Warehouse clubs have long been known for helping shoppers stretch their grocery budgets, but store brands have become even more important as food prices have increased. While many shoppers join Sam's Club for bulk pricing on national brands, plenty of members say it's the Member's Mark private label that keeps them renewing year after year.

Sam's Club has also updated its Member's Mark food and beverage line, removing more than 40 artificial ingredients as part of its Made Without Commitment ™ initiative. Now, it has an even larger selection of everyday grocery and household items that deliver solid quality while helping shoppers keep costs down.

Whether you're a longtime member or thinking about taking advantage of Sam's Club's discounted membership offers, these are the Member's Mark products shoppers consistently recommend stocking up on.

Pantry staples worth buying in bulk

Some products are easy to buy once and forget. These pantry staples are frequently mentioned by shoppers because they offer dependable quality, versatile uses and excellent value.

Italian basil pesto: Member's Mark Italian Basil Pesto has developed something of a cult following. It's made with basil, Parmesan and Romano cheeses, olive oil and pine nuts, making it taste surprisingly close to homemade.

Since it comes in a larger container than grocery store versions, many shoppers freeze portions in ice cube trays for easy weeknight meals.

Extra virgin olive oil: Olive oil is one of those products where quality matters, but premium bottles can easily cost $20 to $30 elsewhere. Member's Mark's extra virgin olive oil consistently offers solid quality at a warehouse price, making it an easy pantry staple to buy in bulk if your household cooks frequently.

Honey almond granola: This granola works just as well for breakfast as it does sprinkled over yogurt or eaten as a snack. Because it comes in a large resealable bag, it's often a better value than buying smaller packages at traditional grocery stores.

Butter: Butter prices remain higher than they were a few years ago, making warehouse club pricing especially attractive. Many Sam's Club members buy several packages at once since butter freezes well for months without sacrificing quality.

Grocery favorites shoppers buy on repeat

Certain refrigerated and fresh foods have become signature Member's Mark purchases because they offer restaurant-quality flavor at family-friendly prices.

Five cheese tortellini: Families appreciate this refrigerated pasta because dinner can be ready in under 15 minutes. Pair it with pesto, marinara or Alfredo sauce for a quick meal that costs significantly less than takeout.

Beef franks: Member's Mark Beef Franks frequently receive positive reviews for their flavor and texture. Whether you're grilling during the summer or stocking the freezer for quick dinners, they're one of the brand's better-reviewed meat products.

Rotisserie chicken: While technically not a Member's Mark packaged product, Sam's Club's rotisserie chicken remains one of the warehouse's biggest values. Many shoppers buy one weekly to use for multiple meals including sandwiches, soups, tacos and salads.

Chicken wings: For families who regularly cook at home, Member's Mark chicken wings provide an affordable way to feed a crowd. They're especially popular during football season and summer cookouts.

Frozen foods that make weeknight dinners easier

Freezers are where warehouse clubs often shine, and Sam's Club is no exception.

Chicken breast bites: These fully cooked chicken bites have become one of the brand's breakout favorites. They're easy to heat in an air fryer or oven and work well in wraps, salads, grain bowls or as a protein-packed snack.

Four pepper chicken burgers: These frozen chicken burgers offer a flavorful alternative to traditional beef patties. Shoppers often mention that they cook quickly and make an easy weeknight dinner.

Organic frozen mango: Frozen fruit can be expensive at grocery stores, but warehouse-sized bags provide excellent value. Member's Mark organic frozen mango is popular for smoothies, yogurt bowls and desserts.

Frozen shrimp: Whether you're making pasta, stir-fry or tacos, frozen shrimp is one of those items many Sam's Club members keep stocked year-round because of the combination of quality and value.

Member's Mark pizza: Warehouse club pizzas continue to improve, and several Member's Mark frozen varieties receive positive reviews for their generous toppings and convenience when dinner plans change unexpectedly.

Household essentials that save money year-round

Many shoppers say these are the products that justify maintaining a Sam's Club membership because they're items households purchase repeatedly anyway.

Paper towels: Paper towels consistently rank among Sam's Club's best values. Member's Mark paper towels are durable, absorbent and often cost noticeably less per sheet than premium national brands.

Trash bags: Few people enjoy paying full price for trash bags. Member's Mark trash bags have built a loyal following because they're thick, durable and sold in quantities that can last many households for months.

Toilet paper: Toilet paper remains one of the most common warehouse club purchases. Buying larger packs reduces both the cost per roll and the number of shopping trips throughout the year.

Laundry detergent: Member's Mark laundry detergent is another household staple that earns repeat purchases thanks to competitive pricing and reliable cleaning performance.

Batteries: If your household regularly uses AA or AAA batteries for toys, remotes or electronics, warehouse pricing can lead to meaningful savings over time.

Baby wipes: Even households without babies often keep baby wipes on hand for cleaning sticky hands, wiping down surfaces or traveling. Their versatility makes them one of Sam's Club's most frequently recommended household buys.

Paper plates: Families who entertain regularly or simply want easier cleanup appreciate buying paper plates in bulk before holidays, birthdays and backyard barbecues.

Health and wellness products worth considering

Sam's Club also receives strong reviews for many everyday health products that shoppers purchase repeatedly.

Protein shakes: Member's Mark protein shakes are frequently compared with more expensive national brands while costing less per bottle when purchased by the case.

Vitamins: Basic vitamins and supplements can be significantly cheaper at warehouse clubs, especially for households purchasing larger quantities throughout the year.

Ibuprofen: Over-the-counter medications often represent one of the easiest places to save money through warehouse shopping. A large bottle can last months while costing less per dose than drugstore options.

Protein snacks: Protein bars, snack packs and other grab-and-go options have become increasingly popular as shoppers look for convenient ways to add more protein to their diets without paying convenience-store prices.

Bakery treats shoppers can't resist

The bakery remains one of Sam's Club's biggest draws, especially when hosting gatherings or feeding larger families.

Muffins: Member's Mark muffins are oversized, moist and available in rotating flavors. They're popular for breakfasts, office meetings and freezing for later.

Cookies: Bakery cookies consistently receive high marks for tasting fresh and homemade without the bakery price tag.

Cupcakes: Whether it's a birthday party or weekend celebration, Member's Mark cupcakes are known for generous frosting and bakery-quality presentation.

Donuts: Fresh bakery donuts remain another favorite for weekend breakfasts and family gatherings.

New Member's Mark products worth trying

Sam's Club continues expanding its private-label offerings with seasonal and specialty products that have generated buzz among shoppers.

Some newer Member's Mark products worth watching include:

• Mango Shrimp Ceviche
• Almond Flour Crackers
• Salmon Pineapple Roll
• Blooming Flower Cupcakes

These limited-time and new offerings let shoppers try restaurant-inspired foods at warehouse prices, and successful items may become permanent menu additions or return as seasonal favorites.

One of the biggest reasons shoppers continue renewing their Sam's Club memberships is likely due to their confidence in the Member's Mark brand itself. From pantry staples and frozen foods to paper towels and protein shakes, many of these products have earned loyal followings because they consistently deliver strong quality at a competitive price.

If you're trying Sam's Club for the first time, consider starting with household essentials and pantry basics you'll use regularly. Buying products your family already consumes often delivers the biggest savings.

Related Content:

• How to Save $50 on a Sam’s Club Membership
• Costco vs Sam's Club: Which Warehouse Club Is Better for Your Wallet?
• 5 Hidden Sam's Club Perks That Can Save You Time and Money

When people hear that I went from earning more than $200,000 a year as a professional athlete to making $12 an hour as a financial planning intern, they usually focus on the pay cut.

I understand why. It's a dramatic contrast.

But I've never seen that part of my story as a fall from success or a cautionary tale about what happens when an athlete's career ends. To me, the more important story is what happened in between.

I was competing at the highest level — including in four Olympic Games — and making six figures as a professional athlete with a Nike contract. From the outside, it looked like I had made it.

But internally, I was still trying to understand my money.

Organizing and understanding my finances

I knew there were responsible things people were supposed to do with money, but I didn't know what they were. I didn't know how to organize my finances or fully understand what was coming in, what was going out, what I was invested in or how my financial decisions would affect me after sports.

It's uncomfortable to admit when you look successful from the outside, but earning money and understanding money are two different skills.

Early in my career, I looked for help, but most of the advice I received started with investing instead of financial literacy. Investing matters, but it should come after you understand your expenses, cash flow, goals, taxes and long-term income reality.

At that point, I didn't need someone to simply take over. I needed someone to help me become financially literate.

Figuring out what was going on

When my adviser told me, "We lost a lot of money today. Don't panic," I realized the problem wasn't just the loss. It was that I didn't know what the loss meant.

I didn't know what I was invested in or how the market worked. I didn't know whether the loss was normal, serious or connected to the plan I supposedly had. I was trusting someone else to make sure my money was growing, but I didn't have enough knowledge to participate in the conversation myself.

That experience taught me something I still believe: You cannot fully outsource your understanding.

Learning the hard way

There were other lessons along the way. I bought too much house, more than once. The first time, I was listening to advice from friends and family. The second time, an adviser encouraged me to buy a second home.

How was I going to pay for two homes for 30 years? How long would my athletic income last? No athlete has a 30-year playing career. I was doing well, but how long would that window stay open?

That lesson doesn't only apply to athletes. Many people make major decisions based on what they can afford now, without asking if the choice still works when income, health, career or priorities change.

Can future me live with this decision?

That's why the first question should not always be, "Can I afford this today?" but rather, "Can future me live with this decision?"

When I began transitioning out of professional sports, I was 30 and trying to choose a career path for the first time. I had a finance degree, an MBA and a real estate license, but I still didn't fully understand what kind of work fit the life I wanted to build.

Taking the internship was part of that adjustment.

From the outside, it may have looked like a step backward. But I had savings, which gave me options. I could pay my bills while earning less in the short term so I could invest in myself for the long term.

That's the part people often miss. The internship was a deliberate move, not desperation. It gave me structure, responsibility and a chance to become a beginner again. I was earning much less, but what I was learning felt invaluable.

It was an investment in becoming the kind of professional I wished I had found when I was younger.

Not an easy transition

That doesn't mean the transition was easy. Starting over professionally was humbling. The internship was part of the process of earning my CFP® certification, which was key to entering the financial planning profession.

I also needed to take the CFP® certification exam. I failed the exam twice before passing on the third try, which reminded me that being smart wasn't enough. I had to prepare differently, stay persistent and keep going.

Sports helped me with that. Athletics taught me how to come back after disappointment and keep going when something is hard.

When I began working with clients, financial planning stopped feeling like a backup plan almost immediately. Many of the people coming to me had basic questions, but those questions mattered. They wanted to understand their money and feel more confident. They wanted someone to explain things without judgment.

The kind of adviser I am

Those early experiences shaped the kind of adviser I wanted to become. I didn't want people to feel talked down to, confused by jargon or left out of conversations about their own money. I wanted to help clients understand their whole financial picture, not just their investments.

That became the foundation for my firm, Worth Winning. I expected to follow a traditional one-on-one planning model, but I saw many people needed education, accountability and a safe place to ask questions. That led me into classes, speaking, corporate financial wellness programs and retreats.

If there's one thing my career transition taught me, it's that financial confidence comes from staying engaged.

Making decisions with more confidence

You don't need to become an expert in every investment strategy, tax rule or planning tool. But you do need to understand enough to know when something doesn't make sense, when a decision feels rushed or when the advice you're getting doesn't match the life you're trying to build.

That starts with paying attention to your own numbers and being willing to stay in the conversation. Know what you earn, what you spend, what you owe, what you own and what trade-offs you're making. Those details may not feel exciting, but they are what give you the ability to make decisions with more confidence.

The $12-an-hour internship may be the surprising part of the story, but it's not the most important part. For me, the shift from athlete to financial planner was never really about starting over. It was about learning to take ownership of my financial life and then building a career helping other people do the same.

Related Content

• High-Income But Low Confidence? This 5-Point Plan From a Financial Planner Can Fix That
• Financial Confidence? It's Just Good Planning, Boomers Say
• The $200,000 Olympic 'Pension' is a Retirement Game-Changer for Team USA
• Financial Pros Provide a Beginner's Guide to Building Wealth in 10 Years
• A Crisis That's Too Big to Ignore: Financial Illiteracy Puts Our Nation at Risk

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Your 30s are a great time to take stock of where you are now and what you want your future to look like. You've still got decades to go before retirement, but you're also likely in the early stages of things like saving up for a house and building up a college fund for your kids.

That means you've got time on your side when it comes to achieving your financial goals, but you may also be feeling overwhelmed by the sheer number of goals you're juggling right now.

If you have no clue where to start or you just want to check whether you're prioritizing the right things and setting realistic targets for yourself, here are a few benchmarks to use as a reference – along with some tips for catching up if you feel like you've fallen behind.

The basic financial goals to work on your 30s

Your financial goals will depend heavily on your personal needs and wants. With that said, here are some foundational goals that can help you work toward financial security. By the time you reach your 40th birthday, you will ideally have:

1. An emergency fund totaling at least three months of income

If you have no emergency fund right now, a good milestone to aim for first is $1,000. Then aim for one month of income. Finally, aim for three months.

2. $40,000 saved for a down payment on a house

The median age of a first-time homebuyer hit 40 last year, according to the National Association of Realtors. So, if you're still renting in your 30s, you're not as far behind as you might feel when comparing yourself to previous generations.

Instead of stressing about not owning a home yet, aim to have a good down payment saved up by the time you hit 40.

This dollar amount is based on having about 10% to put down on a home selling for today's median price of $403,200. Realistically, a 20% payment would be better, as would a little padding on top of that to account for inflation and the unexpected repair bills that inevitably come up in the first year or two of homeownership.

But if you're starting from zero, that 10% down payment is a good beginning goal. You can reevaluate this goal as you get closer to the day you'll actually start househunting.

3. Zero consumer debt

Aiming to be debt-free by 40 is a great goal, especially if you are also hoping to buy your first home by then. The less debt you're carrying when you start the house hunt, the better your debt-to-income ratio will be.

This will, in turn, set you up for an easier mortgage approval process. If you have credit card debt, that's your top priority. After that, any other loans you have, including student loans and car loans, should be prioritized by interest rate.

4. $260,000 in retirement savings

A popular rule of thumb is that you should have three times your annual income in retirement savings by the time you're 40. According to the Federal Reserve, Americans between ages 35 to 44 earn a median income of $86,470. So, a healthy retirement fund for someone earning that much at age 40 would be just under $260,000.

5. $4,500 per year per child in a college fund

For example, if you have one child who is 5 years old, you'd want at least $22,500 in a college fund. This number assumes you're hoping to cover around half of the total cost of college. Currently, the average estimated cost is between $30,000 and $51,000 per year, according to The College Board.

By the time your child reaches college age, it will likely be higher. But if you use today's numbers to set your target and put those savings in a 529 plan where it can grow, the interest earned will help offset the rise in tuition rates.

Most Americans in their 30s are falling behind on these financial goals

If reading through those financial targets above left you feeling overwhelmed, you're not alone. Based on broader economic data, most Americans in their 30s are unlikely to be on track with every goal, and many aren't in a position to catch up on all of them by the time they hit 40.

According to data from the Federal Reserve, someone in their late 30s typically has:

• $45,000 in retirement savings
• $7,500 in transaction accounts (which includes checking and savings accounts).
• $10,000 in certificates of deposit accounts, a popular choice for long-term savings goals like saving for a down payment.
• $43,900 in consumer debt, including $2,900 in credit card balances, $25,000 in student loans and $16,000 left to pay on a car loan.

If this financial snapshot looks similar to your own and you're 35 right now, you have about five years to wipe out as much consumer debt as possible, quadruple your retirement fund, add another $30,000 to your down payment savings and another $15,000 to your emergency fund. That's not to mention keeping up with that college fund if you have kids.

That's a tall order, especially if you're earning the median income of $86,470 mentioned above and have normal living expenses to think about, too.

In that scenario, you have to prioritize some goals over others.

For example, if you're struggling to decide between putting a little extra toward your kid's college fund or your own retirement, the answer is almost always retirement. If push comes to shove, student loans aren't ideal, but they do exist, so you have a Plan B there. But running out of money in retirement is harder to work around and could end up putting financial pressure on your child anyway if they have to support you in your retirement.

If you're behind on your down payment savings, on the other hand, hitting that number may be more time-sensitive than catching up on retirement. Once you buy a home, the money you're budgeting for rent could instead go toward paying off a mortgage. That would allow you to redirect the money you were originally saving up for a down payment toward retirement.

So, hitting your down payment goal sooner would potentially give you more time and more room in your budget to catch up on your retirement savings a few years from now.

How to achieve your financial goals (even if you're behind)

Instead of pressuring yourself to catch up on every financial goal at once before you hit 40, you should instead prioritize catching up on one or two of the more urgent goals (like paying off debt or building an emergency fund).

Then, if there's any room leftover in your budget, aim to make modest progress toward the rest of those goals so that you're a little less behind on them by the time you're 40. Here are a few tips to make that happen:

Personalize these financial targets to your own life first

The numbers above are general guidelines. The first step toward getting on track is figuring out the numbers you, personally, should be targeting. Then, assess where you are right now. Maybe you're behind on retirement, but you've been good about avoiding debt. Maybe you've racked up debt, but you also got an early start on retirement savings, so you're doing fine there.

Revisit and rebalance your budget at least once a year

By your 30s, you may already be "adulting" well enough to stick to a budget. If not, now is a good time to establish one. There are a lot of great budgeting apps out there that can help you with that.

For those who already have one, this is your reminder to not treat it as a "set it and forget it" tool. At least once every year, do the following to prevent your expenses from creeping upward:

• Call your service providers to ask for lower bills. I tried this personally and got great results from it. It only takes a couple of hours, and you could save hundreds.
• Shop and switch your car insurance whenever you find a better rate. Do the same for home insurance if you have it. Shopping regularly can save you hundreds on insurance without having to change your coverage. But you should also do an annual insurance review to make sure you're not paying for more coverage than you need.
• Reevaluate any nonessential monthly expenses. "Streamflation" is real. Even if you don't want to give up your favorite subscriptions, sometimes threatening to cancel is enough to get a steep discount offer. Aside from streaming, look for other ways to reduce nonessentials. If going out for a fancy coffee is one of your favorite treats, for example, you might cut back from every day to once a week.

If you have debt, work on lowering your interest rates

When paying off debt, the payments you're making each month are only half of the picture. The other half is tamping down those interest rates every chance you get.

Here are a few ways to do that:

• Call and ask for lower rates. The worst thing that can happen is you get told "no." The best thing that can happen is you shave a percentage point or two off your interest rate, potentially saving hundreds or more in interest.
• Use 0% intro offers on credit cards strategically to pay down high interest debt faster. The key to making this strategy work is making sure you can pay off the balance before the introductory period ends and being disciplined enough to not build up new debt after this old debt is gone.
• Consolidate high interest debt into low interest debt. If you've got multiple credit cards carrying balances at interest rates of 20% or more, taking out a personal loan with an interest rate closer to 10% could save you money on interest and help you pay off debt faster.

Make every account you own work for you

No matter what your income is now, ensuring that you're earning as much interest as possible on every dollar in both your savings and checking accounts can help you reach your goals that much faster.

Just as you should be re-shopping your insurance every year, it's a good idea to check the APY on your bank accounts at least once a year and switch if you find better rates elsewhere. Use our savings tool below, powered by Bankrate, to see how your current savings account compares to the best offers available today:

Resist lifestyle creep

As you work toward growing your earning potential, it's easy to fall victim to lifestyle creep. It can happen in subtle ways, like collecting tons of subscriptions or little splurges here and there because "it's only $5." But it can also happen in more obvious ways, like immediately upgrading your car even though your current car is fine.

One way to manage this is to create a realistic budgeting rule for yourself now. Anytime you get a raise or a better-paying job, you might decide that 70% of that additional income is going toward your goals and the other 30% can go toward enjoying the fruits of your labor. You don't need to do a 70/30 split, but whatever you do settle on, be sure to automate those revised financial goals as soon as your first new paycheck hits your account.

Related content

• An Essential Money Checklist For Your 40s
• Most People Save Money — But They're Missing This Important Step
• How Much Should You Save in An Emergency Fund?
• Is There a Downside to Switching Your Insurance Frequently?

Retirement often comes with a long list of financial decisions. You'll need to determine how to generate income from savings, evaluate healthcare coverage and decide how you'll spend your newfound free time.

One question many new retirees overlook is technology. If you're preparing to leave the workforce, your technology needs may change significantly. Your employer may have provided a laptop, smartphone, software subscriptions or even internet reimbursement. Once you retire, those tools become your responsibility.

Fortunately, most retirees don't need the latest gadgets or the most expensive devices. The right setup depends on how you plan to spend your time, whether that's managing finances, traveling, video chatting with family, streaming entertainment or running a small side business. Here are three retirement technology setups to consider based on your needs and budget.

Budget setup: Simple and affordable

This setup works well for retirees who primarily use technology for email, online banking, video calls, light web browsing and streaming entertainment.

Chromebook

A Chromebook is often one of the most affordable computer options available. Since most tasks happen through a web browser, Chromebooks tend to be easy to use, require minimal maintenance and offer strong security features. For retirees who don't need specialized software, a Chromebook can handle most everyday tasks without the higher cost of a traditional laptop.

Look for a Chromebook with at least 8GB of memory, 128GB of storage and a Full HD or better display. That combination is more than enough for email, streaming and everyday web browsing, while helping the laptop stay responsive for years. For example, this Lenovo IdeaPad Slim 3 Chromebook meets those recommendations and is currently on sale at Best Buy for $399.99 (regularly $499.99).

24-inch monitor

A 24-inch Full HD (1080p) monitor provides more screen space for reading emails, reviewing financial statements and participating in video calls. Look for a model with an IPS display, anti-glare screen and eye-care features to help reduce eye strain during longer computing sessions. This Acer 23.8-inch Full HD IPS monitor offers those features at an affordable price and is well suited for everyday tasks.

Basic android smartphone

Many retirees don't need a premium smartphone that costs more than $1,000. A basic Android phone can handle calls, texts, photos, navigation, video chats and mobile banking while keeping costs low.

A good budget Android phone typically costs $200 to $400 and offers 5G connectivity, at least 128GB of storage and all-day battery life. The Samsung Galaxy A36 5G offers those features at a budget-friendly price while delivering many of the capabilities found on more expensive phones.

Low-cost mobile plan

Many mobile virtual network operators (MVNOs), including Mint Mobile, Total Wireless and Visible, offer service on the same major networks used by larger carriers but at a lower monthly cost.

Retirees who spend much of their time at home connected to Wi-Fi may find that a lower-cost plan meets their needs perfectly.

Estimated upfront cost: $500 to $1,000

Comfort setup: The sweet spot for most retirees

Many retirees fall into this category. They want reliable devices that perform well without paying for premium features they'll rarely use. Here are some items you may want to consider.

Mid-range windows laptop

A quality Windows laptop offers flexibility for everything from managing investments and taxes to online shopping and streaming.

Look for a model with an Intel Core i5 or AMD Ryzen 5 processor, 16GB of memory and a 512GB solid-state drive (SSD). That combination provides enough performance and storage for managing finances, organizing photos, planning travel and handling everyday tasks. Popular options include the Lenovo IdeaPad, HP Pavilion and Dell Inspiron.

27-inch monitor

A larger monitor can make multitasking easier, especially when reviewing spreadsheets, managing retirement accounts or planning travel. Look for a 27-inch monitor with QHD (1440p) resolution for sharper text and more screen space.

Many retirees find that upgrading from a smaller screen is one of the most noticeable improvements to their daily technology experience.

iPhone or Samsung Galaxy smartphone

If you use your phone frequently for photos, travel apps, banking and family communication, a mid-tier iPhone or Samsung Galaxy smartphone offers a good balance of performance, camera quality and long-term software support. For example, the iPhone 16e or Samsung Galaxy A57 5G provide many flagship features at a lower price.

Retirees may also appreciate features like emergency assistance, health tracking and location sharing with family members.

Unlimited mobile plan

An unlimited plan may make sense if you frequently travel, stream content away from home or use your phone as a backup internet connection. Carriers often bundle their best trade-in offers and free or discounted smartphones with unlimited plans, helping offset the cost of upgrading.

Estimated upfront cost: $1,500 to $2,500

Power user setup: For active retirees

Retirement doesn't always mean slowing down. Many retirees launch consulting businesses, manage rental properties, trade investments, create content, volunteer extensively or spend months traveling each year.

If technology plays a major role in your daily life, investing in more capable equipment (like some of these premium tech options) may be worthwhile.

MacBook Air or premium Windows laptop

A higher-end laptop offers faster performance, better displays and a longer useful life. For retirees who spend several hours each day on a computer, the productivity benefits may justify the additional cost.

Look for a model with at least 16GB of memory and a 512GB SSD to handle demanding tasks like photo editing, running a business or managing large files. For example, the MacBook Air or Dell XPS provides the performance and battery life many power users appreciate.

Dual monitors

Dual monitors can be especially useful for managing investments, researching travel, running a business or working on creative projects. Having multiple screens reduces the need to constantly switch between applications and can improve efficiency.

Flagship smartphone

Premium smartphones offer better cameras, longer battery life and advanced features that frequent travelers and heavy users often appreciate. For example, the Apple iPhone 16 Pro and Samsung Galaxy S25 Ultra provide top-tier cameras, powerful processors and premium displays that can easily handle photography, navigation, mobile productivity and entertainment. For retirees who rely heavily on their phones, these upgrades can provide real value.

Premium broadband internet

Reliable internet becomes increasingly important when video calling family, streaming entertainment, working remotely or using telehealth services. For households with multiple connected devices, look for an internet plan with download speeds of at least 300 Mbps, or 500 Mbps to 1 Gig if you frequently work from home, upload large files or stream on several devices at once. A faster internet connection can make these activities more seamless and reduce frustration.

Estimated upfront cost: $3,000 to $5,000+

Technology retirees may no longer need

Retirement can be a good time to simplify your technology and reduce recurring expenses. Before buying new devices, review the services you're already paying for to see what you still need.

Consider canceling or downgrading:

• Software subscriptions previously provided by your employer
• Cloud storage plans you rarely use
• Business-focused applications
• Multiple streaming services
• Extra phone lines
• Internet plans with more speed than you need

Reducing unnecessary subscriptions can free up room in your budget for technology you'll use every day.

The best retirement technology setup isn't necessarily the most expensive one. For many retirees, a reliable laptop, a larger monitor, a smartphone and dependable internet service are enough to stay connected, manage finances and enjoy retirement.

As you prepare to leave the workforce, think about how you'll actually use technology in your daily life. Building a setup around your habits rather than the latest gadgets can help you stay productive, connected and entertained without overspending.

Plan your next chapter with confidence. Use the tool below, powered by Bankrate, to connect with a financial professional who can help you build a strategy and work toward your long-term goals:

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• T-Mobile Senior Phone Plans: Are The Perks Worth the Price?
• What to Know About Smartphone Insurance

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it.

This time, we hear from a single 52-year-old healthcare administrative director in El Paso, Texas, making $178,000 a year. She's originally from Long Island, New York, and has lived in El Paso for two years.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

Investing in work retirement plans — started with the match. As I worked more side jobs and overtime, I increased (contributions) until I was saving 15% (mine and employer contributions combined).

Adopted an aggressive, long-range mindset. I never saw the 401(k) as available for short-term needs like loans. It was only to be accessed at retirement.

It took me about 25 years to save up and make the first million. We also sold my New York home in 2021 (paid $250,000, sold for $430,000).

What are you doing with the money?

It was in workplace 403b/401(k) funds. I've worked a couple of places and had money in different accounts. I wanted to consolidate. I'm rolling into an IRA.

Decided to work with a financial adviser — 20% actively managed and 80% passively managed. Passively managed using a RILA. Actively managed includes stocks, options, ETFs, etc.

The Fun Stuff

Did you do anything to celebrate?

My celebration was working with an adviser.

What is the best part of making $1 million?

Stability. We don't have a safety net. Neither my partner nor I will inherit money, so it's up to us to have enough … or more than enough.

Did your life change?

No, we're still living below our means. We drive paid-for used cars, cook most meals at home and find ways to invest more from our budget.

We still spend money — it's more about making memories than having things.

Does anyone know you're a millionaire?

Yes, my partner knows and a couple of select friends. I told people who I knew wouldn't treat me differently.

I don't really think it's something you put out there to family or friends. Wealth can change relationships quickly. Those that need to know, do.

Any plans to retire early?

No, I'm not retiring early. I enjoy my role and am focused on continuing my career. I'm also working to reduce debt (student loans) and bolstering investments like cash, Roth and brokerage accounts.

I haven't really thought much on what (retirement) will look like yet. I'm worried I'll be bored.

Looking Back

Anything you would do differently?

Start earlier, max out earlier and open more investment vehicles (Roth, brokerage). Take the opportunity to invest in more real estate.

What advice would you give to your younger self?

Don't be afraid to buy stocks and invest more. I spent a lot of money on frivolous things. I would have been better served to invest that money.

Read all you can and ask for help.

Just get started — don't succumb to "analysis paralysis."

Did you read any books that helped you on your journey?

I've read Kiplinger magazine for years, Rich Dad Poor Dad (by Robert Kiyosaki), Personal Finance 101 (by Alfred Mill) and Jim Cramer's Real Money.

Did you work with a financial adviser?

I did not work with an adviser for the first million. I read about the funds available to me and went from there. I stayed aggressive and put away as much as I could.

But now that I have over $1 million, and I'm easily 15 to 17 years from retirement, I want to continue to be aggressive.

Did anyone help you early on?

My dad got me started with a 401(k) and investing. He was a civil servant with a pension, and he knew that wasn't going to be my life. He wanted me to be self-sufficient.

Looking Ahead

Plans for your next $1 million?

Increasing active management of current assets and building more. Goal is to have more than we need so we can give to organizations or people we love.

Any advice for others trying to make their first $1 million?

You really need to help "future you" by investing now. When you're younger, you can work more — either optimize overtime or get weekend jobs.

We all suffer from lifestyle creep, but you have to resist and instead focus on wealth, frugal living and stability. It will give you peace of mind in your later years, especially when time isn't on your side.

Do you have an estate plan?

We don't have an estate plan, yet. We are working on all our legal paperwork and will be creating a trust. We do have wills and medical power of attorney, though.

What do you wish you'd known …

When you first started saving? Learn to live on 10% less and fund your investments. Don't compare yourself to other people, just stay focused on being the best version of yourself (career, wealth).

When you first started investing? Try dividend stocks and transition to ETFs earlier. Invest continuously. Predicting the market is really hard, even for financial professionals. You just have to do it and look forward.

When you first started working with a financial professional? It's OK to spend time speaking to them about their vision for your money and services they offer you. Every conversation is an opportunity to learn. You're looking for someone to help you.

Anything you'd like to add?

My parents worked several jobs during different periods of mine and my sister's life. Some money was used for current needs, and a lot of was saved. My mom went back to school for teaching, and she always worked summer school for extra money.

They bought inexpensive cars, and we had modest homes. They instilled hard work, frugal living and saving for the future.

They were very conservative with their wealth but wanted us to be smarter with our money. I wouldn't be where I am today without their building blocks.

When I started working in healthcare, all my work friends had extra jobs. That's what we did and how we saved for cars, trips, houses, weddings, maternity leaves, etc.

Everything was a goal, and we saved for it. If we didn't have the money, we waited until we did and kept working extra.

When you want a comfortable life, you have to work for it and at it. This includes saving for retirement. It's the reality all generations face.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

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Some people spend decades building up credit card rewards. Frequent travelers may accumulate hundreds of thousands of airline miles or hotel points, while everyday spending can generate sizable cash-back balances and flexible rewards over time.

Those rewards can represent real value, but what happens to them after you die isn't always straightforward. Unlike money in a bank account, credit card rewards are governed by the terms of each card issuer and loyalty program, which determine whether your heirs can inherit or redeem them.

Depending on the program, your family may be able to claim those rewards, or they could be forfeited when the account is closed. Understanding the rules before they're needed can help prevent valuable points and miles from being lost during estate settlement.

Can your heirs inherit airline miles?

Credit card rewards have become more valuable than ever. Americans redeemed $20 billion more in rewards in 2024 than they did five years earlier, leaving many cardholders with sizable balances of airline miles and hotel points. That makes it worth understanding whether those rewards can be passed on to your heirs as part of your estate plan.

Airline policies vary widely. Some carriers, including Delta Air Lines and JetBlue, generally close a deceased member's account and do not allow miles to be transferred after death. However, JetBlue's Family Pooling feature lets eligible family members share points during the account holder's lifetime, reducing the risk that rewards will be lost later.

Other airlines are more flexible. United Airlines, for example, says it may transfer all or a portion of a deceased member's miles to an authorized person. The executor may need to provide documentation, such as a death certificate or proof of executor status, and in some cases pay a transfer fee.

Because every loyalty program has its own rules, reviewing your airline's policy before it's needed can help your heirs understand what they may be able to inherit and what steps they'll need to take to claim eligible rewards.

What happens to your hotel points?

Like airline miles, hotel loyalty programs have different rules for whether your heirs can inherit points after your death. Some programs allow points to be transferred to a beneficiary, while others limit who can receive them or require specific documentation.

For example, Hilton and IHG Hotels & Resorts allow points to be transferred after a member's death if the required documentation is submitted within one year. Marriott International generally limits transfers to a legal spouse or the person named in the member's will.

Because every hotel loyalty program has its own rules, reviewing them in advance can help your heirs understand whether points can be transferred and what documentation they'll need to claim them.

Are credit card rewards treated differently?

Credit card rewards aren't limited to airline miles and hotel points. Depending on the card, you may have accumulated several types of rewards over the years, and each may have different redemption or inheritance rules.

Before determining what your heirs may be able to claim, it's helpful to understand the different types of rewards a credit card can offer.

• Cash-back balances: Rewards earned from everyday purchases that can often be redeemed as a statement credit, direct deposit or gift card.
• Flexible rewards points: Credit card points that may be transferred to participating airline or hotel loyalty programs or redeemed through the card issuer.
• Travel portal rewards: Points that can be redeemed through a credit card issuer's travel booking portal for flights, hotels, rental cars and other travel expenses.
• Statement credits: Credits applied directly to a credit card account, such as merchant refunds, promotional offers or certain rewards redemptions, that reduce the account balance.

These rewards can represent significant value, but whether your heirs can claim them depends on the credit card issuer. Some issuers forfeit unused rewards when an account is closed, while others allow an estate to redeem them or convert them to cash.

For example, Capital One converts eligible miles to cash after being notified of a cardholder's death. The value is first applied to any outstanding account balance, and any remaining funds are typically sent to the estate after the required documentation is provided. JPMorgan Chase follows a similar approach by automatically redeeming Ultimate Rewards points for a statement credit.

Citigroup takes a different approach. According to its estate services guidance, an estate representative may redeem a deceased cardholder's ThankYou points, but the rewards generally must be claimed within one year of the cardholder's death.

Because every issuer has its own policies, reviewing your credit card's rewards terms now can help your heirs understand what they may be able to inherit.

Does being an authorized user help?

Being an authorized user may help, but it doesn't automatically give someone ownership of the credit card rewards. Authorized users are permitted to make purchases with the card, but the primary account holder remains responsible for the account and typically retains ownership of any rewards earned.

In some cases, a family member who already has access to the account may be able to redeem rewards before the account is closed. However, what is allowed depends on the credit card issuer's policies.

How families can avoid losing rewards

A little planning now can help your family avoid losing valuable rewards later. Consider taking these steps:

• Keep a list of rewards accounts: Keep a list of your accounts so your family knows where to look for potential rewards.
• Document login information securely: Keep account credentials in a secure location, such as a password manager or estate planning document, so your executor can locate your accounts if needed.
• Review program transfer rules: Every loyalty program has different rules for transfers after death. Review those policies in advance so you understand your options.
• Redeem rewards periodically: It’s possible that heirs may run into roadblocks when trying to transfer rewards. Consider periodically redeeming those rewards so they don’t go to waste.
• Discuss rewards as part of estate planning: Discuss your rewards accounts with your estate planning attorney and include any relevant instructions in your estate documents.
• Include loyalty accounts in estate inventories: Make sure your inventory includes airline, hotel and credit card rewards accounts so they aren't overlooked during estate settlement.

Rewards aren't an estate asset in the traditional sense

Loyalty programs usually retain broad authority over rewards balances, so rewards don’t function as an estate asset in the traditional sense. While you have full power and control over the balance in your bank account, points and miles are governed by program terms, and the points might be changed or canceled.

While rewards points might seem insignificant compared to retirement accounts or real estate, they can still have meaningful value and might be a sizable portion of an estate. By understanding the program rules in advance, your family can maximize those benefits, rather than losing them during estate management.

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America celebrates 250 years as a nation this month, and over that span the "American Dream" has become completely intertwined with our homes.

Our life aspirations typically involve: A partner, a couple of kids, a college degree, a steady job — and a home to call our own. But when it comes to protecting that home with insurance, that dream has become akin to a horrifying nightmare.

Ask Charlene Craig. The retired 65-year-old graphic artist from La Mesa, Calif., and her husband James have long tracked their expenses "religiously," even creating a custom database to do so.

So Craig knows exactly how much her home insurance costs have risen over the last few years — and it tells the shocking story of the broader American market.

In 2019, it cost $735 a year to insure their 1,600-square-foot home near San Diego that originally belonged to her grandparents. Then it nudged north to $769. Then $951. Then $1,406. Then $1,906.

When it was slated to jump another $600 — she began to panic. She and her husband were both retired, and her husband had developed serious health issues.

Rising premiums across the country

"We went, 'Holy cow, we can't afford that?'" she remembers. "We did everything we were supposed to do for retirement, we saved, we were scrupulous — then this. It's so scary, and I feel very unsettled."

Craig is not alone. Consider these eye-popping statistics: In Overburdened, a report released last year from the Consumer Federation of America, researchers found that homeowners insurance premiums had jumped in 95% of zip codes from 2021 through 2024.

The average increase was $648, up 24%. In a third of zip codes, premiums rose by more than 30%.

"We are seeing a homeowner's insurance crisis across America," says Michael DeLong, a research and advocacy associate at the federation. "People are struggling to pay their premiums, or are seeing companies cut back on coverage or withdraw from certain areas. It's becoming expensive and unaffordable, and it's affecting retirees."

To get a glimpse of the Ghost of Home Insurance Future, look at Florida — home to the most retirees and the highest insurance rates. Insurance on a $350,000 house, owned by someone with midlevel credit, would cost a whopping $9,462 a year — or $789 a month, according to the CFA.

And that's if you can find coverage. Insurance companies are pulling back or pulling out of certain higher-risk areas altogether, if the numbers don't make sense for them.

"The bottom line is we're seeing unprecedented weakening of competition between insurers, and an unprecedented increase in the costs of home insurance," says Amy Bach, executive director of the advocacy group United Policyholders.

"This has far-ranging ramifications — not just for individuals, but for property values, real estate transactions, mortgages. Homeowners are struggling to stay insured all over the country."

Use the tool below, powered by Bankrate, to explore and compare some of today's top home insurance offers:

A 'triple whammy'

The rise in insurance rates is the product of several factors at once. A "triple whammy," as Bach calls it.

First there's our changing climate, with more severe and more frequent storms threatening growing pockets of the country. One Treasury Department study tracked a four-year period that resulted in 84 different disasters (not counting floods) costing $1 billion or more, and causing $609 billion in total damages.

Next there's inflation, with the costs of almost everything going up — CPI was 3.8% annually in April, the highest level in three years. That affects homebuilding materials, which — along with labor shortages exacerbated by the immigration crackdown and tariffs slapped on products from abroad — means that the costs of repairing and rebuilding are higher than ever.

Then there's technology — elements like Artificial Intelligence and drone footage, which have given insurers, which Bach calls "TMI" or too much information. "In the old days, insurers would base their decisions on history, like if there were any previous claims on the property," she says. "Now, they're basing their decisions on what these tech models are telling them might happen in the future."

When insurers start limiting their coverage in certain areas, or stop writing new policies, or pull out altogether, that leaves homeowners with a couple of options — neither of them particularly attractive.

One is to secure policies through whichever companies are left servicing the area, which are often newer and smaller and without reliable long-term track records.

The other is to go bare — foregoing home insurance altogether. Twelve percent of homeowners are doing just that, according to a study by the Insurance Information Institute and Munich Re. That's up from 5% a decade ago—and in hard-pressed areas like Florida, the number may be as high as 20%.

Hitting retirees in their homes

In other words, it's a damned-if-you-do, damned-if-you-don't situation. While younger homeowners in their prime earning years might not be financially crushed by rising premiums, it's another story for retirees.

When someone is dependent on Social Security or pension checks, while simultaneously facing rising costs on everyday things like gas and groceries, every dollar counts — and there is often no room in the monthly budget for premiums that jack up every year.

John Becker, a 74-year-old who lives in California's high desert near Victorville, vividly remembers five years ago when his insurer called and said it wasn't writing any more policies in the area.

That sent him scrambling to call every insurer he could think of — all of whom told him the same thing. Now he has not one policy, but two: A fire-specific one through the state's community pool of last resort, known as the FAIR Plan, which costs him $4,000 a year. Then a second policy to cover everything else, which costs another $1,550.

"We're stuck with this system, and we haven't been able to find a way around it," says Becker — ironically, a former fire chief himself. "I know a lot of friends who have gone somewhere else. I don't know what's going to happen."

Strategies to get and stay covered

Nonetheless, homeowners aren't totally powerless.. There are a few strategies you can implement to minimize insurance burdens, fight back against unfair treatment, and protect what may be your family's biggest financial asset.

But it takes due diligence, hard work, flexibility about the specific coverage you need and openness about the company you're getting it from.

What you don't want: to leave yourself exposed, so that everything you worked for — and want to pass along to your heirs, perhaps — is at the mercy of a random storm that could come at any moment.

Here are a few tips from the experts about how to deal with rising insurance costs and protect your home without breaking the bank.

Shop around

A consumer's best weapon is always knowledge, and researching all the information available to you. Instead of blindly accepting whatever quote a company gives you, study the range of options in your local marketplace.

A good starting point: The financial information site Bankrate ranked a number of standouts in the home insurance space, including USAA, Amica, Chubb and NJM. Another useful resource to use as a cross-reference: JD Power's customer satisfaction rankings, where Amica, The Hartford and Chubb came out on top.

It can also be helpful to have a seasoned ally in your corner. "We are very much in favor of working with a really good agent," says Bach. "They can scour the market for your best options, and stay on top of how your local market is evolving.

Some of these new startups can be hazardous to consumers, and there is a lot of noise on the Internet, so good coverage has become harder to find on your own."

You can explore a national database of independent insurance agents here. The National Association of Insurance Commissioners maintains a database on licensing and complaints at this site. Just go to the consumer insurance search.

Bolster your home's defenses

You can't entirely disaster-proof your home, but you can take steps in that direction. Not only will that give you some peace of mind, but there can be a two-stage financial benefit.

"Some states have established mitigation programs of thousands of dollars in grants to strengthen your home against wildfires or hurricanes," says DeLong of the consumer federation. "That can save you a lot of money. Then make sure insurance companies know about the actions you've taken, which will hopefully lower your premiums as well."

Some examples, from Bach: Hail-resistant shingles, in areas with frequent hail events (like Colorado); and roof tie-downs, to prevent structures being blown away in hurricane-prone areas (like Louisiana or Florida).

For home improvement guidance, FEMA has brochures (go to FEMA and search "protect your property") on common issues like storm surges, earthquakes, severe winds, flooding and wildfires. And for funding those upgrades, search for "hazard mitigation assistance grants" on the FEMA site.

One thing to keep in mind: It's often older homes that are under the microscope for insurers. That's where steps like upgrading old pipes or installing moisture sensors that can give you advance notice of problems, can really pay off.

If you're downsizing and selling the old family home, moving into one with newer construction — or renting — will bring fewer insurance headaches.

Don't go 'bare'

Going without home insurance altogether is only possible if you've paid off your home, since if you have a mortgage, the lender will typically require it. But with premiums at record highs, it can seem very attractive to see those monthly costs fall to zero.

However, you're putting everything you have in jeopardy—especially since for many American households, the home is their biggest asset. "Going without coverage is incredibly risky, and we don't recommend it," says DeLong.

"The costs of repairing or rebuilding a home could be hundreds of thousands of dollars, and most people just don't have that kind of money lying around. Self-insuring is only a good option if you're very wealthy."

Another important thing to remember: Home insurance doesn't just deal with the structure, it can protect you if someone gets injured on your property. So ditching it altogether "opens you up to tremendous loss due to liability," says Janet Ruiz, spokesperson for the Insurance Information Institute.

A side note: Don't let your policy lapse out of carelessness, either. In that case your lender might slap what's called a "force-placed" policy on the property, which protects them but not you. "That's a bad bet for you, and expensive — especially if you're on a fixed income," says Bach of United Policyholders.

Advocate

Politicians aren't blind, and they can see how deeply the homeowner's insurance crisis is affecting voters. That's why we are starting to see policy action to wrestle down costs — and why individuals should continue to advocate for change, before they become swamped by premiums they can't afford.

"The good news is that more states are adopting reforms and taking measures to lower costs," says DeLong. "But I think insurance companies should be required to pass along more discounts as a result, because this needs to result in lower premiums."

One example: Florida, which has initiated tort reform, established state-backed reinsurance programs, encouraged more private insurers to get into the market and launched the "My Safe Florida Home" program that includes grants for mitigation measures.

"Legislation is helping to lower premiums and bring in more insurance carriers to make it a healthier insurance market," notes Ruiz.

Beyond advocating for state or federal policy change, homeowners should advocate for themselves. If they feel they have been treated poorly — their policies cancelled unfairly, their claims delayed or denied, or their premiums gone through the roof for faulty reasons — they have recourse.

"Insurance companies are supposed to promptly pay if your claims are legitimate," says DeLong. "So if they are making you fill out excessive paperwork, or not responding, or making you jump through hoops, or giving insultingly low offers much lower than the damage that occurred, then stand up for yourself. Know your rights, and don't be afraid to speak up."

Such complaints are typically handled through your state insurance regulator. Find your local contact at the National Association of Insurance Commissioners.

Tweak your coverage

A smart consumer will review their policy every year, instead of just automatically signing on the dotted line. If costs are getting out of hand, raising your deductible is the traditional way to reduce premiums.

Homeowners might not like to hear that, since it means you're going to face some out-of-pocket costs before coverage kicks in. But if you want to prevent a catastrophic scenario such as being wiped out completely — and if raising your deductible can help you do that, then you should consider it.

"It's generally the best strategy for bringing premiums down," says Bach. "Raise your deductible, but not too high. Just remember that will leave you with a gap — so know what that gap will be, and have a rainy-day fund to cover it." If you're raising a typical $1,000 deductible to $2,000, for instance, then try to save a little every month so you'll have that amount handy when necessary.

Other ways to tweak your policy: Eliminate non-essential coverage — for instance if you're covered for a garage, but you don't even have one. And do your research about discounts that might be available that you're not aware of.

Those might include people over 55 (the logic being they spend more time at home, and are more on top of any problems), those who work remotely, or those who have access to coverage through their employer or professional association.

"Seniors can save money by making sure they get all the discounts they are eligible for, and bundling home and auto with the same carrier," suggests Ruiz. Such bundling could even save you in the range of 20-25%.

That's exactly what saved California's Charlene Craig. When she and her husband were staring a potential $2,508 annual bill in the face, she explored very avenue possible.

She ended up landing with AAA — where the couple already had other policies, including auto — and were able to get their premium down to $1,126. She's still worried about potential long-term care costs for her husband, which could turn out to be steep. But at least now she can breathe a little easier, knowing that their runaway home insurance costs have been brought back under control.

"It made such a huge difference," she says. "Desperation makes you get real creative."

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

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As a financial adviser, I've spent much of my career helping clients navigate the intersection of loss and financial responsibility.

Today, those conversations are more frequent than ever as the Great Wealth Transfer reshapes who is managing wealth. Women, who tend to outlive their husbands, are especially likely to find themselves managing significant assets for the first time.

Inheriting wealth — and everything that comes with it — is likely far from mind when a spouse dies.

Yet the practical realities don't pause for grief. In the wake of loss, surviving spouses are often expected to make sense of accounts, paperwork, bills, advisers and long-term plans at the exact moment that clear thinking can feel the hardest.

That reality became deeply personal for me when I found myself in a similar position, giving me a new perspective on the challenges so many of my clients face.

What I've learned, both firsthand and through my work, is that emotions can cloud clarity, and financial decisions shouldn't be made through the fog if you can help it. Understanding your options now, and having a clear framework to follow, can transform an overwhelming process into a manageable one.

For surviving spouses, here's a guide to get you through the loss with financial grounding.

Start with communication

Because communication sets the foundation for everything that follows, financial conversations should ideally begin while both spouses are alive. Clear discussions about what assets exist, how they're used and how to access them can make a huge difference in confidence when the time comes.

Even if you're not the primary household financial manager, meeting early and consistently with key partners — such as your family's financial, tax and legal advisers — and asking the right questions can help you feel less alone and more prepared for navigating these moments.

That said, if these conversations didn't happen before a loss, that moment itself can be the catalyst to begin. For families without existing relationships, be sure to seek out qualified professionals, including a financial adviser who has a fiduciary responsibility to act in your best interest.

Bringing together your advisers or trusted circle can provide clarity, confidence and steady guidance when you need it most. And if that feels like more than you can take on right now, consider leaning on a trusted family member to help convene the right people to move things along accordingly.

Create a 30‑60‑90-day plan

While grief has no timeline, inheritance responsibilities often demand attention quickly. When everything feels urgent, getting organized becomes a powerful tool. Creating a 30-60-90-day plan can be a simple way to get organized in a structured, easy-to-follow way.

Your 30-day plan should focus on maintaining stability, making sure day-to-day life continues to run smoothly while you give yourself time to process longer-term changes and goals.

In practice, this looks like confirming access to liquid assets for immediate needs, ensuring essential bills and obligations are covered (like household expenses, property and staff costs, and insurance premiums), and understanding which accounts are immediately available and which are tied up in an estate or trust process.

Readily available assets may include personal bank or brokerage accounts — either classified as payable-on-death (POD) or transfer-on-death accounts (TOD), joint accounts with rights of survivorship, retirement accounts and other assets passing by beneficiary designation.

At the 60-day mark, the focus can shift to gaining a clearer understanding of the assets moving through the estate and trust process, such as non-retirement investment accounts without TOD instructions, investment properties, and ownership stakes in private companies, LLCs and other partnerships.

These often take longer to resolve owing to legal and administrative requirements, except in instances where a trust was designed to allow for immediate access.

Now is also the time to pay closer attention to tax considerations and changes. Get a clear understanding of upcoming filing obligations, potential estate or inheritance tax exposure and whether you need any extensions to ensure there are no surprises later.

With assets, structures, and tax considerations in mind, your 90-day (and beyond) plan is where you can get more intentional and personal about how you want remaining assets to support your longer-term goals.

The question should shift from "What do I have?" to "What does this need to support?" Consider your lifestyle and cash needs, philanthropy, legacy plans for heirs and stewardship.

If you haven't been actively managing your finances, items on the 60- and 90-day checklist might feel intimidating.

Even as a financial professional, I didn't do this alone. Remember, the objective isn't to resolve everything, but to set a realistic planning timeline so you can move forward thoughtfully and on your own terms.

Shape what comes next

As the urgency of handling immediate financial matters eases, inheritance often shifts from administration to intention. Establishing a new normal can take some time, but it's ultimately about living fully in the present, while creating and sustaining a plan that reflects your values, goals and wishes.

Loss has a way of reshaping priorities, and financial decisions should reflect that evolution, supporting security, flexibility and purpose in whatever form that now takes. This can also be a meaningful time to consider what clarity looks like not just for you, but for those who will one day step into your shoes, such as your children. More on that in the next article.

For now, please know that you never have to navigate this alone. A financial adviser can be a steady, compassionate partner — someone to help you make sense of both the emotions and the decisions ahead.

Walking alongside clients through moments like these is not just what we do, but what we care most deeply about. Take care.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

For someone who's been happily married for 15 years, I know a lot about divorce.

I was struck by how much a dear friend fretted about finances during her divorce. I wanted to be able to help her and countless others like her, so I studied for a certification I'd never considered — Certified Divorce Financial Analyst, or CDFA.

Many of my clients are women who hadn't previously been heavily involved (or involved at all) in family finances. Suddenly, they're forced to take charge and don't know where to begin.

CDFAs can help you understand the long-term ramifications of all the decisions you're now having to make on your own.

Based on my work with clients going through divorce, I've come up with six important steps to take if you find yourself in that position.

This list can serve as a starting point to help safeguard your economic future and embrace your new chapter with a financial plan rather than financial worry.

1. Get clarity on expenses

Focus first on nailing down your essential vs your discretionary expenses. You don't need to be an Excel whiz; you can use pen and paper to figure out what it costs to run your household.

Go through the last three or four months of checking account and credit card statements. One word of caution: Don't factor in December, as everyone's costs are typically higher then.

You want to begin to understand what monthly income you'll need post-divorce. There are tools that can make the task easier; one I love is Monarch.

2. Assemble your team

The good news, if there's any to be found in divorce, is that there are professionals who can guide you down the right path. Your team might involve a divorce attorney, although it doesn't have to. In a collaborative divorce, both parties agree to mediation. That keeps you out of the courtroom and can save you thousands of dollars. If you anticipate a high-conflict divorce, you'll probably need to litigate and will need an attorney.

I strongly advise including a financial adviser on your team — specifically one with the CDFA designation. That person can help you decide such things as: Is it better to have more alimony up front and less later when you're trying to get back into the workforce?

I always recommend bringing on an accountant. Tax returns are full of valuable information. If you haven't been very involved in filing, you'll want an expert to walk you through your prior return and point out how divorce will change it. Receiving alimony changes your income and could have tax implications.

When dividing assets, you need to consider which you had prior to the marriage and which you acquired during the marriage. What's most important here is to thoughtfully consider the tax implications of the decisions you make. A CPA can guide you.

Engaging a therapist can help you cope with the stress associated with such a big life change.

If you've been a stay-at-home parent who might need to rejoin the workforce — or you've been working but now need to increase your income — a career coach can be a wise investment.

There are even realtors and mortgage lenders who specialize in divorce.

You really shouldn't use your divorce attorney, if you've hired one, in any of these capacities. Many people aren't aware of these other specialties, so they turn to their lawyer with questions about job hunting and real estate ... and your lawyer is charging a much higher hourly rate.

3. If children are involved, develop a parenting plan

The divorce process will end, but when children are involved, the family goes on in perpetuity.

A parenting plan should include how you'll handle college. With 529 savings plans, there's one owner assigned. Will both of you make contributions? How?

This is also time to discuss logistics. Maybe you're both willing to pay for in-state tuition. But one spouse might be willing to contribute more for the child to attend a private university if that's the child's first choice.

The parenting plan should cover events that might be many years in the future, including who'll pay for your child's wedding and future milestone moments.

4. Think long and hard about holding on to your house

This is one of the most common mistakes women make, and it's understandable. If you've got children, your goal is to minimize disruption to their lives. You might think that staying in the home they love will mean stability.

The mistake is in not realizing how illiquid a house is. You can't unload a house at the drop of a hat.

You've got to consider the many ongoing expenses associated with your house — not to mention the expensive surprises that can crop up.

• What if you discover mold?
• What if squirrels take up residence in your attic?
• What if the roof needs to be replaced? That could cost as much as $20,000.

You can count on having to replace something every five years. Your property tax is going to go up every few years, as will your insurance. You'll need the resources to cover those things.

Don't allow your admirable desire for stability for the kids to put you in an untenable financial position.

5. There are special considerations if you're divorcing someone who owns their own business

If you're married to a business owner, I urge you to get an appraisal of the business rather than just relying on the CFO for the financials.

It's worth the cost to ensure you've got accurate information.

6. Understand that equitable distribution doesn't mean 50/50

North Carolina, where I live, is one of 41 "equitable distribution" states. For couples who are litigating, rather than mediating, that means putting your entire financial life before a judge who then determines how your assets will be split. Infidelity and the age of any children can factor into that decision.

The bottom line

I remind everyone going through divorce that they're not in this alone. Divorce is hard enough without trying to carry it all on your shoulders.

There are trained experts who want to help you through this. Leaning on them will make this tumultuous time easier and will help ensure that, after the divorce, you get a second chance at happily ever after.

Related Content

• A Financial Adviser's Guide to Divorce Negotiations: Civil — or Not
• Death, Divorce or a Sudden 'We're Done': This Is How Women Can Prepare for Possibilities, From a Financial Planner
• I'm a Wealth Adviser: The Most Precious Gift You Can Leave Your Family Is an Organized Financial Life
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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

If you hate waiting in long airport security lines, you've likely found yourself considering a Clear+ membership. You may have even been tempted by one of the eager Clear employees who offer to whisk you away from those long lines and to one of the Clear kiosks to enroll and immediately skip to the front.

But the annual membership jumped from $199 in 2024 to $209 in 2025 and now, the company announced another $10 price hike taking effect this month.

At its new price of $219 per year, travelers should take a careful look at exactly what a Clear+ membership gets you and whether it's worth it for the way you travel.

How is Clear+ different from TSA PreCheck or Global Entry?

If you're trying to cut your wait time at the airport, you've likely tried to compare Clear+, TSA PreCheck and Global Entry. The differences can be confusing. But the short version is:

All three come with their own separate lines that can often be shorter than the general security line. A single traveler can pair the memberships for even faster processing through airport security.

Is Clear+ worth it?

Even before the latest price hike, Clear+ was already significantly more expensive than TSA PreCheck or Global Entry. As of this latest price hike, travelers are looking at a $219 bill every year to keep their Clear+ membership active.

Meanwhile, TSA PreCheck only costs $85 or less every five years and Global Entry costs $120 every five years. Global Entry also automatically includes TSA PreCheck so you wouldn't need to enroll in both. That works out to a maximum of $24 per year compared to Clear's $219 per year.

It's also worth noting that many travel rewards cards offer full statement credits for TSA PreCheck or Global Entry so if you have one of those, you wouldn't even need to pay the $24 per year to get access to those faster screening programs.

For less frequent travelers, the steeper price tag on a Clear+ membership is unlikely to pay off, especially as the Clear lane is not guaranteed to be the fastest lane. But for frequent flyers, pairing Clear+ with either TSA PreCheck or Global Entry can give you options at the airport so that you're always in the fastest line, no matter what the lines look like that day.

If you can get Clear+ for free through your credit card (more on that below), there's no reason not to go for it – unless you have privacy concerns around giving your data to a private company. But if you don't have a way to get it for free, you'll have to weigh the amount of time you currently spend waiting in airport security lines against that rising price tag.

How to get Clear+ for free (or cheap)

A select few travel credit cards will offer cardholders a statement credit for Clear+ just as they do for TSA PreCheck or Global Entry. Some of the most well-known travel rewards cards with that perk include:

• The Platinum Card from American Express
• The Business Platinum Card from American Express
• The American Express Green Card
• Hilton Honors American Express Aspire Card

If you don't have or want any of those American Express credit cards, you can also get a partial statement credit for Clear+ with Delta-branded American Express cards and United MileagePlus Premier cards.

All Delta SkyMiles American Express cards come with a $40 discount on the Clear+ membership. Meanwhile, if you have any of the United MileagePlus Premier cards, you'll get $30 off the annual fee.

Lastly, Clear also offers special pricing for military and government employees. Currently, if you're eligible for that special pricing, you can get the membership for just $125 per year.

Related content

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• TSA PreCheck Is Now on Google Wallet. Here's What That Means for You
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• TSA is Launching Gold+. Here's What That Means for Your Next Trip

When you live in an older home, it's very much like stepping into a time capsule. Our home was built in 1984, and it hadn't been updated much since then when we bought it. From carpet under the oven to a washer/dryer combo in the guest bathroom, it was a wild adjustment.

Your first impulse is to modernize. Usually, this refers to cosmetic upgrades like new flooring, cabinetry and a fresh coat of paint. Oh, and removing the washer/dryer combo from the bath.

While this will give your home a much-needed facelift, there are smarter upgrades that can save you money on energy bills and significantly improve your home's safety. Here are some changes we made in our home, and a few products I recommend to help you with them.

Let's start with one of your home's most vulnerable spots: Its entry point.

The critical role of exterior doors in home security

When it comes to making an older home safer, the exterior door is your first and most important line of defense. Over time, hollow wood doors can develop rot or structural weakness, making them vulnerable. Upgrading to reinforced options, such as steel doors, improves your safety by providing a strong barrier that deters potential intruders.

Not only will this offer protection, but it also gives you peace of mind — and an immediate boost to your home's curb appeal. In fact, this is one of the few home improvement projects where you'll earn a 100% return on investment, per Realtor.com.

To determine your door size, you'll want to measure the height, width and thickness of the door, not the frame. For width, take measurements at the top, middle and bottom to account for warping. Once you have these measurements, here's a smart option to consider:

Upgrade your access: Why every older home needs a smart lock

I highly recommend a smart lock. They eliminate the need for physical keys, offer remote monitoring and alerts and many have tamper alarms.

A smart lock operates with a keypad, reading your fingerprints or an input code to lock or unlock the door. Best of all, they have free phone apps, so you can lock and unlock your door (or check if it's locked) whether you're in your driveway or hundreds of miles away.

I also recommend them because you can assign temporary codes. This is perfect for babysitters or pet sitters, house guests, cleaners or anyone else who has regular access to your home. Just be sure to follow steps to protect your home from keyless break-ins.

When looking for a smart lock, find one with a battery backup. The reason is that if a power outage happens, you'll still be able to access your lock. Here's one I like because it automatically locks your door after 180 seconds, includes a battery backup with six months of battery life and is voice-assistant compatible:

Once you have another layer of security outside your home, it's important to check for any hidden dangers inside.

This device detects hidden dangers in your walls

Older homes don't always have updated wiring, and new technology plugged into older circuits could max out your circuit panel. In turn, the breaker will trip, causing power outages and overheated wiring.

Ensuring your electrical system is running well protects your home from potential house fires. This is where the Ting sensor comes in. It is a smart plug you install into a wall plug in your home.

From there, you download the free Ting app. The smart plug monitors for any signs of trouble, such as faulty wiring, malfunctioning devices and more. It can also detect equipment and electrical issues on your utility's end.

Along with monitoring your electricity, here are some other devices you should consider to keep your home safe.

The sensors every older home needs

The first thing I installed when we bought our home was CO2 monitors. Older homes often rely on aging, battery-only smoke detectors. And because they're out of sight, sometimes it's easy to forget to conduct tests or replace them. As a rule of thumb, most units last 10 years.

Upgrading to smart detectors is one of the smartest ways to secure your home. Unlike traditional units that emit a beep, smart CO2 detectors send notifications to your phone through the manufacturer's free app. This gives you critical extra time to act and can alert you to dangers even if you're not home.

I also recommend a water sensor. Water sensors plug into the wall and can detect leaks and moisture, sending you real-time alerts. This is pivotal if you live in a home with older piping or an aging water heater, as it gives you time to shut off the main water valve before more damage occurs.

Now it's time to tackle your home's energy usage.

Automate your energy savings

Electricity prices continue to climb. This, coupled with increased demand during the summer months, will result in higher energy bills. The main culprit behind your energy bills is your air conditioner.

One way to reduce stress on your AC is with a smart thermostat. A smart thermostat allows you to program temperatures whether you're on your couch or hundreds of miles away. By setting the thermostat 8 to 10 degrees warmer when you're away during the day or on vacation, you can save up to 10% on your energy bills.

This smart thermostat is Energy Star certified, saving you up to 26% on your heating and cooling costs annually:

Ultimately, making your home more contemporary doesn't mean you have to tear down walls and rebuild. By focusing on these smart upgrades, you're securing access points, monitoring your home's electricity and optimizing its energy usage. In turn, you can transform your time capsule into a safer, more efficient home that's working smarter, not harder.

Related content

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For many Americans, all the advice they have heard about retirement is the same — save, save, save.

While it is essential to save, an area I believe is vastly overlooked in our country's retirement conversation is protection.

What happens if you build up a decent nest egg and life happens? You get sick, you have to take care of a loved one, or you get an injury that causes you to stop working earlier than you planned.

We are so focused on wealth accumulation, we rarely stop to think about asset protection. What do I do when unexpected tragedy strikes?

The United States is facing a critical wealth preservation challenge, but the solution is already within reach. We have the financial products needed to safeguard our health and lifestyle in retirement without draining hard-earned savings.

The primary hurdle is simply an awareness gap because millions of Americans either do not know these tools exist or mistakenly believe they are out of reach.

While Social Security, Medicare and Medicaid can help soften the blow of a major health event, they might not be enough for an individual to maintain their standard of living.

The depth of support these resources will provide in the future is not guaranteed either, making it difficult to plan for the future.

The costs no one thinks about

What happens if you face an unplanned health setback during retirement?

Although health insurance is your first line of defense, it could leave a lot to be desired when it comes to paying for extraneous expenses. If you do get sick, injured or develop a chronic illness that impacts your ability to earn a living — health insurance is not going to cover your everyday needs.

According to the American Cancer Society, roughly 2.1 million people will be diagnosed with cancer in the United States in 2026 alone. For many, treatment involves a range of options outside of traditional chemotherapy. If you think your health insurance has you covered, you could be wrong.

Many immunotherapies and experimental treatments may not be covered by traditional health insurance. You could be left holding a hefty bill for yourself or a loved one without any additional financial support if you choose to pursue these types of treatments.

I'll give you another example. One of our customers unexpectedly developed multiple sclerosis (MS). Thankfully, health insurance paid for the majority of her medical bills, but you know what it didn't pay for? The ADA-compliant wheelchair ramp she needed to have installed in her house.

It's unexpected costs like that that many people don't consider when planning for retirement. Without protection, unexpected medical-adjacent costs can quickly burn through your nest egg.

One potential solution that can provide added financial security during retirement, however, is an unknown and vastly under-utilized resource available to millions of Americans: Living benefits through life insurance policies.

How you can protect yourself

Living benefits allow you to access a portion of your life insurance policy's death benefit while you're still living, if you meet a necessary set of criteria.

Put simply, it's life insurance you don't have to die to use.

While that may sound morbid, living benefits can be an essential lifeline for those affected by illness or critical injuries later in life and can help pay for the costs health insurance won't cover.

In my earlier example, our customer diagnosed with MS was able to use living benefits on her policy to cover the costs of her ADA-accessible wheelchair ramp to their house.

Another example is of a policyowner who accessed his living benefits to travel internationally to take advantage of experimental treatment for a rare form of cancer he had. Today, he's in remission.

The biggest catch is a vast majority of Americans don't know that this resource is available to them. Over 140 million adults in the United States don't have life insurance, representing over a $14 trillion gap in coverage.

Life insurance is there to ensure you and your loved ones are taken care of when life happens.

Actions you can take

Now that the stage is set, what are the things you can do to protect yourself against life's unexpected challenges?

1. Get educated. Life insurance has many features, which can seem overwhelming. Do your research to make sure the option you select has the right features to meet your needs.

2. Get help. Work with an experienced financial professional to ensure you have the right products for your specific situation and that they fit well into a well-rounded retirement plan.

3. Understand your options. There are many different products, policies and schools of thought when it comes to life insurance. It's important to understand what options are available to you.

Americans have spent decades being told to focus on accumulating assets for retirement. The next retirement conversation should be about protecting them.

Life insurance with living benefits is one of the most overlooked tools available today — think of it like bubble wrap around your retirement nest egg.

Retirement security isn't just about how much you save. It's about how much you're able to keep when life happens.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Most financial advice caters to stable payroll schedules, but freelancers don't make the same money every month.

That means you must plan differently.

Instead of planning around what you'll earn, plan around what you can count on, and put structure between the months that overdeliver and the ones that come up short.

Understanding your income streams

Most people with variable income have five or six moving pieces interacting at once, all with different pay cycles.

A sales month can look fantastic on paper while cash flow is still tight because commissions haven't cleared yet.

One delayed payment can throw off an entire month if your system is too tight.

How do you analyze your income quarterly to spot trends and seasonal patterns?

• Know when your busy and slow periods usually hit, so you can time major expenses and savings properly.
• Don't mentally spend money before it arrives or assume one strong quarter is your new normal.
• Track invoices, payment dates and which clients consistently pay late.

Tracking these helps understand when to take time off and make large purchases.

How to set financial goals

Instead of vague goals, attach percentages or fixed actions to incoming money:

• Move 10% of every payment into retirement
• Send 25% to taxes immediately
• Route part of each commission into emergency savings before touching the rest
• Near-term goals usually matter first:
• Quarterly taxes
• Emergency savings
• Eliminating high-interest debt
• Covering periods in which you can't work
• Building buffers for healthcare or time off

Jeff Zhou, CEO and founder of Fig Loans, works in consumer lending, where income volatility directly affects repayment behavior and financial stability. "The people who manage variable income best usually are not obsessing over perfect budgeting," he says. "They build small automatic rules that keep working even when income changes.

"Moving part of every deposit into taxes, savings or debt immediately creates stability before spending decisions have a chance to take over."

How to create a budget tailored to variable income

The key is budgeting based on your lowest typical monthly income rather than your average.

That lowest typical month number becomes the foundation for almost everything:

• Housing
• Utilities
• Insurance
• Food
• Transportation
• Minimum debt payments
• Baseline business expenses

If those essentials fit inside your floor month, the pressure drops dramatically.

Automatically transfer percentages of each check into different accounts, so you're saving the same, regardless of how much you earn that month.

Variable earners usually can't afford an aggressive lifestyle inflation because the income ceiling changes faster than the bills do. Even for salaried individuals, lifestyle inflation is hardly a good thing.

A flexible budget works better:

• Lean months prioritize essentials.
• Strong months strengthen reserves.
• The percentages flex.
• The system stays intact.

The structure matters more than keeping the same ratios every month.

Managing debt and expenses

A manageable payment during a strong month can feel oppressive three weeks later if work slows down unexpectedly.

During lean periods, the priority is usually stability:

• Make minimum payments
• Protect your credit
• Avoid missed payments
• Keep cash flow intact

Strong months are when you attack balances aggressively.

High-interest debt matters most because it keeps punishing you during weak income periods. The debt avalanche method generally saves the most on interest over time.

Expense audits matter for self-employed workers whose business tools and subscriptions multiply over time.

Review recurring expenses regularly. Separate personal and business spending clearly.

Otherwise, it becomes difficult to see which costs are helping you earn more and which ones are just friction.

Tax planning and preparation

Set aside 25% to 30% of each payment for taxes immediately upon receipt to create a buffer.

Open a dedicated tax savings account, and treat those deposits as non-negotiable. This simple habit prevents the stress of scrambling to pay quarterly estimates or year-end tax bills.

Once tax money mixes into your operating cash, it becomes psychologically easy to treat it like available income.

A few practical anchors help:

• Understand estimated tax deadlines through the IRS
• Learn self-employment tax obligations for Social Security and Medicare
• Keep clean records year-round
• Track deductions consistently instead of rebuilding everything during tax season

The people who handle variable income best are the people who separate obligations before the money ever feels spendable.

Investing with irregular earnings

Variable earners usually do better with flexible investing systems instead of fixed contribution expectations.

Percentage-based contributions work well because they scale naturally with income.

During strong periods, contributions rise automatically. During slower stretches, you reduce contributions without abandoning the habit entirely.

Someone with unpredictable earnings often needs more accessible cash than a salaried worker because dry spells happen.

Selling investments at the wrong time to cover basic expenses creates a different problem entirely.Marcus Reid, financial manager at Searqle, works with teams managing operational budgets across fluctuating revenue cycles.

"Variable income stops feeling chaotic once you stop trying to predict it and start building around the floor instead of the ceiling," he says. "The system has to work in your worst month, not your best one. Everything else is just upside."

Adjust as you go

A variable-income financial plan is never static because the income itself is not static.

When complexity grows, bringing in a fiduciary financial planner or tax specialist early is usually cheaper than cleaning up avoidable mistakes later.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Happy Bobby Bonilla Day! For years, I've watched memes pop up across social media every July 1. Baseball fans celebrate the day as a reminder that former New York Mets player Bobby Bonilla is still collecting a paycheck decades after playing his last Major League game. It's become one of sports' favorite annual traditions, often accompanied by jokes about the contract that just won't end.

But here's the thing: Bobby Bonilla Day isn't really about baseball. It's about money.

Few of us will ever negotiate a multimillion-dollar deferred compensation deal, but the idea behind Bonilla's annual paycheck is surprisingly familiar. Whether retirement is decades away or just around the corner, the goal is the same: replacing your paycheck with income that continues after your working years end. That income may eventually come from Social Security, pensions, annuities, investments or rental properties, but building it starts long before you retire.

Why Bobby Bonilla is still getting paid

The story behind Bobby Bonilla Day dates back to 2000, when the New York Mets wanted to move on from veteran outfielder Bobby Bonilla while he was still owed millions under his contract. Rather than paying the remaining money in a lump sum, the two sides agreed to a deferred compensation arrangement.

Under the agreement, Bonilla postponed receiving the money he was owed in exchange for annual payments that began in 2011 and continue every July 1 through 2035. Because the payments include interest, the total amount Bonilla will ultimately receive is significantly more than the original salary he deferred.

Why would the Mets agree to that? At the time, the team believed it could earn higher returns by investing the money instead of paying Bonilla immediately. Those expectations were tied in part to investments associated with financier Bernard Madoff, whose massive Ponzi scheme later collapsed. In hindsight, the strategy proved far more expensive than simply paying Bonilla what he was owed upfront.

Today, the annual payment has become known as "Bobby Bonilla Day." Now 63, Bonilla is older than the age at which Americans first become eligible to claim Social Security retirement benefits, making his annual July 1 paycheck feel even more like a retirement income stream.

While it's often treated as a punchline, the agreement is an example of a basic financial principle: money can be structured to provide income over time instead of all at once. That's a concept that extends well beyond professional sports and into many retirement plans.

Retirement is about replacing your paycheck

For most people, retirement doesn't come with a contract that guarantees a million-dollar check every July. Instead, it requires building enough reliable income to replace the paycheck that disappears when you leave the workforce.

That's one of the biggest shifts in retirement planning. During your working years, your employer provides your primary source of income. Once you retire, you're responsible for creating your own paycheck using a combination of income sources.

For many retirees, that starts with Social Security. Others may also receive a pension, annuity payments, investment income, rental income or distributions from retirement accounts such as 401(k)s and IRAs. The right mix depends on your savings, lifestyle and retirement goals, but the objective is the same: generating enough dependable income to cover your living expenses year after year.

Bobby Bonilla's annual paycheck may be unusual, but the concept isn't. Whether the money comes from a deferred compensation agreement, a pension or an investment portfolio, retirement planning is ultimately about creating income that continues long after your working years are over.

Use the tool below, powered by Bankrate, to connect with a financial professional who can help you create a retirement strategy tailored to your goals.

Deferred income isn't just for professional athletes

Bobby Bonilla's contract may be one of the most famous examples of deferred compensation, but he's far from the only person who receives income long after the work is done.

Many corporate executives participate in deferred compensation plans that allow them to postpone receiving part of their salary or bonuses until retirement, often for tax-planning purposes. Business owners may structure the sale of a company as installment payments that provide income over several years instead of receiving the full purchase price upfront.

Deferred income can also take other forms. Employees may receive company stock that vests over time, consultants may negotiate ongoing retainers, and people who settle lawsuits may choose structured settlements that pay out over many years rather than as a single lump sum.

While these arrangements differ from Bonilla's contract, they all share the same underlying principle: delaying income today in exchange for a predictable stream of payments in the future. Depending on your financial goals, taxes and investment strategy, spreading income over time can provide greater flexibility and help create more consistent cash flow.

The real lesson behind Bobby Bonilla Day

Most people will never sign a contract that guarantees them a paycheck decades after they retire. But Bobby Bonilla Day highlights a goal that every retirement saver should strive for: creating income that continues after their working years are over.

That doesn't happen through a single contract. Instead, it's typically built over decades by combining several sources of retirement income. For many Americans, that starts with maximizing Social Security benefits by claiming at the right time.

Others may supplement those benefits with withdrawals from retirement accounts, dividend-paying investments, interest from bonds or certificates of deposit, pensions, annuities or income-producing real estate.

The best retirement income strategy depends on your goals, risk tolerance and financial situation. Some retirees value the predictability of guaranteed income, while others prefer the flexibility and growth potential of investment portfolios. Many rely on a combination of both.

Every July 1, Bobby Bonilla reminds us that getting paid long after your career ends isn't just a quirky baseball story. It's the same objective that millions of Americans are working toward: replacing a paycheck with dependable income that lasts throughout retirement.

Enjoy the check, Bobby. The rest of us have some retirement planning to do.

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Mortgage rates have settled into a holding pattern, giving homebuyers a clearer picture of borrowing costs even if financing remains expensive. The average 30-year fixed mortgage rate was 6.49% for the week ending June 25, according to Freddie Mac, and has hovered around the mid-6% range for the past six weeks. While that's lower than the 6.77% average a year ago, it hasn't been enough to reignite home sales.

At the same time, housing inventory is improving in many markets, sellers are becoming more willing to negotiate, and the national median listing price has declined year over year while inventory has climbed to a two-year high, according to Realtor.com. Yet despite more choices and relatively steady mortgage rates, many buyers remain on the sidelines.

That's because today's affordability challenge extends well beyond the interest rate. Homeowners insurance, property taxes, utilities, HOA fees and maintenance costs have all climbed sharply in recent years, making the true cost of homeownership much higher than the monthly mortgage payment alone.

Mortgage rates are only part of the affordability equation

For the past several years, mortgage interest rates have dominated conversations about housing affordability. And for good reason.

Even a one-percentage-point change in mortgage rates can significantly affect a monthly payment. But many prospective buyers are discovering that lower rates don't automatically make homeownership affordable.

While rates have eased somewhat, home prices remain elevated in many markets, and other ownership costs continue to climb. Mortgage interest rates may influence whether someone can qualify for a loan, but taxes, insurance, utilities and maintenance costs determine whether they can comfortably afford the home after closing.

The monthly mortgage payment is only one line item in a much larger budget.

Home insurance costs are rising across the country

One of the fastest-growing housing expenses is homeowners insurance.

Insurance premiums have increased in many states over the past few years due to higher rebuilding costs, more frequent severe weather events and increased claims activity. Some insurers have reduced coverage in high-risk regions altogether, limiting competition and pushing premiums higher.

States prone to hurricanes, wildfires, tornadoes and flooding have experienced some of the steepest premium increases, but rising insurance costs are no longer confined to high-risk regions. According to LendingTree, homeowners insurance rates nationwide climbed nearly 47% between 2020 and 2025, adding hundreds of dollars or more to many homeowners' annual housing costs.

A property that seems affordable based on the mortgage payment alone may carry insurance costs hundreds of dollars higher per month than expected. And unlike a fixed-rate mortgage, insurance premiums can continue rising year after year.

Use the tool below, powered by Bankrate, to compare some of today's top home insurance offers and save:

Property taxes, HOA fees and utilities add up

Property taxes are another major expense many buyers underestimate. Tax bills vary widely by state, county and municipality, so two similarly priced homes can come with dramatically different annual property taxes. In many areas, rising home values can also trigger higher assessments over time, increasing tax bills even if your mortgage payment stays the same.

Homeowner association (HOA) fees can further increase monthly housing costs. Many condominiums, townhomes and planned communities charge monthly dues that range from $200 to $300 for single-family homes, according to RubyHome, though fees can be significantly higher in some communities. HOA fees have become a growing consideration for buyers, as 67% of newly completed homes in 2024 were part of an HOA. Some associations also levy special assessments to pay for major repairs or capital improvements.

Utility costs are another expense that can strain a household budget. As electricity, water and natural gas prices continue to rise in many parts of the country, monthly utility bills can add up quickly. When combined with property taxes, insurance, and HOA fees, these ongoing expenses can add hundreds or even thousands of dollars each year to the true cost of homeownership.

The real cost of owning a home

Many buyers focus on the principal and interest payment when estimating affordability.

But a more realistic housing budget includes:

• Principal and interest
• Property taxes
• Homeowners insurance
• HOA fees
• Utilities
• Maintenance and repairs
• Landscaping and lawn care
• Emergency home expenses

Consider a $400,000 home purchased with a 10% down payment and a 6.5% mortgage rate. While the monthly principal and interest payment would be about $2,275 (based on a $360,000 loan), that's only one part of the cost of homeownership.

Once you factor in property taxes, homeowners insurance, utilities and ongoing maintenance, the true monthly cost can be more than $3,300.

Estimates are for illustrative purposes only and will vary by location.

For many first-time buyers, these ongoing expenses come as a surprise. Financial experts generally recommend setting aside 1% to 2% of a home's value each year for maintenance and repairs.

On a $400,000 home, that's about $4,000 to $8,000 annually, or roughly $333 to $667 per month.

Why many buyers are still priced out

Mortgage rates are only one reason housing affordability remains strained. Home prices are still significantly higher than they were before the pandemic, even as appreciation has slowed in some markets. According to Zillow, U.S. home values have increased 45.3% since February 2020, meaning roughly 11 years of typical home-price growth occurred in just five years.

Meanwhile, wage growth has struggled to keep pace with the combined increases in housing costs.

Many buyers who can technically qualify for a mortgage are finding it difficult to comfortably absorb higher insurance premiums, taxes and maintenance costs alongside everyday expenses like groceries, healthcare and transportation.

That's one reason inventory is growing in many areas while sales remain relatively slow. Buyers may have more options to choose from, but affordability remains a challenge.

How buyers can lower their housing costs

While buyers can't control mortgage interest rates or home prices, they can take steps to reduce the overall cost of homeownership and avoid unpleasant surprises after closing.

Shop for homeowners insurance before making an offer: Insurance costs can vary significantly between carriers and neighborhoods. Comparing quotes early can help buyers identify potential affordability issues before they commit to a property.

Compare property taxes between communities: Two similarly priced homes may come with very different tax bills. Looking beyond the purchase price and comparing local tax rates can reveal long-term savings.

Factor HOA fees into affordability calculations: A lower-priced home with high HOA fees may end up costing more than a slightly more expensive home without them.

Consider smaller homes or different neighborhoods: A lower-priced home with high HOA fees may ultimately cost more each month than a slightly more expensive home without them. Be sure to include association fees when evaluating affordability.

Consider smaller homes or different neighborhoods: Expanding your search radius, choosing a smaller home or exploring nearby communities can reduce both upfront costs and ongoing expenses such as taxes, insurance and maintenance.

Build maintenance into the budget: Homeownership comes with ongoing repair and replacement costs. Whether it's a new water heater, HVAC repair, roof replacement or plumbing issue, unexpected expenses are inevitable. Setting aside money in a dedicated home maintenance fund can help you cover these costs without relying on credit cards or dipping into your emergency savings.

Affordability doesn't end at closing

It's easy to focus on mortgage rates when you're thinking about buying a home, but they're only one piece of the affordability puzzle. Homeowners insurance, property taxes, utilities, maintenance costs and HOA fees can add hundreds or even thousands of dollars to the true monthly cost of ownership.

The good news is that buyers have more options today than they did a year or two ago. Inventory is improving in many markets, and sellers are becoming more willing to negotiate. But before making an offer, it's important to look beyond the mortgage payment and evaluate all the costs that come with owning a home.

Understanding the full picture can help you choose a home that not only fits your budget today, but remains affordable for years to come.

Use the tool below, powered by Bankrate, to compare some of today's top mortgage offers:

Related Content:

• 5 Things You Can Negotiate When Buying a Home
• When Renting Is Smarter Than Buying
• I Made Some Mistakes Buying My First Home. Here's How I'm Making Sure It Doesn't Happen Again

To help you understand the trends surrounding business and technology and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts. (Get a free issue of The Kiplinger Letter or subscribe.) You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here's the latest…

If you find a deal on a PC or tablet, you may want to act fast. Prices will only go up from here.

The memory crunch we warned about in March, which was hammering the smartphone and PC market, has only gotten worse.

Apple’s recent price hikes are the biggest shift in the consumer electronics market so far, with the massively popular brand raising prices 17% to 30% on laptops and tablets. Apple is likely to raise iPhone prices later this year, too. CEO Tim Cook blamed skyrocketing memory chip costs, saying he’s never seen anything like it in 40 years.

"Tight memory supply, due to immense AI infrastructure demand, has pushed prices 3-4 times higher than they were at the end of 2024, with further rises likely," says William Kerwin, an analyst at Morningstar, in a recent research note. “Memory has accounted for about 10% of an iPhone's cost, but inflation threatens to raise the cost of building an iPhone by 20% or more.”

AI infrastructure is hogging the manufacturing capacity of memory chip makers such as Micron, SK Hynix and Samsung. That leaves far less capacity for consumer electronics, causing vendors to scramble and swallow extremely high prices. Any new manufacturing capacity coming online in the near term will be prioritized for AI, not consumer gadgets.

New Apple pricing (Source: Associated Press ):

• MacBook Neo: Now $699, up from $599
• 512-gigabyte MacBook Air: Now $1,299, up from $1,099
• 1-terabyte MacBook Pro: Now $1,999, up from $1,699
• 128-gigabyte iPad Air: Now $749, up from $599
• 256-gigabyte iPad Pro WiFi: Now $1,299, up from $999

It’s hard to predict when the memory price hikes will cool off. "The supply-demand imbalance is expected to persist beyond 2027 in key segments," according to a recent article by Soo Kyoum Kim, an analyst at IDC. "We expect memory inflation to continue through 2028, but for prices to come back down thereafter as new supply comes online,” says Kerwin.

Sellers besides Apple had already been raising prices, and there’s more to come. "We also expect other PC and tablet brands to follow Apple’s example," said David Naranjo, an analyst at CounterPoint Research, in an online post. "They may raise prices on select products, cut discounts on entry-level models, or adjust their product lines to focus more on premium devices."

Consumers and businesses don’t have many options. One strategy is to hold on to PCs and phones longer. Many businesses will do this, extending hardware lifecycles beyond the traditional three to five years, at least for some work devices. That’s not easy to do, since newer models come with more-powerful processors and other improvements, which are often necessary to harness in-demand AI tools.

Used smartphones are another way to save. Refurbished phones are closely inspected and are a great option if you don’t mind a device that is two or three years old. When buying new, trade in your old phone to knock off at least some of the net cost.

Apple’s low-cost laptop, which uses an older iPhone chip, is still a good deal. The Neo’s new price is $700, up from $600. Premium smartphone vendors have low-cost lineups, too, such as the Apple iPhone 17e, Google Pixel 10a and Samsung Galaxy A37 5G. They cost around $450 to $600 (for now).

Shoppers should closely vet the tech specs of devices. Make sure an item that looks like a deal doesn’t come with hidden tradeoffs. A PC priced about the same as last year may come with far less storage, for example. Check new configurations of memory storage and random-access memory (RAM).

For consumers, soaring memory prices may sting the most for external hard drives, used to back up files, photos and videos. Be prepared to do a double-take at how much prices have skyrocketed compared with a year or two ago.

This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.

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Raising financially responsible children means integrating financial education as early as possible.

From helping them save money in their piggy bank in the early years to budgeting larger purchases as they grow older, parents are integral to their children's financial success.

Still, saving for them continues to prove challenging. The cost to raise a child in the United States from birth to age 18 now averages more than $300,000 and is expected to increase.

As prices rise, it is more important to understand the savings options available to support your child's future.

In December 2025, a new form of savings account, 530A Accounts, more commonly known as Trump Accounts, was announced to help parents save for their children's future in a tax-advantaged way.

I'm a CFP® professional, and as more information has emerged about these accounts, my clients have asked questions about the specifics of this investment vehicle and how it fits within their current planning strategies. Here's what I am telling them.

What is a Trump Account?

It's important to understand that these new accounts aren't a replacement for other savings or retirement accounts, such as IRAs and 529 plans, but an additional strategy to complement your current financial plan.

Historically, helping a minor save for retirement has been accomplished in a Uniform Transfer to Minor Act (UTMA) account or a 529 college savings account. Each has benefits and drawbacks.

An UTMA account can help you save for a child's future, but the funds don't become available until the age of majority, which is determined by state law

A 529 is a great vehicle to save for college, but it's limited to that need — otherwise, taxes and penalties apply

While these accounts address the needs of children in their adolescence, there's been little discussion about starting early on their retirement savings. The introduction of the Trump Account addresses this gap but also comes with its own benefits and drawbacks.

What are the benefits and drawbacks of a Trump Account?

Let's start with the good news. Anyone can contribute to a Trump Account on behalf of a beneficiary under 18, including the beneficiary themselves. These contributions are made with after-tax dollars and grow tax-deferred until withdrawn.

Employers can also make tax-free contributions to a Trump Account, up to $2,500 per year.

Contributions are limited to $5,000 per year, per beneficiary and are indexed for inflation. The government might elect to issue a $1,000 grant to help kickstart the account.

Assets in a Trump Account are considered the beneficiary's funds and aren't available to creditors, and the Treasury Department has selected Bank of New York to hold these accounts with the help of broker-dealer Robinhood to develop the new Trump Account app.

There are, however, two distinct limitations to Trump Accounts:

Applicants must have a current U.S.-based address, so parents who live abroad aren't eligible to apply

The seed-money program is limited to children born from January 1, 2025, to December 31, 2028, who are U.S. citizens and have a Social Security number. Money in a Trump Account must be invested in a high-risk U.S. equity index, as opposed to a mix of equities and bonds or a lifecycle fund.

How are Trump Accounts used?

These accounts have strict parameters, chiefly that no withdrawals are permitted before the beneficiary reaches age 18.

Once the beneficiary reaches age 18, their Trump Account is converted to a traditional IRA account and is subject to the same withdrawal rules: Tax-free contributions, appreciation and earnings are taxed as ordinary income.

Withdrawals before age 59½ are subject to a 10% penalty unless one of the following exceptions applies:

• First-time home purchase
• Birth or adoption expenses
• Qualified higher education expense
• Death
• Disability
• Terminal illness
• Health insurance expenses if unemployed
• Some medical expenses

These accounts are also subject to future tax law changes; it might be possible to convert the traditional IRA to a Roth IRA at little to no tax at age 18. If the beneficiary dies during the growth period before turning 18, the account terminates. The income is taxable to "the recipient or to the deceased beneficiary's estate."

Wealthy families might consider these accounts an "extra bucket" after their core planning. Given contribution caps and restrictions, the accounts are best positioned as a supplemental planning tool alongside 529 plans, trusts and retirement vehicles.

Additional questions and answers

How do you get started with a Trump Account? Getting started appears straightforward. You can submit an application at www.trumpaccounts.gov and complete IRS Form 4547. You'll be contacted when it's time to activate your account after the program goes live.

Will Trump Accounts supercharge your children's retirement planning? No. They're simply another long-term savings vehicle that you can set and forget that provides more for your child when they're ready.

Will Trump Accounts work for all families? No, the small pilot program and geographic considerations will initially exclude a large portion of the population, although the overall approach could serve as a smart model that kickstarts retirement planning from birth and shifts the investing landscape for decades to come.

Only time will tell.

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• I'm a Financial Planner: Trump Accounts Are a No-Brainer if You're Eligible (How to Apply)
• Where to Save Your Kids' Cash

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

As shoppers continue searching for ways to stretch their grocery budgets, warehouse clubs and discount grocers are expanding across the country. Retailers including Costco, Aldi and Trader Joe's are adding new locations in 2026, bringing lower-cost shopping options to more communities as consumers remain focused on value.

Costco alone plans to open 26 new warehouses this year, including 10 in the second half of 2026. Aldi has announced plans to open more than 180 stores, while Trader Joe's continues its nationwide expansion after opening four new locations in April.

For shoppers, the expansion could mean more than just a shorter drive to the nearest store. As these retailers move into new markets, they often increase competition, giving consumers more choices and, in some cases, helping keep grocery prices in check. Here's where the biggest retailers are expanding and what it could mean for your wallet.

Which grocery chains are expanding in 2026

Discount grocers and warehouse clubs are growing across the country as demand for lower prices and value-focused shopping remains strong. Aldi, Costco, Trader Joe's, BJ's Wholesale, Walmart and Target have all announced plans to expand or invest in their grocery footprint in 2026.

Here's how some of the country's largest value retailers plan to grow this year:

Why value retailers keep growing

The expansion of warehouse clubs and discount grocers reflects a shift in how Americans are shopping. As grocery prices remain elevated and household budgets stay under pressure, more consumers are seeking retailers that offer lower prices, bulk savings and greater value. That growing demand is encouraging companies to invest in new stores and enter additional markets.

As shoppers look for bargains and better value for their money, they're increasingly turning to retailers like Aldi, which offers low-cost private-label groceries, and warehouse clubs like Costco, where buying in bulk can reduce the cost per item.

Membership warehouse clubs also continue attracting higher-income shoppers. According to the Acosta Group, four out of five club members shop their warehouse club at least once a month, and two out of three have increased how often they visit.

Population growth in the South and Mountain West is also fueling expansion, with Bloomberg reporting that those regions have the fastest-growing working-age populations and rising demand for additional retailers.

What this means for shoppers

The expansion of warehouse clubs and discount grocers could benefit shoppers in several ways. As retailers like Costco and Aldi enter new markets, they increase competition with existing grocery stores, which can help keep prices competitive and give consumers more places to shop.

More locations also make it easier for customers to access value-focused retailers. Whether you're looking to save on groceries, household essentials or bulk purchases, having additional stores nearby means more opportunities to compare prices and choose the retailer that best fits your budget. For warehouse club shoppers, it may also mean having multiple membership options within a reasonable driving distance instead of being limited to a single chain.

Fast-growing communities stand to benefit the most. As retailers expand into these areas, shoppers gain access to more grocery choices at a time when food prices remain elevated. According to USA Today, grocery prices have increased 1.5% since January 2025, making it even more important for consumers to compare prices and stretch their grocery budgets.

How to find out whether a new store is opening near you

If you're hoping a Costco, Aldi or another favorite retailer is opening nearby, there are several ways to stay informed. Start by checking the retailer's website, where store locator tools and news pages often list recently opened locations and upcoming stores.

You can also watch for announcements from your local government or local news outlets, which frequently report on new retail developments before stores open. Following retailers on social media or subscribing to their email newsletters can also help you stay up to date on expansion plans and grand opening announcements.

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AI has already affected how we learn, work and govern ourselves much faster than research, regulation or nonprofits can keep pace.

While businesses and governments scramble to respond, philanthropists hold a distinct and underutilized advantage: The flexibility to fund what others won't, invest where we still need evidence and work across sectors without commercial pressure.

Here is how to leverage your advantages as a donor.

1. Sharpen your nonprofit due diligence

AI-generated misinformation makes vetting organizations harder than ever. Donors can raise their standards by:

• Identifying ratings from Charity Navigator, the BBB Wise Giving Alliance and GuideStar's Seals of Transparency before committing funds
• Visiting local organizations in person — no rating system replaces direct observation of a program in action
• Asking nonprofits you regularly support how they manage AI-related data risks before your next significant gift conversation

2. Fund nonprofit AI capacity — not just programs

Most nonprofits use AI primarily for basic productivity: Drafting emails, summarizing meetings, writing grant applications. The real leverage lies in mission-critical AI deployment — but getting there requires infrastructure most nonprofits lack, and the risks of moving forward without it remain severe.

Unlike corporations, nonprofits face the same cybersecurity vulnerabilities with far fewer resources. They routinely manage donor financial data, personally identifiable information, health records and confidential beneficiary files.

Large language models like ChatGPT and Claude collect and store user data indefinitely — meaning a nonprofit that uploads sensitive files to an AI platform may lose ownership of that data entirely.

Cybercriminals also actively use AI to make attacks harder to detect. A single breach can devastate fundraising, damage community trust and trigger regulatory consequences under state, federal or international privacy law.

To empower nonprofits to function effectively with AI, you may:

• Fund general technology budgets. IT infrastructure upgrades remain chronically underfunded, yet are essential for safe and effective AI use. Consider directing unrestricted gifts specifically toward this gap.
• Sponsor AI education and policy development. Nonprofit leaders identify four priorities: Staff training on AI fundamentals, dedicated software funding, technical development opportunities and guidance on how AI affects the communities they serve.

As a result, you can free up charities to make truly transformational changes. For instance, the MacArthur Foundation's recent $100 million award funded an AI-driven global infectious disease surveillance system, a model for what becomes possible with the right infrastructure in place.

3. Support publicly available AI research

It has become clear that AI will affect jobs across every sector — augmenting some roles, restructuring others and eliminating others. Yet workforce impact data remains fragmented, with no uniform standards for measuring AI exposure, adoption or economic effect across sectors.

Educators and employers commonly agree that student preparation for an AI-embedded future entails independent decision-making, problem-solving and media literacy, rather than task completion. In essence, students need to be taught how to think, not what to think.

However, educators have had to make high-stakes technology adoption decisions with insufficient evidence.

As labor markets shift, demand will rise for portable access to healthcare, education and job retraining.

For instance, potential ideas such as portable benefits, decoupling health insurance and retirement savings from traditional employment, require rigorous, publicly available research to move from concept to viable policy.

As a result, AI research remains "in the first inning."

Donors can accelerate the learning curve to keep up with industrial changes by:

• Funding research based on multiple perspectives, including those of teachers, parents and students, on AI's impact on learning
• Prioritize studies that remain open to the public, so other researchers can replicate and build on findings
• Support workforce transition research, particularly around portable benefits and safety-net access for workers in AI-disrupted industries

4. Strengthen civic voices in developing AI policy

Most workers and communities recognize the efficiencies offered by AI, understand their benefits and don't want to eliminate them.

Instead, they simply want a seat at the table in deciding how AI applies to them. In fact, more than half of U.S. adults (55%) say they want greater control over AI in their lives.

That demand extends to transparency about AI's environmental footprint and corporate accountability on data privacy.

Philanthropy has a direct role in amplifying a community's civic voice by:

• Funding local and independent journalism to ensure communities receive accurate, accessible information about AI's local implications
• Supporting civic participation initiatives that bring residents, not just industries, into community-level AI policy and land-use decisions

5. Align your financial investments with your philanthropic goals

Ideally, your investment portfolio and your philanthropic priorities would reinforce, and not negate, each other. Accounting for environmental, social and governance factors may improve long-term returns by unlocking value and achieving resilient, long-term investment success.

You can adjust your investment and philanthropy alignment by:

• Reviewing your current AI-related holdings and their impacts in the areas that you care about most as a philanthropist
• Consulting with your investment adviser on frameworks for considering environmental, social and corporate governance factors

6. Team up with other donors

AI's societal scale exceeds what any single donor can address. Philanthropists who coordinate with peers can multiply their impact, reduce duplication and gain access to shared due diligence.

In collaborating with other donors, you may:

• Explore foundation coalitions like Humanity AI to review their vetted grantee list and potentially identify organizations aligned with your priorities
• Join or convene a donor working group focused on AI's impact in your areas of giving — education, workforce, health or civic participation

The philanthropists who move now can help influence AI for good. In funding research, nonprofit capacity and broad civic engagement and working with other donors, you can advance the positive impact of AI and mitigate its challenges for decades ahead.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Do you have a plan for how you'll spend your money in retirement? If not, join the club. Many retirees wing it when it comes to withdrawing their hard-earned savings.

But that's a big mistake, says Jean Chatzky, best-selling author of The Forever Paycheck and founder of HerMoney. It's the biggest mistake retirees can make.

"The lack of a concrete plan actually prevents them from living their best retirement," Chatzky tells Kiplinger. "They are not living as well as they could." If you overspend without a plan, you could face a retirement shortfall. If you underspend, you won't get to fulfill your retirement goals.

Reluctance to spend among retirees

Underspending is a common problem among retirees, despite large nest eggs built on a decade-long bull market. By the end of 2024, Fidelity Investments reported that baby boomers made up 41% of all 401(k) millionaires, while Generation X (ages 45 to 60) accounted for 57%.

Yet, despite healthy balances, many are wary of spending. A recent Corebridge Financial survey revealed that less than one-third of retirees feel comfortable spending their savings, with most noting that the prospect causes stress or anxiety. While Chatzky emphasizes that a detailed strategy can alleviate many of those feelings, just 14% of retirees report having a plan to manage their required minimum distributions.

"There are a number of decumulation strategies, but I'm a believer that covering your fixed costs with some sort of paycheck, some sort of guaranteed income, is likely to enable people to live better with less stress," Chatzky says.

That doesn't mean all your money should be in a guaranteed investment product such as an annuity, bonds or Treasuries, but locking some of it in a "forever paycheck is really a smart move for most people," she says.

Preretirees need a plan, too

If you're a pre-retiree, Chatzky says the biggest mistake you can make in the run-up to retirement is not having a plan.

• Do you want to downsize or age in place?
• Will you earn money or are you completely exiting the workforce?
• What about your spouse? Is he or she retiring with you?
• How do you plan to spend your free time?

You need answers to all that and more ahead of time if you want a successful retirement, says Chatzky.

"I'm always baffled by the number of couples who have very, very different retirement visions from one another," says Chatzky. "They get to the point and realize they are not on the same page at all."

Just as with buying a house or having a baby, you can't plan out your withdrawals until you know what your lifestyle looks like and how much it will cost.

Help is out there

When it comes to planning, Chatzky encourages everyone to consider hiring a financial adviser. A financial planner can map out a plan for how to spend your money in retirement or determine how much you need to save.

Chatzky said that while some people think hiring a financial planner means paying fees forever, or think they don't have enough money to need one, both notions are dated and wrong.

You can hire a financial adviser to create a plan you execute yourself, you can hire a planner to review a plan you created, or have someone do it all for you, says Chatzky.

"The whole financial planning field has become democratized in a way that I truly think there are planning services available to fit everyone," she says.

Editor's note: This article is part of an ongoing series in which we ask influential personal finance figures to share their opinion on the biggest retirement mistake you can make. Other articles feature Suze Orman, Dave Ramsey, Grant Cardone and Ramit Sethi.

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You've done everything right, and you're still losing ground. That's the sentiment many feel, as rising inflation takes bigger bites out of paychecks when you pump gas, pay your electric bill or go to the grocery store.

It used to be that you could turn to a high-yield savings account to outpace it. Yet, with inflation at 4.20% and not likely to cool soon, most savings accounts don't earn returns keeping pace with inflation.

"It’s not just about earning interest," says Eric Bernstein, president of LendFriend Mortgage. "When your savings are sitting idle, you’re missing out on the compounding power that could strengthen your homebuying profile. For those targeting a purchase, inflation isn't just an annoyance — it's a direct reduction in your future purchasing power."

Stop letting the status quo erode your wealth. Here are three strategic pivots to shield your cash from inflation and crush your debt for good.

1. Stop chasing yields

For a long time, savings accounts offered exceptional rates of return that outpaced inflation. In the interim, those days are likely over. The ongoing war with Iran will keep fuel prices high, and even if there is a permanent resolution soon, energy prices might not stabilize fully into 2027.

The problem is that you need a high-yield savings account as part of your financial plan. Instead of shopping around for rates every few months, I'm recommending a savings account I've found that consistently offers good returns and has no monthly fees.

Once you reach your emergency fund and short-term savings goal, you want to shift your focus away from saving.

2. The debt-first pivot

Debt robs you of future wealth, especially if you're carrying high-interest debt. Credit cards and HELOCs also feature variable rates that can compound faster than any return you would earn on a savings account.

Therefore, when you view these debts as an emergency, you restore your purchasing power and improve your monthly cash flow.

Here's a debt repayment checklist to help you devise a plan that works:

• Make a list of all your outstanding debts, including balances owed, interest rates, etc.
• Use a budgeting app or a personal banker to see if you can free up cash in your budget or curtail spending
• Use the debt avalanche method (focusing on the debt with the highest interest rate) first, or do the debt snowball, in which you tackle your lowest balance to build momentum
• Set up automatic payments to ensure you never miss one
• Allocate any surplus cash from bonuses, commissions or tax refunds to pay off the debt with the highest interest rate first
• Review goals at least quarterly to ensure you remain on track to pay off debt

Along with debt repayment, now is a vital time to re-evaluate how you approach buying everyday items.

Use the tool below, powered by Bankrate, to connect with a financial professional that can help you build a plan to reach your financial goals:

3. Spend with intention

Debt repayment takes center stage, but you must also plug any spending holes you have in your budget. To demonstrate, inflation won't show up as a line item in your budget, but rising per-unit prices create stealthy paycheck erosion.

I'm going to show you a few ways to rein in spending.

Everything in life seems to revolve around subscriptions, so this is a good place to start. Look for apps or memberships you haven't used much in the past few months and pause them. If you can go a few months without them, then you won't need them back.

If you want to save on streaming moving forward, do this:

• Use your credit card and cellphone plan perks to lower total streaming costs
• Buy annual plans around Black Friday, in which deals are usually the best
• Use shopping subscriptions such as Walmart+, which offers a free membership to Peacock Premium or Paramount+ Essentials plans, you can switch options every 90 days

The next area is mastering the art of grocery shopping. Instead of impulse buying, plan meals. Shop ethnic markets for produce, as they tend to be cheaper and offer better quality than most grocery stores, in my experience.

Use warehouse clubs for pantry bulk supplies, where per-unit prices are often lower than at your regular markets.

Another tip seems simple, yet it's effective. Kiplinger personal finance writer Rachael Green reached out to her service providers to ask if they could lower her bills. She saved more than $700 annually, so it definitely pays to reach out.

Lastly, if you find something you want to buy that isn't essential, implement the 24-hour rule. I do this often and find that after sleeping on it, I don't really need the item. This can help you rein in impulse spending, giving you more money to devote to debt repayment.

Ultimately, inflation can erode some of your purchasing power, but you can control its impact. The key is to move away from an all-savings strategy and implement other solutions impacting your finances.

Attacking high-interest debt with urgency and treating every dollar you earn with intention helps you not only save money but also buy back your financial freedom. These small shifts can help you weather the storm of higher prices so you can reclaim the ground inflation tried to steal.

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Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a married and retired 55-year-old public high school teacher in Midland County, Michigan. He reports his annual salary when he began teaching was $30,000. At retirement in 2020, it was $68,000.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

My wife and I hit our first million in our early 40s. In my mind, we owe a lot to a few people:

• One was a fellow teacher who, when I was a rookie, recommended a financial planner she used
• Another was a different teacher who told me to make sure I earned a master's degree
• The third was Clark Howard, whom I discovered by accident when his radio show followed a.m. radio Tigers games. Clark taught me tons in every one-hour show.

While I earned the degree and credits to "move to the right" on our school pay scale (it's an education thing), my wife worked in several different jobs, remaining in them until she either became bored/restless or saw another opportunity.

She eventually ended up at a giant chemical company in Midland for the last 17 years of her career.

What are you doing with the money?

We didn't do anything unusual. We did travel a bit on my summer breaks. We never upsized our house (paid $93,500 in 1997), never had kids (I like to say that, as a teacher, I raised other people's kids), and we drive our cars well over a decade. (Clark Howard once said that people who buy a new car every year or so end up working two years longer.)

The Fun Stuff

Did you do anything to celebrate?

Nope. Maybe a dinner out? I don't recall.

What is the best part of making $1 million?

I want to share both sides. The good is that sense of accomplishment. We both grew up in modest families: Our parents were blue-collar all the way.

It sure was nice learning that we didn't have to be "worried" about money. When our financial planner told us we could easily "self-fund" long-term care, I was shocked.

On a negative side, sometimes when I see people struggling, I do feel some guilt. If I had a different family or had gotten sick and so on, I could easily be in their shoes.

Did your life change?

I don't feel like it did in a big way, but you have to realize that we got the financial planner when we were in our mid-20s: Becoming financially secure was "part of the plan," so each year, we had a meeting with the financial planner, and we followed our progress together.

It wasn't like there was some surprise when we hit $1 million — we slowly and steadily saw it coming.

Does anyone know you're a millionaire?

No one knows for sure. I've been retired for five years (at 50), and I had a good handful of students asking me how I could be retiring before the other teachers.

I did lessons about saving and investing and being frugal and showed them spreadsheets with progressions, and the ones paying attention, I'm sure, knew or could guess.

Did you retire early?

At 50. Wife is still working, half-time, mostly for fun. She did retire from the chemical company a few years ago, but got recruited by former workmates to work for a different large agricultural/chemical company from home.

I think she's going to quit for real at 59½, which is a couple of years off.

She does something she calls "e-business." I'd try to explain it, but I don't get it.

Looking Back

Anything you would do differently?

No.

What advice would you give to your younger self?

Be open to people, usually older than yourself, who have potentially good advice. Watch out, though. How do you spot the bad advice?

Did you read any books that helped you on your journey?

No books. A few websites. But really, listening to Clark Howard for years allowed me to absorb more than I'd have gotten from most books.

Did you work with a financial adviser?

They recently changed their name to Rise Financial, in Mount Pleasant, Michigan. They've been incredibly important.

Did anyone help you early on?

It had to be the econ teacher I student-taught under (more about that later). He showed me how to trade stocks and connected me with a discount broker.

Yes, it did lead to my Enron loss (more on that later, too), but those experiences were extremely valuable.

Looking Ahead

Plans for your next $1 million?

None. After we hit $1 million, I honestly stopped paying attention. We might be past $2 million now; I don't know.

I do recall our financial planner showing me an extrapolation predicting we'd max out around $7 million in our late 60s, early 70s.

Will that become reality? No idea.

Having two pensions helps.

Any advice for others trying to make their first $1 million?

Slow and steady is the way. I remember during student teaching, I worked under an econ teacher who was a millionaire. He was an inspiration.

I wanted to invest in an environmentally positive company (this was before my first teaching contract and before having a financial planner), and I put about $500 into Enron. Yeah.

Anyway, let a pro manage your money. Yes, they take a slice, but it sure was nice not having to worry about stuff on my own.

When the market went down, that simply meant there were bargains out there.

Just for fun, a few years ago, I also put $500 into Canoo (electric vehicle startup). I had the chance to get out with $2,000-plus, but I hung around and watched it also disappear.

Do you have an estate plan?

We currently have a will set up, where 100% goes to three charities when we die.

We do give minor amounts annually to several animal charities, but we made the decision to save most everything, then leave it.

I've seen the "die with zero" stuff lately, but I don't know how I feel about that yet.

People don't think it'll happen to them, but things like accidents or cancer can wipe out nest eggs of many sizes. Quick, knock on wood.

What do you wish you'd known …

When you first started saving? How do you "pick" how much to save? Do you get to "pick," or is it just a matter of saving what is left over every month?

I know people who make tons more than we ever did and could easily save, but from their point of view, they don't believe they have anything "left over."

We aimed for saving 15%, and that worked out.

When you first started investing? My lesson with Enron taught me plenty. Diversify. Let a full-timer worry about it.

Before you retired? I had read many examples of folks retiring and losing their social contacts from work, so I tried to be prepared for that and have been moderately successful.

I keep socially busy enough for my liking, but I do miss a few friends still teaching.

When you first started working with a financial professional? Right away, I made peace with the amount they shaved off the top. Yes, it amounted to five figures, but I kept my eyes on the bigger picture.

Anything you'd like to add?

I never obsessed over money, but it's easy to imagine going to a dark place. … I feel like while my wife and I did work for what we have, chance was involved: We stayed healthy, never had a serious car accident, etc.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

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If you've been considering a Sam's Club membership, this may be the best deal you'll see all year.

Through July 5, new members can sign up for a standard Sam's Club membership for just $15 for the first year, a $45 discount from the regular $60 annual fee. Shoppers who want additional perks can join Sam's Plus for $50 for the first year, saving $50 off the regular price.

The promotion comes just weeks after Sam's Club raised membership prices, making the discount even more attractive for shoppers considering a warehouse club membership. Whether you're stocking up on groceries, filling up at member-priced gas stations or preparing for summer entertaining, the deal lowers the cost of trying Sam's Club while giving shoppers access to a range of member benefits.

Sam's Club membership: $15 for the first year

The standard Club membership is designed for shoppers who want access to warehouse pricing without paying for premium perks.

For $15, members receive:

• Member-only pricing throughout the warehouse
• Discounted fuel at Sam's Club gas stations
• Scan & Go checkout through the Sam's Club app
• Free curbside pickup on eligible orders
• Two membership cards per household
• Access to Instant Savings offers

If your primary goal is saving money on groceries, household essentials, seasonal items and gas, the $15 introductory offer may be all you need.

Sam's Plus membership: $50 for the first year

Frequent Sam's Club shoppers may find additional value in the Plus membership, which is currently discounted to $50 for the first year.

The Plus membership includes all Club-level benefits, plus:

• 2% Sam's Cash back on eligible purchases
• Free shipping on eligible orders over $50
• Free same-day or next-day delivery on eligible orders over $50
• Exclusive shopping hours from 8 to 9 a.m. every day
• Additional pharmacy savings
• Additional optical savings
• Tire and battery center discounts

The extra perks can help offset the higher membership cost, particularly for shoppers who regularly place online orders, use pharmacy or optical services or spend enough to earn Sam's Cash rewards.

Is the Sam's Club deal worth it?

At $15, the standard membership is one of the lowest-priced warehouse club promotions currently available and offers a low-risk way to test whether Sam's Club fits your shopping habits.

The Plus membership requires a larger upfront investment, but shoppers who frequently use delivery services, earn Sam's Cash rewards or take advantage of pharmacy and optical savings may find the upgraded membership pays for itself over the course of the year.

The limited-time promotion ends July 5 and is available only to eligible new members.

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As America gears up for its 250th anniversary this July, plans for the usual red, white, and blue spectacles are in full swing. Tall ships will sail into New York Harbor, and politicians are polishing soaring speeches to celebrate two and a half centuries of the American experiment. But a quick peek behind the fireworks reveals a striking bit of historical deja vu.

Fifty years ago, the nation marked its Bicentennial while wrestling with a very specific, stubborn set of economic headaches. Fast forward to 2026, and we are blowing out the candles next to the same triad: sticky inflation, pain at the gas pump, and a looming deadline to fix Social Security.

The real takeaway of the Semiquincentennial isn't that we are stuck in a grim rerun — it’s that these structural hurdles are uniquely resilient. As we toast to 250 years, the best way to celebrate American exceptionalism might be to finally solve the leftover homework of the 1970s.

1. Social Security insolvency — again

While Americans celebrated the Bicentennial, a flawed statutory formula enacted in 1972 to implement the Cost of Living Adjustments — indexing of benefits to protect beneficiaries from the effects of inflation — was quietly draining the Social Security Trust Fund. This has become known as the “double indexing” or “decoupling” problem. Rather than fixing the core demographic imbalance, Congress passed a minor patch in 1977.

The historic 1983 legislative rescue — which delayed cost-of-living adjustments, introduced benefit taxation, and raised the retirement age — was explicitly designed to buy 40 to 50 years of breathing room. In 2026, the borrowing time has almost run out at the same time that our population is aging.

There are approximately 62 million adults age 65 and older living in the United States, representing about 18% of the total population — a steep increase over 1976 or 1983. In 1976, the number of people 65 and older was 22.95 million or 10.4% of the population. In 1983, that number had climbed to 27.4 million, or 11.5% of the total population.

The public is less than confident that those in charge will resolve the problems without cutting benefits. Almost 70% of the adults aged 45 and older surveyed by PlanGap are not confident that the government will solve the Social Security funding challenge without reducing benefits. While 83% say that Social Security will play a major or moderate role in their retirement plan, 68% are concerned either "a great deal" or "a lot" that they won't receive the benefits that they are entitled to.

• The 1976 pre-crisis: In 1976, policymakers were concerned because a flawed benefit-indexing formula passed in 1972 was accidentally over-indexing benefits for inflation, causing the trust funds to drain faster than expected. Congress tried a temporary patch in 1977, but did not address the deeper structural demographic issues. By 1982, the Trustees warned that the system was months away from insolvency.
• The 1983 "Salvation": Enter the bipartisan Greenspan Commission. The resulting 1983 Amendments "saved" the system through a painful compromise: delaying the Cost-of-Living Adjustment (COLA), gradually raising the full retirement age (FRA) from 65 to 67, and introducing taxation on Social Security benefits for high earners. It bought the system exactly what it promised: about 40 to 50 years of breathing room.
• The 2026 reality: That 1983 clock has officially run out. We are right back in the 1976 pressure cooker. The 2026 Social Security Trustees Report currently projects that the Old-Age and Survivors Insurance (OASI) Trust Fund will hit depletion in 2032. If Congress waits until the final months to act — just like they did in 1983 — the required fixes (payroll tax hikes or benefit cuts) will have to surpass the 1983 adjustments because the demographic wave of retiring baby boomers is already fully cresting.

2. Inflation: The ghost of stagflation

The Bicentennial took place during a short-lived economic exhale. Inflation had cooled to 5.8% from its 1974 double-digit peak of 11.1%. From that point on, however, inflation rebounded, climbing every year until it reached a crushing 13.5% by 1980.

Today, the U.S. economy faces a familiar pattern. The COVID-era inflation surge peaked at an annual rate of 8.0% in 2022 — a big departure from the previous decade (2010-2020), when annual inflation averaged just 1.77%.

Now, after waking up from a post-pandemic optimism, families are confronting a sticky, resilient 4.2% inflation rate this May, proving price stability is far harder to sustain than Washington admits. Even if inflation rates fluctuate, the baked-in price increases from past inflation persist and still sting. Affordability issues won't be cured solely by a falling inflation rate.

• 1976: The mid-1970s were the cradle of modern "stagflation." While CPI had briefly dipped from its 1974 double-digit peaks down to around 5.8% in 1976, it was a false sense of security. The underlying structural drivers were left unaddressed, setting the stage for the massive second inflation wave that topped out at over 13% by 1980.
• 2026: We are living through a strikingly similar echo. After a massive post-pandemic inflation spike that peaked in 2022, prices began to moderate, giving everyone hope of a "soft landing." However, fresh energy and geopolitical shocks have driven inflation up 4.2% year-over-year in May 2026. The realization is sinking in that inflation is sticky, structural, and deeply resilient — just like it was in 1976.

3. The price of gas: geopolitical shocks and the $4 pump

By 1976, the gas lines of the 1973-74 OPEC embargo had vanished, but the era of permanently cheap fuel was over. Energy costs became an erratic wildcard that weighed on consumer confidence and squeezed household margins.

Fifty years later, the vulnerability remains unchanged. With current geopolitical friction pushing the national average past $4 a gallon, the modern consumer is learning that decades of political rhetoric cannot insulate a local gas station from overseas supply shocks.

Gas prices are dropping, but the return to pre-war levels will be slow. Continued tensions with the Iranian government, combined with low inventories and restocking demands, are expected to keep prices high for the foreseeable future.

• 1976: The country was still reeling from the psychological and economic trauma of the 1973 OPEC oil embargo. Even though the recent gas shortages are in the past, the era of permanently cheap fuel is dead. Energy costs became a volatile wildcard that dictated consumer confidence and corporate margins.
• 2026: History is repeating itself at the pump. The recent oil shock triggered by the war with Iran has driven the national average for gasoline past $4 a gallon for the first time in years. Just like in 1976, energy-driven inflation is eating directly into household budgets, proving that 50 years later, the U.S. economy remains highly vulnerable to overseas conflicts.

The present is too close to history

Every national milestone invites a backward glance, but the truest mirror for America in 2026 isn't 1776 — it’s 1976. When the nation marked its 200th birthday, the hangover of stagflation and energy shocks had left voters deeply unsettled about the future. It was also the exact moment the structural fuses on our major entitlement programs began to smoke.

Seven years later, the bipartisan 1983 Greenspan Commission enacted fixes to try to save Social Security with a cocktail of tax hikes and a delayed retirement age. It promised roughly 40 years of breathing room. Today, as we celebrate America 250, that runway has officially ended and the Social Security trust fund is projected to lapse into insolvency in 2032. The parallels between the Bicentennial and the Semiquincentennial are too close to ignore, and this time, there is nothing to celebrate about this history repeating itself.

More on America's 250th Birthday

• America is Turning 250 — But We Didn't Get Serious About Saving for Retirement Until 50 Years Ago
• America's Cost of Living at 200 vs 250: How Affordable is American Life Now?
• How Has Retirement Changed in the Last 50 Years? Take Our Quiz
• 9 Historic Sites to Visit With Your Grandkids for America's 250
• Financial Advice From America's Founding Fathers
• Which Presidents Are on the Social Security Payroll?

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The Transportation Security Administration (TSA) announced a new partnership with Google Wallet on Wednesday. Travelers can now use Google Wallet to opt into TSA PreCheck Touchless ID, a program that allows you to breeze through security checkpoints without any physical government ID or paper boarding pass.

Your TSA PreCheck membership fast-tracks you through the wait line (and shortens the screening process), but you still need to stop and show ID at a security checkpoint before you can go to the screening area. Touchless ID uses facial recognition technology, not a security agent and physical ID, so you can go through a faster-moving line and get through the checkpoint more quickly.

With the new Google Wallet partnership, all of that becomes a little bit more seamless than it already is. If you're a TSA PreCheck member who's already used Touchless ID, you might be wondering how this is any different from your current experience. Here's what you need to know.

What Google Wallet changes about TSA PreCheck Touchless ID

TSA PreCheck Touchless ID is available at 65 airports nationwide. But, until now, you had to opt into the service through a participating airline.

That meant enrolling in a frequent flyer program (provided the airline you're flying with is eligible for Touchless ID), manually adding your passport details to that frequent flyer account, and then opting into TSA PreCheck Touchless ID.

That's easy enough if you've done it before with your typical airline, but what about when you're not flying with your regular airline, or if you forget to check ahead of time? Do you need to be enrolled in the frequent flyer program of every participating airline you fly with and then set up Touchless ID with each one individually? Not anymore.

The new Google Wallet integration simplifies the process. If you're flying on any of the 100 airlines participating in the program (and you have TSA PreCheck), you can opt into Touchless ID just once through Google Wallet and use it every time you fly, with any airline, without joining 100 frequent flyer programs.

How to set up TSA PreCheck Touchless ID in Google Wallet

First, you need to enroll in TSA PreCheck if you haven't already done so. Many travel rewards cards offer statement credits that effectively make the program free to you. So, if you're on the fence about whether or not enrolling is worth it and you have one of those travel credit cards, there's no question. It's free to you so any time saved at the airport is a bonus.

Next, you need to add your passport to Google Wallet.

On the day of your flight, here's what your Touchless ID process will look like:

• Check in for your flight online. After you've finished checking in, save your boarding pass to your Google Wallet.
• Opt into Touchless ID. When viewing your boarding pass in your Google Wallet, you should see a "get started" button if you're eligible for this program. Tap it and follow the prompts.
• Look for the TSA badge on your pass. After agreeing to share your digital ID and boarding pass with the TSA, you should see a little TSA PreCheck Touchless ID badge on your boarding pass. This indicates that you've finished the process and you're good to go.

That's all there is to it. You just opt into the program after checking in and you can now skip the hassle of digging around in your bag for your wallet when you reach the TSA checkpoint. Instead, you'll just scan your boarding pass, do the facial recognition process and move on to the security screening.

What else to know about Google Wallet and Touchless ID

Google Wallet is available to Android phone users. If you have an iPhone, there is no Google Wallet app available.

Understandably, some people have security concerns about the use of facial recognition technology. You do have to opt in for Touchless ID, and TSA says: "Images are not used for law enforcement, surveillance, nor shared with other entities. Your photo and personal data are deleted within 24-hours of your scheduled flight departure."

On privacy concerns, Google says your information is shared with the TSA only after you opt in and authenticate. The company adds that digital IDs in the Wallet "are always encrypted and stored directly on your phone."

The Google Wallet Touchless ID option is "rolling out over the coming weeks," according to Google.

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It can feel like there's always a sale happening. Right now, shoppers are being bombarded with promotions from Amazon Prime Day, Walmart Deals and other summer sales events, all promising big discounts and limited-time offers. But just because something is on sale doesn't mean it's the best time to buy.

Many of the biggest savings happen when retailers are clearing out seasonal inventory, making room for new models or trying to boost sales during slower shopping periods. That's why timing can matter just as much as the item you're purchasing. Buying a refrigerator during a major holiday sale, waiting until the end of summer for patio furniture or shopping back-to-school promotions for electronics can often lead to bigger discounts than shopping during a headline-grabbing sales event.

Instead of focusing on a single shopping holiday, it helps to look at the retail calendar as a whole. Certain products tend to go on sale at the same times every year, making it easier to plan larger purchases and avoid paying full price. Here's a month-by-month guide to some of the best times to buy household goods, electronics, seasonal items and more throughout 2026.

January

Best buys: TVs, fitness equipment, gym memberships, bedding, towels, linens, holiday décor and winter clearance items

January is one of the strongest months for bargain hunters. Retailers heavily discount TVs ahead of the Super Bowl as shoppers upgrade their home entertainment setups. You’ll often find markdowns on large-screen TVs, soundbars and streaming devices throughout the month.

Fitness equipment and gym memberships also go on sale as companies capitalize on New Year’s resolutions. Expect deals on treadmills, weights, exercise bikes and fitness subscriptions.

January is also prime time for clearance shopping. Holiday décor, wrapping paper and winter seasonal items are deeply discounted after Christmas. Many department stores also hold traditional "white sales," which focus on bedding, towels and linens.

February

Best buys: Mattresses, furniture, appliances, winter apparel and winter sports gear

February is one of the best months to find deals on big-ticket household purchases thanks to Presidents Day sales. Mattress retailers often compete aggressively during the holiday weekend, offering deep discounts, free delivery and bundle deals that can rival some of the best promotions of the year.

Furniture stores also begin clearing older inventory to make room for new spring collections. If you're shopping for a sofa, dining table, bedroom set or other large furniture purchase, February can be a good time to buy before new styles arrive and prices reset.

You'll also find growing clearance sales on winter clothing, boots and cold-weather gear as retailers shift their focus to spring merchandise. Ski, snowboard and other winter sports equipment may also be marked down as the season winds down.

March

Best buys: Vacuums, carpet cleaners, storage and organization products, tax software, and lawn and garden supplies

March is a strong month for home organization and cleaning deals as retailers lean into spring-cleaning season. Shoppers can often find discounts on vacuums, carpet cleaners, storage bins, shelving units and other products designed to help tackle household projects after winter.

Tax software providers also frequently offer promotions as the filing deadline approaches, particularly on basic and DIY filing packages. If you haven't filed yet, March can be a good time to compare pricing and take advantage of limited-time discounts.

You'll also begin to see early-season deals on lawn and garden supplies before demand peaks later in the spring. Purchasing outdoor tools, hoses, planters and gardening essentials early may help you avoid higher prices later in the season.

April

Best buys: Airfare, hotel stays, smartphones, tech devices, luggage, outdoor gear and camping equipment

April can be a surprisingly good month for travel deals. As part of the spring shoulder season — the period between winter travel and peak summer vacation demand — travelers may find lower airfare and hotel rates, especially if their plans are flexible.

It's also a good time to shop for slightly older smartphones and tech devices. Retailers sometimes offer discounts on existing models ahead of anticipated summer and fall product launches, creating opportunities to save without sacrificing many features.

Outdoor gear, luggage and camping equipment can also be attractively priced before summer demand ramps up. Buying early may help you avoid the higher prices that often arrive closer to peak travel and camping season.

May

Best buys: Appliances, patio furniture, grills and mattresses

May is one of the best shopping months of the year thanks to Memorial Day sales. Large appliances, including refrigerators, washers, dryers and dishwashers, often see significant discounts as retailers make room for newer inventory arriving later in the year.

Patio furniture and grills are also heavily promoted ahead of the summer entertaining season. While the deepest clearance prices typically arrive at the end of summer, May sales can still offer strong value while providing a broader selection of styles and models.

Mattresses remain another major Memorial Day sale category, giving shoppers a second opportunity to find deals after Presidents Day promotions.

June

Best buys: Tools, grills, lawn equipment, home improvement products, cookware, small kitchen appliances and fine jewelry

June offers a mix of seasonal promotions and holiday sales that can create savings opportunities across several categories. Father's Day sales often drive discounts on power tools, lawn equipment, grills and garage organization products, making it a good time for homeowners and DIY enthusiasts to shop.

The month is also closely tied to wedding season, prompting retailers to offer deals on cookware, small kitchen appliances and fine jewelry as they target gift buyers and newlyweds. If you're furnishing a kitchen or replacing household essentials, June sales can provide opportunities to save.

In recent years, June has also become a major month for online shopping events. Retailers such as Amazon, Walmart and Best Buy frequently launch summer sales and competing deal events ahead of peak back-to-school and holiday shopping seasons. While timing varies from year to year, shoppers may find discounts on electronics, smart-home devices, laptops, TVs and everyday household items throughout the month.

July

Best buys: Electronics, laptops, tablets, TVs, smart-home devices, furniture, mattresses and summer apparel

July has become one of the biggest shopping months of the year thanks to major mid-summer sales events. Retailers compete aggressively for shoppers' attention, creating opportunities to save on electronics, tech products and smart-home devices. Laptops, tablets, headphones, TVs and other popular gadgets are frequently among the most heavily discounted categories.

Fourth of July sales can also bring strong deals on furniture and mattresses as retailers use the holiday weekend to attract shoppers making larger household purchases.

By mid- to late July, many stores begin marking down summer clothing, footwear and seasonal apparel to make room for incoming fall inventory. Shoppers who don't need the latest styles can often find some of the season's best clothing discounts during this transition period.

July sales happening now:

Home Goods and Decor

• Crate & Barrel

• Macy's

Furniture

• Ashley Furniture

• Gardner White Furniture

Grills and Outdoor Living

• Home Depot

• Sam's Club

• Target

August

Best buys: Laptops, tablets, office furniture, dorm essentials, desks, office chairs, organizational products, summer apparel and jewelry

August is one of the best months to shop for back-to-school deals. Retailers frequently discount laptops, tablets, printers and other technology products while offering bundles that include accessories, software or student-focused incentives.

The back-to-school shopping season also creates savings opportunities on office furniture, including desks, office chairs and organizational products. Even shoppers who aren't students can often benefit from these promotions when setting up a home office or workspace.

Meanwhile, summer clothing and seasonal apparel typically move deeper into clearance as retailers prepare for fall merchandise. Some jewelry categories, including engagement rings, may also see softer pricing before demand begins to increase ahead of the holiday shopping season.

September

Best buys: Vehicles, grills, patio furniture, gardening tools and appliances

September can be an excellent time to shop for a vehicle. As dealerships begin making room for next year's inventory, outgoing model-year vehicles may be discounted to encourage sales. End-of-quarter sales goals can also create opportunities for buyers to negotiate more aggressively on price, financing or trade-in offers.

It's also one of the best months to find clearance deals on outdoor living products. Grills, patio furniture, gardening tools and other seasonal items are often heavily marked down as retailers shift their focus to fall and holiday merchandise.

Appliances may also see promotional pricing during September as manufacturers and retailers prepare for new model introductions and year-end sales events.

October

Best buys: Lawn equipment, camping gear, outdoor recreation products and post-Halloween clearance

October is a transitional shopping month that can offer overlooked bargains for shoppers planning ahead. As colder weather approaches in many parts of the country, retailers often begin clearing out lawn equipment, camping gear and outdoor recreation products to make room for winter inventory.

Some retailers also start rolling out early holiday promotions on electronics, home goods and seasonal gifts ahead of the major shopping events that arrive in November. While the biggest deals may still be weeks away, October can provide opportunities to buy before inventory becomes limited.

One of the best savings opportunities comes immediately after Halloween. Costumes, decorations, party supplies and seasonal candy are often marked down significantly as retailers clear remaining inventory. Shopping post-Halloween sales can be a smart way to stock up on costumes for future school spirit weeks, themed work events and next year's celebrations at a fraction of the original price.

November

Best buys: TVs, laptops, gaming systems, smart-home devices, small appliances, streaming services and holiday gifts

November remains the heavyweight champion of shopping deals. Black Friday and Cyber Monday continue to deliver some of the year's best discounts on TVs, laptops, gaming systems, smart-home technology and small appliances. Retailers often compete aggressively in these high-profile categories to attract shoppers and drive traffic.

Holiday gifts, kitchen gadgets, coffee makers, air fryers and other popular household products also see widespread promotions throughout the month. Many retailers extend sales well beyond Thanksgiving weekend, giving shoppers more opportunities to compare prices and avoid the rush.

November is also one of the best times of the year to save on streaming services. Providers frequently offer limited-time promotions on both new and returning subscriptions, making it a good month to lock in discounted rates on entertainment services for the year.

Despite the abundance of deals, not every sale represents a true bargain. Comparing prices ahead of time, using price-tracking tools and sticking to a shopping list can help shoppers avoid impulse purchases during the year's biggest sales events.

December

Best buys: Vehicles, holiday décor, toys, winter apparel, storage containers and travel bookings

December can offer surprisingly strong savings opportunities, especially for car buyers. As dealerships work to hit month-end, quarter-end and annual sales goals, shoppers may find some of the year's best opportunities to negotiate pricing on new vehicles.

After Christmas, retailers begin clearing out holiday inventory, leading to steep markdowns on decorations, wrapping supplies, toys, gift sets and seasonal merchandise. Winter apparel may also see discounts as stores look ahead to spring inventory.

Post-holiday clearance sales can be an especially good time to buy storage totes, ornament organizers and other storage solutions. Purchasing these items after Christmas can help you protect holiday decorations and family keepsakes while paying a fraction of peak-season prices.

December can also be a smart time to start planning next year's travel. Booking flights, accommodations and other travel arrangements early, particularly for popular summer vacation periods, may help travelers secure lower prices before demand increases in the months ahead.

The best strategy isn't always buying immediately

Retailers often rely on urgency and impulse buying to drive sales, but many products follow predictable discount cycles throughout the year.

Waiting a few weeks — or even a few months — for the right sales window can significantly reduce the cost of major purchases without sacrificing quality. Whether you're shopping for a new TV, appliance, mattress or vehicle, buying at the right time can lead to savings.

If you're looking to stretch your budget in 2026, timing your purchases strategically may be one of the simplest and most effective ways to save money.

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Tipping has always been part of everyday life, whether you're dining out, getting a haircut or ordering food delivery. But in recent years, you may have noticed that tip prompts seem to be appearing in more places than ever before.

At the same time, inflation has pushed up the cost of restaurant meals, personal services and other everyday expenses. That means even when you're leaving the same percentage tip you always have, the dollar amount is often higher simply because the bill is higher.

The result is that many people are taking a closer look at their tipping habits and wondering what's expected, what's optional and how to be generous without stretching their budget too thin. Some services still have well-established tipping norms, while in other situations, gratuities are entirely up to the customer. Understanding the difference can help you make confident decisions the next time you're faced with a payment screen asking for an extra 20% or more.

Here's a practical guide to who to tip, how much to tip and when it's perfectly reasonable to skip the extra charge.

The services where tipping is still expected

Today, customers are being asked to tip almost everywhere. Digital payment screens now appear at coffee shops, bakeries, food trucks, self-checkout counters and even some retail stores.

Shoppers and media outlets began using the term "tipflation" to describe the combination of rising prices, higher suggested gratuities and tip requests appearing in more everyday transactions. Meanwhile, workers in many service industries continue to rely on tips as a significant part of their income.

While tipping norms continue to evolve, there are several situations where gratuities remain an established part of compensation.

Places where tipping is optional

Not every tip prompt requires a tip. Many people encounter gratuity requests in situations where tipping was uncommon just a few years ago, including:

• Coffee shops
• Frozen yogurt shops
• Retail checkout counters
• Self-service kiosks
• Grab-and-go food counters
• Convenience stores

In these situations, tipping is usually optional rather than something customers are expected to do. That doesn't mean you should never tip.

If a barista remembers your order, prepares a complicated custom drink or provides exceptional service, leaving a dollar or two can be a thoughtful gesture. Likewise, if a worker goes above and beyond to help you, a small gratuity may be appropriate.

However, customers shouldn't feel obligated to leave 20% simply because a payment screen suggests it. If there is little or no personalized service involved, selecting "No Tip" or entering a smaller custom amount is perfectly reasonable.

Should you tip on the pre-tax amount or total bill?

Traditional etiquette suggests calculating tips based on the pre-tax subtotal rather than the final amount after sales tax. While many people tip on the total bill because it's easier, tipping on the subtotal avoids paying a gratuity on taxes as well.

In the example below, tipping 20% on the pre-tax bill results in a $16 tip, while tipping 20% on the total bill results in a $17.60 tip.

Restaurant bill:

• Food and drinks: $80
• Sales tax: $8
• Total bill: $88

The difference isn't enormous on one meal, but it can add up over time.

Either method is acceptable, but tipping on the pre-tax subtotal aligns with traditional etiquette guidelines.

How inflation changes the math

One reason tipping feels more expensive today is that menu prices and service costs have increased significantly. Consider a restaurant meal that cost $50 in 2020. A 20% tip would have been $10.

Now imagine that same meal costs $70 in 2026 due to higher food, labor and operating costs. A 20% tip jumps to $14. The tipping percentage hasn't changed, but you're spending 40% more because the underlying bill is higher.

That's one reason many diners feel stretched. They're paying more for the meal itself and more for the gratuity attached to it.

Inflation and higher suggested tip percentages have combined to create what many describe as tipping fatigue. At the same time, workers are also facing higher living costs, creating tension on both sides of the transaction.

What to do when the payment screen starts at 25%

Many modern payment systems now display suggested tip options of 20%, 25% or even 30%. Seeing those numbers can make consumers feel pressured to spend more than they planned.

The good news is that you almost always have another option.

Most digital payment systems include a "Custom Tip" button that allows you to enter your own amount. If your personal standard is 15% or 18%, you can simply select a custom gratuity instead of choosing the suggested options.

A quick way to estimate a tip:

• 10% = move the decimal one place left
• 20% = double the 10% amount
• 15% = calculate 10% and add half of that amount

For example:

• $50 bill
• 10% = $5
• 20% = $10
• 15% = $7.50

Experts generally agree that customers shouldn't feel guilty for choosing a reasonable gratuity that fits their budget and aligns with the level of service received.

Create your own tipping rules

One of the easiest ways to reduce tipping stress is to establish personal guidelines before you're standing at the register.

You might decide:

• Always tip 20% at sit-down restaurants.
• Tip food delivery drivers at least $5 or 15%.
• Leave $1 at coffee shops for custom orders.
• Skip tips at self-service kiosks.
• Tip more during bad weather or when service exceeds expectations.

You can also create a monthly "tipping budget" just as you would for dining out or entertainment expenses.

Having a plan helps remove the guilt and uncertainty that many feel when confronted with endless tipping prompts. Instead of reacting to pressure on a screen, you're simply following rules that fit your finances and values.

Tipping doesn't have to be stressful

Tipping culture continues to evolve, but customers don't have to feel obligated to tip everywhere they're asked.

A practical approach is to prioritize workers who traditionally rely on gratuities, understand where tipping is optional and set personal guidelines that fit your budget. With inflation continuing to strain household finances, consistency matters more than giving in to every suggested tip screen. In these cases, it's perfectly reasonable to decide your tip amount based on your budget and the experience you had.

Need help building a financial plan? Use the tool below, powered by Bankrate, to connect with a financial professional who will help you reach your financial goals.

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Last month, Amazon announced anyone with a Kindle built before 2013 will no longer have access to the Kindle Store, Kindle Unlimited or the "send to Kindle" service. The news effectively meant that older Kindles would be almost useless.

If your device was among the models affected, this year's Amazon Prime Day sale is the perfect opportunity to snag the upgraded device you need at a discount.

Whether you're shopping for a brand new eReader or looking for something used but still in good condition, this week, the major online marketplace is packed with plenty of discounted tech to save you money. To help you find the right replacement for your old eReader, here's a roundup of the best Amazon Prime Day deals on Kindles this week.

Best Prime Day Kindle deals to shop now

To get the most time out of your next Kindle purchase, it helps to buy brand new. Since companies tend to stop providing support after a few years and, in Amazon's case, may even remove features, you can get the most years out of your next Kindle before support ends by getting the latest model.

If you get that latest model during the Amazon Prime Day sale, you can stretch your dollar even further by paying less than full price. With that in mind, here are the best Amazon Prime Day Kindle deals available right now:

Tips for buying a used Kindle on Amazon

If you held onto your last Kindle long enough that Amazon cut support for it, even a used Kindle that's a couple years old will feel like a major upgrade in features and functionality.

And you can often find prices even lower than the best Prime Day deals on the latest models if you browse Amazon Resale, the major retailer's used marketplace.

But there is a catch. Buying used tech means you have to be careful about the quality and condition of the device you're buying. Since Amazon's marketplace can be a little confusing to navigate, here are a few tips to get your money's worth when shopping used:

• Choose "like new" condition: Amazon rates the condition of used items on its website on a scale of "as is" to "like new." While even the worst condition products should still be functional, tech is one of those categories where you want to stick as close to new condition as possible.
• Note the return policy: While there are some things you can't return to Amazon, used products aren't on the list. Still, you will have a limited window of time during which you can get a refund. As soon as the Kindle arrives, test out all the features a few times over to make sure everything works as expected. That includes page navigation, charging speed, downloading books, browsing your library and other key features you need for a smooth reading experience. That way, if something is off, you're well within the return window to get your money back.
• Check the seller: Your best bet is to go with a Kindle that's shipped and sold by Amazon directly. But depending on the model you're looking at, the device in the best condition might be from a third-party seller. If that's the case, make sure the seller has a strong rating (with many reviews) and then double check their return policy, as it can differ from Amazon's standard return policy.

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Amazon Prime Day is here. This is a four-day sales event running from Tuesday, June 23, through Friday, June 26.

While many of these sales don't have deep discounts, I use them as a chance to score discounts on items that improve my home's functionality and safety. On this end, Prime Day doesn't disappoint.

But first, make sure you have an Amazon Prime membership to shop the event. If you don't have one and you're new to Prime, you can sign up for a 30-day free trial. Now, here are a few items that can give you peace of mind, improve your home's functionality and potentially save you money.

This deal protects your biggest asset

I bought an older home a few years ago, and one of my main concerns was its electrical. Then, I found out about the Ting sensor. It's a smart home sensor you plug into a wall that detects electrical irregularities that could result in a house fire.

Once you install the plug, you download the free Ting app on your phone to monitor it. You'll receive real-time alerts when it detects issues. Some issues it detects include micro-arcing, caused by faulty wiring, malfunctioning devices or loose connections.

Now, I have peace of mind knowing that if any hazards arise, I can fix them before a fire occurs. During Prime Day, you'll save $20 on a Ting sensor.

This deal adds another layer of protection to your home

Smart locks are among the smartest home security upgrades you'll make. They're easy to install. And I like them for the convenience and security they offer.

These devices typically feature a keypad for PIN codes or biometric sensors, allowing you to secure your home without fumbling for physical keys. You can install them on any entry point, such as your front door, and even assign temporary codes for guests or service providers.

Worried you didn't lock your front door when you left home? Access the app and lock it remotely, instead of driving back home. You should also look for ones, like the one I recommend here, that offer weatherproofing and battery backup, so you still have access during a power outage.

And during Prime Day, you can save up to $65 on this option:

Lower your home's energy costs with this deal

Electric bills continue to surge. With the summer months driving up demand, the average household will spend 10.5% more, per the National Energy Assistance Directors Association.

The main culprit behind your energy costs? Your air conditioner. This is where a smart thermostat helps you control costs. If you plan to be away from home for days or weeks at a time, you can set your thermostat at a higher temperature. This reduces the demand placed on your AC unit and the energy it uses.

Over time, setting your thermostat by 7 to 10 degrees warmer when you're away from home lowers your energy costs by around 10%. This could equate to hundreds of dollars per year. On top of that, you can save $50 on a new unit during Prime Day.

Ultimately, while Prime Day isn't overflowing with deep discounts, it doesn't mean you can't find good deals. Being strategic when shopping can help you find deals that add value to your home, both now and into the future. These three deals represent ways you can improve your home's functionality, ensure it remains safe and save money on energy costs.

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When people talk about closing costs and other expenses to prepare for when you buy a new home, they often forget to mention furniture, gadgets and new decor. And after 15 years of living in apartments, when I moved into a house, there was a lot to purchase.

Suddenly, I had a separate dining room. And a living room that can fit an L-shaped couch. And a kitchen with enough storage space to finally fit my KitchenAid stand mixer. A backyard where we could grill! A basement where we could work out! Wonders never ceased, but those wonders have a price attached.

My husband and I have been slowly filling up the space, and I try to take advantage of sales seasons so we can save at least a little on all the purchases. Now is a great time to do that as Amazon Prime Day kicks off this week, setting off sales at other retailers, and as we approach annual Fourth of July season sales. We're starting our first full summer in the house, and here's what I'm looking out for. If I already made (or am specifically planning to make) a purchase, I'll let you know what I went with.

Items for hosting

One of the best parts of having a house is getting to host your friends and family, but it helps to have some key supplies. Here's what I'm looking at.

Drink pitchers

My ideal symbol of hosting is a pitcher of iced tea or lemonade at the ready when someone comes over, so I need pitchers. I looked for a glass pitcher over plastic so I can potentially run it through the dishwasher, but mostly so I don't have to think about microplastics.

Amazon option: This 1-gallon square pitcher has a strainer option on its lid, which is useful if you're making something like sangria or lemon-infused water. The list price is $41.23, and it's currently listed for $32.99.

Alternative option: This 64-ounce glass pitcher from Walmart is smaller than the Amazon option but has a more appealing design. It's typically $13.99 but currently lists for $12.59.

What I ended up getting: The lidded options are definitely functional, but I liked the aesthetic of this 80-ounce glass pitcher from Crate & Barrel for $14.95. If you've just moved, Crate & Barrel has a "new mover" promotion for a discount.

Drink dispensers

Along with multifunctional pitchers I can use for bringing water to the dining room table, I wanted a glass drink dispenser I could use for making batch cocktails.

Amazon option: This highly rated dispenser comes with a blackboard sign so you can write what the drink is along with the dispenser. It comes in 1-gallon, 1.5-gallon, and 2-gallon sizes, and it also has the option of getting two dispensers that sit side-by-side on a stand. There is a Prime Day Deal on it, and the 1-gallon set of two with a stand is $32.75 (list $38.99).

Alternative option: Target has a lot of handy home goods, including this stylish 1.8-gallon dispenser with a wooden stand. It's $34.99.

What I ended up getting: We're back at Crate & Barrel with a splurge: This 1.5-gallon dispenser with a marble stand is on sale as part of the company's 4th of July Warehouse Sale. Originally $154.90, it's 10% off.

Cornhole set

If you're having friends and family over, it's nice to have a noncommittal activity available to them, like cornhole. I thought this would be a simple purchase, but there are many different cornhole set options available, from regulation-sized to strictly portable. Let's get into it.

Amazon option: Amazon Basics has a portable set available made out of plywood. It has 4.5 stars from 2,500 reviews and is priced at $73.49.

Alternative options: You can get a Rec League regulation-sized set from Dick's Sporting Goods. It's usually $169.99 but is on major sale for $99.98.

REI sells a backpack cornhole game if you want one to be able to bring somewhere easily, for $39.95.

What I ended up getting: Believe it or not, this was a Costco purchase. Costco has a basic GoSports all-weather set with a simple but classic design. It's $159.99. If you're not already a member, you can get $40 back on a Costco membership.

Backyard fun

I'm excited to have a backyard to relax in. Here's what will make it more fun.

Grill

It's not a backyard summer without a grill. Grills come in all shapes, sizes and price points, so this is where it would help to do some research and pick out what you want, then see if it goes on sale.

Amazon option: Amazon has many Traeger grills, including this portable electric wood pellet grill and smoker. There is a Prime Day Deal on this for $422.61 (list price $499.99).

Alternative option: Lowes has some short-term sales on grills now, including this black pellet grill from PitBoss that has smart compatibility. Normally $749, it's $649 until June 24.

What I ended up getting: Following a friend's lead, we want to get a Weber grill — and you can get those at Costco, with delivery available. This gas grill, for example, is currently $110 off through June 28, coming in at $889.99. There's also a promotion going on through July 25 to save money if you buy multiple Costco Direct items on the same order. If you're not already a member, you can get $40 back on a Costco membership.

Patio umbrella

I was lucky to get a set of patio furniture from my parents that they didn't use anymore, but it's missing an umbrella. Here are some new options.

Amazon option: This 9-foot table umbrella comes in a multitude of colors and has 4.4 stars from over 5,000 reviews. The list price is $58.99, and it's currently on sale with a Prime Day Deal for $39.99.

Alternative options: If you don't have a table to put the umbrella in, try this 15-foot umbrella with a base from Walmart. It's typically $209.99, but certain colors are on sale for $119.99.

If you're a Sam's Club member, check out their patio furniture option. This 10-foot cabana umbrella is selling for $159.97.

Inflatable pool

If you don't buy a house with a pool, you might as well get the next best thing. Inflatable pools are great to have handy if you have grandchildren or nieces and nephews who visit — or if you're an adult who wants to relax outside on a hot day without going to a public pool.

Amazon option: This actually is the option I'm purchasing, based on a recommendation from a friend: An inflatable "tanning pool" lounger made for adults with a pillow to lean back on and cup holders for your lemonade. An extra-large option is typically $45.99 but is currently on sale with a Prime Day Deal for $31.99.

Alternative options: If you're looking for something more for kids, Target has an inflatable pool with a play center and a mini slide. It's usually $117.99 but is on sale for $45.99 (a whopping 61% off), and it has just over four stars from 79 reviews.

If you want something to imitate a real backyard pool, Walmart has an above-ground inflatable pool. A 12-foot version is usually $169.99 and is currently on sale for $109.99.

Summer activities

An exciting part of moving to a new place is getting to explore its public spaces. My new town has a lake and parks accessible to residents, as well as lots of summer concerts and movie screenings. Here's what I'm looking at to make the most of those resources.

Picnic blanket

Whether you're heading to a park or a beach, it's helpful to have a large picnic blanket. Here are some options I found.

Amazon option: This large beach blanket is made with sand in mind, and it has 4.7 stars from over 14,600 reviews. The list price is $28.98, and it's currently on sale with a Prime Day Deal for $18.97.

Alternative option: Target has an extra-large picnic blanket (70 by 80 inches) that's quilted for extra comfort. It's usually $39.99 and is currently on sale for $25.59.

What I ended up getting: I envision using this mostly for relaxing at a local park, so I needed something large and water-resistant for dewy grass. This XL picnic blanket tote from Macy's seems to fit the bill, according to reviews. It's usually $80 but has a Limited-Time Special price of $48.

Beach towels

I wanted to make sure I had extra beach towels so I have something to offer visiting friends if we go to the town pool. Here's what I looked at.

Amazon option: Amazon Basics has a couple of options of 100% cotton beach towels with the classic cabana stripe design. Their list price is $23.26.

Alternative options: If you want to get a few towels to have on hand, Walmart has a 4-pack of colorful beach towels. Usually $40.99, it's on sale for $29.99.

What I ended up getting: This was another Macy's purchase for me during their most recent sale: Striped cotton towels from The Beach House. Their list price is $50 each, but they currently have a Today Only price of $16.99.

Practical items

Now, living in a house is not all fun (inflatable pool!) and games (cornhole!) all the time. There's also upkeep to take care of. Here's what I'm managing, if it helps give you ideas.

Smart thermostat

Pretty much every time there's a sale season, I check for sales on smart thermostats so I can slowly but surely change out my outdated system.

Amazon option: Amazon has its own branded smart thermostat that you can link up with your Alexa. The list price for one thermostat is $79.99, and it's currently on sale with a Prime Day Deal for $57.99.

Alternative option: You can also buy thermostats directly from the manufacturer. Many HVAC experts I've talked to speak highly of the Ecobee; the Premium thermostat is usually $259.99, but is currently on sale for $209.99.

What I ended up getting: Once you start with one system, you basically have to keep going with it, so I always look for sales on Google Nest thermostats. A 4th gen learning thermostat is on sale at Best Buy for $239.99 (list price $279.99).

Dryer vent cap

This is a small detail, but homeowners know the value of paying attention to small details. In this case, a proper dryer vent could mean the difference between enjoying your summer or spending your summer fending off a wasp nest in your dryer vent.

Amazon option: Amazon offers a 4-inch dryer vent cover with a magnetic door and lint trap. It's usually $12.99 but has a Prime Day Deal for $9.99.

Alternative option: If a magnetic door seems a bit too much, Walmart has this classic dryer vent cover designed for airflow. It's $10.

What I ended up getting: My dryer vent is a good target for birds because of where it is on the house, so I went for this airtight dryer cover from Home Depot. It's $19.97.

Weeding tool

As your yard soaks in the sun and warmth, so do weeds. If you, like me, are in a battle against weeds, here are some good buys.

Amazon option: When I told the editor of the Kiplinger Retirement Report that I'd started gardening, he told me I needed to get a Japanese weeding tool for the most efficiency. This weeding sickle from Suizan is on Amazon for $27.80, and I'm keeping an eye out to see if it goes on sale.

Alternative options: Target has a 40-inch weed puller tool that allows you to do more while standing. It's usually $69.99 and is on sale for $39.99.

You could also skip the individual tools and invest in a whole set. Home Depot has a 9-piece gardening tool set with a functional tote bag from Misopily. It's usually $77.62 and is on sale for $72.27.

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My paralegal let me know I had a call waiting from a woman who teaches broadcast journalism. She wanted to discuss serious issues facing university students who find themselves caught in a trap because of the employment contract they signed when they were hired as a broadcast journalist.

I took the call, from "Rachel," who first wanted assurance that our conversation would be confidential. After I assured her it would be, she told me that she was calling about employees on the news teams of local TV stations owned by giant corporations "being forced to continue working when they want to quit.

"Viewers have no idea of this abuse, and depending on where you live and which local television stations you watch, often the nice young people — typically in their first job in TV news right after graduation — realize it isn't for them and don't want to be there, but they are, practically speaking, forced to continue working or suffer thousands of dollars in penalties.

"One of my former students is going through a serious depression as we speak, mugged financially by management at a television station she wants to leave. "Mr. Beaver, your column is popular in university mass communication departments, and you can do so many young people a great service by writing about this abuse."

So, how can this happen in today's America? Two things: Supply-and-demand and a corporate management philosophy among some broadcasters that views their employees as disposable.

It's not all glamor

If you live in almost any U.S. city with a population of less than 500,000 and watch local television, no doubt you've seen a revolving door of new "talent" delivering the news.

Every few months, new faces appear — some are absolute standouts — only to vanish, sometimes within months, for greener pastures. Often, viewers see people who just do not belong on the air. So, why have they been hired?

"There is a very good reason," Rachel explained. "There is an absolute glut of students majoring in broadcast journalism. When we ask our students why they chose this field, the most common answer comes down to their perception of television news as 'glamorous.'

"In reality, a broadcast newsroom is often one of the most toxic places in journalism, and sadly, it isn't until the graduates land jobs that the truth hits some of them.

"There is, in addition, a perception that these people we see on our local news are extremely well paid. So many students see young people like themselves on the news wearing what appears to be expensive clothing and do not realize this is fantasy."

TV reporters qualifying for food subsidies

How much would you figure is reasonable pay for a new graduate in a local television news department in cities with population of less than 500,000?

"First-job reporters in small markets are paid from $12 to $16 an hour, and many across the country (receive SNAP benefits). The low pay and exploitation in television news would shock viewers if they knew," Rachel said.

"This is a shrinking industry," she added, "with massive consolidation, layoffs and contractual traps. Sixty-five percent to 75% of broadcast graduates never enter TV news, and among the 25% to 35% who do, about 50% to 60% leave within two to three years.

"Only about 10% to 15% of broadcast journalism majors stay in TV news long term."

Reimbursement is required

Rachel sent me several employment contracts that her students have signed with a number of broadcasters. Most of them had this type of a clause:

If you quit before the expiration of your contract, we have the right to recover from you up to one half of your last six months compensation to reimburse us for publicizing you as a team member, training, clothing allowance and much more.

It isn't rocket science. From what I have seen, the repayment amounts are not tied to actual costs or a justifiable estimate of damages, and the intent appears to be to punish the employee for quitting, plain and simple.

Many of these provisions are unconscionable.

States have differing laws in the area

In California, it is illegal to require repayment of wages, and virtually none of this is legal, but that is not the case in several other states where employer rights dominate.

The effect of this language is clear: It restricts employee mobility and violates public policy in some jurisdictions.

As far back as 1911, in Bailey v. Alabama, the Supreme Court struck down a law that criminalized quitting after receiving an advance, holding that, "You cannot force someone to work or punish them for quitting in a way that effectively forces them to stay."

The court said this created a system of involuntary servitude, which, as we all know, was outlawed with slavery in 1865 when the 13th Amendment to the U.S. Constitution was ratified.

My recommendation

When offered a job and handed an employment contract, any broadcast journalism graduate — or anyone — needs to schedule a consultation with a labor and employment attorney who represents employees.

Don't just sign the contract!

Often, employers will include language in employment contracts that they know is not enforceable, hoping that, out of an applicant's desperation to get a job, they will sign anything.

For several years, I was an "action reporter" in local television and enjoyed the experience, but I know too many people who grew tired of being nomads, going from city to city every two to three years, station to station, discovering it wasn't what they'd ever expected. They opted for a more normal life with family, kids, a promise of tomorrow and a real home.

Dennis Beaver practices law in Bakersfield, Calif., and welcomes comments and questions from readers, which may be faxed to (661) 323-7993, or e-mailed to Lagombeaver1@gmail.com. And be sure to visit dennisbeaver.com.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

As Americans face rising costs on just about everything, the amount of debt they're taking on is going up, too. Credit card balances recently reached a record $1.28 trillion. And according to credit-reporting company Experian, 38% of U.S. consumers now have a personal loan, with the number of these loans on credit reports reaching 67.5 million. Both of those figures represent the highest levels since Experian started collecting data in 2017.

For some, the strain of staying afloat is becoming more evident. The financial stress index from the National Foundation for Credit Counseling (NFCC), which reflects the financial ability of consumers to repay unsecured debts, recently hit its highest level since the NFCC began tracking it in 2018.

“I'm not surprised. I see a lot of people dealing with short-term financial pressure, and it's been going on for a while,” says Leah Hadley, a wealth adviser in Cleveland. A large, unexpected bill can leave households with no choice but to take on debt if they don't have a cash buffer to absorb the extra expense. (Or they may tap their retirement savings. Last year, about 6% of eligible participants in Vanguard 401(k) plans took a hardship withdrawal — an all-time high.) And while the unemployment rate was recently a relatively low 4.3%, the average time it takes job seekers to find work is the longest it has been since 2019. During an extended bout of unemployment, families may rely on credit or retirement savings to make ends meet.

But economic challenges are only part of the picture. Even financially comfortable households are borrowing more frequently rather than paying cash, says Derik Farrar, head of everyday banking and borrowing at U.S. Bank. Some are taking on loans strategically to fund, for example, a badly needed home renovation, while others are incurring debt to keep up with lifestyle inflation — say, upgrading to high-end cars or taking luxury vacations.

Another factor is how much easier it has become to borrow, and to borrow larger amounts, with the click of a button. Financial technology companies such as SoFi, Prosper and LendingClub, for example, let consumers take out personal loans online in as little as 24 hours, without ever speaking to a representative. Buy now, pay later (BNPL) plans from fintechs such as Affirm, Afterpay and Klarna have surged in popularity in recent years, allowing shoppers to delay payment on purchases big and small by signing up for a plan at online checkout. And major retailers, airlines and hotels tout their credit cards to customers, promising ample rewards on their spending — but with the potential to rack up high-rate debt, too.

While borrowing may be quicker and more convenient, the challenge of paying it back remains. Even a decent income isn't surefire protection against debt trouble. People seeking credit counseling now have an average household income of about $70,000, up from $40,000 before the COVID-19 pandemic, according to data from the NFCC.

Ideally, you'll have an emergency fund with at least three to six months' worth of living expenses, stored in a safe, easily accessible place, such as a bank savings account. But if you exhaust those funds — or haven't built them yet — you may have to look to other sources of cash in a pinch. Or, if you need extra money to finance a big project, such as a kitchen remodel, you may be looking to narrow down the best borrowing strategy.

If you decide to borrow, the key is understanding how the loan fits into your finances and how you'll repay it. This guide breaks down the main borrowing options and how to use them effectively.

Questions to ask before getting a loan

Before taking on a loan, step back and ask a few key questions. The answers can help you decide whether borrowing makes sense and, if so, determine how you'll repay the debt.

1. What are you borrowing for? Productive vs unproductive debt

Anytime you consider taking on debt, ask what you're getting in return and how long that benefit will last. For example, borrowing to renovate your home or launch a business can improve your finances over time, boosting your home's value or increasing your income and net worth.

Debt that covers short-term spending, such as shopping for designer clothes or going on a vacation, is less valuable and doesn't build wealth. Farrar frames the former as productive debt and the latter as unproductive, adding that unproductive debt should be minimized.

2. Can you reduce how much you need to borrow?

If you decide to get a loan, try to maximize how much of the expense you can cover yourself, limiting the amount you borrow. Even a small reduction in the loan balance can lower your monthly payments and make the loan easier to repay.

Start by reviewing your budget and identifying areas to cut back on discretionary spending, such as dining out or subscriptions. “People don't always realize how much they're spending until they actually sit down and look at their budget,” says Michael McAuliffe, president of Family Credit Management, a nonprofit debt-relief organization in Rockford, Illinois.

You can also look for ways to bring in additional income through part-time or gig work. This is especially important if you're borrowing to cover ongoing expenses. “In this situation, more loans are not the answer. People need to change their long-term habits,” says McAuliffe.

3. Can you afford to pay off the debt?

Make sure you can comfortably handle the monthly payments on any future loans. This is especially important with secured debt, which is backed by an asset; missing payments can put your home or retirement savings at risk. And keep in mind that being able to make the minimum payment doesn't necessarily mean the debt is affordable in the long run.

McAuliffe says that he has seen clients underestimate their total outstanding balances by tens of thousands of dollars. For that reason, it's important to look beyond the minimums and have a clear plan for paying down the balance. A debt-repayment calculator can help you estimate how long it will take based on your target monthly payments.

4. Are you getting the best terms?

Once you've decided to borrow, the next step is to make sure you do so on the best possible terms. A little preparation can lift your chances of approval and help you qualify for lower interest rates.

Start by checking your credit reports and making sure your accounts are in good standing. You can get your report from each of the big three credit-reporting companies (Equifax, Experian and TransUnion) weekly for free at AnnualCreditReport.com. Are there any mistakes dragging down your credit score, such as a credit card issuer reporting a missed payment that you made on time?

You'll also want to gather basic documentation, such as recent pay stubs, bank statements and tax returns, especially if you're applying with a new lender. “The more you borrow, the more you’ll need to verify,” says Farrar. Working with a bank or credit union where you’ve already developed a relationship can improve your chances of qualifying. However, check with a few other lenders to see whether any of them offer you a better rate. Some lenders also provide prequalification tools that let you estimate potential rates without undergoing a credit check.

Types of loan: Consider your options

When it comes to a loan, the right choice for you depends on how much you need, how quickly you can repay the debt and what assets you have available to borrow against. Here are some options to consider.

Zero-interest credit card offers

For short-term borrowing, a credit card with a 0% introductory interest rate on purchases can be one of the most cost-effective options. These offers typically allow you to carry a balance for 12 to 21 months without owing any interest. If you pay off the balance in full before that window closes, it’s essentially a free source of borrowing. A few of the top options include Chase Slate, U.S. Bank Shield Visa and Wells Fargo Reflect, which all offer new customers a 0% rate for 21 months.

The trade-off: If you’re still carrying a balance after the promotional period ends, interest starts up, usually at a high rate, flipping an initially attractive offer into one of the most expensive sources of borrowing. The average credit card rate is about 24%, according to LendingTree. No-interest credit card offers make sense for smaller purchases that you can pay off relatively quickly, such as car repairs or furniture.

“I don’t have a problem with 0% offers as long as you treat them as a short-term bridge,” says Hadley. “You need a plan to get rid of the debt before the deal expires.”

Home equity lending

If you own your home, you may be able to borrow against its value through a home equity loan or a home equity line of credit (HELOC). To qualify, you typically need to have equity — in other words, the difference between the value of your home and the outstanding balance on your mortgage — of at least 15% to 20%. You'll also need to provide proof of income and have a decent credit score, usually of at least 680.

Home equity loans, which provide you with a lump sum of cash up front, come with a fixed interest rate and a set schedule of monthly payments that do not change. Average home equity loan rates were recently about 8%, according to Bankrate, though your rate will depend on how much you borrow, the length of the loan term and your creditworthiness. A home equity loan can make sense for a large, one-time purchase or expense, such as a home renovation project.

A HELOC is a revolving credit line that offers more flexibility, allowing you to borrow at your convenience, repay and borrow again over time. “Even if you don't see a need right away, having a HELOC in place can give you access to cash in an emergency,” says Kenyon Sutton, a financial coach in Jacksonville, Florida. If you set up a HELOC and then lose your job, for example, you can still borrow against it. HELOCs recently had an average rate of 7%, according to Bankrate. But the rate is usually variable, meaning your monthly payment can go up and down based on market conditions.

Because your home secures these loans, they typically come with lower interest rates and open the door to larger borrowing amounts than unsecured loans. While unsecured personal loans tend to max out at $50,000, home equity lending could allow you to borrow in the six figures or higher, assuming you have the equity to back it up.

The trade-off is the level of risk. If you miss payments, you could eventually lose your home. These loans also charge up-front origination fees of around 0.5% to 1% of the borrowed amount. And you can't turn to home equity loans if you're in a hurry. They take time to launch because the lender has to evaluate your home's value.

Personal loans

With a personal loan, you get a lump sum of cash and pay back the loan on a set schedule, usually between one and five years. You can see the scheduled repayments and total cost of the debt when you apply.

On average, interest rates on personal loans (at about 12% for those with decent credit) are lower than standard credit card rates. But unlike some credit cards, personal loans don't come with an initial 0% period, so you owe interest immediately. With that in mind, personal loans often make sense for borrowing that will take a few years to pay off, such as home improvements or a new appliance. Borrowers also commonly use personal loans to pay off their high-rate credit cards, refinancing the debt at a lower interest rate. You need to show proof of income to qualify for a personal loan, so don't count on getting one to cover expenses if you lose your job.

Personal loans are widely available through both online lenders and traditional banks or credit unions. Online lenders tend to offer a faster application process and approval, with funds often available within a day or two. Banks and credit unions take longer to process loan applications, but they can offer lower interest rates. And you may have a better shot at qualifying by getting in-person assistance from a representative, especially at financial institutions where you have a long-term relationship.

“Online is faster, but there's no one to advocate for you. There's less flexibility on the borderline,” says Sutton.

Buy now, pay later plans

BNPL plans split purchases into smaller payments, typically charging no interest during this time. The standard BNPL plan lasts six weeks, though it can be stretched out to 24 months or longer for larger purchases. Used responsibly, BNPL can be a tool to spread out the cost of the occasional big-ticket purchase — say, to buy a new dishwasher after your old one breaks down. But BNPL's convenience too often leads borrowers to overuse it, spending more than they can afford on food delivery, clothes or other discretionary purchases.

“The problem isn't the first BNPL purchase, it's that they keep adding up,” says Farrar from U.S. Bank.

You also need to pay attention to the fine print. In some cases, “no interest” offers come with a catch. For example, if the balance isn't paid off in time, borrowers may owe substantial penalties or retroactive interest.

401(k) loans

If you have a workplace retirement plan, there's a good chance it allows you to borrow from your balance. Roughly 79% of 401(k) plans offer loans, according to research from John Hancock. If your plan is among them, your employer determines how much employees can borrow through the program rules, up to the IRS limit of 50% of your vested account balance (the amount you could keep after leaving the job) or $50,000, whichever is lower. You must repay the loan within five years.

Unlike many other types of borrowing, getting a loan through your 401(k) doesn't require a credit check. The interest rate depends on the plan, but typically, it's the prime rate plus one or two percentage points. Recently, that equaled 7.75% to 8.75%.

While those features might make a 401(k) loan sound like an appealing route to take if you need cash, there is a substantial downside: The money you borrow is also out of the stock market until it's repaid.

“People focus on the interest rate, but there's much more to the story,” says Hadley, the Cleveland wealth adviser. “You're missing out on any potential growth during that time.” Considering the S&P 500's average return over the past 30 years is about 10% per year, that's an additional opportunity cost of borrowing on top of interest.

There's also an added risk if your job situation changes. If you leave your employer, the loan typically needs to be repaid within a short time frame — about 90 days, depending on the plan. If it isn't, the remaining outstanding balance is treated as a withdrawal, triggering income taxes on the unpaid amount plus a 10% early-withdrawal penalty if you are younger than 59½.

Because of these risks, 401(k) loans are typically best used only if more-favorable options aren't available to you — say, because you can't qualify for other loans.

How to get on top of your debt

1. Start with a clear payoff plan

As you create a plan to whittle your debt, consider trying the “snowball” method, which involves ranking the debts by size. You make the monthly minimum payment on all of them, and any extra funds go toward the card or loan with the smallest balance. That way, you pay off one account as quickly as possible, banking a win that motivates you to continue to the second-lowest balance, and so on.

Alternatively, the “avalanche” method targets the loan with the highest interest rate first. After that, you tackle your other loans in descending order of the interest rate. This strategy saves you the most in monthly interest charges over time.

2. Consolidate cautiously

Debt consolidation involves combining multiple existing loans and credit card balances into one larger loan, with a single monthly payment and often a lower interest rate. You may, for example, use a personal loan or home equity loan to pay off multiple credit cards and other high-rate debts. But if you go this route, make sure to make changes in the spending habits that landed you in debt in the first place.

"People take out a consolidation loan, and then the credit cards are still available," says Michael McAuliffe, president of Family Credit Management.

"They don’t mean to, but they charge them back up," causing people to sink even further into debt.

3. Reach out to current creditors

Lenders may offer hardship programs, such as deferred payments or rate reductions for borrowers who have lost their jobs, face a sudden medical emergency or are dealing with other temporary setbacks.

4. Turn to credit counseling

If the situation becomes difficult to manage on your own, a nonprofit credit-counseling agency can help create a structured plan and negotiate with your creditors on your behalf to lower interest rates or get more time to pay off the debt. You make one monthly payment to the service, which uses the money to pay your creditors.

The agreement typically forces you to temporarily shut down most of your credit cards for future purchases, and enrolling in a debt-management plan can have a short-term negative impact on your ability to borrow in the future. You can find a local credit counselor through the NFCC or the Financial Counseling Association of America (FCAA).

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

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Americans will celebrate the 250th birthday of the country this July Fourth, but some families may also be celebrating something else: the launch of the Trump Account, a new, tax-advantaged investment vehicle for children.

Essentially a starter IRA, the account can help build long-term wealth for children, with some kids qualifying for free seed money from the federal government, employers and philanthropists.

"The main idea is to give kids a head start on retirement savings," says Judd Meinhart, director of financial planning at Modera Wealth Management in Winston-Salem, N.C. Unlike IRAs, Trump accounts, which were created under the One Big Beautiful Bill Act of 2025, don't require a child to have earned income.

Any child younger than 18 who is a U.S. citizen and has a Social Security number is eligible. Parents, grandparents, and other relatives and friends can collectively contribute up to $5,000 a year (the maximum will be indexed to inflation starting in 2028), and babies born between 2025 and 2028 get an additional, one-time deposit of $1,000 from the U.S. government to help kick-start the account. (You can sign up at TrumpAccounts.gov.)

Contributions, which must be invested in low-cost mutual funds or exchange-traded funds that track a U.S. stock index, grow tax-deferred and typically can't be withdrawn until the year the child turns 18. Earnings on money taken out after that point will be taxed as ordinary income, with a 10% penalty on withdrawals made before age 59½, unless they're used for qualified expenses such as education or a first-time home purchase. Intrigued?

Whether the accounts make sense for your family depends on your goal for the money and personal circumstances. Here's how experts suggest you make the call.

Open a Trump account if…

You can get free money to fund it. "If you qualify for free seed money, the decision is a no-brainer," says Marianela Collado, a certified financial planner with Tobias Financial Advisors in Plantation, Fla.

There are no income limits to get the $1,000 contribution from Uncle Sam to accounts opened for children born between 2025 and 2028, nor do you need to contribute yourself. Meanwhile, some big companies have pledged to match the federal gift or otherwise contribute to the accounts on their employees' behalf (maximum contribution: $2,500 a year per employee). Among them: Bank of America, Intel and Uber.

A few philanthropists are offering help with funding as well. For example, Michael and Susan Dell will donate $250 to each account opened for children 10 and younger who live in areas where the median household income is below $150,000 (see whether your neighborhood qualifies at ), and similar initiatives have been announced for Connecticut, Indiana and San Francisco. (Find a list of corporate and philanthropic programs here.)

Skip the Trump account if…

Your primary goal is to pay for college. Trump accounts work best as lifelong wealth-building tools, meant to compound for decades. Although you can withdraw money for higher education without penalty, you'll pay taxes on earnings, and it's not yet clear how these assets will impact financial aid.

For education funding, 529 accounts remain a better choice for most parents. Contribution limits are significantly higher and investment earnings and withdrawals are tax-free as long as they're used for qualified education expenses.

Your investment options are broader too, typically including target-date portfolios that shift to a more conservative investment mix to minimize losses as college approaches. "With a 529 account, you're not as limited," Meinhart says.

Consider a Trump account if…

You can afford to set aside money for your child's or grandchild's future after saving for retirement, college and other goals. The extra decades of compounding mean that even small contributions to Trump accounts could create significant wealth.

If you contribute just $1,000 a year from birth to age 18, on top of the $1,000 seed money from the government, for example, the balance could grow to nearly $1 million by the time the child reaches age 59½, assuming an 8% average annual return, according to Adam Bergman, founder of IRA Financial in Sioux Falls, S.D. Increase those contributions to $5,000 a year and the account could be worth more than $4.5 million.

Says Bergman, "It's an unbelievable golden ticket for the families who are able to make contributions consistently."

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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Is your high-yield savings account costing you money? With inflation at 4.20%, your money is losing value unless it's in an account that earns at least a rate that keeps pace with inflation.

The bad news is that many savings accounts, including high-yield savings accounts and CDs, are currently not outpacing inflation, and since the Federal Reserve is not raising interest rates, that's not likely to change very quickly.

There is good news. First, if there's a concrete end to the war in Iran, inflation could be at its peak, per David Payne of The Kiplinger Letter, meaning that you could regain purchasing power as inflation slows. Second, it takes some digging, but there are some savings accounts that earn rates to keep you on pace or ahead of inflation.

I'll start by showing you why not shopping around for better high-yield savings account rates erodes your purchasing power, and we'll find the savings account outpacing inflation. Finally, I'll outline three steps to get you back on track towards achieving your savings goals.

The savings strategy costing you money

I understand the appeal of keeping your cash in the same place. However, most savings accounts (including high-yield) or CDs don't earn rates outpacing inflation currently. It means if you're still using these accounts, you're losing purchasing power.

This is why it's important to pivot as economic circumstances change.

How much does inflation eat into your savings? If you have a high-yield savings account with $50,000 in it earning 3.50% APY, while inflation is at 4.20%, you'd effectively lose $350 a year in purchasing power by keeping it in that account.

That's why even if your high-yield savings account was doing well before, you want to re-evaluate it to find better options.

The savings solution that keeps you on pace with inflation

I review savings accounts weekly and haven't found many that keep pace with current inflation, aside from this account from Newtek Bank:

What I like about it is that it has retained higher rates even amid Fed rate cuts and inflation. It's also easy to set up an account; you don't have monthly fees, and if inflation cools and eventually lowers, your cash will have more purchasing power.

If you're looking for any savings accounts outpacing inflation, I found one more option for you.

Are there any savings accounts outpacing inflation?

While the high-yield savings account from Newtek Bank will be the best fit for cash access, CDs also offer exceptional rates. The only caveat is that you must keep your money in one until the term expires, as CDs have early-termination fees.

With inflation at 4.20%, the only CDs currently outpacing inflation are jumbo options. The best jumbo CD rates are 4.35%, but you'll need at least $50,000 to $100,000 on deposit to open one with many banks.

The good news is that maturity windows are only a year at most, allowing you to earn thousands effortlessly, while keeping ahead of rising prices.

Use this Bankrate tool to compare options fast:

The one thing to consider is that CDs have steep early-termination fees. For jumbo CDs, this could be months of earned interest, costing you hundreds to potentially thousands of dollars. Only do this approach if you're confident you won't need the money in the interim.

Meanwhile, if you're struggling to hit your savings goals, let's outline some strategies to help you get back on course.

What to try: 3 steps to maximize your savings yield

1. Audit your current APY: If you have a high-yield savings account earning less than 4.20%, you're losing ground with rising inflation. Instead, look at Newtek Bank or a jumbo CD to increase your purchasing power.
2. Designate a purpose: By setting specific savings goals, you give your cash purpose and direction.
3. Know when to shift: Once you reach your savings goals, you'll want to devote more money to paying off high-interest debt or invest it, where you could earn returns much higher than inflation.

Ultimately, where you store your cash now matters more than ever due to rising inflation. Choosing a flexible option, such as a high-yield savings account with Newtek Bank or a jumbo CD if you don't need access to your money right away, allows your cash to retain more of its purchasing power.

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If you have stellar credit, it opens a lot of doors in your financial life. It can help you qualify for credit cards and loans and snag the lowest interest rate on them. Landlords may consider your credit before offering you an apartment. Your credit health may affect your home and auto insurance premiums, too.

Your credit score is a three-digit number that gauges how well you’re managing your credit. FICO and VantageScore are the two primary companies that create credit scores, with lenders more commonly checking FICO scores before approving an application. Standard score models from both companies operate on a scale of 300 to 850; a score of 740 to 799 is typically considered very good, and a score of 800 or higher is deemed excellent.

There are plenty of sources to check your score. Credit-reporting company Experian, for example, provides a FICO score after you enroll. You could also use a credit-monitoring service like myFico, which sends you updates when there are changes. Take the steps below to give your credit score a lift — and to unlock the best terms on loans, insurance and more.

1. Pay your bills on time

Your payment history is the most influential factor in your credit rating, accounting for 35% of a FICO score. So it’s crucial to pay all of your bills by their due date.

If your credit card or loan payment is late by 30 days or more, the lender may report it to the credit-reporting companies, and that can significantly damage your score. (And if you pay just one day late, you may rack up late fees from the biller.)

Payments that are more than six months overdue may be placed in third-party collections, which is even more harmful to your score. Most negative information, including late payments and collection accounts, stays on your credit report for seven years.

Signing up for automatic payments of your bills helps ensure they are paid on time. You may also be able to set up phone or e-mail alerts to notify you when a due date is approaching.

2. Reduce your credit card balances

On credit cards, your utilization ratio — the percentage of available credit that you’re using — is another important element; how much you owe makes up 30% of your FICO score, and a key part of that is utilization, which is calculated both on individual credit cards as well as in the aggregate across all your card accounts.

You can determine your credit utilization ratio with an online calculator, such as the one from Bankrate.

Low utilization indicates that you can responsibly use credit and helps improve your credit score. A FICO study found that "high achievers" with a perfect credit score of 850 have an average revolving credit utilization rate of 4.1%. If you can’t keep your utilization below 5%, aim to limit it to 20% to 25%, says credit expert Gerri Detweiler. Paying off your credit card balance twice a month can help.

One way to decrease your utilization ratio is to get a higher credit limit, as long as you don’t increase the amount you charge on your card. For example, if you typically spend $1,000 a month on a card and your credit limit is $2,000, your credit utilization is 50%.

If your limit rises to $5,000 and your monthly spending remains at $1,000, the rate drops to 20%. Especially if your income has gone up and you’ve consistently made bill payments on time, you may be able to successfully raise your credit limit by requesting it through your credit card account online, says Detweiler.

3. Keep card accounts open (when it makes sense)

Even if you no longer use a credit card, leaving it open can help you maintain a high credit score. One reason is that if you close a card account, your overall credit utilization may rise because you’ll lose some of your available credit.

Eventually, shutting down a card could also lower the average age of the accounts on your credit report. The length of your credit history makes up 15% of your FICO score, and scoring models examine how long your oldest and newest accounts have been open in addition to the average age of all your accounts. Generally, a higher average account age is better.

For those with a perfect FICO score, the average age of their oldest account is 30 years, according to the FICO study on high achievers. After you close an account in good standing, it typically remains on your credit report for an additional 10 years. Once it’s removed, your average account age may decline.

Instead of closing a card, Detweiler recommends asking your card issuer to switch your account to a different card that better suits your needs, while preserving the entire account history on your credit report. Alternatively, you could leave your old card open and use it to make recurring payments for one or two bills so that it stays active.

But keep in mind that in some situations, closing a credit card is the best move for your overall financial health. If you’re tempted to overspend by having the card around, for example, or if you’re paying an annual fee for benefits that you don’t use enough to make the fee worthwhile, terminating the account may be the right choice.

4. Apply for new credit cards cautiously

New credit makes up 10% of your FICO score. When a creditor checks your credit file in response to your application for a new credit card or loan, a "hard" inquiry appears on your credit report.

If you apply for multiple credit cards in a short period, the resulting cluster of inquiries on your credit report can drag down your score because this behavior indicates to lenders that you may have trouble paying your bills.

That doesn’t mean you should avoid applying for new credit cards altogether; the impact of a single hard inquiry on your score is minimal. And opening a new card can improve your credit profile in the long run, as long as you make on-time payments and carry a low debt load, especially if you don’t already have any other revolving credit accounts, says Ted Rossman, principal analyst at Bankrate.

Note that if you’re shopping around for the best deal on a mortgage, car loan or student loan, newer models of the FICO score count multiple inquiries from lenders within 45 days as only a single hard inquiry, minimizing the hit to your score.

Older versions of the FICO score (which some lenders still use to evaluate applicants) have a shorter, two-week window for rate shopping.

5. Review your credit reports for mistakes often

Errors or fraudulent accounts that appear on your credit reports can hurt your score. You can request a free credit report weekly from each of the three major credit reporting companies — Equifax, Experian and TransUnion — at annualcreditreport.com.

Look for mistakes such as an incorrect balance or credit line listed on an account or a record of late payments even though you have not missed a bill. Also check for unfamiliar accounts that you never opened, a sign that an identity thief may have taken out credit in your name.

If you find a problem, file a dispute with each credit-reporting company that’s listing it, and contact the lender or other entity that supplied the erroneous information.

A financial professional can help you create a personalized plan to manage debt, strengthen your credit profile and work toward your financial goals.

Use the tool below, powered by Bankrate, to connect with a financial professional who can help you create a plan for your specific financial needs:

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Amazon Prime Day can be a great opportunity to save on everything from electronics to household essentials, but not every deal is as good as it looks. Running June 23 through June 26, the annual shopping event features thousands of discounts from Amazon and third-party sellers.

While Amazon is known for convenience and competitive pricing, some products are actually cheaper elsewhere. Others carry risks such as counterfeits, quality concerns or significant markups from third-party vendors.

Before you click "Buy Now," here are several categories of products that deserve a closer look.

Frequently returned items

Amazon places a "frequently returned item" badge on products with higher-than-average return rates compared with similar items. While the badge doesn't necessarily mean a product is poor quality, it can be a sign that buyers were disappointed by factors such as sizing, color, performance or overall quality.

Because online shoppers can't inspect products in person before buying, expectations don't always match reality. As a result, some items are returned more often than others.

If you see an item that’s frequently returned, check the reviews to see if there’s information about the issues that buyers had with the product. It may be safest to shop for another product that isn’t returned frequently.

Trader Joe's products

Trader Joe's doesn't sell products directly on Amazon, including its popular seasonal and viral items. Products listed on Amazon are typically sold by third-party resellers, often at significantly higher prices than you'd pay in a Trader Joe's store.

There's also less transparency around how those products have been stored and handled before they reach your doorstep. As a result, you may end up paying a premium for an item that doesn't meet the freshness or quality standards you'd expect from Trader Joe's.

Costco Kirkland Signature products

Kirkland Signature is Costco's private label brand, and the products are intended for Costco members. The third-party sellers who sell these products on Amazon often charge substantial markups.

For example, a 52-ounce container Kirkland Signature H.K Anderson Valencia Peanut Butter Filled Pretzel Nuggets are available on Amazon for $16.90. A 55-ounce container of the same product retails for $11.99 at Costco.

While you’ll need a Costco membership to shop at the warehouse, it might be worth the cost if you plan to regularly buy Kirkland Signature products.

Competitors' smart-home technology

Amazon sales might not be the best deals on smart-home technology. Manufacturer websites often run their own promotions, and these deals may be more competitive than Amazon’s.

For example, the Google Nest Hub Max is currently available through Google for $229. On Amazon, it retails for $93.25. Unless Amazon discounts it by nearly 50%, you’ll get a better deal buying it for full price from Google than you will buying it on sale from Amazon.

Since manufacturer prices are often lower than Amazon, be sure to comparison shop before checking out.

Impulse purchases disguised as deals

Events like Amazon Prime Day are full of deals structured to encourage you to quickly make buying decisions. Features like Lightning Deals, which are often only available for a number of hours, pressure you to check out quickly. Countdown timers and limited deals which are gone once the available number of products are sold can further pressure impulse buys.

This perceived scarcity makes buyers worry that they’ll miss out if they don’t act quickly, and it can encourage unnecessary spending. If you’re worried about missing out on what seems to be a good deal, you might not take the time to comparison shop to ensure that the deal is actually worth it.

Try to resist the urge to make purchase decisions quickly. Price-tracking tools like CamelCamelCamel can also help you determine whether a sale is really a good deal compared to the product’s recent price.

Apple chargers and accessories from unknown sellers

Because Amazon allows third-party sellers to list products on its marketplace, it's important to pay attention to both the item you're buying and the seller you're buying it from. Counterfeit products remain a concern, particularly for accessories such as Apple chargers and cables.

Before making a purchase, verify that the seller is an authorized retailer or buy directly from the brand's official storefront when possible. Counterfeit or low-quality chargers may not perform as expected and could pose safety risks.

While products from reputable sellers may cost a little more, the added reliability and peace of mind can be well worth the extra expense.

Birkenstock footwear

Birkenstock footwear is another product category where authenticity can be a concern on Amazon. The company stopped selling directly through Amazon years ago, but some third-party sellers continue to list Birkenstock products on the marketplace.

If you're considering a purchase, take the time to verify that the seller is reputable and that the product is authentic. When buying premium footwear, a lower price isn't always a bargain if there's a risk you're not getting the genuine product.

Food sold by third-party vendors

Food can be another risky purchase when it's sold by third-party vendors on Amazon. Because you don't know how products were stored, handled and shipped, there's a greater chance of receiving items that are nearing their expiration date or have been damaged during transit.

Before buying, review the seller's ratings and recent customer feedback for complaints about freshness, packaging or product quality. A few minutes of research can help you avoid an unpleasant surprise when your order arrives.

Beauty and skincare products from unknown sellers

Beauty and skincare products are another category where shoppers need to be cautious. Counterfeit cosmetics remain an industry concern, and products sold by unauthorized sellers may not always be authentic.

In some cases, items may also be expired or improperly stored, which can affect their safety, quality and effectiveness.

To reduce your risk, purchase beauty and skincare products directly from a brand's official storefront or an authorized retailer whenever possible.

Collectibles and luxury goods

Think twice before buying collectibles and luxury goods, like designer handbags, high-end watches, and trading cards from Amazon.

These items often command premium prices, making authenticity a critical concern.

Because verifying these products can be difficult, shoppers may be better off purchasing them from authorized dealers or reputable specialty retailers that offer authentication services and product guarantees. Paying a little more for added confidence can help you avoid an expensive mistake.

How to avoid common Prime Day shopping mistakes

While some Prime Day deals are worth considering, it's still important to shop strategically. Before the sale begins, make a list of the items you actually need and set a budget to help avoid impulse purchases.

Don't assume Amazon automatically has the lowest price, either. Many retailers run competing promotions during Prime Day, so taking a few minutes to comparison shop could help you find a better deal elsewhere.

Use the tool below, powered by Bankrate, to connect with a financial professional who can help you create a personalized plan for building wealth and reaching your financial goals.

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Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a married 83-year-old retired teacher in New York. He reports that his annual salary ranged from $5,400 in 1966 to $60,000 in 1996.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

We married in 1969, and by 1975, we had a house, three children and a stay-at-home wife. I was able to support the family on my municipal government salary, but when inflation hit and prices went up, my employer responded by freezing my salary (to keep taxes low), and I stopped getting raises.

We handled the challenging situation by cutting back (literally):

• My wife did the family hair-cutting, mending and cooking less-expensive meals, often meatless
• I was repairing our home and auto and taking care of the lawn
• We reduced heating our home, eating out and buying new clothes
• We distinguished between needs and wants

It reached the point that we were in danger of losing the house as we began to have too much month left at the end of the money and burned through our savings.

We were broke.

The youngest went off to a nursery program, and my wife went back to work.

The result of this financial stress actually made us prosperous, as we got so used to buying inexpensive foods, avoiding restaurants with tablecloths, etc., that we were able to invest much of my wife's income instead of using the extra money to "live it up."

What are you doing with the money?

We felt comfortable enough having a million in investments to take the NYC buyout with an immediate (but reduced) pension in 1996. We were 49 and 53. All of our money was already invested, mostly in our 403(b) plans.

The Fun Stuff

Did you do anything to celebrate?

No. It just sort of happened. At the time, I did a net worth total every month, and one day, there it was.

What is the best part of making $1 million?

I don't worry about money.

Did your life change?

I still dress in jeans and a flannel shirt for three seasons and jorts and a graphic tee in the summer.

We live on our reduced pensions and Social Security.

We used to invest our RMDs, but now we use them to pay for our grandchildren's college expenses.

We let the investments grow.

Does anyone know you're a millionaire?

I told my father and my children. Last Thanksgiving, my son let it slip to his children that I was in the top 1%, so the cat was out of the bag.

Did you retire early?

We retired at 49 and 53. Got into our mini motorhome and traveled for 11 months across the U.S. and Canada.

Looking Back

Anything you would do differently?

Not use a financial adviser.

What advice would you give to your younger self?

Things will get easier.

Did you read any books that helped you on your journey?

I read things on the internet.

Did you work with a financial adviser?

I started with a financial adviser, but learned that their interests and mine are not necessarily the same and went independent.

Did anyone help you early on?

My first post-high school employer told me when I got a 10-cent tip, "Dimes make dollars."

I later learned that if I watch the dimes, the dollars will take care of themselves.

Looking Ahead

Plans for your next $1 million?

Already here. Our net worth is about $11 million-plus: About $7.6 million in investments, about $2 million in our house and about $1.5 million in our 403(b) plans.

Any advice for others trying to make their first $1 million?

Start early and invest as much as you can. And you can live cheaper than you think.

Do you have an estate plan?

We have revocable trusts, which will pay an annual percentage to our three children and half that to each of our six grandchildren.

Twenty-five years ago, my wife and I created trusts that will pay an annual stipend to our children and grandchildren after our deaths.

A few years ago, when the eldest of our grandchildren was making college plans, we spoke with the three oldest and told them about the trust and our thinking.

Our thinking was that our trust would allow our grandchildren to major in whatever subjects gave them the most pleasure and go into careers that they liked without being concerned about remuneration, as the trust would give them a base income to augment their earnings.

My wife and I had jobs that we really liked and enjoyed going to work, but struggled financially. We wanted our grandchildren to enjoy going to work and not have to struggle.

All three, honor students, chose careers in teaching.

The trusts were also set up to pay for our grandchildren's college educations, but we've lived longer than we thought we would, so we're paying it now.

What do you wish you'd known …

When you first started saving? We didn't save — we invested.

When you first started investing? Be wary when using a financial consultant.

Before you retired? I didn't have much time to think about retirement. My employer came up with a buyout offer, and I had only about 12 weeks to decide. I was ready to go, but my wife was concerned that we'd run out of money.

I crafted a spreadsheet that covered the next 20 years, which included Social Security and RMDs.

She went along with it. If she hadn't taken the deal, I probably would not have retired until she was 55.

Anything you'd like to add?

I used to sweat the small stuff, but I have learned, after my wife and I each had a bout with cancer, it's all small stuff. And thank you, Lyndon B. Johnson, for creating Medicare.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

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Two in five adults experienced some kind of financial fraud or scam during the past year, a 34% increase over the same period a year earlier, a new Bankrate survey found. What's driving this increase?

Financial scams are becoming more common because of the many different touch points you can have with scammers and the rapid proliferation of new technologies, especially artificial intelligence.

Scammers are targeting people in advanced ways using AI, so it takes a lot of awareness to avoid making a mistake. Kiplinger caught up with Sarah Foster, a U.S. economic analyst at Bankrate to dive into how fraudsters could be targeting your finances, and what you can do about it.

Kiplinger: How are fraudsters exploiting AI to scam us?

Sarah Foster: Fraudsters use AI to send messages quickly to larger groups of people to try to increase their success rate. They're using it to edit out typos and grammar mistakes, making it harder to spot fakes. Some scammers use it to create automated messages posing as your bank or other financial institutions, so you don't really know who is on the other end.

Your survey found that people 55 and older are increasingly being targeted, with half experiencing someone attempting to access their information or spending money on phony services in the past year. Why is this demographic a fraudster favorite?

There is this perception that older people are less technologically literate, so it could be that fraudsters believe by targeting them, they might have a higher success rate. There's also the fact that older generations are sitting on enormous pools of wealth, and these scammers know that. Some of these older adults might also have more touch points for scammer interaction because they are more likely to answer the phone or read an e-mail from someone not in their contact list.

But all generations are targets and fall for scams. In fact, we found that young people are the most likely to lose money from a scam.

Nearly all Americans have taken some steps to protect themselves, your survey found. What are the most common precautions taken, and what more should we do?

The most common steps are: avoiding clicking on suspicious links or e-mails, regularly checking financial accounts, and using two-factor authentication — which are all crucial. I also always recommend setting up filters so that people who aren't in your contact list cannot text or reach you, and setting up alerts on your financial accounts for specific kinds of transactions so you'll be notified anytime, say, $100 or more leaves your checking account.

Verification is also important. If someone calls claiming to be from your bank, credit card issuer or phone company, hang up and dial the public customer-service number to check that the call was legitimate. Scammers try to make you feel a sense of urgency, so if the caller is rushing you to act, that's a sign to take a step back and really think about what you're doing.

Finally, many people might not be aware of or may be fearful of using phone- or computer-generated passwords or a passkey, but those log-ins tend to be the safest ones.

What should someone do if they think they've been a victim of financial fraud?

Contact your bank, credit card company or financial institution immediately. If you've sent a scammer money or you see charges you didn't make, ask the company to reverse or stop the transaction and dispute any unauthorized changes or purchases.

Then change your passwords, and report the fraud to the Federal Trade Commission. This gives you a case number you can provide to your bank and the credit-reporting companies — Experian, Equifax and TransUnion — which could be useful.

Also contact all three credit-reporting companies and either put a freeze on your credit [which prevents new credit lines from being opened] or set up a fraud alert on your account [which tells lenders to double-check that you did actually request a new loan or credit card before opening one in your name]. Both are free.

Many people keep their credit frozen permanently, and then if they know they're going to need credit, lift the freeze. If the fraud was minor, just putting a fraud alert on your account may suffice.

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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At its June meeting, the Federal Reserve voted to pause interest rates in the 3.50% to 3.75% range yet again. This latest in a series of pauses has left savers in limbo.

With inflation topping 4% and most savings accounts barely keeping pace, where is the best place to stash the cash you don't need right now?

If you don't want it to lose value amid rising inflation but you also don't want to risk exposing it to the market by investing it, a certificate of deposit (CD) account is one of your best options.

But how do you choose the right term length? That really comes down to what the Federal Reserve's next move is. While a 5-year CD was your best bet in the past, with fed rates still above average while inflation was ticking downward, the uncertainty in today's economy makes those longer-term CDs less attractive.

With the outlook for both inflation and future Fed rate moves uncertain, your best bet right now is a short-term CD so you can lock in today's rate while still having flexibility to shift your cash somewhere else depending on where the market goes.

Why a short-term CD is your best after the fed meeting

Like high-yield savings accounts, CD rates generally move in the same direction as Federal Reserve policy. The difference is that a CD locks in a fixed rate for the entire term, while savings account rates can rise or fall at any time.

With many short and long-term CDs offering around 4% right now, locking in those above-average rates for as long as possible was a great idea when inflation was trending downward. But now that inflation is back above 4% and only a few savings accounts are beating it, a short-term CD, with a term of, say, six or so months, might be a better bet.

This allows you to lock in higher rates for a few months while you wait to see what happens with inflation and what kind of signals the Federal Reserve puts out about where interest rates might land by the end of the year.

If the Federal Reserve raises rates in response to stubbornly high inflation, you'll have the opportunity to lock in those new higher rates after the term is up. If inflation, instead, starts falling again, you can move your cash after those few months to a longer-term CD to lock in these rates for longer.

With that in mind, use the tool below to find the top CD rates available today:

Economic signs to watch to anticipate the future of interest rates

After stashing your cash in a short term CD, you can keep an eye on the economy in the next few months while you wait for it to mature. That way, when it does mature, you'll have a good idea of where to move your cash next to maximize your yields.

• Watch for clues as to how Kevin Warsh will change the Fed. Warsh has historically been a proponent of keeping rates higher rather than risking inflation. But some analysts speculate that he might be more likely to give in to pressure from President Donald Trump to cut rates. Keep tabs on what he says in upcoming meetings to get a sense of which way he might lean in the future.
• Keep up with the monthly CPI reports. The consumer price index released every month by the Bureau of Labor Statistics not only gives you a broad picture of how your own costs are changing, but it's an important measure of inflation tracked by the Federal Reserve. If inflation keeps going up, the Fed is likely to either keep rates paused or hike them further. If inflation slows, rate cuts might be in the future.
• Check the latest jobs reports. In addition to inflation, the Federal Reserve also closely watches employment data, including unemployment rates and wage levels, when setting its monetary policy.
• Track the 10-year Treasury yield. Especially for longer-term savings accounts, such as your CD, rates can be influenced by yields on multiyear Treasury bonds. This is also an important economic indicator to watch if you might be buying a house soon, as the 10-year Treasury yield also influences mortgage rates.

Even if you don't want to track economic indicators that closely for the rest of the year, you can stash your cash in a short term CD now and set a reminder to check in on what's going on in the market in the weeks before it matures.

From there, you can decide whether to move your cash into another short-term CD or lock in rates for longer by opting for a multiyear CD.

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What is the best way to save money for children?

I get this question quite a bit from new and existing clients alike. It usually gets brought up by parents, but sometimes it comes from aunts, uncles, grandparents and other guardians.

The answer, as it is to so many financial questions, is: It depends on the financial goals and wishes of the saver.

While it can be hard to determine what a newborn will be interested in at age 18, opening pathways with a nest egg is a good start. Some of the most common account types to save for children:

• 529 plans
• Roth IRAs
• Uniform Gifts to Minors Act (UGMA) accounts
• Coverdell Education Savings Accounts (ESAs)

Each have a different set of benefits, depending on your priorities.

529 plans

529s are tax-advantaged savings vehicles for guardians to save for higher education. Depending on where you live, your state might offer a specific tax benefit for savings efforts.

Some states offer a tax benefit for both in-state 529 plans and plans from other states so you'll need to confirm what regulations apply to you.

Similarly, some states also recapture the benefit if the money is used for noneducation purposes. As you're considering what choice to make, one important piece of the puzzle is confirming your state tax benefits with 529 plans.

With rising higher education costs, 529 plans are becoming more impactful. The passage of the Secure Act 2.0 expanded options for those funds by allowing the rollover of funds to a Roth IRA and a change in beneficiary.

Roth IRA rollover

After an account has been open for 15 years, money within a 529 can be repurposed as Roth contributions, as long as the funds are at least five years old.

For example, if you have $10,000 in a 529 and contributed another $5,000 during year 15, that deposit must remain in the 529 account for five years before it can be moved to a Roth IRA. The initial $10,000 can be transferred during year 15.

While a minor can't sign Roth IRA account paperwork, adults can open a custodial or guardian Roth on their behalf.

I also often hear clients say, "I want to open a Roth IRA for my child." If the minor has a W-2 for wages earned, you can.

I once worked with a grandmother who opened one for a granddaughter who had a minimum wage summer job as a pool lifeguard. Once a year, the two would come in to contribute the amount in the granddaughter's W-2 to a Roth, typically a few thousand dollars.

While the granddaughter spent the money she earned on other things, her grandmother would gift her an equal amount in her Roth contribution. At 18, the grandchild was able to re-register the account in her own name.

Nonqualified distributions

While a 529 account is ideally used for education expenses, nonqualified distributions might also be an option for noneducational uses for 529 funds.

Even if used for other purposes, principal contributions can be withdrawn without tax or penalty, although earnings are charged a 10% penalty to the IRS.

If the account is started for a newborn and the nonqualified withdrawal is completed on or by their 18th birthday, the owner can still enjoy 18 years of state tax benefits and tax-deferred growth.

I sometimes get savers who put their personal experiences first when making decisions for their children's savings. I've heard many times, "I did not have a 529 to pay for higher education, and I made it work."

Other times, the saver might be concerned that a 529 could influence a child's decision to pursue higher education.

In those cases, Uniform Transfers to Minors (UTMA) and Uniform Gifts to Minors Act (UGMA) custodial accounts might be better alternatives.

UTMA and UGMA accounts

As an alternative, these types of accounts let you save for a child without the expectation that the funds will be used for education.

Instead, deposits are an irrevocable gift to the child, and the adult custodian manages investments until the child reaches the age of maturity.

Coverdell Education Savings Account (ESA)

One of the final ways to save for a child's education is with a Coverdell ESA. During my 15-plus years in the industry, I've seen few of these.

In my opinion, 529 accounts are often preferable, given their flexibility. ESAs have low contribution limits, and the assets must be used by age 30.

High-income earners are also ineligible for these accounts and others can only contribute to the account until the child's 18th birthday.

So many choices — what should you do?

I have children and reviewed the same options for my family. For our circumstances, I found the best options to be an UTMA and 529.

The benefits of the 529 shine the most in my opinion, and I have automatic monthly contributions to a 529 for each of my children. As they become comfortable making their own financial decisions, I'm onboard with Roth contributions for unused 529 assets or even cashing out the accounts to give the cash to my children.

I can even transfer an unused 529 for one child to another, without tax or penalty while replacing the funds with personal savings.

For the UTMA account, I deposit any gifts of cash my children receive for holidays or birthdays. To encourage good financial values, I let them decide how much to save.

For those trying to pick the best option for their family, whichever path you choose, you're working toward a goal. We don't know what the future holds, but rest assured you helped your loved one in some way with your savings efforts.

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The 2026 U.S. Open is officially underway at historic Shinnecock Hills Golf Club, though players got a later-than-expected start after heavy fog delayed first-round tee times by about two hours Thursday morning.

The weather could remain a major storyline throughout the championship, with tournament officials monitoring the potential for storms and wind gusts of up to 40 mph. If conditions worsen, Shinnecock's fast greens, thick rough and exposed layout could make one of golf's toughest tests even more demanding.

Defending champion J. J. Spaun returns after capturing his first major title last year, while world No. 1 Scottie Scheffler arrives looking to complete the career Grand Slam. Other contenders include Rory McIlroy, Bryson DeChambeau, Jon Rahm and Xander Schauffele. If you're planning to tune in this weekend, here's everything you need to know about the TV schedule and streaming options.

2026 U.S. Open TV schedule

Golf fans can follow every round of the 2026 U.S. Open on NBC, USA Network, Golf Channel and Peacock, with coverage beginning each morning and continuing into the evening.

How to stream the 2026 U.S. Open without cable

If you don't have a traditional cable package, several live TV streaming services carry NBC and USA Network, while Peacock offers additional tournament coverage.

Here's how the major streaming options compare on price, channels and free trial availability.

How to watch the U.S. Open while traveling

If you'll be away from home during the tournament, you may find that some streaming services offer different content depending on your location. That can make it harder to access the channels or subscriptions you normally use.

One option for travelers is a virtual private network (VPN). A VPN creates a secure connection and can let you use the internet through a server in a different location, helping protect your privacy when using public Wi-Fi and potentially allowing access to services tied to your home account.

If you're considering a VPN, be sure to review the streaming service's terms of use. Most VPN providers make setup straightforward, typically requiring you to download an app, sign in and choose a server location before connecting.

New to VPNs? Getting started is relatively simple:

• Choose a VPN service, such as Nord VPN, and follow the setup instructions
• Select a server location that matches your home country
• Open your streaming app and log in as usual

Whether you're tuning in to watch Scheffler chase history, McIlroy pursue another major championship or see if Spaun can successfully defend his title, there will be plenty of drama at Shinnecock Hills.

With coverage spread across NBC, USA Network and Peacock, golf fans have multiple ways to follow every round of the 2026 U.S. Open.

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We test and review VPN services in the context of legal recreational uses. For example:1. Accessing a service from another country (subject to the terms and conditions of that service).2. Protecting your online security and strengthening your online privacy when abroad.We do not support or condone the illegal or malicious use of VPN services. Consuming pirated content that is paid-for is neither endorsed nor approved by Future Publishing.

If your weekend barbecue shopping trip feels more expensive this year, you’re not alone.

The biggest culprit? High beef prices, which are up about 14% year over year, according to the Bureau of Labor Statistics. This cost is sometimes referred to as the "burger tax."

This burger sticker shock comes as shoppers across the U.S. have been dealing with higher grocery bills for years, especially when buying staples like meat, eggs, and dairy products.

And if you live in a state that still taxes groceries, the number on your receipt is even higher. Here's more of what you need to know.

Why is the price of beef so high?

While overall grocery prices are up 3.1% over last year due to inflation, the long-term impact is significant. Food prices at home have jumped 27% over the last five years.

And…the United States Department of Agriculture (USDA) expects food-at-home prices to continue rising in 2026, with beef among the categories projected to see some of the strongest price growth.

As a result, feeding 10 guests at a backyard barbecue could now cost roughly $15 (or more) per person. Ground beef, up 70% since 2021 and now reportedly averaging about $6.90 a pound, is responsible for much of that increase.

Declining cattle numbers, high feed costs, drought, and consistent beef consumption in the U.S. all contribute to soaring prices.

Grocery tax by state

If rising food prices weren't enough, residents in 13 states face an additional expense because some states continue to tax groceries.

In some cases, that means full statewide tax; in others, reduced rates or hybrid systems that still add a charge at checkout.

For example, Mississippi, Idaho, South Dakota, and Hawaii apply full or near-full state tax rates to grocery purchases. But over the last few years, several states (Oklahoma and Kansas are just two) have eliminated their state-level grocery taxes (though local municipal taxes still apply at checkout in many areas).

Below is what that looks like in dollar terms for a typical cookout basket.

Note: Prior estimates from the Wells Fargo Agri-Food Institute put the cost of a typical 10-person backyard barbecue at about $130. With ground beef prices up roughly 14% over the past year, a comparable cookout basket today would likely be closer to $150, or more, depending on menu choices and substitutions.

States with Statewide Grocery Tax This Year (Assumes a $150 grocery basket for a 10-person cookout)

*Note: Additional city, county, or transit district taxes may apply on top of these base numbers.

** Hawaii imposes a general excise tax rather than a traditional sales tax.

Here's where things stand in the remaining states that still technically tax groceries but have eliminated or reduced state-level tax.

Oklahoma: The Sooner State repealed its 4.5% state grocery tax in 2024, though local sales taxes may still apply.

Kansas: Kansas fully phased out its state grocery tax last year after gradually reducing the rate over several years. Local taxes may still be charged on food purchases.

Virginia: Virginia taxes groceries at a reduced rate of 1%, split between state and local governments.

Illinois: Illinois ended its statewide 1% grocery tax as of 2026, but local governments can impose their own grocery taxes, meaning some shoppers still pay tax at checkout.

Arkansas: Arkansas eliminated its state grocery tax in 2025, although some cities and counties continue to levy local taxes on food purchases.

Bottom line: Why some states still tax groceries in 2026

Most states exempt groceries from sales taxes because food is considered a necessity. However, a handful continue to tax groceries at either the full state sales tax rate or a reduced rate.

• Supporters argue that grocery taxes provide a stable source of revenue that helps fund schools, roads and other public services. They also contend that broad-based sales taxes allow states to keep other taxes lower.
• Critics counter that grocery taxes disproportionately affect lower-income households because food purchases consume a larger share of their budgets.

The debate has intensified in recent years as inflation pushed food prices higher, and as a result, several states have reduced or eliminated grocery taxes.

In Alabama, lawmakers have temporarily suspended the 2% state sales tax on most groceries until June 30, to alleviate high food prices, though local sales taxes remain in place. Similarly, as Kiplinger has reported, Illinois and Arkansas have recently eliminated their state-level grocery taxes, while local taxes still apply in some areas.

Notably, some cities are exploring targeted approaches to making food more affordable and accessible. For example, San Francisco's “Affordable Groceries Act” has recently been proposed by District 5 supervisor Bilal Mahmood.

Modeled after Mayor Zohran Mamdani's city-owned grocery store initiative in New York City, the San Francisco bill is designed to support new grocery stores in underserved neighborhoods through an affordable grocery fund and a vacancy tax imposed on large chains that close stores in the city.

Read More

• Food Tax: Which States Still Tax Groceries in 2026?
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• States With the Lowest Sales Taxes

Weeks away from the official launch of "Trump Accounts," the child savings vehicles from the 2025 tax bill, a targeted spinoff is set to roll out.

Dubbed "Fostering the Future Accounts," this new initiative is designed to help children in foster care save for future housing, educational, and career development costs as they transition to adulthood.

First lady Melania Trump and U.S. Department of the Treasury Secretary Scott Bessent announced in a press release that these new accounts will open on July 4, 2026.

“Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child," Mrs. Trump remarked. "By investing in our foster youth now, we help strengthen America’s workforce, communities, and economic future."

But because these accounts will be opened and managed by state infrastructure, states must opt in. Not everyone is on board. Read on for who qualifies and what's holding back the remaining 27 states.

New: Low-Tax States For Middle-Class Families Ranked by Childcare Affordability

Fostering the Future Accounts for kids

The Trump "Fostering the Future Accounts" are an offshoot of standard Trump Accounts structured to help children in foster care save for long-term financial goals, like a down payment on a home or higher education expenses.

To qualify, a child must be:

• Under age 18
• A U.S. citizen with a Social Security number

These accounts might be opened by a state, territorial, or tribal child welfare agency. They can also be opened by designated foster parents or other legal guardians in the foster care system.

Which states are participating?

Because Fostering the Future Accounts are managed at the state level, access depends on local legislative approval. So far, governors in the following 23 states have pledged to offer the program, according to White House officials:

Participating state child welfare agencies must submit IRS Form 4547 (Trump Account Election) to formally open an account for each eligible child in their custody.

Fostering the Future Accounts vs standard Trump Accounts

Although Fostering the Future accounts function the same as a standard Trump Account — investing in stock market index funds to grow tax-deferred savings — there are some nuances in how each is opened and funded.

For instance, when a parent or guardian opens a standard Trump Account, they can claim a $1,000 federal seed deposit directly into the newborn's account, provided their child is born from 2025 to 2028.

However, "a child welfare agency cannot elect to receive the $1,000 pilot program contribution to the child's [Fostering the Future] Account," as the IRS reported in a recent update. Instead, only a foster parent or other qualifying individual who anticipates caring for the child might claim this federal seed money for the child's account.

Here's a table highlighting several other key differences between the two types of accounts:

The Fostering the Future Accounts also have unique funding methods that the federal government doesn't offer for standard Trump Accounts.

For example, state officials can redirect existing state resources — such as unused Temporary Assistance for Needy Families (TANF) block grants — into a foster child's savings, according to the Administration for Children and Families (ACF).

Why isn't my state on the list?

Notably, all 23 states opting into Fostering the Future Accounts are GOP-led, reflecting the partisan divide surrounding Trump Accounts, which were a key component of the 2025 Trump tax bill.

But beyond partisan lines, several other reasons exist for why states might heavily debate signing on:

• Strained budgets. State child welfare departments often depend on federal funding streams such as TANF and the Social Services Block Grant (SSBG) to operate. Because most states have already finalized their budgets for the upcoming fiscal year, adding new, unplanned programs midcycle might be too financially constrained.
• Administrative hurdles. Fostering the Future Account documentation, including individual investment portfolios and private donations for every child, must be monitored. As such, participating state agencies are required to establish new protocols to continuously update this information, which might prove difficult given that children frequently shift between foster homes.
• Legal challenges. Legally, a state, territorial or tribal child welfare agency might open a Fostering the Future account, but the timeline of who holds account management authority can be constantly in flux. If a child is in temporary emergency care, for instance, then switches to kinship care or transitions between different county jurisdictions, it might be unclear who is legally authorized to update the account. (Note: the Treasury and ACF released joint guidance related to this issue.)

Ultimately, the Trump administration has set a target for all 50 states to sign on to Fostering the Future Accounts by December 2027.

However, some child welfare advocates worry that a prolonged state-by-state rollout will deepen economic disparities for children aging out of foster care — especially for children who move across state lines due to interstate adoptions or structural changes in their care.

Ruth Anne White, executive director of the National Center for Housing and Child Welfare, told independent news outlet, The Imprint. "But it's right there in the Child Welfare Policy Manual [released guidance] — as clear as day."

According to data from the National Council for Adoption, there are roughly 330,000 children in the U.S. foster care system. Statistics from the National Foster Youth Institute show that one in five foster youth face homelessness after aging out of the system, and only half secure gainful employment by age 24.

Supporters of the new initiative hope these accounts will disrupt those outcomes.

Yet while supporters have framed Fostering the Future Accounts as a solution to the financial hardships facing youth aging out of care, states will need to overcome complex questions surrounding budget allocations, administrative hurdles and bipartisan support.

Until then, foster parents and child welfare agencies will find that state lines dictate whether children in their care are eligible for these accounts.

Read More

• How to Claim Your Kid’s Trump Account in 3 Steps
• Adoption Tax Credit: What You Need to Know for 2026
• Child Tax Credit 2026: How Much Is It and What's Changed?

On a recent episode of his HBO Max show, Last Week Tonight, John Oliver leveled a brutal attack on JG Wentworth and other financial companies that promise "fast cash" for structured settlement injury victims.

His commentary has racked up 1.8 million YouTube views, so it clearly struck a nerve. Watch for yourself (Caution: Strong, but, in my opinion, appropriate language):

A fellow attorney and friend who's spent her career representing accident victims called me this week and asked if I'd seen Oliver's comments and wanted to know whether I thought he was too harsh.

After 30 seconds of talking about it, we realized we both had the same reaction: Oliver wasn't too tough on these financial predators. He wasn't tough enough!

Since 1982, federal law has recognized structured settlements as a voluntary option for accident victims who take a settlement in an annuity with payments exempt from federal and state income tax.

The system worked well until the late 1990s, which is when "fast cash" predators started fleecing accident victims of their financial security.

In response to this, Congress and most states, passed laws that mandated better disclosure, present-value calculation of future payment rights and judicial oversight with a "best interest" standard for the victim. Backers called these laws structured settlement protection acts, or SSPAs.

The takeaways

My attorney friend and I agreed that Oliver's commentary had two important takeaways:

One, attorneys and anyone who works with accident victims must warn clients about the dangers of these predatory "cash now" companies. And if the client has a brain injury, the court should be encouraged to appoint a guardian ad litem — basically, a part-time overseer who'll protect the client's interests.

As a longtime supporter of structured settlements, I can tell you that, without the presence of that "guardian," the sale of structured settlement payments or cashing in the entire annuity is seldom a good idea. Because of the losses that would be incurred — as the structured settlement is "sold" at a discount — rarely is it in the accident victim's best interest.

And two, any public official who thinks the federal 2002 "model protection act" solved this structured settlement problem is delusional. It required only court approval before the sale of the annuity, but did not require courts to evaluate the fairness of the transaction itself, only that the sale complied with individual state SSPAs.

For decades, I have represented accident survivors, often encouraging them to take annuities instead of a single lump sum. I can't recall a single instance when a client who wanted to sell future payment rights would have been better off to do so, with one exception: One of my clients became a paraplegic, and he spent the money helping his family out of poverty.

In the few others who ignored my advice, thousands of dollars went to buying cars for girlfriends, making loans to friends and family that were never repaid and, in one case, buying a bowling alley that was in bankruptcy. So much money, just squandered.

After watching Oliver's show and speaking with my fellow trial attorney, I wanted a perspective from inside the structured settlement industry. So I called Peter Arnold, a certified structured settlement consultant in Maryland who has organized successful grassroots lobbying efforts for the structured settlement industry.

"The most telling aspect of today's structured settlement protection laws," he said, "is that they were supported by the same predatory companies who were abusing injury victims. That should've been a huge red flag that the law was toothless, but Congress and even many in the insurance industry ignored it. Congress just wanted a fig leaf to let them pretend they did something."

My recommendations

So what should you do if you or someone you know is considering selling structured settlement payment rights to one of these predators? Here are a few suggestions:

Check with an attorney. If an attorney negotiated the settlement, see whether they will evaluate the proposed contract, including how much the company will pay for the rights it receives to the annuity payments. If it's a sham deal, the attorney should be able to spot it quickly.

Don't let the "cash now" company railroad the agreement through a judge. Federal law encourages court approval of these transactions, but some judges see themselves as rubber stamps.

At a minimum, make sure the judge has full knowledge of all medical issues, including anything that might affect the injury victim's judgment. Be clear about this even if the company buying payments says to downplay it.

Get multiple bids and make sure these bids come from separate buyers. JG Wentworth does business under multiple names, and according to Arnold, they may not tell you this even when they know you already have a bid from a sister company.

"It's an underhanded way to make you think you're getting a second bid when you're not," Arnold said.

If you're still negotiating your injury settlement, get your structured settlement broker's corporate policy on sharing your data. Most brokers who work with accident victims to design future payments are fine people. But every group has a few sleazebags.

For years, there have been indications that some brokers discreetly sell client information to companies like JG Wentworth. This could include the size of your settlement and your payment schedule.

If you find out this has happened, you may have a legal claim for violation of your right to confidentiality.

I'll say again that, in my entire career as a legal advocate for accident victims, I have almost never seen someone with a structured settlement who would be better off by doing a "cash now" deal.

I wrote this story years ago that is right on point, and each time I read it, I feel so angry, so disappointed.

If you or someone you know feels like there is no other way than to sell their payment rights on a structured settlement, then, at the least, don't fall for someone pushing you into a quick sale — and make sure to get independent advice.

Dennis Beaver practices law in Bakersfield, Calif., and welcomes comments and questions from readers, which may be faxed to (661) 323-7993, or e-mailed to Lagombeaver1@gmail.com. And be sure to visit dennisbeaver.com.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

The term "ticker-tape parade" originated from stock trading. In New York City, parades would be held to celebrate something, and people would throw the closest thing they had to confetti: the tape used to communicate stock prices.

On Thursday, the city of New York once again celebrated with a ticker-tape parade through the Financial District, this time in honor of the Knicks winning the NBA title for the first time in 53 years. The Knicks brought the city alive over the last two months as they worked their way through the playoffs with the steady determination of Jalen Brunson and the smart management of coach Mike Brown. Now, they're getting their flowers – or, more accurately, their piles of shredded paper.

In honor of the Knicks and the history of the ticker-tape parade, here are five lessons in investing gleaned from their championship run.

1. A hot IPO doesn't mean an immediate win

The San Antonio Spurs selected Victor Wembanyama as the No. 1 overall pick in the 2023 NBA draft. The Knicks' Brunson, meanwhile, was undrafted after the first round in 2018 and didn't end up making a team's cut until pick No. 33.

Compare this to a hot IPO. When a company first goes public, it can be a hotly anticipated and celebrated event. But the reality is that many, many IPOs do not result in quick returns for investors, particularly in the first few years. Data show IPOs on average underperform the market in their first three years (1980-2023), and a little more than half end up losing money in the first five years (1975-2021).

In many cases, it's a better idea to give a company some time to settle before deciding if you want to invest. You don't want to go all-in or set high expectations for an IPO.

Now, this doesn't mean Wembanyama (or the next IPO) won't be a winner in the future. Sometimes you need time and character growth. Just look at 2015's first overall draft pick, Karl-Anthony Towns, who lifted the trophy with the Knicks this week.

2. Be mindful of your portfolio allocation

The Knicks' championship didn't come out of nowhere; it came from years of careful roster building by team president Leon Rose. Rose signed Brunson in 2022. In 2024, Brunson signed an extension – and willingly left a reported $113 million on the table. Why did he do that? So that Rose would have money available under the NBA's salary cap to build out the roster.

The Knicks were then able to allocate funds towards signing Towns and Mikal Bridges, both of whom were instrumental to the championship run.

In investing terms, this is the equivalent of portfolio management. You want to make sure that any one factor of your portfolio doesn't become so outsized it's the sole portion you're relying on. This can even happen to ETF investors, who may not realize their portfolios are becoming overweighted in a given stock as its weighting in that fund grows.

And don't feel too bad for Brunson. Sure, he left $113 million on the table, but his deal was $156.5 million over four years, which many would consider enough to live comfortably on, right? Now, take that and add the endorsement deals he's going to get as an NBA champion. And the value of being named "King of New York?" Priceless.

Asked if the $113 million sacrifice was worth it after winning the championship, he told ESPN's Malika Andrews, "100%."

Read more: Is Your Portfolio Overweight? How to Rebalance and Diversify

3. Play the whole game

Say you're 50 years old, your investments are up 300% and your 401(k) reached $500,000 – more than double the average 401(k) balance among Gen X. You're planning to retire at 65 and feel on top of the world.

Sure, that's great, but you've still got 15 years left to take care of your investment portfolio. You can be happy and feel secure, but that doesn't mean you can now take your hands off the wheel and expect that the stocks you have will continue going up.

Just ask Wembanyama. The Spurs were ahead for about 72% of the NBA Finals, per Texas Public Radio, but they only managed to win one game. The Knicks came alive in the back half of nearly every game, overcoming deficits to secure the wins. An early lead doesn't mean you'll necessarily meet your goals. You need to play the whole game.

What else does that mean? That just because you feel like you fell behind doesn't mean you can't catch up. As long as there's time left on the board, you have the opportunity to develop a lead.

4. You don't have to fit a stereotype to succeed

"Coming out of Villanova, where Brunson won a pair of national titles, he was considered too small. Too slow. Not athletic enough. A defensive liability. He didn't get drafted until No. 33 overall, which makes him the second-lowest draft pick to ever win Finals MVP," wrote Brad Botkin at CBS Sports.

There is still an embedded belief that in order to invest in the stock market, you need to already be rich. While you do need to have enough money to be able to dedicate a portion to the stock market, that doesn't mean you need a million – or even a hundred thousand. You can begin investing with as little as a few dollars, if that's what you have available.

5. Have patience

What do each of these lessons have in common? Patience. The Knicks took time to build out their ideal roster; Brunson was steady in his professional growth after winning two college championships; the Knicks' comebacks came with an almost shocking calm in the players' demeanor – patient commitment, not panic.

Then of course, there's the city of New York. New York has waited 53 years to win an NBA championship. Tell that to anyone looking to get-rich-quick on the stock market. For a vast majority of people, it doesn't happen overnight. It takes decades of compounding and portfolio management.

But when it does happen, my goodness, celebrate it. Knicks in five!

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The soaring cost of jet fuel has caused many airlines to raise prices, making the cost of your summer trip more expensive than ever.

At a time when all your other costs are going up, you might be straining to make your usual travel plans fit your budget.

Instead of canceling their summer vacation plans altogether, travelers are trying everything to offset or avoid fuel surcharges. That includes such things as swapping destinations for one of the cheapest countries to visit, opting for a slight downgrade in your hotel to save money or even shortening the overall length of their trip.

If you're a traveler who's accustomed to traveling in luxury, some sacrifices might feel like a bridge too far. But downgrading from business to economy or taking advantage of a better point-redemption rate by grabbing that awards deal for basic economy tickets is an easy way to lower the cost of your trip without giving up your vacation.

Whether you've never flown economy or it's your go-to but you're just tired of the little annoyances that come with it, here are a few things you can do to make the experience feel a little more luxurious.

1. Pack TSA-friendly snacks and hydration boosters

Not only are you unlikely to have many complimentary food or drink choices available in economy, even the options available for purchase might seem limited compared with business class. There is a workaround.

The TSA allows travelers to bring solid food items such as candy, sandwiches and snacks through security. Pack a few Ziploc bags of your favorite things to munch on instead of limiting yourself to the peanuts or pretzels available for free on board.

You can also bring an empty reusable water bottle through security and fill it at a water station before boarding. To make the experience feel a little more elevated, pack a few electrolyte packets, drink enhancers or flavored hydration mixes to add to your water. Not only can this help you stay hydrated in the dry cabin air, but it also gives you a refreshing beverage without paying airport prices.

Pair your favorite snacks with a customized drink, and you'll have a more enjoyable in-flight experience that feels a little more luxurious, even if you're flying economy. You'll hardly miss business class (except, perhaps, for the lie-flat seats).

Check the full TSA guidelines on food and alcohol on the agency's website.

2. Make your own amenities kit

One of the little details that makes flying business class that much more luxurious is the amenities kit that's often waiting for you on board. Typically filled with lip balm, moisturizer and other skincare and wellness products from high-end brands, these kits add a little bit of self-care to your long haul flight.

You won't find an amenities kit waiting for you in economy. But you can easily pack your own — and even customize it to your own preferences.

What exactly should you pack? It's all up to you, but here are a few ideas:

• Cushy socks for a shorter flight or compression socks for a longer flight.
• Hydrating sheet masks or eye patches to give yourself a minispa day on board.
• Your favorite moisturizing lip balm.
• A travel-size bottle of hand cream.
• A moisturizing face cream to protect your skin from dry air.
• A silk sleep mask to make sleeping on a plane a little easier.
• A compact pouch to hold everything.

3. Travel pillows and blankets can make for a cushier experience

There was a time in the not-so-distant past when even those of us in economy would get complimentary pillows and blankets on board. That's becoming a rarer occurrence. But that doesn't mean you have to freeze or debate between using your coat as a pillow or a blanket.

Even if you're trying to pack light for the trip, you can find some surprisingly compact options to bring a pillow and blanket on your next flight.

• For pillows, look for foldable or packable options such as a memory foam pillow from Cushion Lab. It rolls up small enough to fit in your carry-on, then unfurls into a plush, supportive pillow to use on the plane.
• For a cheaper pillow option, go for a traditional neck pillow and either wear it around your neck as you board or loop it around the handle of your carry-on.
• Complete the set with a cover such as a Brookstone travel blanket that comes in a pouch with a luggage strap so it can slide over your carry-on luggage handles without taking up space in your bag.

4. Bring noise-cancelling headphones for your own silent retreat

Whether it's the baby crying three rows down or the passenger who thinks everyone wants to hear the action movie they're watching, there are a lot of noises to contend with on a plane. But you can retreat to your own happy place by slipping on a good pair of noise-canceling headphones to shut out the sounds around you.

Unlike standard ear plugs, these not only muffle the sound but use technology to actively cancel out noise in your environment. Connect the headphones to your phone and listen to your favorite relaxation playlist to complete the experience.

5. Get an airline card that comes with priority boarding

One of the most annoying parts of flying basic economy is that you'll usually end up having to check your bag at the gate. The service is often free if you do, but for those of us who've had our baggage lost three times too many (me) or just don't like the extra hassle of waiting at baggage claim, it's not ideal.

One of my favorite workarounds for this is having an airline credit card. Simply by having one of the Delta Skymiles American Express cards, I automatically get zone 5 boarding on Delta flights, even when I'm flying on a basic economy ticket. Since this is the first main economy zone to board the aircraft, there's always bin space available when I board.

6. Book the exit row or upgrade to premium economy

Many airlines charge a bit extra for exit row seats, but not so much that it'll blow your budget. If legroom is a priority for you, consider paying a few extra bucks for one of these seats, as it will typically come with a little extra legroom.

If exit row seats aren't available, check out the price for an upgrade to premium economy. Most airlines have begun adding this class to their aircraft. Along with a little extra legroom, the perks also often include an expanded menu of complimentary food and beverages. You might be able to skip the DIY cocktails and snacks.

Premium economy tickets are, of course, more expensive than basic economy, but they're still a lot cheaper than business class. It's a more reasonable splurge to squeeze into your summer travel budget.

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Cash accounts are having a moment, thanks to the decent interest rates they now pay, at long last. But selecting one can be a daunting task given the profusion of choices —from money market accounts to money market mutual funds to a small clutch of newly hatched money market exchange-traded funds.

The term money market has become a catch-all description for a variety of interest-bearing products that follow different rules. The offerings also vary in yield, ease of accessibility and, to a small degree, levels of safety. “In some respects, money market has become more of a marketing term than a technical term,” says Ted Rossman of Bankrate, a website that evaluates bank products. “There's a lot of confusion about this.”

What's an investor to do? We'll lay out the various types of money market investments, all of which invest in high-quality, short-term debt and are appropriate places to stash cash for short- to medium-term goals, as well as what factors to consider before you choose one. We're holding off on including money market ETFs in this discussion, however, because most are less than a year old.

First, an explanation about money market interest rates. They fluctuate, for starters, depending on market conditions and how their holdings perform. And you will see a variety of interest rates quoted. Each one offers an idea of how much your cash can earn over a 12-month period, but they're not exactly the same.

Mutual fund money markets are required to report a seven-day SEC yield, which shows what the fund would pay in interest over a one-year period if rates of the past week stayed the same. It's net of fees, so investors can compare one money market mutual fund to another.

Money market accounts quote an annual percentage yield (APY), and that reflects compound interest — the return you earn on principal plus accumulated interest. That's different from a straight-up interest rate, which you also may see quoted.

They're FDIC insured up to $250,000 if the bank fails. Monthly fees may apply, too, unless you maintain a certain balance.

Quontic Bank's money market account, for example, requires $100 to open. There's no maintenance fee. And the bank pays the same interest — 3.8% currently — whether you have $1 or $150,000 in the account. It comes with check-writing abilities and a free debit card, too. “This is really a pretty standard bank account that's being marketed as a money market,” Bankrate's Rossman says.

Money market accounts. You open these accounts at a bank or credit union. They offer easy access and may yield more than an ordinary savings account. You may have to fork over a certain amount, $100 or even $5,000, to open one. But most allow you to pull some or all of your money at any time. Some accounts even offer check-writing abilities.

Use this Bankrate tool to find and compare savings/money market accounts quickly:

Money market funds. You buy these funds through your broker. There are three types, distinguished largely by what kind of debt they hold.

Government money market funds invest in short-term Treasuries and other government securities. The biggest such fund, Fidelity Government Money Market Fund (SPAXX), yields 3.3%.

By contrast, municipal money market funds invest in state and local government debt, which pay interest that is exempt from federal taxes. American Century Tax-Free Money Market Fund (BNTXX) boasts a 3.1% yield, or a taxable-equivalent yield of 4.1% for investors in the 24% federal income tax bracket.

Some muni money funds focus on debt in a single state, giving residents of those states additional tax benefits. Schwab California Municipal Money Fund (SWKXX) yields 2.4%. For California residents in the 24% federal income-tax bracket, the taxable equivalent yield is 3.7%.

Prime money market funds can hold a mix of government bonds and commercial paper — high-quality, ultra-short-term corporate debt. The largest prime fund by assets, Schwab Prime Advantage Money Investor (SWVXX), holds 20% of its assets in commercial paper. It yields 3.5%.

Generally speaking, all money market mutual funds are safe investment products, but they have some risk. These funds are designed to maintain a stable net asset value of $1 per share, for instance, but during the Global Financial Crisis, a money fund fell below that — it “broke the buck.” Regulators now require that money funds hold a chunk of their portfolio in cash reserves.

Underlying holdings in the money fund can inject some risk, too. Prime funds that hold commercial paper stakes, for instance, are a bit riskier than funds that hold only government securities. That's partly why prime funds offer a tad more yield than government money market funds.

But since the post-GFC cash-reserve rules went into effect, much of the yield advantage in prime funds has been diluted. That's why some advisers, including Brian Schaefer at Johnson Financial Group, have decided prime funds don't offer enough yield these days to justify the risk.

SIPC insurance covers money mutual funds up to $250,000 in cash if a brokerage firm fails; the insurance does not cover investment losses.

Factors to consider

Yield matters, but you may want to consider additional features before choosing a money market product.

Accessibility. Whether you choose a money account or a money mutual fund may boil down to where you plan to hold your cash, whether in a bank — which provides arguably easier accessibility, if you're moving money between household accounts—or at your brokerage firm. Either way, make sure you can withdraw any amount of money, anytime you want. Some may cap monthly withdrawals.

And if you opt to keep your cash at your brokerage firm, don't assume the default cash account earns a decent yield. At Schwab, the default fund for idle cash in brokerage accounts earns just 0.01%. That's fine for money you plan to spend or invest in the next few days or weeks. Otherwise, consider moving it to a money market mutual fund or account to boost your yield.

Tax consequences. The tax treatment on interest earned in money markets can help you narrow your choices. Muni money market funds, for instance, are a good choice for high-income earners holding cash in taxable accounts.

Interest income in other types of money accounts and funds is subject to ordinary federal income tax, though most government fund payouts are exempt from state and local income taxes. The exception is government repurchase agreements, or repos, which generate income that's subject to federal, state and local taxes, says Noreen Brown, an adviser at Summit Financial in New Jersey.

Fees. Whether it's a monthly maintenance fee in a money market account or an annual expense ratio in a money market fund, investors should look at expenses when picking money market products, says Brown. Monthly maintenance fees for money accounts range between $0 and $25. Expense ratios of the 10 biggest money market mutual funds range from 0.11% to just under 1%.

Truth be told, however, depending on how much you're stashing away, expenses may not matter that much. “If you're investing $10,000, who cares?” says Pete Crane, who runs a data firm that tracks money market products. “A million dollars? Yeah, you should care.”

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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For years, the narrative around life insurance went something like this: Buy protection while you're young to replace your income so your family doesn't struggle if something happens to you.

And that message has clearly resonated. A good 51% of American adults say they have some life insurance coverage, according to LIMRA.

When it comes to buying life insurance, you have a choice. You could opt for a term life policy that offers limited coverage and no cash value accumulation. Or, you could buy whole life insurance, a type of permanent insurance that covers you for life and includes a cash value component. (Other forms of permanent insurance include universal and variable.)

While term life insurance holds appeal as the less expensive option, there's an inherent risk in buying it. In a nutshell, if you don't pass away by the end of your policy's term, you'll get nothing out of all of those premiums you paid (though you'll still be alive, so there's that).

With whole life insurance, you're guaranteed a payout. You can reserve the policy's death benefit for your loved ones upon your passing or tap your cash value for supplemental income in retirement.

In fact, you'll often hear whole life insurance touted as a useful retirement savings tool. But is it worth getting for that purpose?

Financial security that comes at a price

Life insurance is an inherently useful and important financial tool. But for many people, term life insurance can get the job done at a fraction of the cost.

Policygenius says that a healthy 30-year-old who doesn’t smoke might pay an average of $26 per month for a 20-year term life policy with a $500,000 payout. That same applicant would be looking at $450 per month for a whole life policy with the same benefit.

For this reason, proponents of whole life insurance tend to look beyond the "insurance" angle and incorporate whole life policies into the retirement planning equation. But while whole life insurance can provide policyholders with retirement income, it may not be the most efficient way to get there.

Whole life insurance lacks flexibility and efficiency in retirement planning

There are some use cases for whole life insurance in retirement planning. But Alex Langan, Chief Investment Officer and financial adviser at Langan Financial Group LLC, says point blank, "For most people in most situations, whole life insurance is not the right primary retirement savings vehicle. That's not a disclaimer. That's our honest assessment after working with clients across a wide range of financial situations."

For disclosure purposes, Langan Financial Group offers whole life insurance as part of its planning work, and in certain circumstances, advisers at the firm may be compensated for those recommendations.

The reason Langan doesn't usually recommend whole life insurance boils down to what the product is designed to do versus what long-term planners actually need.

"Whole life is built first around a permanent death benefit, with a savings component attached to it," Langan says. "Retirement planning is fundamentally about growth, flexibility, liquidity, and tax efficiency over time. Those aren't the things whole life is optimized for."

As Langan explains, whole life policies tend to grow more slowly than market-based alternatives. And since the costs are significant, especially in the early years, that's money that could instead go into an investment portfolio and generate stronger returns.

Derrick Schuler, CFP at Schuler Wealth Planning, agrees.

"Using whole life insurance as a retirement savings tool isn’t necessarily a waste of money, but there are much more efficient ways to save for retirement," he says.

Schuler formerly sold whole life insurance but no longer does. He makes recommendations on whole life insurance for clients, based on how it fits into their overall financial plan.

Schuler says that while whole life insurance accumulates a cash value that grows tax-deferred over time, "there are a lot of insurance costs, administrative expenses, and commissions built into the policy that can reduce the overall return on the cash value."

If retirement savings is the primary goal, says Schuler, then most people are usually better off first maximizing contributions to employer retirement plans, IRAs, and HSAs.

"These accounts generally offer lower costs, greater flexibility, and higher long-term growth potential than a whole life policy," Schuler insists.

Accessing funds from a whole life policy can be complicated

Another issue with using whole life insurance as a retirement savings tool, says Langan, is that accessing the cash value through policy loans or withdrawals comes with real trade-offs.

"Policy loans accrue interest and reduce the net death benefit while the loan is outstanding," he says. "If the loan is repaid in full, the policy can be restored to its original state. If it isn't repaid, the outstanding balance plus accrued interest is deducted from the death benefit paid to your beneficiaries."

Withdrawals work differently. They permanently reduce both the cash value and the death benefit and don't need to be repaid.

But, Langan cautions, "neither option works the way a straightforward account withdrawal does, and that matters when you're planning for retirement income flexibility."

There's also a timing issue Langan raises.

"Because of the way commissions and insurance costs are structured in permanent policies, it can take a meaningful number of years before the cash value exceeds what you've paid in," he explains. "That lag represents a real cost compared to other vehicles where contributions are working from day one."

When can whole life insurance actually make sense?

Langan says there are some scenarios where whole life insurance does make sense in the context of financial planning.

"The first is someone who has genuinely maximized every other tax-advantaged savings option available to them and is looking for additional ways to grow assets in a tax-efficient structure," he says. "At that point, the comparison set changes and whole life becomes more competitive relative to fully taxable alternatives."

Langan also says whole life insurance can fit into estate planning and legacy situations where a permanent death benefit is the actual objective.

"If someone needs a guaranteed death benefit regardless of when they die, and wealth transfer is a primary goal, permanent insurance makes structural sense because it's doing exactly what it was designed to do," he says.

Additionally, Langan says that whole life insurance could make sense as part of business planning. In that context, there are situations in which the guaranteed nature of the policy serves a specific functional purpose.

Of course, there's also a behavioral use case for whole life insurance.

"Some people know themselves well enough to recognize that they won't invest the difference between a term premium and a whole life premium," Langan says. "If the realistic choice is between a whole life policy that forces consistent contributions and builds cash value over time versus doing nothing because the money will otherwise be spent, a whole life policy is better than nothing."

But, Langan says, it's important to recognize that this still doesn't make using whole life insurance as a retirement savings vehicle an optimal financial strategy. Rather, he says, "It's a reasonable solution to a real behavioral challenge. There's a difference, and clients deserve to know which one applies to them."

Ultimately, Schuler says, it's important for savers to understand what life insurance is supposed to do — protect income, pay off debts, and provide for loved ones if something happens to them during their working years. Term life insurance can often provide that coverage at a fraction of the cost.

"For the average person looking to build wealth for retirement," Schuler says, "term insurance combined with disciplined investing will typically provide more insurance protection, more flexibility, and a larger retirement nest egg over time."

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In 2024, Bob DeSmidt, 78, of Sioux City, Iowa, wanted to help his adult son buy a home in an area that was closer to his new job. DeSmidt, a retired chief financial officer for a construction company, could afford to help his son with the purchase, but the contribution he and his wife wanted to make exceeded the annual gift tax exclusion — the amount of assets that individuals can transfer to each recipient without filing a gift tax return or reducing their lifetime exemption for federal gift and estate tax.

The gift tax exclusion in 2024 was $36,000 for a married couple, or $18,000 per individual. The DeSmidts ended up giving their son more than $36,000 and filing a gift tax return with the IRS. But that doesn't mean they had to pay tax on the gift, or that their assets will be subject to federal estate tax after they die.

In fact, it's highly unlikely that will happen. The One Big Beautiful Bill Act, signed into law in 2025, permanently increased the federal exemption for gift and estate tax. For 2026, it's $15 million per person, or $30 million for a married couple, and the exemption is indexed annually to inflation. DeSmidt says that while he and his wife are financially comfortable, their estate's value is well below that threshold. Iowa has no estate tax, so state taxes aren't a concern.

Given such a large federal lifetime exemption, only the very wealthy — and extremely generous — gain a tax benefit by keeping their gifts within the annual exclusion. Using this strategy, they can reduce the size of their estate, limiting the amount of it that is subject to tax and preserving the full lifetime exemption amount. Any gifts that exceed the annual exclusion count against the lifetime exemption.

But even if you're not among the ultra-wealthy and want to give away more than the annual exclusion, you'll still have to file a gift tax return on Form 709 unless you meet certain exceptions, which we'll discuss below. For 2026, the gift tax exclusion is $19,000 per person, or $38,000 for married couples.

Financial planners say De-Smidt's situation isn't unusual. Many of their clients want to help their children and grandchildren while they're still alive, instead of making their heirs wait 30 or 40 years to inherit family wealth. “We don't want to see our kids struggle when we can help them,” says Rose Price, a certified financial planner in Vienna, Va. In many cases, particularly when it comes to buying a house, they'd like to give away more than the annual exclusion.

Filing the gift tax form

If you're convinced that your estate will never be worth $15 million (or $30 million if you're married), you may be tempted to skip the hassle of filing Form 709 for gifts that exceed the annual exclusion. Financial planners say that's a bad idea. There's no guarantee that lawmakers won't lower the federal estate and gift tax exemption in the future, exposing more families to estate taxes of up to 40%.

In addition, several states have much lower exemptions. Oregon, for example, has an estate tax exemption of $1 million, making planned gifting even more critical. Annual gifts within the federal exclusion are tax-free under Oregon law, and those gifts will reduce the size of your taxable estate while preserving your $1 million exemption.

Filing a gift tax return can also protect you from future audits, says Lawrence Pon, a CFP and certified public accountant in Redwood City, Calif. Once you file a gift tax return, the IRS has three years to audit it; if you don't file, there is no statute of limitations on audits, he says. In addition, if you help a family member make a down payment on a home, the lender may request a gift tax return to confirm that money was a gift instead of a loan, Pon says.

Finally, by filing gift tax returns, you can track your lifetime giving, says Easton Price, a CFP in Irvine, Calif. That's a useful estate-planning tool, particularly if you want to equalize the amount you give to children or beneficiaries, he says.

Bypassing the annual exclusion

If you'd like to avoid filing a gift tax return — or you're worried about possible future changes to the lifetime estate and gift tax exemption — there are strategies you can employ to avoid the annual exclusion:

Make educational gifts. You can contribute an unlimited amount to a child, grandchild or other beneficiary's tuition as long as the funds go directly to the educational institution.

Contribute to a 529 plan. Contributions to a 529 college-savings plan are considered gifts for federal tax purposes, which means they're subject to gift tax requirements. However, you can front-load up to five years' worth of annual contributions. For example, in 2026 you can contribute up to $95,000 to a child or grandchild's 529 plan ($190,000 if you're married and file jointly).

If you take advantage of this strategy, you can't make additional contributions for the next five years without filing a gift tax return. In the meantime, however, you're giving the money invested in the plan more time to grow and compound, while reducing the size of your estate — a smart strategy if you live in a state with an estate tax.

Offer medical assistance. Want to help a family member with catastrophic medical bills? Payments made directly to the medical provider or insurer are exempt from gift taxes.

You could even give the recipient a debit card that's designated to be used for medical expenses, says Jon Robertson, a CFP in Columbia, S.C. The expenses must qualify as deductible expenses under IRS rules, which include hospital bills, dental procedures and long-term care. As is the case with tuition payments, the money must go directly to the medical provider or insurer, not the family member.

Stagger your gifts. The gift tax exclusion restarts every year. With that in mind, you and your spouse could give an adult child $38,000 in December and the maximum for 2027 (which has not been announced) in January without triggering the requirement to file a gift tax return, says Catherine Valega, a CFP in Burlington, Mass.

Double up. Under federal rules, you can give up to the annual exclusion to as many people as you want without filing a gift tax return. So if you'd like to help an adult child make a down payment on a house, you and your spouse could give $38,000 to your child and another $38,000 to your child's spouse this year, for a total of $76,000. That may not cover the entire down payment, especially in parts of the country with a high cost of living, but it's a good start.

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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Whether you spend your time in front of the TV watching sports, the news, the latest buzzy shows or reruns of your favorite sitcoms, you've probably noticed that you're shelling out more for your entertainment in recent years. Between March 2024 and March 2026, prices for subscription and rental of video and video games, which includes subscription streaming services, surged roughly 25%, according to data from the U.S. Bureau of Labor Statistics.

Costs are rising so much that the phenomenon even has a new nickname: “streamflation.” Netflix, the largest and most popular streaming service, hiked prices for all three of its subscription tiers in March for the second time in less than two years. In April, prices for Amazon Prime Video's ad-free tier increased by $2 per month. Many of the other major players, including Paramount+ and HBO Max, have also raised their prices within the past year.

A few more dollars here or there each month may not seem significant enough to take a large bite out of your budget, but it adds up. The average U.S. household spends $69 monthly on video-on-demand service subscriptions, according to data from Deloitte. That's $828 annually. Deloitte also found that almost three-fourths of consumers are frustrated that companies keep raising their prices.

Unfortunately for viewers, the costs are likely to keep climbing. “We'll continue to see pricing going up for all streaming services, live and on demand,” says Dan Rayburn, an analyst in the streaming video industry. “Some don't do it yearly, but most do it like clockwork.”

The reason, he says, is that the cost to produce and license content continues to rise every year. Deep-pocketed companies such as Amazon and Disney are competing to snag hit shows, and the cost of that competition is trickling down to customers. In particular, the cost of licensing sports programming — an offering streaming services are increasingly looking to add — is “astronomical,” Rayburn says.

Last year, L.E.K. Consulting, a global strategy consulting firm, found that streaming platforms were expected to spend roughly $33 billion on obtaining rights to show national sports. In March, for instance, CNBC reported that the National Football League was asking Paramount+'s parent company for 50% more than the $2.1 billion it was already paying to show games.

These companies also pay attention to what their competitors are doing with their prices. “One increases the price, and that opens the door for everyone to increase the price,” says Christopher Hamilton, industry insights manager at Parrot Analytics. “The whole industry is shifting up.”

Although prices keep going up, you can make moves to fine-tune the selection of services you use and offset the hit to your wallet.

1. Consider your preferences.

Determine what you actually want to watch and whether you're getting it. Think about whether you prefer to see your favorite content the moment it comes out, too. Some families want to see sporting events live, which means they may want to opt for a sports-oriented streamer such as Peacock or a live-TV service such as YouTube TV or Fubo.

Other households may prioritize brand-new shows, which could make services that focus on original content, such as Apple TV, a good fit. If you're looking for children's programming, Disney+ or Netflix may be the way to go.

There are also specialized streamers that home in on specific corners of the market. For example, Crunchyroll's collection is made up of anime, and Shudder is for horror fans. BritBox exclusively offers British content, and Curiosity Stream focuses on documentaries.

2. Assess your budget.

Next, take a look at your budget, and add up the cost of streaming services you're paying for now. The amount of money you should allocate to entertainment will depend on your personal goals and financial situation, including your income and whether you have any debt.

If you need help, consider a popular budgeting strategy such as the 50/30/20 rule, which entails allocating 50% of your income to needs, 30% to wants (including entertainment) and 20% to savings. If streaming makes up a disproportionate amount of your budget, you can use some of the strategies here to trim your spending.

3. See what's available at no extra cost.

Your paid memberships with other services may provide access to certain streamers. For example, if you're a Walmart+ member, which offers free shipping from Walmart and other perks, you get access to either Paramount+ Essential or Peacock Premium with ads. Amazon Prime includes a Prime Video membership, and you can get Apple TV free for three months when you buy a new Apple device.

Don't forget to check your credit card perks. Those who have the Chase Sapphire Reserve card ($795 annual fee) can get Apple TV for free through June 2027, and the American Express Platinum card ($895) offers a monthly credit of up to $25 that you can use on a slew of streaming services, including Disney+, ESPN, Hulu, Paramount+, Peacock and YouTube TV.

And some streamers won't cost you anything at all. Tubi, The Roku Channel and Pluto TV offer large collections of free TV shows and movies (though you'll have to contend with ads). Through your local library, you may be able to borrow TV shows and movies to stream to your devices for free via Hoopla.

4. Take advantage of free trials.

When you're starting a new service, see whether it offers a free trial. This can be especially beneficial if you want to watch a specific show, because you may be able to finish it before the trial is over. Though Netflix, Disney+ and HBO Max don't offer free trials, many of the other services do, including Discovery+ and Mubi, which deems itself a place to find “ambitious films and series by visionary filmmakers.”

You don't always have to be new to using a service to get a free trial. Hulu, for example, doles out free trials to members who haven't subscribed in a year.

5. Bundle.

You can often snag cheaper prices via bundles, which combine several services, such as internet, phone, cable and streaming. For instance, T-Mobile customers who use qualifying phone plans can get Netflix and Hulu's standard tiers with ads for free, as well as a $3-per-month discount on Apple TV. Verizon offers discounted prices on Netflix and HBO Max with ads alongside select mobile and home internet plans.

Spectrum TV's cable-TV service offers local networks and sports, depending on the plan, plus a wide range of streaming services, including HBO Max, Peacock, Hulu and ESPN. When you use certain plans from Xfinity, you'll also get Disney+ and Hulu. Plus, Peacock Premium is included for three years.

Some streaming services themselves also bundle. By getting Disney+ and Hulu with no ads together, for instance, you can save 47% compared with what you'd pay by purchasing the two services separately.

6. Pause services when you're not using them.

Your preferences may change from month to month. If everyone is talking about a new television show you want to watch, or your favorite reality series is airing just for a few months, you can temporarily sign up for the streamer that carries it. (Several years ago, Disney+ saw a surge in subscriptions when The Mandalorian aired, then those figures plateaued, Rayburn says.) If you're not getting exactly what you want, when you want it, cancel or pause your service.

“It's very easy to cancel these services,” Rayburn says, adding that it may take a little more effort to cancel live-TV services than on-demand ones. (You often need to talk to a representative on the phone to discontinue a live-TV plan rather than go online.) “We see this all the time where consumers sign up for it, they watch what they want to for a couple of months, and then they leave it.”

When you subscribe to a new service, set a calendar reminder for a date just before it automatically renews. (Double-check the terms of each service so you don't cancel too late. Amazon, for example, says that if you get Prime Video as an add-on subscription through Apple, you need to cancel 24 hours before your subscription renews to ensure you won't be charged.) Once that reminder goes off, cancel your service if you no longer plan to use it, or pause it if you may want to return to it within a few months.

Just remember that if you pause, you could be automatically charged once the break from service ends. The rules around pausing also vary. For example, Netflix lets you pause for one month at a time, for up to three months, as long as you're not on the basic plan, while Hulu lets you pause up to three months in one go. You can typically do this easily online from your account-management page.

7. Downgrade your services.

Most platforms have tiered offerings, so you may be paying more than you need to watch the shows and movies you love.

Take Netflix. The streamer's Premium tier costs $26.99, but you can save $7 monthly, or $84 annually, by downgrading to the Standard tier while still getting all the same content with no ads in exchange for slightly lower video quality (Rayburn says only “video-quality nerds” would notice the difference) and fewer downloads and supported devices; the number of extra members you can add to the account is also smaller. Jumping from the Premium tier to Standard With Ads will save you $18 each month, or $216 for the year.

Sometimes, you can also save by buying an annual membership instead of a monthly one. With HBO Max, for instance, doing so can save you 16% on all tiers. Note, however, that this strategy prevents you from using the cancel-or-pause method mentioned above.

8. Share memberships.

Streaming services have cracked down on sharing passwords with people outside your household, but you can often add extra members to your account at a discounted rate. This means you can split the bill with a family member or friend, even if they're across the country.

With the ad-supported version of Disney+, for example, you can add an extra member to your account for just $6.99 monthly, or $9.99 monthly if you subscribe to Disney+ Premium, with no ads. If you and the extra member sign up for your own accounts separately, you'd each pay $11.99 monthly for the tier with ads and $18.99 for the one with no ads. By adding an extra member to one account and splitting the cost, you could each pay just $9.49 or $14.49, respectively.

Should you switch back to cable?

As TV-streaming services gained popularity, many people dropped their cable subscription. Among U.S. adults, 83% say they use streaming services, while just 36% have cable or satellite TV, according to a report published last year by Pew Research Center. But as streamers steadily raise their prices, and as consumers subscribe to several separate platforms to get all the content they want, these services are becoming more akin to cable, with some of the same frustrations that customers were trying to avoid when they cut the cord in the first place.

“History repeats itself,” says Christopher Hamilton, industry insights manager at Parrot Analytics. “This accumulation of individual fees results in a total bill that is high, causing ‘subscription fatigue' and effectively re-creating a high monthly outlay similar to cable.”

But he wouldn't necessarily recommend that most viewers switch back to cable. Despite rising prices, most people can ultimately structure a better deal with live-TV streaming services, mainly because they have the flexibility to tailor plans to their specific needs.

“The massive advantage is the ability to easily drop and resubscribe for a period without penalty,” Hamilton says, adding that cable often has extra complications and costs — such as contracts, equipment rentals and cancellation fees — that make it difficult to stop and restart service to save money.

“With streaming, a customer can subscribe for a three-month sports season and then cancel immediately, which is a powerful cost-cutting tool.” Streaming services also often allow greater customization, providing smaller channel packages or add-ons, whereas cable often forces broad, predetermined tiers.

That said, cable still makes sense for some people. For instance, you may not be able to watch certain local sports on live-TV streaming platforms, depending on where you live. Juggling multiple streaming apps and interfaces, each with different navigation and billing, can also be complicated, especially compared with the simplicity of a single cable box and bill.

Compare your streaming options

Choosing which streaming services suit your needs at the best price requires a little homework. Here's a breakdown of some of the most popular choices.

Netflix

Price: $8.99 monthly for Standard With Ads; $19.99 monthly for Standard; $26.99 monthly for Premium Netflix is considered the king of streaming thanks to its large video library, including original hits such as Stranger Things and Squid Game, and even some live programming, such as certain Major League Baseball games. Hamilton, of Parrot Analytics, assesses streamers' content offerings and customer demand to understand which services offer the best deals, and he says Netflix is one of the greatest values on the market, just behind the Disney+/Hulu bundle.

HBO Max

Price: $10.99 monthly for Basic With Ads; $18.49 monthly for Standard; $22.99 monthly for Premium HBO Max has all of HBO's content, plus DC Universe films, Warner Bros. films and a slew of prestige original content. It's also home to old favorites, recently including Friends.

Hulu

Price: $11.99 monthly for Hulu (with ads); $18.99 monthly for Hulu Premium Hulu's on-demand subscription service has popular original content, including The Handmaid's Tale, but you can also catch various shows from major networks such as ABC, Fox and FX just after they air.

Disney+

Price: $11.99 monthly for Disney+ (with ads); $18.99 monthly for Disney+ Premium Are you a fan of the Star Wars franchise or Marvel, Disney and Pixar movies? Then Disney+ is the service for you. If you're going to go with this family-friendly streaming option, consider its bundle with Hulu.

Prime Video

Price: Included in an Amazon Prime membership, which is $14.99 monthly or $139 yearly; additional $4.99 monthly with no ads Amazon's streaming service has a large catalog of TV shows and movies, as well as original shows. Plus, during the NFL season, it airs Thursday night football games.

Apple TV

Price: $12.99 monthly with no ads Apple TV is all about exclusive content, including hits such as Severance and Ted Lasso. But it also streams live Major League Baseball games on Friday nights, and you can catch Major League Soccer matches and Formula 1 racing live, too. It's one of the few streamers that doesn't have a lower-cost tier with ads, though you can bundle it with Peacock for just $2 extra.

Paramount+

Price: $8.99 monthly for Paramount+ Essential (with ads); $13.99 monthly for Paramount+ Premium Paramount+ is home to more than 40,000 TV episodes and movies from CBS, Comedy Central, Nickelodeon and more. It also hosts all of Showtime's movies and series, and you can catch live NFL games and UFC (Ultimate Fighting Championship) fights, too.

Peacock

Price: $7.99 monthly for Select (with ads); $10.99 monthly for Premium (with ads and more content than Select); $16.99 monthly for Premium Plus Peacock is NBCUniversal's streaming service, with hits from NBC and Bravo, such as The Real Housewives franchise, as well as original content. With the Premium and Premium Plus tiers, you can also see live sports.

Live TV

DirecTV

Price: Genre packs start at $19.99 monthly; streaming packages start at $89.99 monthly DirecTV still offers satellite TV, with packages ranging from $77.99 to $169.99 per month. But separately, it also offers live-TV streaming and five “genre packs”: kids' television, sports, Spanish channels, news and entertainment. The streaming packages offer a broad mix of channels, including local stations, depending on which one you choose.

Hulu + Live TV

Price: $89.99 monthly for live TV, Hulu's on-demand content, Disney+ and ESPN Select with ads; $99.99 monthly with no ads Hulu's live-TV service offers more than 95 channels, from news to sports to comedy to local networks. And you get access to a host of on-demand content, too.

Sling

Price: $19.99 monthly to $60.99 monthly, depending on the package With Sling, you get live TV and sports in addition to movies on-demand. The Sling Select package includes about 10 channels, including NFL Network, National Geographic and FS1. Other packages include more channels at higher monthly prices.

YouTube TV

Price: $82.99 monthly for YouTube TV; $64.99 monthly for Sports Plan YouTube TV calls itself “cable reimagined,” and it offers access to more than 100 live and on-demand channels, including ABC, CBS and FX. You can also get add-ons such as MGM+, Shudder and HBO Max. The Sports Plan offers viewers access to a more limited selection of major broadcast networks, such as Fox and NBC, as well as sports-focused channels, including ESPN and FS1.

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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