need for 2026 Estate Planning
• This Is How the 'Brady Bunch' Safety Net (aka a QTIP Trust) Protects Your Kids' Inheritance
• The Six Estate Planning Steps Every Blended Family Must Take
• The Little-Known Tool to Protect Your Retirement Savings in a Divorce

5. Children with particular circumstances

Question: How do I or you address issues of a child with dementia and estrangement, re any or partial benefits of an inheritance?

Alexandra Svokos: This is where you definitely want to make sure to get professionals involved. If you are planning to leave something to a child or other heir with whom you're estranged, a letter of intent can help explain the inheritance to them without breaking an estrangement. I would just caution you to remember that a letter of intent is about explaining an inheritance, not about reopening conversations when you're not around to have them.

For a child with dementia or special needs, the answer here is again to make use of trusts. You can, for example, set up a special-needs trust. This is also why I say you'll need professionals involved – be careful about setting these systems and guardrails up so that your legacy gets used in the way in which you want it to be used.

Additional reading:

• The Benefits of a Special Needs Trust
• A 5-Step Plan for Parents of Children With Special Needs, From a Financial Planner
• Managing the Financial Dominoes of Special Needs Planning: A Practical Guide for Long-Term Security
• How to Plan for Retirement When Your Child Has Special Needs
• Is a Living Trust the Right Move for Your Estate Plan?

Higher prices are here for now. The escalating Iran War will keep energy prices higher, impacting everything from groceries to air travel.

And the Federal Reserve took notice. At its September meeting, it raised the federal funds rate by a quarter of a point.

The rate increase could benefit savers if banks respond by raising rates on savings accounts and CDs. If you're looking to move $25,000 into savings and away from market volatility, I have a few strategies to consider. But first, you'll want to do this.

Finding purpose can simplify decision-making

Every goal starts with one question: Why? This purpose can help you choose the right savings account.

If you have a time-specific goal, such as saving $25,000 for a dream vacation or planning a bigger home renovation, a certificate of deposit could be the smart choice. The best CD rates can earn you more than high-yield savings accounts.

I also like them because you can find a term that matches the timing of your goal, whether that's six months, one year, or even five years down the road.

You can find and compare the best CD terms for your goals using this Bankrate tool:

CDs have fixed interest rates, so once you lock one in, you can't earn more. If the Fed raises rates again in December, you could miss out on higher yields available on newer CDs.

Meanwhile, if you have $25,000 and don't have a time-specific goal, I recommend a short-term CD in the interim (think three to six months). This accomplishes two things: First, it positions you to take advantage of another rate hike if inflation remains elevated and the Fed raises rates again.

Second, if prices continually rise, you'll have quicker access to your cash, allowing you to pivot to other investments with higher earning potential. Then, you wouldn't have to worry about inflation eroding your purchasing power.

Savings accounts that outpace inflation and give you liquidity

I always recommend a high-yield savings account. You'll earn a much higher APY than you would with a traditional brick-and-mortar bank. And many online savings accounts don't come laden with fees, so you'll keep more of your money.

It's a smart option because you earn a return that outpaces inflation for now, and if your goals change, you have liquidity to make the changes whenever you need to.

When searching for the best high-yield savings accounts, here's my recommendation:

One more thing to note: High-yield savings accounts have variable interest rates. This places you in a great position to capitalize on higher returns if the Fed raises rates again.

Ultimately, now is the time for savers to make money moves with inflation remaining sticky and savings rates being higher. If you're looking to maximize your $25k and don't need to touch it, CDs are your best bet. You'll earn the highest returns and won't have to worry about Fed policy.

That said, if you want some flexibility while you figure out your next moves, a high-yield savings account or a short-term CD is a smart alternative. They keep you flexible while the economic conditions hopefully clarify in the coming months.

• Choose a certificate of deposit (CD): If you don't need immediate access to your $25,000 and want the peace of mind of earning a guaranteed return.
• Choose a high-yield savings account (HYSA): If you need liquidity, flexibility for shifting goals or the ability to capitalize on future rate hikes while keeping your cash accessible.

Not sure which option makes the most sense for your $25,000?

A financial adviser can help you weigh your savings goals, timeline and need for access to your money as part of your broader financial plan.

Use the tool below to connect with an adviser who can help you explore your options.

Related content

• Where's the Best Place to Store $10k Now?
• Best CD Rates — Earn Up to 4.40%
• Inflation Is at 3.40%: These Savings Accounts Are Outpacing It
• Best High-Yield Savings Accounts

When shopping for a wireless phone plan, the advertised price isn't necessarily what you'll pay. T-Mobile offers discounted plans for certain customers, including people 55 and older, military members, veterans and first responders, which could help lower your monthly cell phone bill.

The amount you can save depends on the plan and number of lines you choose, and you'll need to meet eligibility and verification requirements to qualify. Some discounted plans also include extras such as streaming benefits and mobile hotspot data.

If you're eligible for one of these T-Mobile discounts, here's how the plans compare and what to consider before signing up.

T-Mobile plans for customers 55 and older

T-Mobile’s 55+ plans are available to new and existing customers age 55 and older. Only the primary account holder needs to meet the age requirement. T-Mobile requires proof of age, such as a driver's license or passport.

T-Mobile offers three 55+ plan options:

• Essentials Choice 55 2.0: Includes unlimited talk, text and data, with 50GB of premium data. The regular price is $50 per month for one line, plus taxes and fees.
• Experience More w/ 55+ Savings 2.0: Adds unlimited premium data, 60GB of high-speed mobile hotspot data, Netflix Standard with ads and travel benefits. It also includes a five-year price guarantee and eligibility for phone upgrades every three years. The regular price is $75 per month for one line, plus taxes and fees.
• Experience Beyond w/ 55+ Savings 2.0: Includes additional benefits such as T-Satellite, unlimited premium data, Netflix Standard with ads, Hulu and unlimited mobile hotspot data. The regular price is $90 per month for one line, plus taxes and fees.

The 55+ plans are geared toward customers who need one or two phone lines. T-Mobile doesn't require an annual contract.

The savings can be significant, particularly on the more expensive plans. For example, Experience Beyond 2.0 regularly costs $105 per month for one line, while Experience Beyond w/ 55+ Savings costs $90. That's a difference of $15 per month, or $180 per year, before any additional discounts.

Military members and veterans may qualify for discounted plans

T-Mobile also offers discounted plans for military members and veterans. Eligible customers include active-duty military members, veterans, National Guard and Reserve members and Gold Star family members.

The eligible military member or Gold Star family member generally must be the primary account holder. You'll also need to verify your eligibility within 45 days of activating the plan. T-Mobile accepts several forms of documentation, depending on your military status, including a DD214, leave and earnings statement or military orders.

Military savings are available on Essentials Military 2.0, Experience More w/ Military Savings 2.0 and Experience Beyond w/ Military Savings 2.0. How much you save depends on the plan and number of lines you need.

For example, T-Mobile says military and veteran families with four lines can save $720 per year on its Experience plans compared with the equivalent regular Experience plans. Be sure to compare the total price and included benefits before choosing a plan, since your savings will vary.

First responders have another way to save

T-Mobile offers discounted plans for eligible first responders, including firefighters, EMTs and law enforcement officers. Active first responders, pensioned retirees and volunteers may qualify, as can parents, children and spouses of first responders killed in the line of duty.

The first responder must be the primary account holder and verify their eligibility within 45 days of activating the plan. T-Mobile may also require customers to reverify their status periodically.

T-Mobile offers three plans with first responder savings: Essentials 2.0, Experience More 2.0 and Experience Beyond 2.0. Savings vary depending on the plan and number of lines. For example, T-Mobile says families with four lines can save $720 per year on its Experience plans with First Responder Savings compared with the equivalent regular Experience plans.

Eligible customers on Experience More 2.0 and Experience Beyond 2.0 can also currently get T-Priority at no additional charge, a $7.50-per-month value. T-Priority gives first responders higher priority on T-Mobile's 5G network, including during periods of heavy network congestion. A compatible device and qualifying plan are required.

Look beyond the monthly price

Some T-Mobile plans include extra perks that can add value beyond wireless service. Depending on the plan, benefits may include Netflix or Hulu, travel perks, T-Mobile Tuesdays offers and a limited-time DashPass membership. Benefits vary by plan and may require activation.

These extras can make a more expensive plan more appealing, but only if you'll actually use them. For example, included Netflix or Hulu could help you save on streaming services if you already subscribe or would otherwise pay for them. Likewise, travel benefits won't add much value if you rarely travel.

When comparing plans, put a realistic dollar value on the benefits you'll actually use and ignore those you won't. Then compare that value with the difference in monthly cost. A plan with a long list of perks isn't necessarily a better deal if you're paying extra for benefits you don't need.

Check T-Mobile deals before you switch or upgrade

Beyond discounts for eligible groups, T-Mobile regularly offers promotions that could lower the cost of switching carriers or upgrading your phone. Before making a move, check the current deals, which may include:

• Device offers: T-Mobile regularly offers promotions on new phones, including some that provide a device at no additional cost through monthly bill credits when you activate a qualifying line or plan. For example, as of this writing, T-Mobile is offering a promotion on the iPhone 18 Pro. Eligibility and plan requirements vary by offer.
• Trade-in offers: If you have an eligible device, you may be able to trade in your phone and receive credits toward a new one. The value depends on the device, plan and promotion.
• Switching offers: New customers switching mobile carriers may qualify for additional incentives. For example, T-Mobile currently offers programs that can help eligible customers pay off a device financed through their previous carrier.

Your eligibility, plan requirements, credits and promotional periods affect the ultimate savings, so carefully read all of the fine print to understand just how much you might save.

Do the math before choosing a discounted plan

A discounted phone plan can lower your monthly bill, but the biggest advertised savings don't necessarily make a plan the least expensive option. A lower-tier plan could still cost less overall, particularly if you don't need the extra features and perks included with a more expensive plan.

Before signing up, compare the cost for the number of lines you need and check whether the advertised price requires AutoPay. Factor in taxes and fees, device payments and any other charges that could affect your bill.

Then consider the benefits you'll actually use. Looking at the total cost rather than the advertised discount can help you determine which plan offers the most value for your budget.

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Social media has given us countless ways to "max" different areas of our lives, from sleepmaxxing to vacationmaxxing. Now, the concept has made its way into personal finance.

"Moneymaxxing" is the idea of optimizing your finances so your money works harder for you. That could mean moving your savings to an account with a better interest rate, maximizing credit card rewards or finally canceling subscriptions you don't use.

While the term is new, many of the strategies behind it aren't. Paying attention to interest rates, fees and spending habits has long been a part of smart money management. Moneymaxxing simply packages these habits around the idea of getting as much value as possible from every dollar.

But maximizing every financial decision isn't necessarily the same thing as making the best financial decision. Here’s how you can take advantage of moneymaxxing without spending too much time and energy trying to optimize every financial decision

What is moneymaxxing?

Moneymaxxing is a financial trend centered on making the most of the money you already have. Northwestern Mutual describes it as an approach to making every dollar do as much as reasonably possible so you can direct more money toward what matters to you.

Depending on your finances, moneymaxxing could involve:

• Moving cash to a high-yield savings account
• Strategically using credit card rewards
• Reviewing recurring expenses
• Shopping around for insurance or other financial products
• Automating savings and investments or taking full advantage of benefits offered by your employer

Part of the appeal is that you don't necessarily need to earn more money to get started. Instead, you're looking for opportunities to get more value out of your current income and assets.

The trend may also make money management feel more approachable, particularly for people who are used to consuming financial information on social media. One financial planner described moneymaxxing as similar to the FIRE movement (financial independence, retire early), but more "gamified."

There's nothing wrong with wanting your money to work harder. The trouble starts when optimization becomes the goal instead of a tool for improving your financial life.

When moneymaxxing can go too far

Moneymaxxing can help you make smarter financial choices, but there’s a point where trying to optimize every dollar can create more hassle than value.

Chasing every fraction of a percentage point

One of the simplest ways to moneymax is to make sure your savings are earning a competitive interest rate.

There's still a significant difference between what some traditional savings accounts pay and what you may be able to earn elsewhere. For example, the FDIC reported a national savings rate of just 0.39% as of March 2026.

Moving a sizable emergency fund from an account paying next to nothing to a competitive high-yield savings account could make a meaningful difference. But constantly moving your savings because another bank offers an APY that's 0.10 or 0.20 percentage points higher may not.

Consider the actual dollar amount involved. A 0.20 percentage-point difference on a $10,000 balance amounts to roughly $20 in additional interest over a year, assuming rates and the balance stay the same. Decide whether that amount is worth opening another account, changing transfers and managing another financial institution.

Also read the fine print before chasing an attractive advertised APY. Check for minimum balance or activity requirements, monthly fees and whether the rate is promotional. If you're keeping cash at a bank, you can also confirm that the institution is FDIC-insured.

Spending more to maximize rewards

Credit card rewards can be another valuable moneymaxxing strategy. If you're already going to spend $500 on groceries, earning points, miles or cash back on the purchase can help you get something extra from money you were going to spend anyway.

The problem is when earning the reward starts influencing how much you spend. You might buy something you weren't planning to purchase to trigger a bonus category or justify spending more because you're "getting points." At that point, the rewards aren't necessarily saving you money.

Carrying a balance can be even more costly because interest charges can quickly outweigh the value of the rewards you earned. Ideally, rewards cards should complement spending that's already in your budget, rather than encourage additional purchases.

Making your finances unnecessarily complicated

There's nothing inherently wrong with having multiple accounts, particularly when each one has a clear purpose. But complexity comes with a cost.

More accounts can mean more passwords, statements, payment due dates and rules to remember. It can also increase the chances of overlooking a fee, missing a credit card payment or forgetting about a subscription tied to an old account.

Sometimes there's value in consolidation, even when it isn't mathematically optimal. Earning slightly less interest or cash back may be a reasonable trade-off if your financial system becomes significantly easier to manage.

Focusing on small wins while ignoring big expenses

Moneymaxxing can make finding savings feel like a game. Saving $8 on a subscription or earning an extra $15 in cash back can provide an immediate win.

Just don't let the small victories distract you from the expenses that can make a much larger difference. You might save $100 a year by trimming a few subscriptions, for example, but potentially save much more by shopping around for auto or homeowners insurance, refinancing expensive debt when appropriate or reducing investment fees.

Start with your largest recurring expenses and highest-cost debt. Once those areas are in good shape, smaller optimizations can be the icing on the cake.

Letting optimization take over your life

Moneymaxxing can become counterproductive when every purchase starts feeling like a math problem.

Maybe the grocery store 20 minutes away has slightly cheaper prices, but the closer store saves you time. Or perhaps you could redeem travel points more efficiently by changing your vacation dates, but the original dates work much better for your family.

The mathematically optimal choice isn't automatically the right one. Money is ultimately a tool that can help you create security and support the life you want to live. Spending more for convenience, an experience you value or something that genuinely improves your quality of life isn't necessarily a financial mistake.

How to moneymax without overdoing it

The goal doesn't have to be squeezing every possible cent from your finances. Instead, look for changes that provide a meaningful return without requiring constant attention.

Before optimizing a financial decision, ask yourself:

• How much will I actually save or earn? Calculate the potential dollar amount instead of focusing only on percentages, points or advertised savings.
• How much time or effort will this require? Saving $20 may not be worth spending three hours opening accounts, tracking promotions and moving money around.
• Does this make my finances simpler or more complicated? A strategy you'll easily maintain may ultimately be more valuable than one requiring constant monitoring.
• Am I sacrificing something I value just to maximize the numbers? Your time, convenience and enjoyment have value, too.

Some of the most useful moneymaxxing strategies are relatively boring, and that's a good thing. They can include moving idle cash to an account paying a competitive rate, automating retirement contributions, eliminating unnecessary fees, reviewing major recurring expenses once or twice a year and taking advantage of employer benefits you're already entitled to receive.

These moves allow you to optimize your finances once and continue benefiting without making money management another full-time job.

Get more from your money without overdoing it

Moneymaxxing can be a useful reminder to pay attention to where your money goes and what you're getting in return. But you don't need to extract maximum value from every dollar you spend.

Focus your energy on financial decisions that can improve your bottom line and make your overall plan stronger. And when an extra few dollars isn't worth the time, hassle or sacrifice required to capture it, give yourself permission to leave some of your money "unoptimized."

Moneymaxxing can help you get more from the money you already have, but individual optimizations work best when they support your bigger financial goals. If you want help deciding where to focus your time and money, a financial planner can help you look at the full picture and prioritize the moves that could have the greatest impact.

Use the tool below and connect with the vetted financial professional today:

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Older generations hold $124 trillion in assets they plan to pass on to loved ones and charity over the next two decades. Many will wait until they are gone to share the wealth, but some are opting to give while they live.

It makes sense. A new survey conducted by Morning Consult on behalf of Kiplinger found that, when asked what they would want an inheritance used for, both parents and adult children said practical things such as paying down debt, buying a home or securing a retirement.

"There's a recognition that the money would be more useful in their 40s and 50s than in their 60s and 70s," said David Blanchett, head of retirement research at Prudential. "But if you wait to give them that money, you won't get to see it in action. You won't know what impact it has."

For retirees who plan to wait until they die to pass on their inheritance, fear of outliving their money can create paralysis. After all, people are living well into their 80s, which means their money needs to last longer. "There's always an element of what if I need it, I won't be able to take it back," says Michael Conrath, JPMorgan's chief retirement strategist. "Legacy and retirement are connected in terms of the math and in terms of the emotions."

To overcome the fear of running out of money, Conrath says to break retirement savings into three buckets — stable, variable and legacy. The stable bucket is for recurring bills such as rent, food, utilities and healthcare, while the variable bucket is for travel, hobbies, entertainment or other wants. The third bucket is for legacy, which is where the giving comes from.

"Once you have those two parts covered, it really gives people the freedom and the comfort knowing they have the capacity to gift money," said Conrath. "It's a way to remedy some of the fear."

Benefits of giving while you're living

There are several reasons to favor giving while you're alive, for both the giver and the receiver.

Benefits for givers:

• They can reduce the total size of their taxable estate before passing away, minimizing potential state or federal estate taxes.
• They can gift up to $19,000 per recipient in 2026 (married couples may gift up to $38,000 to an individual) without triggering gift tax filings or dipping into their lifetime exemption.
• They may gift appreciated stock to a qualified charity or an heir, thereby avoiding capital gains tax on the stock's growth.
• They may pay medical or tuition bills directly to the institution (which bypasses the $19k limit entirely), or fund a 529 plan.
• They experience the immediate joy and satisfaction of supporting loved ones during key life milestones.

Benefits for heirs:

• They can use the funds immediately to improve their financial health.
• They don't have to pay taxes on it; the federal tax code doesn't treat gifts as taxable income for the recipient. (Appreciated stocks are the exception.)
• Direct gifts eliminate potential delays and legal complications associated with going through probate court after a donor passes away.

How to give while you live

If giving while living sounds like something you want to do but you aren't 100% on board, Blanchett says to test the waters with small gifts. You don't have to give your heirs their entire estate, but you could help your adult child with a down payment on a home or pay for daycare or college tuition for your grandchild.

It can be something as small as a cash gift or an extra deposit into the 529 account. Not only can you help them now when they need it, but you're also preparing them to manage the inheritance they will receive later.

Don't sacrifice your retirement

There is a lot of joy and satisfaction in giving while living, whether it's to your adult children, grandchildren or a beloved charity. Don't start writing checks willy-nilly, though. If you plan to rely on Medicaid, you could disqualify yourself by giving monetary gifts during the 5-year look-back period. Be certain you have a locked-down plan for how to pay for long-term care, as those costs have ballooned in recent years.

In other words, giving can't be at the expense of your retirement. As Pam Krueger, founder and CEO of Wealthramp, warns, you don't want to end up giving too much and being broke.

"The best answer for most people is you don't have to do it all now, and you don't have to do it all later," said Krueger. "Protect your own financial security first and foremost, and then say, 'OK, I can give this much now while I'm alive and this much when I'm dead.'"

Editor's note: Want more help making this decision? Take our quiz on giving while you live vs waiting until death.

We know this can be a contentious conversation. If you want to share your opinion, reach out to us at KipInheritanceTalk@futurenet.com.

More Trillion Dollar Talk

• From Buffett to Beyoncé: What Celebrities Have Said About Inheritance
• I'm a Retirement Editor, But My Parents' Estate Tripped Me Up with a Snake, a Gun and a Mystery Box
• The Great Junk Transfer: Heirs Want Meaning, Not More Stuff
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Give while you're living or wait until you die? That's the choice for many retirees sitting on a sizable nest egg as they live out their golden years.

At last check, an estimated $124 trillion in assets are expected to be passed on in the Great Wealth Transfer, according to research firm Cerulli Associates. While most of it will go to heirs after their deaths, many people want to give while they are still alive.

After all, a new Morning Consult survey conducted on behalf of Kiplinger found that when asked what they would want an inheritance used for, both parents and adult children cited practical uses such as paying down debt, buying a home or securing retirement, all of which can benefit heirs now or in the future.

On the one hand, if you wait until you die, the money has more time to grow and compound; on the other, if you give while you live, you can enjoy the fruits of your labor or help someone now. You can also do a little bit of both: give a little while you are alive and leave the rest for when you're gone.

Which giving approach works best for you depends on your financial goals, risk tolerance and personal values. To determine which type of giver you are, take our quiz.

Editor's note: We know this can be a contentious conversation. If you want to share your opinion, reach out to us at KipInheritanceTalk@futurenet.com.

More Trillion Dollar Talk

• Why So Many Families Are Unprepared for the Great Wealth Transfer — and What You Can Do About it
• Is Your Will 'Fair'? Estate Planning Is About More Than Money
• The $124 Trillion Great Wealth Transfer: Fact vs Fiction Quiz
• The Longevity Blueprint: 4 Everyday Signs You’re Tracked for a Longer Life

The Federal Reserve raised the federal funds rate by a quarter point on September 16. Fed Chair Kevin Warsh told reporters that the underlying inflation data he's reviewing shows the overall price trend isn't improving as the Fed wants. That's not really a surprise either if you've been to the gas station or grocery store recently.

When the Fed hikes rates, it affects your finances in several ways. For savers, this can be good news, as you earn higher returns on savings accounts, especially at online banks.

On the flip side, borrowing costs can also rise on loans and credit cards. Understanding how Fed policy affects your finances can help you save more money. Here are a few examples.

Should I get a variable-rate or fixed-rate savings account?

Savings accounts come with different types of rates. Traditional savings accounts at brick-and-mortar banks, as well as high-yield savings and money market accounts, have variable interest rates. This means that if the Fed hikes rates again, you can earn higher returns without doing a thing.

Meanwhile, CDs offer fixed interest rates, so once you lock one in, you won't benefit from another Fed rate hike. For this reason, I don't recommend a longer-term CD right now unless you've met your savings and retirement goals and are looking for less risky options as you approach or are in retirement.

Instead, I recommend either a short-term CD or a high-yield savings account in the interim. Why? Because we could see another rate hike before the end of the year. The escalating conflict in Iran has pushed gas prices higher, and that will trickle down to everything else.

If you're on the fence about where to turn, here are some scenarios and solutions:

You can also use this Bankrate tool to compare the best CD rates:

How higher rates affect your borrowing (and what to do about it)

While savers benefit from higher Fed rates, borrowing rates also increase. Knowing how to minimize these increases can lower your total loan costs. Here are some examples:

High-interest credit card debt

Credit card APRs work in lockstep with Fed rate hikes. If you're paying the minimum balance but struggle to pay down the balance, a credit card offering a 0% introductory rate can be a smart choice. I like them because your payments go entirely to principal, giving you momentum to pay it off.

The Wells Fargo Reflect® Card gives you a 0% introductory APR for the first 21 months on purchases and qualifying balance transfers completed within the first 120 days of opening your account. Almost all credit card issuers charge a balance transfer fee — usually 3% to 5% of the total balance transferred — so keep that in mind when budgeting your options.

HELOCs and lines of credit

Both have variable interest rates that rise with rate hikes. The easiest solution is to pay down the principal as quickly as you can to lower total loan costs. In some cases, you can ask your lender to convert your variable-rate balances into fixed-rate loans.

You can also shop around and refinance. When considering a refinance, research closing costs, potential prepayment penalties and whether the new interest rate significantly lowers your overall monthly payments.

If you decide to shop around, use this Bankrate tool to find the best rates:

What if I want to finance a car or home?

When planning larger purchases, try to pay as much in cash as possible. For auto loans, choose a shorter repayment term to reduce your total loan cost. And receive your financing outside of the dealership, where you stand to earn the best deal.

Buying a home is trickier because, while Fed policy does affect mortgage rates somewhat, the 10-year Treasury Yield is the main driver and it's keeping mortgage rates high. If you plan to buy a home with cash, it doesn't matter. But for the rest of us, using builder buydown programs to lower interest or taking on an assumable mortgage can be a smart move if the opportunity is right.

While a Fed rate hike boosts returns on high-yield savings accounts and CDs, it also raises borrowing costs across credit cards, loans, and mortgages. Navigating these changes effectively requires placing your cash where it earns the highest yield while actively managing variable debt to minimize interest.

Interest rate changes can affect everything from where you keep your savings to how much you pay to borrow. If you're weighing a major financial decision or want help adjusting your strategy as rates change, a financial adviser can help you look at the bigger picture and determine what makes sense for your goals.

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

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Jet fuel prices have doubled compared with this same time last year, according to the International Air Transport Association. That has sent airfare prices soaring and caused some airlines to start canceling some flights.

For travelers, that means the cost of getting to your destination, let alone splurging on the things that make a vacation fun, is eating up more of your travel budget.

While finding ways to be frugal and stretch every dollar of your travel budget is great, there are some travel habits that feel frugal, but really aren't when you do the math. Here are seven travel habits you might think are saving money on your next vacation and why they aren't actually worth it.

1. Buying rental car insurance

Saying yes to the optional rental car insurance or damage waiver might feel like the responsible thing to do. But depending on where you're driving, it probably isn't necessary. Your existing car insurance likely covers you in a rental car. If it doesn't, almost any travel credit card you have will likely include free rental car coverage (as long as you book the rental with that card).

Before you book, check your card's perks and coverage options — paying special attention to the fine print for any exclusions or caveats. Between your credit card and your existing car insurance, it should be safe to decline the optional coverage in almost any scenario.

2. Buying travel insurance

As with rental car insurance, many travel cards include at least some form of trip protection akin to travel insurance. While only the more premium cards, such as the American Express Platinum Card, have more comprehensive travel insurance included, many cards at least offer some degree of trip-cancellation protection.

For smaller or lower-cost trips, the basic coverage already included with your travel card might be enough. For more expensive trips, knowing what your card already covers can help you avoid paying for overlapping coverage. Instead, you can get a policy that fills in the gaps.

3. Paying for TSA PreCheck or Global Entry

It's not a question of whether TSA PreCheck is worth it. Both it and its international counterpart, Global Entry, can be a great option for saving time at the airport. But before you fork out the cash, you should check your travel credit card perks. More cards now offer complimentary credits for these time-saving screening programs that effectively make them free to you.

Taking a few minutes to see if you already have a card with the perk or even getting a new travel rewards card that includes it can save you money as well as time. In most cases, getting the complimentary credit is as easy as paying for TSA PreCheck or Global Entry with the eligible card. After that, the credit will be automatically applied to your statement.

4. Buying the cheapest airfare

Budget airlines can have enticingly low airfare when you're browsing your flight options. But as you probably know, they make up for it by nickel-and-diming every other part of your flight.

Not only are checked bags extra, but you might not be able to bring a carry-on suitcase for free. Want to sit next to your travel companion for the flight? Choosing seats costs extra. Forgot to check in before leaving the house? Checking in at the airport costs extra. Need to print out the boarding pass? Extra.

Before booking the cheapest airfare you find, add in all the extra fees you'd pay by choosing it. If the entire cost of airfare, fees included, is still lower than the competitors, that's when the budget airline is a good deal.

But if it ends up being the same (or more) than the competitor, it's not worth it. Budget airlines such as Frontier and Allegiant tend to have more frequent flight delays than major airlines such as United or Delta — not something you want to deal with if you're not really saving money.

Check the layover, too. Some of the cheaper tickets can have layovers so tight, you'll miss your connecting flight if the first one is even a little late. In other cases, it might be at a different airport entirely, so you'll be spending extra money and adding stress to your trip by racing to catch a connecting flight at a different airport. If you're only saving a few bucks, a stressful connecting flight is not worth it.

5. Booking the cheapest hotel

Just as the cheapest airfare might not end up being the best deal once added costs are factored in, the cheapest hotel can also end up costing more.

For one, location matters when you're a tourist. If the hotel is far from attractions you plan to visit, you could spend more time and money on transport. Add those extra transport costs to the hotel's price tag.

Another factor to consider is complimentary breakfast. If paying a few bucks more per night means a free breakfast every morning, that's one less meal per day you have to buy.

You'll also want to check amenity fees. While not every hotel does this, some have started charging for certain amenities — such as gym access or pool towels — similar to the way airlines charge extra for checked bags or in-flight snacks. Check which amenities come at an added cost and, for any that you plan to use, add those extra fees to the price tag.

Considering these details allows you to compare the total cost to you between hotels, rather than comparing the nightly rate.

6. Packing too light

Managing to fit everything in a carry-on is a great goal. But if you're overly militant about this, you can leave things at home that would have saved money on the trip. This is more true if you're traveling to a climate very different from your own.

My first international trip as a Californian was to Sweden in January. When I showed up in the warmest coat I owned, a Swede asked me why I was wearing a "summer jacket" in the middle of winter. I had to buy a proper winter coat there.

Check the forecast ahead of time. For example, if it's going to rain, packing a small umbrella is worth the room it takes to avoid having to buy one of the overpriced options people sell to unprepared tourists at your destination.

The "packing too light" habit can cost in toiletries, too. Travel-size hygiene products are great for shorter trips. But for a longer vacation, you'll likely be better off packing full-size products in your checked bag to avoid buying extra while you're away.

7. Buying the cheapest luggage

One of the most frugal things you can do is treat luggage as a "buy it for life" item. A good suitcase will come with a slightly painful price tag, but it'll last you decades.

My Samsonite set is seven years old and looks the same as the day I bought it. The no-name brands I'd bought before this set all suffered broken handles, stuck wheels or missing zippers within a year or two.

Even if you don't travel often, a good set of luggage is worth it. Something that lasts a decade or more for a frequent traveler could last a lifetime for someone who only travels once or twice a year.

Related content

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• 23 Best Travel Websites and Apps to Find Deals and Save Money
• The 10 Cheapest Countries to Visit
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Gen Xers and millennials are in line to receive trillions of dollars in the Great Wealth Transfer, but first the money must pass to the surviving spouse. Known as horizontal wealth transfer, women will benefit more, as they statistically outlive their husbands by an average of five years.

Of the $124 trillion in wealth expected to transfer hands during the next two decades, $54 trillion will move horizontally to the spouse, according to a 2024 Cerulli Associates report. Once the widow spends money on healthcare, travel and other expenses, what's left will go to the younger generations.

Inheritance of any size might be welcome, given that many Gen Xers and millennials, based on a new survey conducted by Morning Consult on behalf of Kiplinger, don't expect any windfall. That's even though 47% of parents expect to leave a meaningful one.

This gap between expectation and reality highlights a crucial step in the wealth transfer process: The horizontal shift between spouses. Understanding why it occurs and how surviving spouses can plan for it is essential to preserving family wealth for the next generation.

Why the horizontal wealth transfer happens

Making sure your spouse is taken care of usually drives horizontal wealth transfer, but if that's not enough, the tax code offers incentives to stay motivated. The Unlimited Marital Deduction lets an individual transfer an unlimited amount of assets to the surviving spouse free of estate and gift taxes. If the wealth was passed to an adult child or children upon the first spouse's death, it could trigger estate taxes in certain circumstances.

"The typical process is you leave your money to your spouse, and after that it goes to the kids," said Derrick Longo, a wealth adviser at Savant Wealth Management. "But there's no default right answer. It's very specific for every family and situation."

If you're a surviving spouse, do this

In the Great Wealth Transfer, surviving spouses will be the first to receive the wealth; they need to plan now to preserve it later.

Take the so-called widow's tax penalty for starters. This occurs in the year after a spouse dies and the surviving partner starts filing as a single taxpayer. At that time, their tax brackets are reduced by 50%, and the standard deduction is cut in half, forcing them to pay more taxes if they don't plan for it. But if they do prepare, they have options, including:

• If the surviving spouse has dependent children, they can delay filing as single for two years. After that, they might choose to file as head of household.
• They can file a married filing jointly return for the calendar year in which the spouse passed away.
• Space out income-generating events such as retirement withdrawals and Roth conversions from the inheritance.

On the positive side, the surviving spouse gets a big tax break on inherited real estate, stocks and taxable investment and savings accounts. The value of the assets resets to the current market value on the date of death, erasing capital gains built up over the lifetime (known as a "step-up" in cost basis). If you sell soon after, you might owe little to no capital gains tax, depending on state property laws and how the assets were titled.

The surviving spouse can also roll an inherited IRA or 401(k) into their own name, delaying required minimum distributions (RMDs) until they turn age 73 or 75, depending on their birth year. If a child inherits that same account, the 10-year rule usually applies, requiring them to empty the account (and pay the taxes) within a decade.

Manage healthcare to preserve future wealth

Expected drains on future generations' inheritances include long-term care and healthcare costs. In Kiplinger's survey, 24% of parents fear these costs will erode their wealth.

It makes sense. Fidelity estimates the average 65-year-old will spend about $185,000 on healthcare in retirement, and that doesn't include long-term care, which can get expensive. The average annual cost for a private room in a nursing home was $129,575 in 2025, while an in-home aide cost $80,080. Money once earmarked for the kids can quickly become money spent on aging without the proper planning.

When it comes to covering healthcare expenses in retirement, surviving spouses can take out long-term care insurance, self-fund future healthcare expenses from their savings, health savings accounts (HSAs) or investments.

Which option makes sense for you depends on your health, longevity and finances.

For instance, long-term care insurance might make the most sense if:

• You can afford the premiums.
• Your family or trusted friends can handle the paperwork and claims process for you.
• You crave peace of mind that comes with insurance.
• You're healthy enough to meet underwriting guidelines.

Meanwhile, self-funding your long-term care needs might make the most sense if:

• You're healthy.
• Your family health history is largely free of chronic or heritable debilitating illnesses.
• You've saved enough for your retirement.
• You have liquid assets you can access easily without triggering major tax consequences.

Figure out how to spend to keep the estate growing

An inheritance can bring a desire to spend more, but to ensure the surviving spouse has enough to go around, a retirement spending strategy is essential to the planning process. Spouses can use several withdrawal strategies beyond the traditional 4% rule, including the bucket approach, the flooring strategy and a delayed Social Security collection plan, among others.

If you need help staying disciplined and want to worry less because you know where your money is and how much you can spend, the bucket approach might be for you.

If you want a steady monthly income or are hesitant to spend because of stock market fluctuations, the me-first or flooring method of spending might be for you.

For surviving spouses who want to maximize cash flow later on, the delaying Social Security strategy could be the best approach.

The idea is to find a plan that matches you and stick to it. That will ensure you have enough money to live your ideal retirement and have some left for the remaining heirs.

Plan today to preserve for tomorrow

The horizontal wealth transfer is the first stop of the Great Wealth Transfer, and it's set to benefit women primarily. With $54 trillion expected to pass to surviving spouses, that's a lot of money to protect, preserve and grow.

The good news is the next-in-line spouse doesn't have to wait until their partner is gone to prepare. A little foresight now can help ensure the windfall lasts for generations to come.

More Trillion Dollar Talk

• How Real Families Are Handling The Great Wealth Transfer
• The $124 Trillion Great Wealth Transfer: Fact vs Fiction Quiz
• Could You Handle a Sudden Windfall?
• Before You Leave Your Home to Your Children, Ask These Questions

A personal budget can help you rein in spending, meet saving goals and be smarter with your money, but sticking to a budget can be a real challenge. If you’re struggling to budget, it may be because you’re not using the method that’s best for you.

Some people need clear limits set for every dollar, while automating financial priorities and spending what remains works better for others. There’s no single "right" way to budget, and finding the best method for your goals and habits can increase your chances of success.

Let’s take a look at three distinctly different budgeting methods, including 50/30/20, zero-based budgeting and paying yourself first. You might have success with one of these approaches.

1. The 50/30/20 budget: Best for keeping things simple

If you're not up for tracking all of your spending or recording every purchase, the 50/30/20 budget offers a simpler approach. It gives you some financial guardrails without requiring you to account for every dollar you spend.

With this method, 50% of your income goes toward essentials, 30% toward wants and 20% toward savings and debt repayment.

These percentages are a starting point, not an absolute rule. Depending on your income, housing costs and financial goals, different percentages may be more realistic. You can adjust the framework to better fit your finances.

This percentage-based budget may be a good fit if you want a straightforward framework without constantly monitoring your spending.

2. Zero-based budgeting: Best for taking control of your spending

Zero-based budgeting provides a stricter framework that helps you account for every dollar you earn. With this method, every dollar of income is assigned a job, whether it goes toward bills, everyday spending, savings or investments.

Let's say you bring home $7,000 per month. You budget $2,000 for your mortgage, utilities and other housing costs, $500 for food, $1,000 for recurring bills such as internet and car insurance and $500 for health insurance and medical expenses. You set aside another $500 for wants, such as new clothes or dining out. Each month, you invest $1,500 and put the remaining $1,000 into savings.

$7,000 income - $7,000 assigned to expenses, savings and investments = $0 left unassigned

This method can help you see exactly where your money is going and spot areas where costs have crept up. For example, if you're spending more on groceries than you used to, your budget can make that increase easier to identify. You can then adjust other spending categories to account for the higher expense.

While zero-based budgeting can provide a clear picture of your overall spending, it requires more tracking and regular adjustments than other budgeting methods.

Zero-based budgeting may be best if you want tighter control over your cash flow or are trying to rein in your spending.

3. Pay yourself first: Best for prioritizing savings

The pay-yourself-first method puts saving ahead of spending. Instead of waiting to see how much money is left at the end of the month, you set aside money for savings, retirement, investments or another financial goal first.

Automatic transfers and retirement contributions can make this approach largely hands-off. It may be particularly useful if your expenses are already manageable but you want to increase your savings without maintaining a detailed budget.

However, paying yourself first won't solve underlying overspending issues. If you regularly don't have enough money left to cover your expenses, another method, such as zero-based budgeting, can help you identify where your money is going and where you may need to cut back.

Paying yourself first may be a good fit if you want to prioritize saving and prefer a low-maintenance approach to budgeting.

Which budgeting method is right for you?

The right budgeting method depends on what you want your budget to accomplish. Start by identifying the part of your finances that gives you the most trouble.

If you routinely wonder where your money went, zero-based budgeting can provide more visibility and control. If your spending is generally under control but your savings goals keep getting pushed aside, paying yourself first can make saving a priority. And if detailed budgeting feels like too much work, the 50/30/20 method can give you structure without requiring you to track every purchase.

You also don't have to follow one method perfectly. You might use the 50/30/20 framework to set your overall spending targets while automatically paying yourself first each payday. As your income, expenses and goals change, your budgeting strategy can change with them.

Whichever approach you choose, consistency matters more than following a particular formula. A budgeting method is only useful if it's realistic enough to stick with over time.

The best budget is one you can stick with

The best budget for you isn’t necessarily the most detailed or complex one; it’s the system you’ll actually use. Choose a budgeting method that provides enough structure to help you reach your financial goals without making managing your money an unnecessarily complicated chore that you’ll dread.

A budget can help you manage your money day to day, but you may want additional guidance when you're balancing bigger financial goals. A financial adviser can help you look at your budget as part of your broader financial plan, from building savings to investing for the future.

Use the tool below to connect with a financial professional who can help you evaluate your goals and next steps.

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• Divide and Conquer: Your Annual Financial Plan Made Easy, Courtesy of a Financial Adviser

You might not check the 10-year Treasury yield every morning, but its movements can still affect your finances, especially if you're preparing to buy a home, finance a car or take on other debt.

Treasury yields represent the return investors receive for lending money to the federal government. The 10-year Treasury note gets particular attention because it serves as an important benchmark for longer-term borrowing costs, including mortgage rates.

Lately, yields have been moving higher. The 10-year Treasury yield reached 4.93% on September 18, up from 4.19% at the beginning of the year, according to U.S. Treasury data. Higher oil prices, inflation concerns and government borrowing have all contributed to pressure in global bond markets.

For consumers, however, a higher Treasury yield doesn't mean every interest rate will immediately rise. Mortgages, auto loans and credit cards respond to different parts of the interest-rate market. Here's what rising yields could mean for your money.

Higher Treasury yields could push mortgage rates up

If you're watching Treasury yields because you're hoping to buy or refinance a home, the 10-year Treasury is particularly important.

Thirty-year fixed mortgage rates tend to move in the same general direction as the 10-year Treasury yield. That's because investors generally demand a higher return for mortgage-backed securities than they do for relatively low-risk Treasuries.

That also means mortgage rates can rise or fall without the Federal Reserve changing its benchmark interest rate. The bond market is constantly adjusting to new expectations for inflation, economic growth and future Fed policy.

That distinction is especially important following the Federal Reserve's September meeting. The Fed raised its benchmark interest rate by a quarter percentage point to a range of 3.75% to 4%, its first rate hike since 2023, as inflation remains elevated. While the Fed doesn't directly set mortgage rates, its decisions and outlook can influence investor expectations and Treasury yields.

Currently, the average 30-year fixed mortgage rate is 6.95%, according to Freddie Mac. That's higher than the 6.26% average from a year earlier.

Even a relatively small increase can make a noticeable difference for borrowers.

For example, consider a $400,000, 30-year fixed mortgage.

• At 6.95%, the monthly principal and interest payment would be approximately $2,648.
• If the rate increased by 0.25 percentage points to 7.20%, the payment would rise to about $2,715, roughly $67 more per month.
• At 7.45%, or half a percentage point higher, the payment would be about $2,783, adding roughly $135 per month.

That's before accounting for property taxes, homeowners insurance or homeowners association fees.

For buyers already stretching their budgets, higher mortgage rates can reduce purchasing power even if home prices don't increase. And while you may be able to refinance your mortgage later if rates decline, there's no guarantee that will happen on your preferred timeline.

If you're preparing to buy a home or refinance, comparing rates from multiple lenders can help you see what's available now. Use the tool below to explore current mortgage rates and compare your options.

Car loan rates could remain expensive

The relationship between Treasury yields and car loans isn't as straightforward. Auto loan rates aren't directly pegged to the 10-year Treasury. However, lenders operate within the broader interest-rate environment, so higher market rates and borrowing costs can contribute to more expensive financing.

Consumers are already paying relatively high rates for auto loans. Average interest rates during the first quarter of 2026 were 6.39% for new-car loans and 11.19% for used-car loans, according to Experian.

Your actual rate can vary significantly. Auto lenders generally consider your credit score and history, income, existing debts, down payment, loan amount, loan term and whether you're purchasing a new or used vehicle when setting your rate.

That makes improving your credit and shopping around especially important. Let’s say you're financing $30,000 over five years. At 6.39%, your monthly payment would be about $585, and you'd pay roughly $5,126 in interest over the life of the loan.

Raise the rate by one percentage point to 7.39%, and the payment increases to approximately $600 per month, while total interest rises to about $5,974. That's nearly $850 more in interest.

Before accepting financing at the dealership, consider getting preapproved through a bank or credit union. The Consumer Financial Protection Bureau recommends comparing offers before visiting a dealer, and notes that borrowers may be able to find better rates or terms by shopping multiple lenders.

Credit card rates work differently

Rising Treasury yields aren't necessarily a sign that your credit card APR is about to increase. That's because most variable-rate credit cards are tied more closely to the prime rate than to longer-term Treasury yields.

Banks set the prime rate, which typically moves in step with changes to the Federal Reserve's federal funds rate. The prime rate is commonly used as a reference point for credit card loans and other types of borrowing.

A variable credit card might, for example, charge the prime rate plus a set margin. Federal regulations require card issuers offering variable rates to disclose the index or formula used to determine the rate. So, if the 10-year Treasury yield jumps tomorrow, your existing credit card APR won't automatically rise along with it.

There can still be an indirect connection. Persistently high Treasury yields can signal that investors expect inflation or interest rates to remain elevated. That could make meaningful relief for borrowers slower to arrive.

Either way, waiting for lower interest rates isn't much of a strategy if you're carrying high-interest credit card debt. Your interest charges continue accumulating while you wait.

Consider paying more than the minimum whenever possible, directing extra money toward your highest-rate balances or exploring whether a balance transfer or lower-rate consolidation option could reduce your interest costs.

What to do if you plan to borrow soon

Watching interest rates can be helpful, but trying to perfectly time the bond market is another matter.

Treasury yields can move quickly as investors react to inflation reports, economic data, geopolitical events and changing expectations about Federal Reserve policy. A better approach is to make sure a loan works for your budget based on the rates available today.

If you're planning a major purchase, compare quotes from several lenders rather than assuming the first offer is competitive. For mortgages, pay attention to both the interest rate and closing costs. For an auto loan, consider getting preapproved through a bank or credit union before heading to the dealership.

Your credit profile matters, too. Paying down revolving credit card balances, correcting errors on your credit reports and making payments on time can put you in a stronger position when you apply for financing.

Most importantly, run the numbers using today's borrowing costs rather than counting on a future refinance to make an expensive purchase affordable.

Rising Treasury yields don't guarantee that every consumer borrowing rate will move higher. But they are an important signal, particularly for longer-term borrowing costs. If you're preparing to buy a house, finance a vehicle or take on other debt, knowing what's happening in the bond market can give you a better idea of what borrowing could cost, and whether the payment fits comfortably into your budget.

If you're weighing a major purchase or wondering how higher borrowing costs fit into your financial plans, a financial adviser can help you look beyond the monthly payment. The tool below can help connect you with an adviser who can review your goals, budget and other financial priorities.

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

Related Content:

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Verizon is known for offering a variety of deals for wireless customers, and right now, the carrier is promoting several ways to save on your cell phone plan.

The right deal depends on whether you’re keeping your current phone, buying a new one or upgrading an existing Verizon line. Each option comes with different pricing, plan requirements and potential savings.

Before signing up, look beyond the advertised price. Comparing plan requirements, financing periods and the duration of promotional credits can help you understand the total cost and determine which Verizon deal could save you the most. Here’s how Verizon’s bring, buy and upgrade options compare and what to consider before choosing one.

Bring your own phone to lower your monthly cost

If you already have a phone you like, bringing it with you when you switch to Verizon could help keep your monthly costs down. Verizon's Simplicity plan normally costs $45 per line per month with Auto Pay, but new customers who switch to Verizon can currently get the plan for $30 per line per month with Auto Pay and the Switcher Discount.

The plan includes unlimited talk, text and smartphone data, access to 5G Ultra Wideband, 10 GB of high-speed mobile hotspot data per month and satellite texting. After you use the 10 GB of high-speed hotspot data, you can continue using your hotspot at speeds of up to 1 Mbps for the remainder of the billing cycle.

If you're looking for extra phone plan perks, Verizon also lets Simplicity customers add entertainment and other services. Options include Netflix and HBO Max, YouTube Premium and Apple Music Family, with some bundles costing less than purchasing the included subscriptions separately.

To qualify for the $30 promotional price, you'll need to switch to Verizon and enroll in Auto Pay. Taxes and fees are extra, so your actual bill will be higher. If you're bringing your own device, make sure it's unlocked and compatible with Verizon's network before switching. You can check your device on Verizon's compatibility tool.

For comparison, Verizon's Unlimited Welcome plan starts at $65 per month for a single line with Auto Pay and paper-free billing. At the current $30 promotional Simplicity rate, that's a difference of $35 per month, or $420 over a year. Keep in mind that the comparison depends on qualifying for the Simplicity promotional rate.

Buy a new phone when switching to Verizon

If you need a new phone, Verizon is currently offering discounts and financing on several popular smartphones. Here are a few deals to consider:

• Samsung Galaxy Z Fold8: Verizon is offering a $460 instant credit on the Samsung Galaxy Z Fold8, bringing the price down from $1,899.99 to $1,439.99. You can finance the phone for $29.99 per month for 48 months at 0% APR. New customers who qualify for Verizon's $30-per-month Simplicity promotional rate would pay about $60 per month for the phone and service, before taxes and fees.
• Apple iPhone 18 Pro: The Apple iPhone 18 Pro starts at $33.33 per month for 36 months at 0% APR. Customers who want to upgrade more frequently can choose the Phone + Flex Upgrade option for $50 per month. It allows you to upgrade after a year, or earlier once you meet the program requirements, and includes two monthly TravelPass Days, Premium Visual Voicemail and Global Choice.
• Samsung Galaxy S26 Ultra: Verizon is offering $340 off the Samsung Galaxy S26 Ultra, bringing the price down from $1,299.99 to $959.99. You can finance the phone for $26.66 per month for 36 months at 0% APR. Verizon also offers a $50-per-month Phone + Flex Upgrade option for customers who want the ability to upgrade more frequently.

As you compare these options, pay close attention to the financing and promotional requirements. Verizon offers multiple financing periods on some devices, so the advertised monthly payment can vary depending on how long you take to pay off the phone. While these financing options carry 0% APR for qualified customers, taxes and fees may be extra.

Also consider what happens if you leave Verizon before your phone is paid off. You may have to pay the remaining device balance, and any promotional credits tied to your service could end.

A discount of several hundred dollars on a new phone can be appealing, but the device price is only part of the equation. Compare the total cost of the phone and required service, and consider whether you will actually use the features included with the plan or upgrade option.

Upgrade your phone if you're already with Verizon

Verizon also offers upgrade and trade-in deals for existing customers. Eligible devices can include smartphones, tablets, smartwatches, basic phones, mobile hotspot devices and netbooks.

Depending on the promotion, Verizon may provide the trade-in value as an account credit, Verizon gift card or recurring bill credits spread over a specified period.

A large advertised trade-in value does not necessarily mean you'll receive the full amount upfront. If the value is provided through monthly bill credits, you may need to remain on an eligible plan for the entire promotional period to receive the full benefit. Before upgrading, review the offer terms, compare the trade-in value and consider whether the required plan and monthly cost make sense for how you use your phone.

Which Verizon option could save you the most?

How can you best save with Verizon deals? Bringing your phone may be best if you have a newer paid-off device and want to minimize your monthly costs with an affordable monthly plan. Buying a phone might be attractive if you’re planning to switch mobile providers, you need a new phone and you can qualify for a strong device promotional deal. Upgrading might make sense if you have a valuable trade-in, are already a Verizon customer and were planning to stay with Verizon.

As you explore the Verizon phone deals, be sure to compare the total cost that you’ll pay over the promotional period, not just the advertised phone price or monthly rate. Look for extra costs, like taxes and fees, that aren’t included, and make sure you’re choosing a plan that really makes sense for you.

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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:

Related content

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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

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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.

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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:

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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
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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.

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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.