People who own electric vehicles seem to love them. Rick Wilmer, CEO of ChargePoint, told Kiplinger that EV owners have a 90% retention rate, indicating that once they switch to an EV, they don't switch back.

With painful prices at the pump, it's no wonder buyers are making the switch. In fact, Autoblog reports that used EVs are now flying off lots faster than traditional gas vehicles. Ready to make the jump? The real challenge is narrowing down which EV best fits your lifestyle and budget.

This is where its recall history comes into play, as it can help you spot potential issues, since the last thing you want is to spend ample time doing software updates or visiting your dealership. With this in mind, here are the EVs with the most recalls.

The EVs with the most recalls

Rerev examined over 50 electric models sold in the U.S. to identify those with the most safety recalls in 2026. Using recall data from the National Highway Traffic Safety Administration (NHTSA), the report counted how many separate recalls each model had, how many cars each recall covered and how many complaints were filed.

Here are the top 10:

Understanding the most common EV recalls

Let's start with the Tesla Model Y, which leads the list with five recalls this year. The recalls haven't been too severe. One was for headlights that were too bright, and another was for a missing certification label. Many of Tesla's fixes are over-the-air updates, so pay close attention to software updates and comply as they arrive.

Meanwhile, the Lucid Air arguably had the most concerning recall: It involved a fire hazard due to faulty lighting-circuit software. It was so serious that Lucid recommended drivers park their vehicles outside until the over-the-air update applied.

Another vehicle notable for recalls is the Rivian R1S. These recalls affected everyday performance, such as a message appearing on the screen when drivers tried to view their rear cameras. There were also recalls for seat belts and front turn signals that were working improperly.

Last but certainly not least is the Hyundai Ioniq 5. It had 610 complaints filed with the NHTSA, the second-highest number of complaints behind the Tesla Model Y with 787. Why so many? Ioniq 5 owners have experienced a litany of issues, including power loss from integrated charging control unit failures and improperly tightened battery bus bars, creating a fire risk.

With these trends in mind, if you're looking to buy an EV, pay close attention to recalls, as they can be a preview of future experiences.

And if you are an EV owner, here's how to handle recalls:

• Use the NHTSA recall lookup tool by providing your car's VIN or license plate to find any outstanding recalls
• Look for over-the-air software updates and install safety patches immediately
• If you receive a recall notice, contact your dealer to schedule the free repairs
• Adhere to temporary safety precautions (such as parking outside or adjusting charging limits if advised for battery/fire risks) until the repair is completed
• Retain service documentation and verify that the recall is marked resolved in official records

Overall, EVs offer a range of benefits that make most owners want to keep them. However, like any other car, recalls are a part of ownership. Finding EV models with fewer recalls gives you the best of both worlds: Enjoying your vehicle's performance without worrying about safety issues.

Before you shop for your next car, do your financial homework. This includes determining the costs to insure your new ride. You can use this Bankrate tool to find and compare car insurance prices fast:

Related content

• How To Know If Your Car Is Recalled — And What To Do About It
• Used EV Prices Are Falling — Here's How They Compare to Gas Cars Now
• You Bought an EV and the Company Failed. Now What?

If you're an Amazon Prime member, your food delivery perk just changed. Amazon is replacing its Grubhub benefit with Uber Eats, giving members access to $0 delivery fees on qualifying restaurant orders.

The new benefit is available immediately to Prime members nationwide. You can now order from thousands of restaurants directly through Amazon.com or the Amazon Shopping app, without needing a separate Uber Eats account.

Prime members can also get $20 off each of their first two qualifying Uber Eats orders of $25 or more, but the introductory offer is only available for 14 days. Here's what's changing, how to take advantage of the new benefit and what to know before placing your next order.

How the new Amazon Prime Uber Eats perk works

The new Uber Eats benefit is available to all U.S. Prime members, including those with discounted Prime for Young Adults and Prime Access memberships. Members can order from hundreds of thousands of restaurants nationwide, with $0 delivery fees on qualifying orders of $25 or more.

To get started, visit Amazon.com/ubereats or open the Amazon Shopping app and search for "Uber Eats." Sign in with your existing Amazon account, browse nearby restaurants and place your order using your saved payment methods. There's no need to download another app or create an Uber Eats account.

For the first 14 days following the November 5 launch, Prime members can get $20 off each of their first two eligible orders of $25 or more, for a total of up to $40 in savings. Prime Visa cardholders can also earn 5% back on Uber Eats orders placed through December 5, 2026.

Keep in mind that $0 delivery fees don't mean your entire order is fee-free. Service fees, applicable taxes, regulatory charges and tips may still apply.

What happens to the Grubhub benefit?

Amazon first partnered with Grubhub in 2024, giving Prime members access to a free Grubhub+ membership that included $0 delivery fees on eligible restaurant orders. Now, Amazon is replacing that benefit with Uber Eats.

Amazon's commercial agreement with Grubhub ends November 5, 2026, the same day the new Uber Eats benefit launches. Prime members who previously used Grubhub+ through Amazon will need to switch to Uber Eats through Amazon to continue receiving restaurant delivery savings.

Existing Prime members don't need to create a new account or download the Uber Eats app to use the new benefit. Instead, they can order directly through Amazon's website or shopping app using their existing Prime membership.

Is the new Uber Eats perk worth using?

Amazon Prime costs $14.99 per month or $139 annually. If you're already a member, the new Uber Eats benefit gives you another way to save without paying extra for your Prime membership. The introductory offer could also save you up to $40 on your first two qualifying restaurant orders.

However, $0 delivery fees don't necessarily mean you're getting the lowest price. Service fees, taxes and tips can add to your total, and restaurant prices may be higher on delivery platforms. Before ordering, compare the final cost with ordering directly from the restaurant or picking up your food.

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Turning 50 often brings shifting eyesight and rising healthcare expenses, yet original Medicare leaves older Americans completely on their own for routine vision care, glasses and contact lenses.

In a recent Retirement Coaches Association survey of 115 professional retirement coaches conducted in partnership with VSP Individual Vision Plans, 96% said poor vision can significantly threaten retirees' independence and quality of life. Another 61% reported seeing clients scale back daily routines or social activities because of vision-related concerns. As with hearing loss, vision loss is a risk factor for developing dementia, according to the American Optometric Association.

The good news is that, with some research and planning, you can protect your eyesight without breaking the bank.

Standalone vision plans exist

The fact that original Medicare won’t pay for routine eye exams or glasses can be a huge blow for older Americans. But that doesn’t mean vision insurance is off the table.

Bob Laura, founder of the Retirement Coaches Association, says standalone vision plans exist for retirees.

"For individuals who need additional coverage beyond Medicare or employer-sponsored benefits, these plans are worth evaluating as part of an overall retirement budget," he says. However, he continues, "Whether one provides value depends on an individual’s existing coverage, anticipated vision care needs, and potential out-of-pocket costs."

Laura says many retirees value the combination of predictable healthcare costs, coverage for routine eye exams and eyewear, and access to a network of eye care professionals. It may be worth paying a premium for standalone coverage if that makes other vision-related costs easier to anticipate.

Dr. Don C. Railsback, O.D., CEO of Vision Care Direct, agrees: "The best way to determine a plan's real value is to look beyond the monthly cost and see how it will benefit you annually."

As he explains, some of the most expensive parts of vision care are exam fees and prescriptions.

"You should factor in the monthly fee, the exam copay, allowance for frames and lenses, and whether the plan covers any lens upgrades you might need," Railsback says. "Most people over 50 need multifocal lenses, and a lot of plans will have set rates for progressives that can end up saving you money."

Just as importantly, Railsback says, vision insurance encourages people to keep up with annual exams, which is key to catching issues before they threaten vision.

"When the exam is already paid for, people are more likely to go," he says. "That's how conditions get caught early, giving you more treatment options before it's too far gone and your only options are expensive ones."

Don’t bank too heavily on warehouse club discounts

Given the high cost of eyeglasses, you may be inclined to turn to a warehouse club like Costco for affordable eyewear. Railsback says that while that may be a way to get inexpensive glasses, you risk overlooking eye health issues if you take that approach.

"It's important to remember that retail settings are built around selling products. Their primary goal is making sales," he says.

"An independent eye care practice is there for one reason — caring for your eyes," he continues. "Your eye exam should be focused on catching health issues and not just how well you can see. A quick check to simply update your prescription is not the same thing."

Railsback notes that as people age, the risk of glaucoma, cataracts, macular degeneration, and diabetic eye disease can increase. He says these are typically first noticed during a comprehensive eye exam.

That doesn't mean you should necessarily write off warehouse clubs or retail chains. Their optometrists are fully licensed Doctors of Optometry who perform standard dilated health screenings. However, they often lack equipment for more specialized diagnostics, so you may want to see an independent doctor, especially as you age.

Medicare Advantage may be an option

While original Medicare typically doesn’t cover eye exams and eyeglasses, Medicare Advantage plans often include vision benefits. But coverage can vary.

"Plans may offer limited allowances, network restrictions, or other benefit restrictions," says Laura. "Gaps in coverage can lead to retirees postponing or skipping care altogether, potentially continuing to experience vision concerns that can affect everyday activities and independence."

Railsback notes that for people with original Medicare, Medigap plans may help cover the cost for services it covers, including the 20% coinsurance for cataract surgery or glaucoma treatment.

"If you don't have a Medigap policy, a standalone vision plan can be a better way to save money and make some of these things more affordable," he says. These standalone vision plans, however, only cover hardware and routine exams, while Medigap or Medicare Advantage can cap out-of-pocket costs for medical eye conditions.

Don't overlook the importance of routine care

Enrollees in original Medicare are often eligible for some coverage once an eye condition is suspected or diagnosed. As Railsback explains, Medicare typically covers an annual diabetic eye exam for people with diabetes, yearly glaucoma screenings for people at high risk, diagnosis and treatment of age-related macular degeneration, and cataract surgery. These services are typically subject to coinsurance and Medicare Part B’s annual deductible.

But as crucial as these services are, Railsback says, routine care is needed to get ahead of these issues.

"Routine eye care includes an annual wellness exam that checks for health problems," he says. "An eye exam is also the only time doctors can see blood vessels and nerves directly without surgery, allowing them to spot signs of diabetes, high blood pressure, and other systemic issues outside of eye diseases. It's during this exam when a lot of people first learn about a serious health issue."

Railsback insists that routine and medical eye care need to work together.

"Annual preventive exams help catch problems early. Medicare helps pay to treat them," he says.

Compare vision care costs and options

To get a sense of how much you might pay for eye exams and glasses, here’s a comparison chart. Note that figures are estimates and can vary based on location and other factors.

It’s crucial to do your own research based on your location and specific eye-related needs, and compare plan allowances before enrolling. Whether you buy a standalone insurance policy or set aside funds in a health savings account (HSA), a clear vision plan helps you keep up with overall eye care.

Read More

• Average Cost of Healthcare by Age and US State
• In Your 50s? We Need to Talk About Long-Term Care
• Is a Medicare Advantage Plan Right for You?

For many individuals and families, purchasing life insurance can be an effective way to provide financial security for loved ones.

However, buying the policy is only part of the planning process. An equally important question is, "Who should own the policy?"

While many people own life insurance personally, high-net-worth families may also consider using an irrevocable life insurance trust (ILIT) to own and manage life insurance.

When structured properly, a life insurance trust can provide significant estate planning, asset protection and wealth transfer benefits.

What is a life insurance trust?

A life insurance trust is a legal entity created to own a life insurance policy on the insured's life. Rather than owning the policy personally, the trust becomes the owner and beneficiary of the policy.

Upon the insured's death, the life insurance proceeds are paid into the trust, and the trustee distributes or manages those assets according to the instructions contained in the trust document.

The estate tax advantage

One of the primary reasons affluent families use life insurance trusts is estate tax planning.

When an individual owns a life insurance policy personally, the death benefit is generally included in that person's taxable estate. For larger estates, this can increase federal and state estate tax exposure.

If an ILIT owns the policy, the death benefit may be excluded from the insured's taxable estate, potentially preserving a greater portion of the proceeds for heirs.

This can be especially valuable when life insurance death benefits reach several million dollars.

Example: Consider an insured with a $20 million estate that includes ownership of a $5 million life insurance policy. Under current estate tax law ($15 million exclusion in 2026), an estate tax may be assessed at death.

If, however, an ILIT owns the policy, the death benefit may be excluded from the estate, potentially reducing estate taxes and increasing the amount the beneficiaries ultimately receive.

Maintaining control over the distribution of assets

Many parents worry about leaving a large lump-sum inheritance directly to children.

A life insurance trust allows the grantor to establish rules regarding when beneficiaries receive funds, how funds may be used, whether distributions are made outright or in stages, protection against spendthrift behavior and long-term management for future generations.

For example, a trust may provide one third of assets at age 30, one third at age 35 and the remainder at age 40. Alternatively, the trustee may retain discretion to distribute funds for health, education, maintenance and support.

Protecting beneficiaries

Depending on applicable law, life insurance trusts can help protect inherited assets from various risks, including creditor claims from:

• Lawsuits
• Divorce settlements
• Financial mismanagement

Rather than distributing a large inheritance outright, trust assets can remain under the supervision of a trustee who manages distributions according to the trust's terms.

For families concerned about preserving wealth across generations, this protection can be invaluable.

Providing liquidity when it's needed most

Even when estate taxes aren't a concern, many estates face liquidity challenges.

Assets such as real estate, businesses, investment partnerships and family vacation properties may be valuable but difficult to sell quickly.

Life insurance proceeds held in a trust can help provide liquidity to help pay estate settlement costs, cover taxes, equalize inheritances among children, preserve a family business and prevent the forced sale of family assets.

Planning for blended families

Life insurance trusts can also serve an important role in blended family situations.

For example, an individual may want to:

• Provide income for a current spouse
• Preserve assets for children from a prior marriage

A trust can establish clear instructions regarding how and when proceeds are distributed, reducing the potential for disputes and helping to ensure the insured's wishes are carried out.

Important considerations

While life insurance trusts offer significant benefits, they aren't appropriate for everyone.

Some considerations include:

Irrevocability. An ILIT is intended to be irrevocable. The policy owner gives up direct ownership and control of the policy.

Administrative requirements. Trusts require ongoing administration, including trustee oversight, annual notices to beneficiaries (commonly known as Crummey notices) and proper documentation and recordkeeping.

Professional guidance. Because trust design, tax rules and estate planning objectives can be complex, it is important to work with qualified legal, tax, and financial professionals when evaluating whether an ILIT makes sense.

The bottom line

Purchasing life insurance is an important step in protecting your family's future. However, for many individuals, especially those with significant assets, the ownership structure of the policy can be just as important as the policy itself.

A properly designed life insurance trust may help:

• Reduce estate taxes
• Protect beneficiaries
• Control distributions
• Preserve family wealth
• Provide liquidity at death
• Support multigenerational planning goals

For families seeking to maximize the impact of their life insurance strategy, a life insurance trust can be a powerful planning solution that extends well beyond the death benefit itself.

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• 8 Estate Planning Secrets You Can Borrow from the Ultra-Wealthy

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.

Florida homeowners will soon get some relief from rising property tax bills. On Election Day, November 3, voters approved Amendment 3 by about 62%, according to the Associated Press (the threshold to pass was 60^), setting the stage for a much larger homestead exemption on qualifying primary residences.

But...the change won't happen overnight, and not every homeowner will qualify for the full benefit when the measure takes effect. Here's more to know.

Florida voters approve Amendment 3 homestead property tax exemption

The big change Amendment 3 brings is how much of a home's assessed value homeowners can shield from non-school property taxes. Under the measure, that additional Florida homestead exemption increases from $50,000 to $150,000 in 2027, then to $250,000 in 2028.

The amount will then rise with inflation beginning in 2029.

That could make a noticeable difference on a homeowner's property tax bill.

For example, imagine your main Florida home's value is assessed at $400,000. In 2028, the new exemption would shield $250,000 of that value from non-school property taxes, leaving $150,000 subject to those taxes. (Of course, actual savings will depend on your local tax rate.)

Keep in mind: The larger exemption applies only to non-school property taxes. The existing $25,000 homestead exemption for school taxes remains in place. And if you own more than one home in Florida, the exemption applies only to your primary/main residence.

Timing also matters. Homeowners who maintained a permanent Florida residence by December 31, 2026, and qualify for the homestead exemption can receive the larger benefit as the measure phases in.

People who establish Florida residency after that date will have to wait longer.

• They'll initially receive the existing $50,000 exemption, adjusted for inflation beginning in 2028, and become eligible for the larger exemption in their fifth year of receiving it.
• Starting in 2030, counties and municipalities can vote to shorten that waiting period if they determine there is a critical local need.

Also: Under Amendment 3, beginning in 2027, the annual assessment cap for non-homestead properties, including many rentals, second homes, and commercial buildings, drops from 10% to 5%. (The limit applies to assessed value, not the property tax bill.)

Concerns about local government funding

A bigger tax break for homeowners sounds appealing, but it comes with a trade-off: Local governments rely heavily on property taxes to pay for services residents use every day, including police and fire protection, emergency medical services, road repairs, drainage projects, parks, and libraries.

Losing property tax revenue could force local governments to cut spending, reduce services, or seek other funding sources.

• Florida's Revenue Estimating Impact Conference projects that Amendment 3 could cut local property tax revenue by nearly $5 billion in 2027-28, rising to $8.8 billion the next year and nearly $11.9 billion by 2031-32.
• The estimates include both the larger homestead exemption and the lower assessment cap on other properties.

It's worth noting that the amendment restricts how counties and municipalities can use property tax revenue. It limits spending to specified purposes, including public safety, education, infrastructure, natural resources, debt obligations, and employee retirement benefits.

But critics note that doesn't guarantee police and fire departments will keep their current funding or prevent communities from having to make difficult budget choices.

And what about Florida renters? They don't qualify for the homestead exemption, which is reserved for eligible owner-occupied homes. Landlords could factor changes in their property tax costs into rental decisions, but whether rents will rise as a result of the amendment remains to be seen.

Could Florida further cut or eliminate property taxes?

The $250,000 exemption may not be the whole story when it comes to Florida property taxes. Amendment 3 also opens the door to potentially larger tax breaks for some Florida homeowners.

• Under the amendment, the Florida Legislature must establish a process allowing counties and municipalities to increase the homestead exemption for their own property tax levies.
• In some cases, that could eventually mean exempting the full assessed value of a qualifying home. (You may recall that Florida has long debated potentially eliminating property taxes.)
• Special taxing districts may also increase the exemption, but only with voter approval.

For now, the first changes under the measure are scheduled to take effect on January 1, 2027.

If you own a home in Florida, watch for announcements from your county property appraiser as the new rules move toward implementation.

Related

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• Zero Income Tax Doesn’t Always Mean a Cheaper Retirement
• 10 Cheapest Places to Live in Florida

In the many years that I have written this column, not once — until a few days before Halloween this year — was I left worried that callers would go off the deep end and do something violent to a business they felt had wronged them.

It all began with a voicemail from "Rick," asking whether I took cases of an auto dealer's negligence without personal injury or property damage.

Now, let's think about that statement. No injury. No property damage. Someone might have been negligent, but no harm resulted.

So what basis does Rick, or anyone else in this position, have for a lawsuit?

I ran that question by a friend and colleague who has practiced plaintiff's personal injury law for decades: Los Angeles-based Judy Gelfand, who comes from a remarkable family of physicians and lawyers. Her brother Gary is regarded as one of the nation's most respected medical malpractice attorneys and has been a great resource for this column. This article contains just some of his excellent advice.

Judy's answer was what every law student learns in the torts class we all take: "Negligence law is based on actual, recognized injury, loss or property damage caused by someone failing to do what they should have done. Just because something could or might have happened, but didn't, is not the basis for a lawsuit. When a mistake occurs but is immediately rectified with no harm, that's it."

Threatening phone calls

I called Rick and asked him to tell me what had happened.

"My truck's control arm needed to be replaced," he said. "I know the procedures required. They did the work under warranty. We drove over to pick it up, and, as my wife began to drive it, within a hundred feet or so, a wheel fell off. No one was hurt and they repaired the cosmetic damage, but she could have been killed!

"When I call lawyers, they all say if she is unharmed and the damage was repaired, there is no basis for a lawsuit, but I do not believe them. Since you are a consumer advocate I want you to represent us."

"Rick," I replied, "If damage to the vehicle was repaired, and the wheel came off within feet of the vehicle moving, you should thank the Lord that your wife was unharmed. There is no case."

At that moment, he began screaming: "But if this happened in traffic or on the freeway it would have been horrible — she could have been killed! I want them sued!"

He mumbled threatening language and hung up. I had immediate concerns about a seemingly out-of-control guy walking into the dealership with violence on his mind. Even if he thought that an attorney-client relationship had been established — which it had not — I still had a legal and moral obligation to warn the dealership, which I did.

Later that day, Rick's wife called, screaming at me in language that can't be repeated here, promising to "tell the media how incompetent and stupid you are."

She hung up, and I called her back, getting voicemail. I calmly explained that with no harm, there is no case, and she would be welcome to call and discuss this at any time.

Rick's not-so-hidden agenda?

Later, I learned that Rick hadn't told me the full story. The dealership's general manager filled me in, saying Rick had asked for an appraisal of the vehicle's resale value, which was roughly $17,000. He owed close to $25,000 on it, so he had negative equity.

The dealership's mechanics had accomplished the repair without having to take the wheel off. And in any case, they didn't have the wheel locks they'd have needed to remove its lug nuts.

The manager then described what happened when the couple left: "We have video coverage of the entire thing. She backs up, and — we do not know how — but the lug nuts came off. The wheel did collapse inward, but did not come off. We immediately took action, fixed it, cleaned it up — everything we could do.

"I attempted to speak logic to him, and offered to take him out of that vehicle completely, with no negative equity… He would not even listen but screamed, 'Unless you give me every payment back, my down payment and the negative equity, I'm going to an attorney.'

"I said: 'We fixed everything. Nothing happened to your wife. We understand there could have been a major catastrophe, but it didn't [occur] and fortunately it happened when she was driving one mile an hour on our lot.' He left the dealership screaming."

Was this attempted extortion?

I had my veteran private investigator, Riley Parker, look into Rick's public financial life, discovering that he has just been sued by a New York collection bureau that buys debtor judgments.

"It has the ring of a scam from someone who needs money and will do whatever it takes to get it," Riley said. We both wondered if Rick set this thing up, loosening the lug nuts before bringing the truck in for repairs.

Visit your house of worship, thank the Lord

My colleague, Judy, offers this story, told to her by Leo, her father, who was both an attorney and physician:

"A woman received a phone call from her GP recommending that she immediately see her as something suspicious was just found in a mammogram. Later that day they called her back, advising that the wrong patient's results were read to her and she has nothing to worry about. She wanted to sue her doctor for scaring her that she had cancer.

"Leo told her: 'Please go to your preferred house of worship, thank the Lord, and make a donation. Just be grateful for what did not actually happen."

Dennis Beaver practices law in Bakersfield and welcomes comments and questions from readers, which may be faxed to (661) 323-7993, or emailed to Lagombeaver1@gmail.com. And be sure to visit www.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.

Shoppers looking to stretch their holiday budget this year have a powerful tool to help: Artificial intelligence. Already, nearly seven in 10 consumers use AI tools to assist them as they shop, the marketing firm LDWW reports. And various surveys have found that anywhere from 29% to 65% of consumers specifically plan to use AI to help with holiday purchases this year, from coming up with gift ideas to finding the best deals.

"Going into the holiday season, AI is going to be very helpful, especially when you are trying not only to stick to a budget but also to get help with product recommendations," says Stephanie Carls, a retail analyst at coupon website RetailMeNot.

Getting the most useful guidance from AI, however, depends heavily on the directions you give it. As you make your holiday gift list and check it twice, here are the specific tasks the technology can perform and how you can make the most of the tool.

Use AI to build a gift budget

Before you shop, AI can help you determine the best way to allocate your funds, based on the total amount you want to spend and the recipients on your list. "Get as detailed as possible about the number of gifts and types of people you're buying for," says Brad Jashinsky, a director analyst at Gartner.

Sample starter prompt: My total holiday budget is $1,000. My list includes my partner, two adult family members, three children, two teachers, my best friend, three coworkers and a Secret Santa present with a $50 limit. Suggest a dollar amount to spend on each person, including the cost of taxes, wrapping paper and cards.

Follow-up prompt: Adjust this budget to spend less on the children and more on my partner. Include a few gift ideas for each person.

Use AI to brainstorm gift ideas

Give AI as many specifics as possible about your intended recipient to get a tailored, creative shortlist of potential presents. Kelly Askew, global retail lead at Accenture, says that a good prompt should contain three elements: context (that is, details about who the gift is for, such as their age, life stage and relationship to you); intent (the kind of gift you want, such as practical, fun or low-cost); and the desired action (the specific information you want AI to provide, such as a certain number of ideas or gift suggestions from a particular store).

"People are often overwhelmed by the number of choices or are trying to buy for someone they might not know well," Askew says. "AI can help them go down the funnel of every item in the universe to land on the top two or three gifts they could buy."

Sample prompt: Give me 10 fun gift ideas for my 18-year-old niece who just started college, likes art and anime, is into skincare, and loves Olivia Rodrigo and Gracie Abrams. Her favorite stores are Lululemon, Hollister and Brandy Melville. I want to spend $100 or less.

Follow-up prompt: She goes to school in Florida and does not own a record player. Give me a new list that doesn't include vinyl or winter apparel.

Use AI to narrow your choices

Once you know the type of gift, you can use AI to cut through choice overload and select the best product in that category. Include any must-have features as well as potential deal breakers.

Sample prompt: Find three lightweight laptops that are good for gamers, have a long battery life and cost less than $500. Do not include options without a standard USB-C port.

Follow-up prompt: Make a comparison table showing the pros and cons of each model, based on customer and expert reviews.

Use AI to get the best deals on gifts

AI makes it easier to compare multiple prices across various stores without constantly re-entering the search terms and keeping track of offers yourself.

"AI turns all of that into a single question," Carls says. "You say what you want once, and it looks across retailers for you, so you land on the decision faster instead of spending your night collecting the pieces."

Sample prompt: Find the best deal available now, including shipping costs, for the Acer Aspire Go 16 laptop.

Follow-up prompt: Search for discount codes that could lower the cost.

Use AI to get the best value from a specific store

Many retailers, ranging from Amazon and Walmart to Lowe's and Sephora, now have proprietary AI assistants you can chat with on their site or app while you're shopping. You can ask those assistants questions about specific products, to make suggestions and for additional discounts.

Sample prompt: Show me green, size-medium sweaters suitable for an office holiday party. My budget: $75.

Follow-up prompt: Which sweater has the best reviews? Show me accessories to complete the outfit.

AI shopping do's and don'ts

About one-third of shoppers regret an AI-recommended purchase, a recent survey from the review site SmartCustomer found. To help ensure you're not among them, follow these do's and don'ts.

DON'T use prompts that are too vague. The more specific the details you provide, the better the answers you'll get. Asking AI to identify the "best headphones" will yield less-useful results than asking for the "best wireless, over-the-ear headphones with noise control under $200."

DO double-check the results. AI sometimes pulls outdated information and prices or can distort product reviews. "Trust the technology to build your shortlist, then confirm the price and other product information on the retailer's page," says Stephanie Carls of RetailMeNot.

DON'T rely on the first answer. AI's initial response may be helpful, but the iterative answers that come from a back-and-forth exchange lead to the most useful recommendations. "The more you give AI, the more it will give you in terms of the criteria and considerations you have in mind," says Lars Perner, a professor of clinical marketing at the Marshall School of Business at the University of Southern California.

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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There’s gold in them thar homes. And a growing number of Americans are mining it.

A combination of rising house prices and a decade of bargain-basement mortgage rates has allowed homeowners to amass a record $35.8 trillion in home equity this year — a 2.2% increase from 2025 and almost quadruple the 2012 level, Federal Reserve data shows.

That has proved to be an attractive resource for homeowners looking to finance an upgrade of their property, pay off high-interest debt, fund college or cover living expenses in inflationary times.

All told, more than 1 million Americans borrowed against their home equity in the first half of 2026, the highest first-half level since 2022, reports data company Intercontinental Exchange.

Variable-rate home equity lines of credit (HELOCs) have been the most popular option, by dollar amounts and number of borrowers. But lately, interest has soared in cash-out refinances, in which an existing mortgage is replaced with a new loan at a new rate. The number of homeowners choosing this rose 12% in the year that ended June 30, and 33% since 2024, while HELOCs edged up just 1%.

This fall’s Fed rate hike, with hints of more to come, has made accessing cash through home equity more expensive. Even with primary and secondary mortgages now in the 7% to 8.5% range, however, they’re still less expensive than other forms of financing and "can make a lot of sense if you are wrapping up high-interest credit card, student or car loans," says Michael Fratantoni, chief economist of the Mortgage Bankers Association.

But the rise in rates does make it imperative to be more strategic about your options. If you’re thinking about tapping home equity, experts suggest these steps.

Choose a loan that best fits your needs.

The key factors to consider are when you need the money, how much you need and how much risk you're willing to take on interest rates. Your answers will determine whether you’d be better off with a flexible line of credit with a variable rate or a fixed-rate loan, either a home equity loan or a cash-out refi.

"A lump-sum need calls for a home equity loan. Ongoing flexibility calls for a HELOC," says Charley Corbett, a certified financial planner who is based in Naples, Fla.

Also consider how rising rates could affect your payments. Steven Rogé, a certified financial planner based in Beverly, Mass., says if a rate increase of one or two percentage points from the initial rate on a HELOC would squeeze your budget, then it is safer to lock in a fixed-rate loan. (You can compare different rate scenarios at mortgagecalculator.org.)

Higher rates are also a key factor in deciding between a cash-out refi and one of the second-mortgage options. Generally, homeowners with first mortgages in the 2% to 5% range will be better off with a HELOC or home equity loan, Corbett says.

Plan, don't rush.

Even with rates rising, you’ll save more in the long run if you take time to be strategic. "When you're in a hurry, that's when mistakes get made," says John Donlon, cofounder of a mortgage broker in Beverly, Mass.

Small adjustments can often generate big savings. For example, paying down enough credit card debt to raise your FICO credit score from, say, 735 to 740 could cut half a point from fees, or at least an eighth of a percentage point off the interest rate you’re offered, Donlon says.

Also check the impact of different loan amounts. Lowering the sum you're borrowing from 75.01% of your home's appraised value to 75% could cut up to a quarter-point off your interest rate, he says.

Shop around.

Data shows rate variations of almost half a percentage point for borrowers with nearly identical credit profiles. Andrea Bopp Stark, senior attorney for the National Consumer Law Center, recommends using AI or shopping websites such as Bankrate to get a sense of the rates and fees you'll face.

You can use an independent mortgage broker to help you shop or get bids on your own from several lenders, including one or two financial institutions with whom you have relationships. With a few competing offers you can then try negotiating lower fees, Stark says.

The uncertain economy may even work to your advantage. When other borrowers are discouraged, Fratantoni says, "a large number of lenders will be eager to work with you."

Whether you're looking to refinance your mortgage or tap into your home's equity with a HELOC, comparing offers from multiple lenders can help you find competitive rates and terms. Use the tool below to explore your home equity options:

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

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If the upcoming Thanksgiving holiday and Giving Tuesday have you thinking more about giving generously, you're not alone. Charitable giving typically ramps up in the holiday season as the end of the year approaches. When done right, giving can benefit both you and the causes you care about.

Turn RMDs into tax-free giving A qualified charitable distribution (QCD) allows you to donate up to $111,000 a year directly from your IRA to a qualified charitable organization. That limit is $222,000 for a married couple when both spouses qualify and have eligible IRAs.

The donation counts toward your required minimum distribution (RMD), lowering your income (and lowering your tax obligation) while also allowing you to support a charity of your choice.

Qualified charitable organizations are typically 501(c)(3) organizations. Individuals can make QCDs to charities where they serve on the board, provided the organization and donation meet IRS eligibility requirements. QCDs can be an impactful way to extend generosity to a worthy cause, but also to potentially lower your tax bill.

If you're looking for a way to give to other causes you care about, while also decreasing your taxable income, ask your financial adviser if a QCD might be a good option for you.

Donor-advised funds: Give now, decide later

A donor-advised fund (DAF) establishes an irrevocable giving account to a 501(c)(3). The account allows you to consolidate several years of donations into one tax year to maximize deductions. You then recommend grants over time.

A DAF can be ideal for high-income years or in preparation of retirement years since this route can grant you flexibility, control and lasting impact.

A DAF allows you to take on an advisory role to suggest where the funds should go, but the giving account falls under the legal ownership of the sponsoring organization. A sponsoring organization can be a foundation, or the charitable arm of a financial institution, or even a specific charitable organization.

It's up to the sponsoring organization to handle the bookkeeping and to distribute the funds, keeping your recommendations in mind.

If you want to maximize your charitable donations and create a lasting impact, a DAF might be a good option to explore. But if you want full control over where your donations go, or if you want to give to a cause that's not a 501(c)(3), other giving options might be more appropriate for you. It's definitely worth a discussion with your financial adviser.

Donate appreciated assets, not just cash

One method for giving more while paying less to Uncle Sam is to donate appreciated assets. Gifting stocks, ETFs, or mutual funds that have grown in value can help you avoid capital gains taxes while also potentially claiming a tax deduction for the full market value.

Instead of cashing in appreciated assets and then turning around and donating that money to a charity, directly donating the appreciated assets can result in a bigger donation overall. You get to avoid capital gains taxes, and the charity benefits from the full donation.

Not every charitable organization will have the capability to accept appreciated assets, though even the smallest charities can typically partner with a third-party processing agent to accept the donation. If that's not an option, consider a DAF, which can typically accept appreciated assets before distributing funds to charities.

Make giving a family value

Giving can feel quite personal, but bringing your kids and grandkids into the philanthropy conversation can foster a family culture of giving that can endure for generations. By making charitable giving a family decision, the next generation learns about the power of stewardship.

Take a cue from the Rockefeller family. For nearly a century, they have met twice a year, not only to discuss family news, but to discuss shared values. Charitable giving by the family has the buy-in of the entire family, and legacy and impact are at the forefront of philanthropic conversations. A shared purpose can be powerful, especially when it endures through the generations.

Set time aside for an annual "family meeting" to discuss the causes everyone can get behind. This demonstration of solidarity and philanthropy sets the stage for kids and grandkids to eventually regard giving as a joyful act instead of something that's someone else's responsibility.

If you're at a loss as to how to facilitate a family meeting, your financial adviser likely has tips and resources they can offer you.

Define your 'why' before you write the check

The most meaningful giving starts with clarity about the causes that align with your values. It's important to be intentional about your giving and to support charities that do the work that is meaningful to you.

Potentially lowering your tax obligation is only one of the many benefits that come with being generous to charitable causes. Research suggests that being charitable can benefit your mental well-being and provide a deeper sense of purpose.

Beyond those benefits, of course, are the benefits derived from your donation by the charitable organization and the surrounding community as a whole.

Whether it's education, health or community, focus your donations on causes that align with your values. Get your family involved so you create a lasting legacy of joyful giving.

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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.

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 70-year-old married and retired banking vice president in Bexley, Ohio. He reports his salary was $95,000.

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?

When I was 18, I laid out a plan to have $1 million by the time I reached 40. That plan involved saving and investing a significant amount of money each paycheck.

Of course, that plan required that I also lived under my means for some time.

I began investing in stocks when I turned 18, first in a mutual fund that I invested $25 a month, then individual stocks.

I started working full time at 15 in a small pizza place, making $1.35 an hour (but there was all the pizza we could eat!).

In college, when I was 20, I moved over to a national food chain on the night stock crew. At that point, I began investing $50 a week in the company stock.

After 12 years in the grocery business, I moved over to the company credit union (actually took a pay cut to make that move). By that time, I had accumulated over 10,000 shares of the company stock and had branched out to buying many other equities as well.

I reached my goal of having a million dollars well ahead of schedule. This was largely driven by consistently investing and the compounding that occurs over time.

Again, living under our means helped free up more capital to invest. My wife and I have continued to invest throughout our lives and now, in retirement, have found ourselves to be multimillionaires (many times over).

Note: My wife was a grocery clerk at the same food chain and eventually retired from that food chain after 45 years as a CPA.

What are you doing with the money?

Continuing to invest.

The Fun Stuff

Did you do anything to celebrate?

I was in my mid-30s, which was about 35 years ago. I'm sure I did something, but nothing that would draw attention to it.

Most folks who knew me knew I invested, but had no idea how much it had grown.

What is the best part of making $1 million?

I enjoyed the journey. The challenge of selecting and making good investments kinda fed on itself over the years.

Did your life change?

Not the first million, not at all. Thirty-five years later, we are taking more frequent trips and gifting much more. We do have a very nice home.

But as far as lifestyle goes, we are still very careful shoppers (coupons, sales pricing, markdowns, etc.), drive older cars (2008 and 2011) and still live well under our means.

Does anyone know you're a millionaire?

My wife, of course. And one friend from college, who also invested (we inspired each other through the process). He is also a multimillionaire now.

Did you retire early?

A little early at 64. I would have retired around 60, but the company kept asking me to stay one more year. After four more years, I did retire at 64.

Looking Back

Anything you would do differently?

Maybe start contributing to a Roth IRA earlier.

What advice would you give to your younger self?

Not much advice. Whether luck or destiny, what I did worked out pretty well.

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

Think and Grow Rich (by Napoleon Hill), The Kiplinger Letter, The Wall Street Journal, Barron's, The Millionaire Next Door (by Thomas Stanley and William D. Danko).

Did you work with a financial adviser?

No. Always did my own investments and research. It was a hobby that has paid off very well.

Did anyone help you early on?

My mom's oldest sister and her husband started a small business in the basement of their house in the 1920s. It grew into a good-size business with hundreds of employees.

When I was young, we would visit my aunt, who at that time had turned the business over to her son, and talk with her about her stock investments.

I was probably about 10 at the time and found it very interesting. That probably started my interest in investing.

Looking Ahead

Plans for your next $1 million?

I heard a quote once that making your first million is much harder than making your fifth or 10th million. I have found that to be absolutely true.

Speaks to how powerful compounding your savings and investments over time can be.

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

Be consistent with saving and investing and live under your means. Not rocket science, just need to be consistent and persistent.

Do you have an estate plan?

We have a modest estate plan. We set up children and grandchildren as beneficiaries on all of our investment and savings accounts and set up the house as TOD (transfer on death). That is probably 95% of our wealth.

The remaining amount is handled by our will. We have also aggressively converted money from our traditional IRAs to our Roth IRAs.

What do you wish you'd known …

When you first started saving? My parents were very good role models for developing excellent savings habits.

When you first started investing? Have a better balance between speculative stocks and more stable equities.

Before you retired? That COVID was going to hit six months after I retired. I would have retired earlier because travel was so much easier.

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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Homeownership has traditionally been viewed as a financial milestone, but in today’s housing market, that milestone comes with a hefty price tag. From increasing mortgage interest rates to rising home prices as well as the ongoing costs of ownership, many Americans might be considering whether buying a home makes financial sense.

When it comes to renting, that isn't necessarily cheap, either. But recent data suggest it could offer some financial breathing room for households that are considering moving.

If you're wondering if it's more affordable to rent or buy a home in late 2026, here's how the numbers compare and what to consider before making your next move.

How much does it cost to rent in 2026?

According to Realtor.com's September 2026 rental report, the median asking rent across the 50 largest U.S. metropolitan areas was $1,694 per month, down $6, or 0.4%, from a year earlier. This marked the 38th consecutive month of year-over-year rent declines.

Renters are still paying considerably more than they did pre-pandemic, though. The national median asking rent remains 14.5% higher than in August 2019, but it's also $80 below its summer 2022 peak.

These figures reflect advertised asking rents for studio, one-bedroom and two-bedroom properties rather than what existing renters necessarily pay.

How much does it cost to buy a home in 2026?

Buying a home has always required a much larger financial commitment upfront when you consider factors such as a down payment, closing costs, insurance and taxes, and savings for possible maintenance and repairs. But monthly mortgage payments themselves have left many potential buyers feeling tight on cashflow.

According to the National Association of Realtors, the median existing-home sale price reached $417,500 in September 2026, up 1.3% from a year earlier.

Meanwhile, the average 30-year fixed mortgage rate was 7.24% as of October 29, according to Freddie Mac.

Here's what buying a median-price home could look like with a 20% down payment:

• Home purchase price: $417,500
• Down payment (20%): $83,500
• Mortgage amount: $334,000
• Mortgage term: 30 years
• Interest rate: 7.24%

Under this scenario, the monthly principal and interest payment would be approximately $2,280.

But your mortgage payment isn't the only expense to consider. Property taxes and homeowners insurance can add hundreds of dollars to your monthly housing costs. Maintenance, repairs and homeowners association (HOA) fees can increase those costs even further.

Buyers who put down less than 20% might also have to pay private mortgage insurance (PMI), which would increase their monthly payment. All these expenses can add up quickly, potentially making some prospective buyers hesitant if the costs stretch their budgets.

However, that doesn't necessarily mean buying a home is the wrong move. If homeownership is one of your goals, take time to review your budget, build up your savings and make sure you're financially prepared for both the upfront and ongoing costs of owning a home.

National averages only tell part of the story. Compare current mortgage options to see what buying a home could look like for your budget with the tool below:

Renting vs buying: Here's the monthly cost difference

Based on current housing prices and mortgage rates, renting is significantly cheaper than buying when comparing monthly payments.

Here's a breakdown of the estimated monthly costs using national housing data and illustrative property tax and insurance expenses.

Sources: National Association of Realtors, Realtor.com and Freddie Mac. Buying calculations assume a $417,500 purchase price, 20% down payment and a 30-year fixed mortgage at 7.24%. Property taxes and homeowners insurance are illustrative estimates. Renters insurance, maintenance and HOA fees are not included.

Based on these estimates, buying a home costs approximately $1,130 more per month than renting, or about 67% more. Over 12 months, that difference adds up to roughly $13,560.

That doesn't include the $83,500 down payment, closing costs or ongoing home maintenance expenses.

However, this comparison reflects monthly out-of-pocket costs rather than the long-term financial benefits of renting vs owning. While homeowners typically pay more each month, a portion of their mortgage payment goes toward building equity.

It's also important to remember that this comparison doesn't account for differences in property size, location or amenities. The national median rental and median-price existing home aren't necessarily comparable properties.

Is it better to rent or buy now?

For Americans looking to keep their monthly housing expenses manageable, renting might be the more affordable option in today's market, but it ultimately depends on your current financial situation and goals along with the housing market in your area.

Generally, though, renting can also make sense if you plan to move within the next few years or don't have enough savings for a down payment, closing costs and unexpected home repairs. Renters typically don't have to worry about paying for major maintenance expenses, such as replacing a roof or repairing an HVAC system.

However, buying a home still has its advantages, especially if you're financially prepared and plan to stay there for several years. Homeownership allows you to build equity over time, and a fixed-rate mortgage provides predictable principal and interest payments, even as property taxes and insurance costs can fluctuate.

Ultimately, the right decision depends on your budget, long-term plans and local housing market. National averages offer a useful starting point, but comparing rental prices with the full cost of owning a similar property in your area will give you a clearer picture of which option makes the most financial sense.

Related Content:

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If you run a small business or work for yourself, you may be preparing for Affordable Care Act (ACA) marketplace open enrollment this fall. Business owners and the self-employed account for roughly 28% of working-age marketplace enrollment.

Most people in this position are also their own benefits department. There is no HR team to walk through the options during open enrollment, and no enrollment specialist to follow up with.

That's worth keeping in mind this year in particular, because eligibility rules changed in a way that affects the plans this group buys most, and the change is easy to miss.

What changed

Starting in 2026, enrollment in a Bronze or Catastrophic plan through the ACA marketplace makes an individual eligible to contribute to a health savings account (HSA). That's true even for Bronze or Catastrophic plans that don't meet the IRS definition of a high-deductible health plan (HDHP), which was previously the only avenue to funding an HSA.

More than seven million people fall into this newly eligible category, making it the largest expansion of access to HSAs to date.

The newly eligible group is also growing. For 2026 coverage, nearly 9.2 million marketplace enrollees selected Bronze plans — nearly 40%, up from roughly 30% the year before — as many buyers moved to the lowest-premium tier when enhanced federal premium subsidies expired.

How an HSA can help your finances

First, the limitation: An HSA can't be used to pay insurance premiums, which many Bronze-plan enrollees saw increase substantially this year with the end of the enhanced ACA subsidies. If premiums are where your budget hurts most, an HSA does not address that directly.

What an HSA can do is reduce the after-tax cost of the healthcare you pay for out of pocket. If you chose a Bronze plan, out-of-pocket costs are precisely the trade-off you accepted: A lower premium in exchange for a higher deductible.

An HSA is built for that structure. No other type of account, whether for spending or investing or both, offers the combination of:

• In most states, no taxes on funds added to the account
• No taxes on growth within the account (whether bank interest or investment returns)
• No taxes on withdrawals from the account, so long as funds are used for qualified healthcare expenses

Here is a simplified example for someone who pays income tax. Say you add $1,000 to your HSA for the 2027 calendar year, and this $1,000 is part of your overall income that would otherwise be subject to income tax. When you use that $1,000 to pay for healthcare expenses, you have the full $1,000 available.

Contrast that with paying a $1,000 healthcare bill from ordinary funds. In that case, you would have needed to earn more — say, $1,100 or $1,200, depending on your tax rate — to pay the same bill. You are functionally reducing your healthcare expenses by $100 or $200. For someone who is self-employed, that difference comes straight out of the income the business generates.

There is also no "use it or lose it" provision with HSAs. The balance in your HSA can grow year over year, which is why the tax-free growth can become more significant over multiple years of contributions.

Open enrollment elections

Open enrollment for 2027 marketplace coverage runs November 1 through December 15 in most states — a shorter window than in past years. If you are shopping for Bronze and Catastrophic plans, the plan information will note that HSAs are permitted.

However, insurers generally don't promote that fact, and most state and federal exchange sites are only beginning to incorporate HSA guidance. For those buying coverage on their own, knowing the option exists is the first step.

Putting an HSA to work

You can open and set up an account with a qualified custodian, typically a bank. In 2027, the maximum contribution is $4,500 for individuals and $9,000 for those with family coverage, plus an extra $1,000 if you are 55 or older.

If you contribute on your own, you report those contributions when you file your taxes, and the amount nets off your income — reducing taxes due or increasing your refund.

Balances can be spent on qualified medical expenses for you and your covered dependents, including telehealth services and — new this year — fees for direct primary care arrangements, up to an IRS monthly limit.

Be sure to keep your receipts because you can reimburse yourself for a qualified expense even years after incurring it, allowing the account to grow tax-free in the meantime.

With steady contributions, you may eventually build a balance larger than your plan's annual out-of-pocket maximum. At that point, you may want to consider shifting some of your HSA into investments with the potential to grow faster than bank interest.

The process is similar to making choices within a 401(k) plan, subject to your custodian's options and minimums.

For a business owner or self-employed professional without access to a workplace retirement plan's full toolkit, an HSA used this way becomes a second tax-advantaged savings channel that's specifically matched to a category of expense that tends to grow later in life.

Healthcare costs are a fact of running your own working life. For the millions who became HSA-eligible this year, the account won't solve the premium problem, but it is a durable tool for the costs that come after the premium. This open enrollment season is the natural time to put it to work.

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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.

Scary stories are fun entertainment, but real-life money scares often take a much quieter form: Sneaky financial oversights that creep up when you least expect them.

While fictional monsters are easily forgotten once the lights turn on, financial blunders can linger in the shadows and take years to recover from.

Here are four overlooked financial mistakes that could haunt you now and into the future.

The haunting of neglected home repairs

One of the first things you learn as a homeowner is that maintenance is an ever-evolving (and seemingly endless) list of things to do that changes with the seasons. With winter around the corner, you might think your older furnace is in good shape and decide to forgo its maintenance.

However, this seemingly harmless omission could become an expensive problem down the road. See, doing the small things, such as seasonal HVAC inspections, can help technicians identify small issues before they morph into more expensive ones down the road.

A new furnace can cost between $2,823 and $6,897 per Angi. That's a cost you could avoid by preparing your home for winter in advance. Along with HVAC inspections, do the following:

• Reverse your ceiling fans so they push warm air downward instead of upward, lessening the work your furnace has to do
• Inspect your roof and replace any warped or damaged shingles to prevent leaks. If you don't feel comfortable climbing, hire a professional to handle the job for you.
• Clean the gutter to eliminate water damage impacting your home's roof, siding or wood trim
• Use a pocket thermal camera to scan windows, doors and your HVAC unit for any leaks. These connect to your smartphone, or you can buy a handheld model, showing heat maps of your home, so you can find any variations or cool zones where energy leaks occur.

Need help choosing a pocket thermal camera? Here are some of the top options, based on customer ratings, capabilities and price:

Meanwhile, if you plan to do a side gig to supplement income or freelance, don't make this mistake.

The phantom tax curse for the self-employed

Whether you work as a freelancer or do side hustles to help make ends meet, know that any income over $400 must be reported to the IRS. Self-employment taxes are also higher, at 15.3%, because you don't have an employer splitting the taxes with you.

That's why it can feel easy to forgo holding back any money to pay your taxes. Yet, when it comes time to file, you'll have a surprise awaiting you. And it will be hefty.

The IRS allows self-employed individuals to make quarterly payments, with the fourth quarter due on January 18, 2027. I recommend opening a separate savings account to store your tax liability, then use IRS Direct Pay to make your quarterly payments.

Meanwhile, if you plan to have significant deductions, look for accountants who specialize in working with self-employed individuals. They can take this headache off your plate so you have peace of mind knowing that when April comes, you won't owe the IRS, or your state, a kidney.

And remember: Just because you consider it a hobby doesn't mean the IRS does.

"Buy now, pay later" purgatory

Many buy now, pay later apps, such as Klarna and Afterpay, allow you to break down payments into manageable installments. This might work in a pinch if you have a surprise expense and don't have the cash or credit to pay for it.

However, it's easy to hop on the wheel and difficult to hop off. Also, keep in mind that each app charges fees in addition to whatever you finance per purchase. These fees raise the total borrowing costs, making it more expensive than paying outright or charging a credit card and then paying it off.

So, it becomes a case where you're paying more than the value of the product or service due to its convenience. That's why I recommend setting aside money in an emergency fund (if applicable) to help cover expenses.

Even if it's only $10 every week or two, that can add up fast. To do this, open a high-yield savings account, then set automatic transfers from your checking to your savings account on payday. Doing this allows your money to remain in an account that's there when you really need it.

For savings accounts, here are the top picks:

Blindly trusting a financial adviser

Handing over the keys to your life savings without asking questions can be nightmare fuel.

That's why it's important to take your time, research each adviser and look for the following things:

• Fiduciary: A fiduciary is someone who wants to help you reach your financial goals without the hidden motivation of pushing specific investments to earn a commission.
• Personal approach: When you meet with advisers, look for ones who really want to get to know you, your money goals and values. This makes it more likely they'll tailor solutions that help you reach your goals instead of making suggestions that could help them more than you.
• Regular touch bases: Financial goals can change like the seasons, so look for one who wants to have regular meetings to ensure your current plans align with your goals.
• Know when to go: If your adviser is too busy to answer your calls or your portfolio isn't performing well, it's time to cut them loose and try someone else.

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

While this is the season of scary stories, don't let your finances mirror the season. Using these tips can help you avoid common, overlooked financial errors that can derail your goals and haunt you for years to come.

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Let's be honest… the job market is awful right now. The Bureau of Labor Statistics recently revised the July and August job reports, lowering previous estimates by 60,000 jobs.

This means that if you're looking for work, you might have to get creative with your job search. One of the most effective ways to earn extra cash is through side gigs. And the answer to your next quest could be sitting in your garage or driveway.

Below, I'll walk through key factors to weigh before starting a car-based side gig, along with several smart ways to put your car to work.

A few things to consider before choosing a side hustle

Before picking a path, look under the hood of your expected expenses. Fuel costs top the list: Unless you drive a hybrid or an EV, rising gas prices can quickly eat into your profits. But that's only one consideration:

Maintenance

Next, consider wear and tear. Car repairs are not cheap, and oil changes can be heartburn-inducing. How much should you budget? NerdWallet found that drivers spend 11.7 cents per mile on vehicle repairs.

The more miles you put on your car, the sooner you'll need new tires, brake replacements and other maintenance, all of which can eat into your earnings. Costs also vary by vehicle type. Electric vehicles don't require oil changes, but their weight and instant torque can contribute to faster tire wear. Hybrids still require engine maintenance, although regenerative braking can help extend brake life.

Taxes

Income from a side hustle is generally taxable, even if you earn less than $400. If your net self-employment earnings reach $400 or more, you'll generally also owe self-employment tax, which is 15.3% for Social Security and Medicare.

You may be able to reduce your taxable income by deducting eligible business mileage. For July through December 2026, the IRS allows a deduction of 76 cents per business mile, up from 72.5 cents during the first half of the year. An app like MileIQ can help you track your business trips and maintain records for tax purposes.

Insurance

Lastly, consider how using your car for a side hustle could affect your auto insurance. Driving more or using your vehicle for business purposes could increase your premiums or require additional coverage.

Before getting started, contact your insurance provider to find out whether your existing policy covers your planned activities. Depending on the side hustle, you may need a rideshare endorsement, business-use coverage or a commercial auto insurance policy.

Failing to disclose business use could leave you without coverage if you're involved in an accident while working.

If you haven't compared auto insurance rates in a while, use the Bankrate tool below to explore your options:

Doing your homework ahead of time can help you steer clear of any surprise expenses.

Smart car side hustles with minimal wear and tear

If your goal is to boost your income without running your vehicle into the ground, consider these high-efficiency alternatives to traditional rideshare or food delivery apps:

• Peer-to-peer car sharing: Platforms like Turo or Getaround let you rent out your car to other drivers. The best part? You can set custom mileage limits to reduce wear and tear.
• Vehicle advertising & wrapping: Services like Wrapify or Carvertise pay you for commuting with commercial decals applied to your car.
• Pet taxi & transport services: Helping pet owners transport animals to grooming appointments, vet visits or daycare often commands higher rates per trip than standard rideshare passengers.
• Localized hyper-local errands: Focusing on grocery, catering or localized neighborhood courier services within a tight radius can minimize fuel consumption and wear.
• Your car goes Hollywood: If you live in a larger city, many talent agencies have casting calls for vehicles in movies, TV shows and ads. While having a luxury or antique car helps, I've seen ads for regular sedans and SUVs too.
• Become a personalized driver: I know someone who drives people to and from the airport, and that side hustle became his full-time job.

This list notably omits standard rideshare services like Uber or Lyft. High-mileage driving rapidly multiplies your expenses for gas, tolls, oil changes and ongoing maintenance.

And those costs add up. AAA's Your Driving Costs study estimates that owning and operating a new vehicle costs an average of $12,863 annually, or about $1,072 per month, when driven 15,000 miles annually over five years. That includes depreciation, financing, fuel, insurance, maintenance and fees.

Unless you are primarily looking for an opportunity to get out of the house and socialize during retirement, full-time rideshare driving rarely delivers the best net return on your investment.

Ultimately, using your car as a side hustle can be an easy way to earn more income. However, your success requires careful planning.

By choosing side hustles that reduce wear and tear, such as car sharing, vehicle advertising or local deliveries, you can keep your side hustle profitable without destroying your car.

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Finding the perfect holiday gift is one thing. Getting it to your loved ones without spending a fortune on shipping is another. This year, mailing presents could take a bigger chunk out of your holiday budget as USPS, UPS and FedEx introduce seasonal price increases.

All three major carriers have announced higher shipping costs for the 2026 holiday season, but the increases vary depending on the carrier, package size, destination and delivery speed. Some fees are relatively modest, while oversized packages could trigger much steeper charges.

Before you start wrapping and shipping gifts, here's what to know about this year's holiday shipping costs and how to keep them manageable.

Holiday shipping rates are increasing in 2026

Shipping gifts will cost a little more this holiday season as USPS, UPS and FedEx introduce temporary surcharges to cover increased demand. However, the timing and amount of these increases vary by carrier.

USPS incorporates its seasonal increases into shipping rates based on package weight and distance. UPS and FedEx generally apply separate surcharges, with higher fees during the busiest holiday shipping weeks.

Here's how the 2026 holiday shipping increases compare:

For most standard gifts, the seasonal increase may be relatively small. However, larger packages can trigger additional fees, and the total shipping cost also depends on the package's size, weight, destination and delivery speed.

That makes it important to compare the full shipping price rather than focusing on the holiday surcharge alone.

USPS vs. UPS vs. FedEx: Which is cheapest for holiday gifts?

While no single carrier is the cheapest hands-down, USPS is often a good starting option for smaller, lightweight gifts. But, UPS and FedEx may be more competitive for heavier packages or shipments that need to arrive on a tighter deadline.

To realistically compare each carrier, you need to consider the package weight and size dimensions along with the destination and delivery rate, so prices can vary widely.

In the table below, we compared estimated shipping costs for three package sizes sent from Chicago, Illinois, to Sevierville, Tennessee.

The shipping fees that can catch you by surprise

Holiday surcharges aren't the only thing to keep in mind when you're shipping gifts this holiday season. There are other factors that can increase the final price, whether it's the size or cost of the package, or residential and remote-area delivery fees.

Dimensional-weight pricing: Carriers may calculate shipping charges using either a package's actual weight or its dimensional weight, which reflects how much space it occupies. That means a large box containing a lightweight blanket could cost more to ship than you expect.

This is especially important when comparing different carriers.

Residential and remote-area delivery fees: UPS and FedEx may charge additional fees for deliveries to residential addresses or certain rural and remote locations. These charges can apply on top of holiday surcharges, making the final cost higher than the basic shipping rate.

Faster delivery and extra protection: The timeframe needed to get your package to its destination can also play a role in additional costs if you need to pay for expedited shipping. Insurance and signature confirmation can also increase costs if that’s something you need as well. Before purchasing additional coverage, check to see what's already included. For example, USPS Ground Advantage includes up to $100 in insurance coverage for qualifying shipments.

Packaging costs: Buying things like boxes, bubble wrap, tape and packaging materials at the shipment center will likely cost more than if you purchased them on your own beforehand. If you already have a box at home or can buy in advance, this could potentially cut some costs.

That said, be sure to check with the carrier to see if you can bring your own package and don't assume every carrier-provided box is free to use with any service. USPS Priority Mail packaging, for example, must be used with the appropriate Priority Mail service.

It's also worth checking whether your package exceeds a carrier's standard size limits. USPS applies nonstandard fees to certain oversized packages, including those exceeding specified length or volume thresholds.

Five ways to save on holiday shipping

It’s impossible to control shipping costs and surge charges especially around the holiday season. But with a little planning, you can reduce shipping expenses without worrying about whether your gifts will arrive on time.

1. Compare rates before shipping

Don't assume the carrier you used last year will offer the lowest prices this year. Instead, compare pricing ahead of time by using the shipping estimate calculators on each carrier’s website. Enter the same package dimensions, weight, destination and shipping date into each carrier's online calculator, and be sure to compare the total price, including surcharges and other fees.

2. Use the smallest appropriate packaging

A properly sized box can help you avoid unnecessary dimensional-weight charges. Reuse sturdy shipping boxes when possible and make sure fragile items have enough cushioning to prevent damage.

3. Ship early to avoid expedited delivery

Start gathering your items to ship early on to avoid expedited fees. Ground shipping is typically less expensive than overnight or two-day services. Mailing gifts earlier in December gives you more flexibility to choose an affordable delivery option rather than paying a premium at the last minute.

4. Look for online shipping discounts

Buying and printing a shipping label online can cost less than paying at the counter. USPS Click-N-Ship offers online pricing for eligible services, while UPS and FedEx may offer discounts through their websites or customer accounts. Compare the online price with the retail rate before heading to a shipping location.

5. Consider shipping directly from the retailer

If you're buying gifts online for someone who lives out of town, check whether the retailer can deliver directly to their address. Free shipping promotions or minimum-purchase offers could eliminate the expense of having an item delivered to your home and then paying to ship it again.

Don't let shipping costs eat into your holiday budget

Shipping a few holiday gifts may not seem that expensive, but realize the costs can add up quickly when you’re mailing presents to several friends or relatives, especially if they live pretty far away.

The best way to save is to consider shipping costs before purchasing gifts, compare carriers and leave enough time for standard ground delivery. And before choosing the cheapest option, check each carrier's holiday shipping deadlines to make sure your presents will arrive when you need them.

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If you have $100,000 to invest in CDs, you can put it all into one jumbo CD or spread it across several traditional CDs. Jumbo CDs work much like traditional CDs, where you deposit money for a specified term in exchange for a fixed annual percentage yield (APY). Withdrawing money before the CD matures can trigger an early withdrawal penalty.

The main difference is the deposit requirement. Traditionally, $100,000 has been a common threshold for jumbo CDs, although requirements vary by financial institution.

Having more money to deposit doesn't automatically mean you'll get a better rate, though. Some of today's regular CDs compete with, and occasionally beat, jumbo CD rates. That means it's worth comparing both before locking up a six-figure sum, especially if putting the full $100,000 into one CD would leave you with less financial flexibility.

One jumbo CD vs. multiple CDs

At first glance, depositing $100,000 into one jumbo CD can seem simpler. You have one account, one interest rate and one maturity date to remember.

But dividing that same $100,000 among several CDs gives you more control over when portions of your money become available.

Here are some of the biggest differences to consider:

That last point can become especially important when interest rates are moving. At its October policy meeting, the Federal Reserve voted to hold interest rates steady, maintaining its benchmark target range of 3.75% to 4%. However, that doesn't mean CD rates will remain unchanged. Banks can still adjust their rates based on market conditions and expectations about future Fed decisions.

Suppose you deposit the entire $100,000 into a three-year fixed-rate jumbo CD. If CD rates rise significantly six months later, you're still earning your original rate unless your CD offers a bump-up feature or you're willing to pay an early withdrawal penalty.

With several CDs maturing at different times, you'll have more frequent opportunities to reconsider your strategy.

When multiple CDs could make more sense

Splitting $100,000 among several CDs could be the better choice when flexibility matters as much as yield.

For example, perhaps you're saving the money for a home purchase, retirement expenses or another large goal but aren't certain when you'll need it. Rather than locking the full $100,000 away until one maturity date, you might divide it into four $25,000 CDs.

You could also create a basic CD ladder by choosing different terms. One CD might mature in six months, another in 12 months and another later. As each CD matures, you can withdraw the money if you need it, or roll it into a new CD at the rates available at that time.

You don't necessarily need to sacrifice yield for that flexibility. As of early October, some standard CDs were paying rates comparable to jumbo products, such as 4.30% or more for several terms, while some jumbo products were also in the low-to-mid 4% range.

Multiple CDs can also reduce the consequences of needing your money unexpectedly. If the entire $100,000 is in one jumbo CD, your options for an early withdrawal will depend on that institution's rules and penalties. With four $25,000 CDs, for instance, you may be able to break only one CD and leave the remaining $75,000 untouched.

You can also spread your CDs among different banks or credit unions, which can become useful when you're managing balances near federal deposit insurance limits.

If you're deciding how to manage a large amount of cash alongside your other savings and investments, a financial adviser can help you weigh liquidity, returns and your longer-term goals.

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

When a jumbo CD could make more sense

There are still situations where putting the full $100,000 into one CD is the more attractive option.

The clearest is when the jumbo CD pays a meaningfully higher rate than comparable traditional CDs. Some jumbo CDs currently pay above 4%. If you've shopped around and that jumbo rate beats what you could earn with regular CDs of similar terms, the extra interest may justify giving up some flexibility.

A jumbo CD can also be appealing if you value simplicity. Instead of opening and managing four or five CDs, you can make one deposit and keep track of one maturity date.

Just make sure you're reasonably confident you won't need the money before then. Ideally, you should have enough liquid savings outside the CD to cover emergencies and near-term expenses. CDs generally aren't the best place for money you could need at a moment's notice because early withdrawal penalties may apply.

Don't overlook FDIC insurance

When you're dealing with $100,000 or more in cash, deposit insurance deserves a closer look. The standard Federal Deposit Insurance Corporation (FDIC) insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

That last part matters. The limit isn't simply $250,000 for every account you open. Say you already have $175,000 in a savings account at an FDIC-insured bank and then open a $100,000 CD there. If both are single accounts in your name, the FDIC generally adds those deposits together when determining your coverage. That would give you $275,000 in that ownership category, putting $25,000 above the standard insurance limit.

Opening four $25,000 CDs at the same bank instead of one $100,000 CD wouldn't solve the problem. The FDIC looks at the total amount held in the same ownership category at the same insured institution.

Deposits at federally insured credit unions receive similar protection through the National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration (NCUA). Single-owner accounts at federally insured credit unions are generally insured up to $250,000, with separate coverage available for certain other ownership categories.

If you have substantial cash savings, spreading CDs among different insured institutions can be one way to keep more of your deposits within applicable insurance limits.

What would $100,000 earn?

If you put $100,000 into a one-year CD earning 4.30% APY, you'd earn approximately:

$100,000 × 4.30% = $4,300

That would bring your balance to approximately $104,300 after one year, assuming you leave the principal and interest in the account for the full term.

Now consider splitting the same $100,000 among four one-year traditional CDs from different institutions, earning 4.35%, 4.30%, 4.30% and 4.25% APY.

Here's what $25,000 deposited at each rate would earn over one year:

• $25,000 at 4.35% = $1,087.50
• $25,000 at 4.30% = $1,075
• $25,000 at 4.30% = $1,075
• $25,000 at 4.25% = $1,062.50

Total interest: $4,300

In this example, the earnings are essentially identical: $4,300 either way.

Of course, rates change frequently, and these aren't necessarily the accounts or rates you'll find when you're ready to open a CD. But the example illustrates an important point: Qualifying for a jumbo CD doesn't necessarily mean you'll earn more money.

Even when the jumbo CD does pay more, consider how much the difference is actually worth. For example, a 0.10-percentage-point advantage on $100,000 amounts to roughly $100 in additional interest over one year.

You might decide that extra $100 is worth locking the entire balance into one CD for a year. Or you might prefer having portions of your money available at different times.

The rate matters, but so does what you're giving up to get it.

One jumbo CD or several CDs?

Don't choose a jumbo CD simply because you have enough money to qualify for one. The best option depends on the rates available, when you'll need the money and how much flexibility you want.

If a jumbo CD offers a meaningfully higher APY and you won't need the money before maturity, locking in one rate could make sense. But if rates are comparable, spreading your savings across several CDs with different maturity dates could give you more flexibility.

Before making a decision, compare today's top CD rates and terms to see which options fit your savings goals.

Use the tool below to compare today's top CD account offers:

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Prescription drug companies spent more than $7 billion on television campaigns alone last year. Two of the most advertised drugs — Tremfya and Skyrizi — treat moderate to severe plaque psoriasis and other inflammatory diseases, and can cost anywhere from $19,000 to $30,000 per dose without insurance.

Ads for weight-loss medications like Zepbound and Wegovy, which can cost up to $600 for a month’s allotment of four pre-filled pens, also pervaded the airwaves, particularly on streaming services.

The most heavily advertised drugs aren't necessarily the most expensive drugs, says Geoffrey Joyce, chair of the department of pharmaceutical and health economics at the University of Southern California. To make television advertising worthwhile, a drug generally needs to be branded, still under patent and used to treat a condition that impacts a large number of people.

That explains why drugs for conditions such as plaque psoriasis and diabetes get so much airplay. Claritin, an over-the-counter allergy medication, was a top-advertised drug on YouTube last April and May. Why? Allergy season.

The ads can make medications look like magic bullets, and research shows that the colorful reels with catchy jingles get patients to ask for them at the doctor's office — and physicians are more likely to prescribe the brand-name drug if requested. But buyer beware, as Medicare Part D plans may not cover brand medications, so make sure to check your plan's list of approved medications — known as a formulary — as well as the plan comparison at Medicare's comparison website.

Some plans require patients to try cheaper alternatives first, which could be beneficial as research found that most of the new drugs advertised may not benefit patients more than older drugs.

What the commercials don't mention is the cost. The price can vary widely depending on insurance coverage, deductibles, formularies, rebates — and even the location where the prescription is filled.

Merith Basey, executive director of Patients for Affordable Drugs, a bipartisan patient organization, says Americans pay the highest prescription drug prices in the world. That's in part because — unlike other countries — pharmaceutical companies set the prices of drugs when they come to market in the U.S.

Other countries with national healthcare have stronger negotiating positions with pharmaceutical companies because those governments control what's allowed on the national formulary — the list of recommended and covered drugs.

Experts say that while pharma ads may raise awareness and get patients in the door for a conversation with their doctor, consumers should be wary, as brand-name drugs and brand-new options aren't always the best choices for your health or your wallet.

So here are 10 suggestions to consider before asking your doctor for a prescription "as seen on TV."

1. Compare costs locally and don't forget Costco

Joyce says that consumers often assume a prescription has a fixed price no matter where it’s filled. But that’s not true. In a 2017 study, shoppers visited more than 500 pharmacies with identical prescriptions and found wide price differences for the exact same medications. They were also less expensive in low-income areas. One antibiotic was as much as $52 less within one zip code, he said.

Don't forget to check in at Costco's pharmacy as well, as one study found that Costco beat Medicare’s prices for generic medicines nearly 50% of the time.

2. Ask for generic or biosimilar options

Most prescriptions in the United States are filled with generic drugs and Joyce says that, generally speaking, a generic equivalent is expected to provide similar quality and effectiveness. Ditto with "biosimilar" drugs, which treat a range of chronic diseases. For example, Humira is a brand-name injection used to treat autoimmune diseases like rheumatoid arthritis, costing up to $10,000 for a month's treatment without insurance. But there are many "biosimilar" options that cost under $500.

You may also be able to opt for older versions of drugs. Basey says that drug companies can introduce modified versions of existing medications as patents approach expiration. Ask whether an older, less expensive version remains available.

3. Over-the-counter (OTC) drugs may be more expensive

Surprisingly, OTC drugs such as ibuprofen are sometimes covered by insurance. So talk to your doctor to see if there’s a prescription option. In one personal example, a consumer was able to get a three-month prescription from her doctor for 5% lidocaine patches, used for a back injury. The OTC cost for six 4% lidocaine Salonpas back patches is just over $10, but through insurance, she received 180 patches for $15.

4. Use online comparison tools

If insurance is not delivering the lowest price, experts suggest looking at other options, whether it’s GoodRx, SingleCare or Costco’s pharmacy. Some states are even getting in on the act — Pennsylvania has a prescription price comparison site. Joyce pointed to price-comparison services and newer pharmacy models that allow consumers to compare costs across pharmacies and purchasing options.

5. Check CostPlus

Mark Cuban's direct-to-consumer pharmacy model, CostPlus, cuts out the pharmacy altogether and offers many common prescriptions used to treat everything from acid reflux to women's health. For example, lansoprazole delayed-release (generic for Prevacid) is sold retail for $122.40, but is sold through CostPlus for home delivery for $10.75. Joyce says models like this have highlighted how inexpensive many generic drugs can be outside traditional insurance arrangements.

6. Ask your doctor and pharmacist for advice

Medical practitioners may not know what patients will pay at the pharmacy, because every patient has different insurance with different co-pays and coverage. But they may be aware of generic options, older versions with equal benefits or even if cash payment lowers the bottom line. So it's important to ask if there's a less expensive option. Doctor's offices might be able to check if a medication falls under a particular insurance before you walk out the door.

7. Contact the manufacturer

Basey says some pharmaceutical companies and nonprofit organizations provide grants or assistance programs, although eligibility may vary. Manufacturers often offer patient-assistance programs or foundations that provide reduced-cost or no-cost medications, particularly for expensive treatments. For example, Tremfya has a rebate offer online. Search for "patient assistance" programs on their site or call the customer service number.

8. Consider compounding pharmacies carefully

Compounding pharmacies prepare medications on-site and may offer lower-cost options, especially during shortages or when insurance does not cover a medication, says Joyce. They have become particularly popular for GLP-1 medications, which are often unavailable. But there are safety concerns, including some fatalities due to patient error. The Alliance for Pharmacy Compounding suggests that consumers make sure that the pharmacy is licensed and that it requires a prescription.

9. Combination vs single ingredients

Fixed-dose combination drugs are a pharmaceutical development in which multiple drugs typically taken together are packaged into a single product. For example, Symbicort is an asthma medication that combines budesonide (a corticosteroid) with formoterol (a long-acting bronchodilator). Tylenol PM (acetaminophen-diphenhydramine) would be another. Joyce said consumers often pay more for those combinations than they would if the ingredients were prescribed separately. As long as taken together, as recommended, they work the same way.

10. Be cautious of overseas options

There's no question that Americans pay more for prescriptions, even routine medications. One comparison found that the price of Humira (a heavily advertised anti-inflammatory drug) is 423% higher in the U.S. than in the United Kingdom and 186% higher than in Germany. Another example is Eliquis, which costs $550 out of pocket for 60 5-mg tablets in the U.S., vs $150 in Canada, which offers a generic version. Both Florida and Colorado have been approved by the FDA to import drugs from Canada to lower prices, but concerns about supply have blocked progress. And officials warn about online pharmacy scams. So unless you have a doctor willing to send a script and you’re willing to make the drive, ordering from another country may not be the best option.

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

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Many years ago, we debuted the idea of a "stock market Mount Rushmore," evaluating America's best and worst presidents through the singular lens of equity performance.

But recently, we wondered: What if we viewed the Oval Office through a metric that speaks to all Americans? Say … inflation?

A recent Gallup survey suggests almost 60% of American adults own stock, but that still leaves about 113 million of us who don't. But virtually everyone can tell you how they've been affected by the various price pains they've absorbed over the past few years: housing, gas, vehicles, education, insurance, eggs, meat and more.

And while presidents may very well crow about stock-market performance where it's advantageous, few topics wield more influence on their and other politicians' electoral fates — and define their legacies — than inflation.

Concerns about rising costs helped Republicans take the House in 2022 and put Donald Trump into the White House for a second time in 2024. And persistent inflation is among the core reasons why polls are signaling a "blue wave" in the 2026 midterms.

So, let's look at what an inflation Mount Rushmore might look like.

How we calculated presidential inflation numbers

As far as datasets go, this one is pretty straightforward.

Our focus is the Consumer Price Index for All Urban Consumers, which measures the prices of various goods and services paid by urban consumers. This index is known as the CPI-U, but it's best known as just "CPI" — the headline measurement for inflation we regularly report on.

Specifically, we looked at seasonally adjusted CPI, which removes the effects of seasonal influences such as climatic conditions, holidays and sales.

Each president's average inflation is simply an average of the year-over-year CPI growth for every month they were in office.

Seasonally adjusted CPI data, provided by the Federal Reserve Bank of St. Louis, goes back to 1947, and thus YoY growth figures start at 1948.

The best and worst presidents for inflation

A quick reminder before we show you the list: Much like presidential policy can contribute to the direction of the stock market, presidents have some effect on U.S. inflation — but they're hardly the only determinant.

The Federal Reserve historically has had much more direct influence over inflation, and while presidents help shape the board, the central bank typically acts independently of the White House.

Outside factors weigh heavily, too. In just the past few years, we've seen the global post-COVID recovery, supply-chain chaos and Russia's war on Ukraine wreak havoc on consumer prices. And even when presidential policy influences inflation, it doesn't always do so immediately — in some cases, its effect isn't fully felt until after that president has left office.

That's a long way of saying that while presidents may very well be remembered for the inflationary environment they oversaw, being high or low on this list doesn't imply that the president was the cause of said inflation.

Without further ado, here's our list:

Average Inflation column represents the average year-over-year growth in the seasonally adjusted Consumer Price Index (CPI) for every month the president was in office, including partial months.

* Harry Truman's term lasted from 1945 through 1953. However, year-over-year growth data for the seasonally adjusted CPI only goes back to 1948.

Source: St. Louis Fed, Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL), seasonally adjusted

Let's take a closer look at the five most recent presidencies to better understand just how much influence our leaders have actually had:

Data is as of October 24, 2026. Average inflation refers to seasonally adjusted CPI. The historical average includes CPI data since 1949.

President Joe Biden

• Term: January 20, 2021-January 20, 2025
• Average inflation: 4.90% (1.38 percentage points above 3.52% historical average)

Of the five most recent presidencies, former President Joe Biden's four-year stint was the only one in which inflation actually exceeded the long-term average.

Biden's $1.9 trillion American Rescue Plan Act was his most direct contribution to inflation, but that was merely additional fuel on top of a fire sparked by the factors we called out above. The U.S., along with the rest of the world, was reopening. Americans were flush with savings and ready to release pent-up consumer demand. But snarled ports, factory shutdowns and labor shortages kept goods scarce. Russia's February 2022 invasion of Ukraine sent energy and food prices soaring.

U.S. CPI peaked at a 9.1% annual rate in June 2022, marking the highest such reading since 1981. And while the Federal Reserve originally insisted the inflationary surge was "transitory," it rapidly ramped up its benchmark federal funds rate from near-zero to a range of 5.25%-5.50% by July 2023. That action helped to cool inflation down to below 3% for the majority of Biden's final year in office.

President Donald Trump (Second Term)

• Term: January 20, 2025-present
• Average inflation: 2.98% (-0.54)

Tariffs and the Iran War are the defining inflation stories of President Donald Trump's second term.

Beginning in 2025, the administration imposed sweeping import duties that it claimed foreign exporters would bear. But a 2026 report from the Federal Reserve Bank of New York found that 90% of the costs were foisted on U.S. consumers and businesses.

Then in late February, the administration waged what has turned into an eight-month (and counting) war against Iran that has sent oil prices skyward. In September, diesel prices reached an all-time high of $6.53 per gallon. And in mid-October, U.S. regular-gas prices hit 158 consecutive days above $4 per gallon — breaking 2022's record of 157 consecutive $4-plus days in a calendar year.

As it stands, Trump's second term is still on pace for below-average inflation, but the current average is right around where inflation stood on his second Inauguration Day.

President George W. Bush

• Term: January 20, 2001-January 20, 2009
• Average inflation: 2.89% (-0.63)

Former President George W. Bush's eight years began with a recession, the bursting of the dot-com bubble and the September 11, 2001 terrorist attacks.

Nothing you can really chalk up to "Dubya."

That said, the Fed responded by slashing rates; the effective federal funds rate plunged to around 1% by 2003. The Bush tax cuts of 2001 and 2003, as well as the costs of wars in Afghanistan and Iraq, added to demand. Cheap credit helped inflate a housing bubble, though shelter's weight in CPI and a flood of inexpensive imports from China kept inflation relatively tame for most of the period.

Energy was the wild card. Oil climbed from roughly $20 a barrel early in the term to a record near $147 in July 2008, driven by surging demand from emerging markets, supply constraints and geopolitical tensions. That spike pushed annual CPI above 5% that summer. Then the Great Recession hit, crashing commodity prices and demand alike, and inflation collapsed toward zero by the time Bush left office.

President Donald Trump (First Term)

• Term: January 20, 2017-January 20, 2021
• Average inflation: 1.90% (-1.62)

President Trump's first term produced low, stable inflation for three years, aided by a tight labor market that didn't translate into much wage-driven price pressure. Low energy prices and a strong dollar helped, too.

The Tax Cuts and Jobs Act of 2017 boosted demand late in the expansion, but the Fed responded with a series of rate hikes through 2018 before reversing course and cutting in 2019.

Trump dabbled in tariffs during his first term, too, placing duties on steel, aluminum and a wide range of Chinese goods. While these raised costs for some products (washing machines were a well-studied example), their impact on overall CPI was modest.

Then COVID-19 threw everything for a loop.

Lockdowns crushed consumer demand in spring 2020, driving annual inflation to almost nothing and dragging down the Trump I average. More than $3 trillion in COVID relief, via the CARES and Coronavirus Response and Relief Supplemental Appropriations acts, as well as near-zero interest rates, set the stage for the economic (and inflation) snapback that followed after Trump left office.

President Barack Obama

• Term: January 20, 2009-January 20, 2017
• Average inflation: 1.39% (-2.13)

Former President Barack Obama inherited the worst recession since the 1930s, and the slack it left behind kept a lid on prices for most of his tenure. Unemployment peaked at 10% in late 2009, and the U.S. economy actually experienced a period of deflation. A $787 billion stimulus package, as well as the Fed's zero-rate policy and quantitative easing, were met with weak demand and a sluggish recovery.

Even when inflation did pick back up, it spent much of the next few years below the Fed's 2% target (which the central bank adopted in 2012 under Bush appointee Ben Bernanke).

Inflation picked up to above 3% in 2011 when oil prices rose during the Arab Spring. But the U.S. shale boom ultimately flooded the market, and the U.S. dollar strengthened, kicking inflation back down to below 2% for most of the rest of Obama's second term.

Obama boasted the lowest inflation average of any recent president — so much so that one of the Fed's greatest worries was not too much inflation, but too little.

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The topic of this week's column comes from a vexed landlord, who writes: "Mr. Beaver, over the past two years I have been involved in a lawsuit from a guy who literally stubbed his toe on a tiny object sticking up from the sidewalk in front of a small strip mall I own.

"[My defense attorneys] could have taken his deposition early in the case, but did not, and tried to bring in the city, which was an expensive lost cause. They refused for months to tell me how much my insurance company was paying them.

"The case finally settled for peanuts — which could have been offered early on. Was I the victim of a conflict of interest with the law firm?"

How can property owners recognize when their insurance-appointed defense attorneys may be prolonging litigation and driving up legal fees rather than pursuing an efficient resolution?

I ran that question by Shant Karnikian, managing partner at Los Angeles-based Kabateck LLP. He provided practical guidance on how property owners can protect themselves during settlement, including verifying medical liens and bills, reviewing settlement language, and spotting provisions that could improperly release attorneys from liability.

"As a plaintiff's trial lawyer," Shant said, "I sue the people and businesses responsible for injuries. I also represent policyholders against their own insurance companies — folks who are being sued but having trouble getting their insurance company to protect them in that lawsuit. So I understand exactly where insured parties get hurt, often by the very insurer that's supposed to protect them — a company they've paid high premiums to for years.

"The bottom line policyholders need to understand: Your insurance company isn't your friend, even when it's paying your lawyer. And the defense lawyer they provide may have a conflict of interest."

Reservation of rights letter

I asked Shant if he could explain what it means if you receive a reservation of rights letter from your insurance company or the lawyer they hire to represent you.

"This usually means, 'We'll defend you, but we may not pay,'" he said. "These letters rarely spell out that you may have to fund the settlement."

To understand why, it's helpful to know how the insurance for liability coverage works.

Duty to defend vs duty to indemnify: The carrier (insurance company) must provide (appoint and pay for) a lawyer if a claim against you involves even a potential for coverage. However, the insurer must pay a settlement or judgment only for claims that are actually covered.

"That gap is where the insured often gets burned," Shant said. "Furnishing a defense does not necessarily mean they will fund your settlement (indemnify) ­— it depends on your policy."

So it would seem that having an appointed lawyer creates a false sense of security. Would it be wise to consult with your own lawyer to make sure the insurance company is doing the right thing?

"Yes," Shant agreed. "We represented a plaintiff injured on a homeowner's property. The carrier appointed defense counsel, so the homeowners thought they were covered. Only at settlement discussions did the carrier reveal it wouldn't contribute anything. The homeowners had to pay out of pocket.

"The carrier lulled them to sleep by creating the impression that defending them in the lawsuit also meant that they would pay for all damages."

The three-way relationship conflict

"While the law firm represents you," Shant said, "the carrier pays them and sends them repeat business. This creates a conflict of interest, incentivizing your defense attorney to protect the insurance carrier.

"For example, if facts come up in the case that affect your coverage, the way counsel handles them can shape whether or not you're covered — and, therefore, help determine whether the carrier has to pay out on the claim.

"This conflict may entitle you to independent counsel paid by the carrier and depends on your state's law."

Shant listed several red flags that suggest a serious conflict of interest:

• There's been no early case evaluation or settlement push.
• Defense conducts heavy discovery and motion practice on a small case.
• Defense says, "Plaintiff hasn't made a demand yet." (Nothing stops your attorney from making a demand or offer.)
• You receive no status reports or budget.
• Defense files costly cross-complaints when cheaper options exist, such as offering to pay policy limits to settle the case.

If you spot any of these, you should immediately consult a lawyer you've selected to monitor what the defense attorney is doing.

It's also important to realize that how much the attorney bills matters to the policyholder, even when the insurance company is paying for the defense lawyers.

First, you may still be paying deductibles.

Second, you may have a policy in which defense costs reduce limits. Future premiums may be affected by how much it costs to defend the case. The longer it takes to resolve, the greater the risk the case may grow beyond your coverage or limits.

What should you do if you're in this situation?

• Tell the carrier and defense counsel in writing that you want the case settled within the limits of the insurance policy as soon as possible.
• Instruct the defense attorney to communicate with you about every settlement demand and offer. If you receive a reservation of rights, ask in writing: "Will you fund a settlement? If not, why not?"
• Consider hiring your own lawyer to watch the carrier and push it to get you out of harm's way.

At settlement

• Make sure the entire case gets dismissed, including cross-complaints.
• Make sure that any release you sign doesn't include a release of claims you may have against the insurance company.
• Get confirmation that your insurance company won't be coming after you for money it pays out.

Bite-sized piece of advice

"A lawyer showing up to defend you is not the same as your insurance company agreeing to pay," Shant cautioned. "Waiting for a demand isn't a strategy. It's a reason to bill another month.

"A few thousand dollars for your own lawyer to watch the insurance company can be the best money you spend in a lawsuit."

Dennis Beaver Practices law in Bakersfield 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.

In case your financial institution goes belly-up, it's important to make sure that all the deposits you have there are federally insured against bank failure. Generally, deposit-account balances receive Federal Deposit Insurance Corp. coverage of $250,000 per depositor, per bank. That includes your combined balances in checking accounts, savings accounts, money market accounts and certificates of deposit. (For more information on FDIC coverage, go to the FDIC site)

If the amount of savings that you'd like to park in a safe place exceeds FDIC limits, one solution is to use a service known as CDARS. Operated by financial-technology company IntraFi, CDARS offers a streamlined way to spread the money across certificates of deposit at multiple partner banks, preserving deposit insurance on the full balance.

If you want to save $1 million in CDs, for example, CDARS could split it into four deposits of $250,000, with each going to a different member bank.

And you can compare the best CD rates using this Bankrate tool:

As a depositor, you choose one participating institution that places your money for you; search for one at Intrafi. You'll receive a consolidated statement detailing all your deposits, and you'll earn a single interest rate on each CD maturity, set by the bank you're working with.

Recently, for example, CDARS rates from online bank Everbank included 3.05% on a three-month term and 3.57% on a two-year term.

If you'd rather not lock your money into CDs — especially given the likelihood that interest rates will rise in coming months — consider ICS, another service from IntraFi.

With ICS, your money is spread in increments of no more than $250,000 across money market deposit accounts, allowing you to take out your funds at any time without facing early-withdrawal penalties. As with CDARS, you have a relationship with one participating institution that divides up the funds.

Use this Bankrate tool to find and compare some of the best money market and high-yield savings accounts:

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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A high-income earner can save diligently for decades and still face a tax problem in retirement: Most of their savings could be concentrated in accounts in which withdrawals are taxed as ordinary income, with limited flexibility to manage those taxes.

Direct Roth eligibility may have phased out years earlier.

Indexed universal life insurance, or IUL, can address part of that issue. It provides a death benefit, while its cash value could create a supplemental source of money later in life.

For people who have maxed out traditional tax-advantaged accounts and want more control of retirement income sources, IUL might deserve a closer look.

Cash value grows tax-deferred inside the policy, and the owner could later access it through withdrawals and policy loans that are generally not subject to current income tax. This only works if the contract is properly structured and stays in force.

That combination of tax-deferred growth and potentially tax-advantaged access is what differentiates IUL from other retirement savings vehicles.

LIMRA (the Life Insurance Marketing and Research Association) reported record IUL premiums in 2025, up 17% from the prior year. Growing sales do not by themselves establish that a product is appropriate for any client. Still, they show increasing interest in how permanent life insurance might fit into a modern financial plan.

High earners run out of familiar tax-advantaged space

The issue becomes more visible during peak earning years. For 2026, employees can contribute up to $24,500 to a 401(k), excluding catch-up contributions. Direct Roth IRA eligibility phases out from $153,000 to $168,000 for single filers and from $242,000 to $252,000 for married couples filing jointly.

Those limits are not an automatic reason to buy life insurance. Consider workplace plans, health savings accounts, backdoor Roth strategies, taxable investments and adequate liquid reserves first. Still, a high earner with surplus cash flow and a legitimate need for permanent insurance might have room for another layer.

Cash value can add another retirement-income layer

An IUL policy builds cash value and credits interest partly based on the performance of an external index. The money is not invested directly in that index. Caps, participation rates, spreads, guarantees and policy charges determine how much interest is credited.

Growth inside the policy is tax-deferred. The owner can later access cash through withdrawals and policy loans, potentially without current income tax if the contract is properly structured, avoids modified endowment contract status and stays in force. That access might supplement qualified-plan distributions, Roth withdrawals, taxable investments and guaranteed income from annuities.

This additional income source might help during a high-tax year, after a market decline or before tapping another retirement asset. Tax flexibility is a key argument for IUL. The policy doesn't need to replace a retirement account to contribute meaningfully.

The right buyer needs more than a high income

The strongest candidates for an IUL tend to share several characteristics:

• They are typically from ages 40 to 55 and have time to fund the policy before taking income.
• They have stable surplus cash flow after addressing other retirement priorities and liquidity needs.
• They need permanent life insurance for family, estate or business reasons.
• They understand that early surrender can be expensive, and a long-term time horizon is part of the strategy.

Someone with inconsistent income, limited reserves, a short time horizon or no insurance need likely requires a different solution. IUL might work best when both sides of the contract matter: protection for beneficiaries and carefully managed access to income for the policyowner.

Tax advantages don't remove policy risk

Loans accrue interest and reduce cash value and the death benefit. A policy that's been heavily borrowed from can lapse, potentially creating taxable income at an unfavorable time. Policy charges continue, interest-crediting terms can change, and illustrated results are not guaranteed.

Prospective policyowners should review lower crediting assumptions, changing policy terms, interrupted premiums and rising loan balances before committing.

The NAIC's life insurance illustration guidance helps frame that review. AI-enabled planning tools can quickly compare funding and loan scenarios. Still, they can't determine whether the death benefit is necessary or whether the owner can sustain the policy for decades. Regular human review and current in-force illustrations still matter.

Decide what the next dollar needs to do

For financial advisers, at the next review with a high-income earner, map the tax treatment of their existing retirement assets. Then ask where the next long-term dollar should go and what job it needs to perform.

If traditional savings options are already addressed, permanent coverage is needed and another potential source of tax-advantaged money might strengthen the income plan, compare an IUL with the available alternatives. Use conservative projections, explain the conditions plainly, and build annual reviews into the recommendation.

Life insurance is designed to protect people after a death. For the right high-income earner, a properly designed IUL policy might also support decades before that.

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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 entire purpose of an emergency fund is to have cash on hand when you need it. Yet money sitting in a savings account can feel like it’s doing nothing, particularly if the interest you’re earning is failing to keep pace with inflation.

Meanwhile, stocks have proven to be excellent long-term wealth builders, vastly outperforming the return you can expect to get at the bank.

So, it’s fair to ask: Why not invest your emergency savings in a stock market index fund and be done?

You could do that. And chances are good that things would work out just fine if you did. But what if they didn’t?

Stock returns may be excellent over time. But market volatility means they don’t move in a straight line. And there's no guarantee the market will be up when an emergency rears its ugly head.

So, before you drop your entire emergency fund into the market, let’s do a deeper dive.

What an emergency fund is actually for

Remember, an emergency fund isn’t an investment. It’s insurance. Its function is to cover a job loss, an unexpected medical bill, a car repair or a broken air conditioner without pushing you into debt or into a rushed decision.

The rule of thumb is to keep the equivalent of three to six months of essential expenses in cash.

If you live in a dual-income household with two stable jobs, you might need less than that. For those with less stable incomes, such as freelancers or business owners, it might make sense to aim higher.

Whatever the number, the money has to pass three tests: it must be safe, easy to reach and worth a known amount on the day you need it.

A high-yield savings account passes all three. Deposits at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category.

You can usually move the money to checking within a day or two. And $10,000 today is still $10,000 next month.

The case for investing it

It comes down to opportunity cost.

Over long stretches, a diversified stock portfolio has beaten cash by a wide margin. Savings rates often trail inflation after taxes, so idle cash can slowly lose buying power. And many emergencies never happen.

If you hold $30,000 in savings for a decade and rarely touch it, you’ve given up years of potential growth. Properly invested, it might have grown to $60,000, even $100,000 in a raging bull market.

Of course, there’s a catch. The events most likely to drain an emergency fund tend to show up at the same time stocks fall, or during a bear market.

Recessions cause layoffs. Layoffs cause emergencies. And recessions are when stock prices often drop the hardest.

During the 2007-09 financial crisis, the S&P 500 fell about 57% from its peak, and U.S. unemployment climbed to about 10%. In early 2020, stocks dropped about a third in roughly five weeks as millions of people lost their jobs.

Imagine this scenario. You put your $20,000 “emergency fund” in an S&P 500 ETF. You get laid off in a downturn, and the account is now worth $10,000.

To pay rent, you sell shares near the bottom. That locks in the loss and leaves less money to recover when the market bounces back.

Even in the absence of a market crash, investing your emergency fund can bring unwanted problems. In a regular brokerage account, selling shares that have gained value can trigger capital gains tax, so an emergency can come with an unplanned tax bill.

So, investing your emergency fund in stocks is a great idea… so long as you never actually have an emergency!

Splitting the difference

No one says you have to choose all or nothing. You can always split the difference, keeping a core first layer of one to three months of expenses in a high-yield savings account or money market fund. This is your instant-access money.

You could have a second layer on top of that in Treasury bills, short-term CDs or a short-term bond fund. Your risk here is modest. In a true emergency, you probably won’t mind paying a penalty of a couple of percent for cashing in a CD early.

Anything beyond these two layers can be invested for growth in stocks or stock funds. If an emergency outlasts the first two layers, you sell from here, ideally after the market has had time to recover.

There's no "right" size for an emergency fund. Every family is going to be different depending on their job security, number of earners, overall wealth and income, health needs, insurance coverage and a host of other factors.

A tenured college professor in a two-income home needs less cash on hand than a self-employed entrepreneur with a stay-at-home spouse and a mortgage.

Use your best judgment to figure out the best level for yourself. Just keep in mind that for an emergency fund to be effective, you have to be confident that it will actually be there when you need it most.

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If you're years into an income-driven repayment plan and working toward student loan forgiveness, there is an important number you may not have been tracking: The potential tax bill at the end.

For five years, most student loan forgiveness received favorable federal tax treatment. The American Rescue Plan temporarily excluded qualifying student loan debt forgiven from 2021 through the end of 2025 from federal taxable income.

That temporary protection has now expired. For qualifying income-driven repayment forgiveness that occurs on or after January 1, 2026, the amount discharged is generally included in taxable income for federal purposes.

That doesn't mean forgiveness suddenly stopped being valuable. It does mean borrowers need to look at the entire financial picture rather than focusing only on bringing the loan balance to zero.

The good news is that for most people pursuing long-term forgiveness, this "tax bomb" should not come as a surprise. You may have years to prepare for it.

What the student loan 'tax bomb' actually means

The student loan "tax bomb" sounds more dramatic than the mechanics really are. If you have $50,000 of student loan debt forgiven, you do not suddenly owe the IRS $50,000. Instead, the forgiven amount is generally added to your taxable income for that year.

For example, suppose you earn $80,000 and $50,000 of your remaining student loan balance is forgiven through an income-driven repayment plan. Very broadly, you could be looking at income closer to $130,000 for federal tax purposes before factoring in deductions, exclusions and other parts of your return.

How much additional tax that creates depends on several things, including your filing status, other household income, deductions, credits and the tax brackets that apply in the year your debt is forgiven.

That is why I would not use a simple formula such as "forgiven balance multiplied by your tax bracket." Our tax system is progressive, and everyone's situation is different.

What matters is understanding that a large balance forgiven in a single year can create a meaningful one-time tax liability.

You may also receive a Form 1099-C reporting canceled debt after the debt is forgiven.

Not all student loan forgiveness is taxable

This is an important distinction because the 2026 change does not affect all forgiveness programs in the same way.

Public Service Loan Forgiveness (PSLF) remains federally tax-free. If you qualify for PSLF and have your remaining Direct Loan balance forgiven after completing the required qualifying payments and employment requirements, the amount forgiven is not considered income for federal tax purposes.

Certain other discharges can also qualify for tax-free treatment. Under current IRS guidance, student loan debt discharged because of death or total and permanent disability may be excluded from federal taxable income, subject to applicable IRS requirements. Certain work-related loan cancellation and repayment assistance programs can also receive favorable tax treatment.

The borrowers who need to pay the closest attention are those expecting a remaining balance to be forgiven at the end of an income-driven repayment period.

And those timelines are changing. Depending on your loans and repayment plan, forgiveness may be available after different repayment periods. The new Repayment Assistance Plan (RAP), for example, provides forgiveness of a remaining eligible balance after 30 years of qualifying payments.

So before estimating any future tax bill, make sure you know which repayment plan you are actually on, how much qualifying time you have accumulated, and when forgiveness is realistically expected.

Don't forget about state taxes

Federal taxes are only one part of the calculation.

Your state may also treat forgiven student loan debt as taxable income, and state treatment can vary considerably. Federal Student Aid specifically advises borrowers that income-driven repayment balances discharged beginning in 2026 may also result in state taxes, depending on where they live.

If you live in a state without an individual income tax, that part of the equation may be much simpler. But if your state taxes income, don't automatically assume it will treat student loan forgiveness the same way the federal government does.

This is one of those areas where I would check your state's rules as you get closer to forgiveness rather than relying on something you read several years earlier. State tax laws can change long before a borrower reaches the end of a 20-, 25- or 30-year repayment period.

High earners should run the numbers again

For higher-income borrowers, this tax change deserves even more attention.

The strategy behind income-driven forgiveness is fairly straightforward. You make payments tied to income for the required period, and if a balance remains at the end, it may be forgiven.

But if a significant amount is forgiven during a year when your income is already high, adding that canceled debt to your taxable income can make the final cost of forgiveness higher than you may have originally expected.

That doesn't automatically make forgiveness the wrong strategy.

It simply means the right comparison is no longer, "How much will I pay before my remaining balance is forgiven?"

The better question is, "How much will I pay in student loan payments plus taxes on the forgiven balance compared with paying the loan off another way?"

That distinction matters.

For some borrowers, pursuing forgiveness will still save a substantial amount of money. For others, particularly those whose incomes have increased significantly since they first entered repayment, aggressive repayment or refinancing may deserve another look.

If you are considering refinancing federal student loans, remember that refinancing with a private lender means giving up federal benefits, including income-driven repayment options and federal forgiveness programs. That decision is generally irreversible, so compare the full long-term cost before making the move.

If refinancing does make financial sense for your situation, you can compare available rates through a marketplace such as Credible rather than evaluating lenders one at a time.

One provision could reduce the tax bill: Insolvency

There is another part of the tax code that borrowers should know about, particularly those expecting a large amount of debt to be forgiven.

Canceled debt can sometimes be excluded from taxable income to the extent you were insolvent immediately before the debt was canceled.

In simple terms, insolvency generally means your total liabilities exceeded the fair market value of your total assets.

Suppose, for example, that immediately before forgiveness your liabilities exceeded your assets by $30,000, and $50,000 of student debt was canceled. Depending on your circumstances, the insolvency exclusion could potentially apply to part of that canceled debt.

This is not something I would casually estimate. The IRS looks at your financial position immediately before the cancellation, and claiming the exclusion generally involves Form 982.

If you think you may qualify, work with a tax professional who understands cancellation-of-debt income.

What to do now if you're working toward income-driven repayment forgiveness

You don't need to overhaul your repayment strategy because of a tax bill that may be years away. I recommend adding the tax calculation to your planning now.

First, confirm when you are actually eligible for forgiveness. Log into StudentAid.gov, confirm your current repayment plan, and understand how much qualifying repayment time you have accumulated. Federal repayment options have changed significantly, so don't base your planning on what your loan terms looked like several years ago.

Next, estimate what your balance could be when forgiveness occurs. The number that matters is not what you owe today. It is the projected balance that could actually be canceled.

Then estimate the potential tax. You do not need an exact number 10 years in advance. You need a reasonable range. Revisit that estimate as your income, balance, and tax laws change.

Start building a tax reserve if the potential liability is meaningful. If you expect a $10,000 or $20,000 tax obligation, setting aside money gradually over several years is far easier than finding it all at once after forgiveness.

Finally, rerun the forgiveness-versus-payoff calculation periodically. A strategy that made perfect sense when you earned $60,000 may look very different when you earn $160,000. Your income, family situation, interest rate and loan balance can all change over a repayment period that lasts decades.

Your student loan strategy should be allowed to change with them.

Forgiveness can still be valuable

The return of federal taxation on IDR forgiveness should not scare borrowers away from forgiveness. But it should change the way you calculate its value. For several years, it was easy to think about forgiveness as the finish line: Make the required payments, reach the end of the repayment period, and watch the remaining balance disappear.

Beginning in 2026, many borrowers need to add one more step: What happens to my taxes when that balance disappears?

If you are still many years away, that is actually an advantage. You have time to estimate the liability, build savings for it, monitor changes in the law and periodically ensure forgiveness still makes financial sense.

A future tax bill is much easier to handle when it has been part of the plan all along.

And with student loan rules changing as frequently as they have in recent years, I would make a habit of reviewing that plan regularly rather than assuming the strategy you chose today will remain the best one 10 or 20 years from now.

Related Content

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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.

In a rate-changing environment with persistently high prices, where you store your cash could be the difference between growing your wealth or eroding your purchasing power — to the tune of hundreds of dollars.

This is especially true if you're carrying a larger balance such as $50,000. Thankfully, there are smart places to park it and earn a healthy annual percentage yield (APY) while investigating other options.

Since there are no one-size-fits-all solutions, here are several common scenarios and strategies for each.

Scenario 1: I want to keep liquidity as I investigate all options

In this case, the smart bet is to open a high-yield savings account (HYSA) at an online bank. Online banks offer higher APYs with minimal account fees, and you can separate this $50,000 from the rest of your cash. This can be critical if you've never been in this situation.

You can find and compare some of the best high-yield savings accounts using this Bankrate tool:

Another reason high-yield savings accounts are useful is that they offer variable interest rates. This is essential right now, as the Federal Reserve will likely issue another rate hike in December, unless there's an end to the Iran war.

CME FedWatch projects there's a high likelihood the Fed will issue a quarter-point rate hike at its December meeting. When the Fed hikes rates, it can raise the APYs on your savings account, helping you to earn more.

If you're not concerned with liquidity, better options are available.

Scenario 2: I want to earn now, without tying up money for years

An amount of $50,000 is a sweet spot because it can unlock a CD option that earns excellent rates right now: a jumbo CD. The best jumbo CD rates offer you APYs up to 4.60%, well surpassing the best high-yield savings accounts.

To demonstrate, if you were to take your $50,000 and open a one-year jumbo CD with Finworth at 4.35% APY, you'll earn $2,175.

But before you jump at this opportunity, keep these things in mind:

• Interest. Interest earned on a CD is taxed as ordinary income, so make sure to factor this in as part of your plan.
• Early withdrawal. If you need to break open your jumbo CD, you could lose months of interest. This could easily be hundreds of dollars, so only take this approach if you're confident you won't need the cash for a year.
• Maturity. Some banks will automatically renew your CD. Set a reminder on your phone a few weeks before it matures so you can explore other options.

If you don't want to put all your eggs in one basket, here's a smart alternative.

Scenario 3: I want a mix of short- and long-term solutions

This is where a CD ladder could come in handy. With it, you don't place your $50,000 into one CD. Instead, you spread it across multiple CDs with varying maturities.

Here's an example of how this could work:

This approach lets you use short-term and long-term CDs. You'll have quick cash flow from some of your funds, allowing you to pivot in response to rising inflation. If the Fed hikes rates again, you'll also be better positioned to capitalize on higher APYs.

You'll also have some money earning a much higher rate than a HYSA. This gives you peace of mind that you're maximizing your cash without taking on risk.

You can use this Bankrate tool to find the CD terms that work for you and build your own ladder:

Balancing different strategies

If you don't need some of the money for years and don't mind risk, a smart play is to invest it in the stock market. Adding index funds tracking broad markets, such as the S&P 500, provides instant diversification and historically higher growth.

Here's a look at how you can balance savings with investing:

Ultimately, if you're looking for smart places to park $50,000 away from market volatility, you have options. The smartest approach is to devote some of your money to short-term CDs so you can earn more than a high-yield savings account, while also allocating some to index funds, where you could earn substantially more.

With an uncertain rate environment and higher inflation, these solutions help you reach your savings goals while shielding your purchasing power from future inflation.

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While eating Thanksgiving dinner with loved ones is a meaningful holiday tradition, gathering and preparing all the dishes has become more expensive. With grocery prices creeping higher this year, many households are looking for ways to save on their favorite Thanksgiving dishes this holiday season.

Several major retailers have responded to this by offering Thanksgiving meal bundles that can feed an entire family for less than $50.

These deals typically include items such as a turkey, potatoes, stuffing, vegetables and other holiday staples at a discounted price. Some retailers advertise meals for as little as $4 or $5 per serving, making it easier to host Thanksgiving without spending hundreds of dollars at the grocery store.

But not all holiday meal deals offer the same value. Some require additional ingredients, while others include larger turkeys, desserts or ready-to-heat dishes. Before filling your cart, it's worth comparing what's included and how much you'll spend.

Which retailer offers the most affordable Thanksgiving dinner?

The retailers that offer the most affordable Thanksgiving dinner options tend to offer bundled shopping lists that you can add to your cart with all the basic main and side dishes for a traditional Thanksgiving dinner.

This is a convenient way to gather everything you need in one place and stay within your budget. When comparing options, keep in mind that the amount of food and preparation required can vary considerably.

This year, Lidl offers the cheapest Thanksgiving meal per person at $3.59, but it’s not too far off from Aldi's deal at less than $3.90 per person. However, Aldi includes a larger 16-pound turkey compared with Lidl's 14-pound turkey and doesn't require a loyalty membership.

Wegmans and Kroger also offer meals for less than $5 per person, while Target's $30 dinner is an affordable option for smaller gatherings of six. Winn-Dixie has a traditional Thanksgiving meal for $38.90.

For shoppers looking to spend less time in the kitchen, several retailers offer prepared holiday meals. Winn-Dixie has a heat-and-serve option, while Publix's prepared dinners start around $70 for eight people.

Sam's Club offers a larger spread serving up to 16 for approximately $160. The Honey Baked Ham Company also sells fully cooked turkey and ham dinners with ready-to-heat sides, with prices varying by package.

What Thanksgiving meal deals might leave out

While a Thanksgiving meal deal for under $50 may sound like a great value, the advertised price might not reflect everything you'll spend.

Retailers such as Aldi, Lidl and Kroger offer discounted ingredients for traditional holiday meals, but their shopping lists might leave out essentials such as milk, butter, eggs, cooking oil and seasonings. These extras can add up quickly, especially if you're cooking from scratch or need larger portions to feed more guests.

Some deals also require shoppers to purchase specific store brands or package sizes to get the advertised price. Prices and availability can vary by location, so your final grocery bill might be higher than expected.

Before shopping, check whether a loyalty membership is required. Lidl's Thanksgiving deal requires a free Lidl Plus account, while warehouse clubs such as Sam's Club and Costco charge an annual membership fee.

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• 7 Grocery Shopping Habits That Are Costing You Money
• Best and Worst Grocery Chains in the US
• Walmart and Sam's Club Just Launched a $120 Membership Deal Ahead of the Holidays

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 56-year-old plumber in Cincinnati who's still working. He reports a salary of $60,000 to $105,000.

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?

Slow and steady. Began contributing to my first company-sponsored 401(k) at age 26 and received a 50% match up to 6%, which is about all I could afford to contribute at the time (6%).

When I left that company, I transferred my balance, which wasn't much, to a self-directed traditional IRA and picked some funds.

Began a new job making more money and contributed to their 403(b). Each year when I got a raise, I increased my contribution amount.

Somewhere along the way, I also opened a Roth IRA and a brokerage account and contributed what I could, when I could.

And that is what I am currently doing, though now I focus on maxing out the Roth as soon as possible.

One point to add is that I never once pulled anything out, no matter how bad the market got, like in 2008. I stayed the course, and it has paid off, so far.

I also never sought out the latest stock or trend. I just picked quality mutual and index funds and let it ride.

What are you doing with the money?

I am still building my wealth over the next four years, when I plan to retire at 60.

The Fun Stuff

Did you do anything to celebrate?

Not yet. I will in four more years when the house is paid off, and I tell work to shove it!

What is the best part of making $1 million?

Feeling like I have a chance at a comfortable retirement.

Did your life change?

No. $1 million isn't what it used to be.

Does anyone know you're a millionaire?

No. It is nobody's business but mine.

Any plans to retire early?

Planning to retire at 60 — four more years.

Looking Back

Anything you would do differently?

Contribute more and maybe start earlier.

What advice would you give to your younger self?

Start early.

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

No, just watched a lot of investing videos on YouTube. But if I were to get a book, it would probably be The Total Money Makeover by Dave Ramsey.

Did you work with a financial adviser?

Never worked with a financial planner until recently. Giving it a "trial" run to see if the fees are worth it.

Looking Ahead

Plans for your next $1 million?

I'll figure it out when I get there.

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

Spend less than you make. Don't rack up debt.

You don't need a new phone or car every year or two. The borrower is a slave to the lender — save up to buy what you want/need with cash. The interest saved will help build wealth.

Don't fall for the latest trends, like bitcoin/crypto. Instead, pick some good mutual/index funds and contribute regularly.

Do you have an estate plan?

Not yet.

What do you wish you'd known when you first started saving and investing?

The best index or mutual funds to invest in.

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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We may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. We may not cover every available offer. Our relationship with advertisers may impact how an offer is presented on our site but our editorial selection of products is made independently. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. We calculate a typical annual reward for each card, assuming $36,000 spent annually and less any annual fee. Interest rates, fees, rewards and other terms listed in this article are subject to change. Before you apply for a credit card, check its current terms and conditions with the issuer.

American Express and Airbnb are teaming to give travelers more ways to earn rewards and save on vacation rentals at the same time.

The new partnership, announced October 22, 2026, brings more than 1 million Airbnb listings worldwide to American Express Travel, along with expanded Membership Rewards opportunities and new benefits for eligible cardholders.

For travelers who already use Airbnb for family vacations, extended business trips or weekend getaways, this partnership could make American Express cards more rewarding. Eligible cardholders can earn up to 5 times Membership Rewards points on qualifying prepaid Airbnb stays booked through Amex Travel.

Cardholders with the American Express Platinum Card® or The Business Platinum Card® from American Express can also access up to $850 in combined annual statement credits, including an expanded $600 Lodging Credit and a new $250 Airbnb Experiences Credit. Terms Apply.

However, there's a catch. The biggest statement credits are tied to Airbnb Luxe properties, and travelers must meet specific booking requirements to qualify. That means the new benefits might be more valuable to luxury travelers than those looking for affordable accommodations.

Here's how the partnership works and what to consider before booking your next Airbnb stay.

How to use the $600 American Express Lodging Credit for Airbnb stays

One of the biggest changes from the new partnership is the expansion of the $600 Hotel Credit, now called the $600 Lodging Credit. Previously, the benefit covered eligible prepaid hotel reservations through Fine Hotels + Resorts® and The Hotel Collection.

Now, cardholders with the American Express Platinum Card® or The Business Platinum Card® from American Express can also use the credit toward qualifying Airbnb Luxe stays.

Airbnb Luxe is Airbnb's collection of high-end vacation rentals, including luxury estates, spacious villas and other premium accommodations. Standard Airbnb listings don't qualify for the credit.

To use the Lodging Credit on Airbnb, eligible cardholders must book a prepaid Airbnb Luxe stay of at least two nights through Amex Travel using their eligible card.

The $600 annual benefit is divided into two periods:

• January through June: Up to $300 in statement credits.

• July through December: Up to $300 in statement credits.

Unused credits don't carry over between periods, so cardholders can't apply the entire $600 toward one reservation in a single half of the year.

For example, if you book a qualifying two-night Airbnb Luxe stay for $1,300 in November, you could receive up to $300 in statement credits, assuming you haven't already used your credit for the second half of the year. The booking must be processed during the applicable benefit period, but you don't have to complete your stay before that period ends.

There's another important change coming for eligible cardholders who prefer hotels. Starting January 1, 2027, Fine Hotels + Resorts® reservations must be at least two nights to qualify for the Lodging Credit. Previously, eligible one-night stays could qualify. The Hotel Collection already requires a minimum two-night stay.

This change could make the benefit less flexible for travelers who frequently book single-night hotel stays or short business trips.

What's the catch with the new $250 Airbnb Experiences Credit?

American Express is introducing a new benefit that allows eligible cardholders to receive up to $250 annually in statement credits for Airbnb Experiences. These activities include guided tours, cooking classes, cultural excursions and other experiences hosted by local experts.

However, the credit isn't automatically available to everyone with the American Express Platinum Card® or The Business Platinum Card® from American Express. Cardholders must first book a qualifying prepaid Airbnb Luxe stay through Amex Travel to unlock the benefit.

Once the qualifying reservation is confirmed, eligible cardholders can receive up to $250 in statement credits for qualifying Airbnb Experiences purchased directly through Airbnb using their eligible card.

There's also a time limit. The Experiences Credit is available only for the remainder of the calendar year in which the qualifying Luxe reservation is confirmed.

For example, if you confirm a qualifying Airbnb Luxe reservation in November 2026, you could unlock up to $250 toward eligible Airbnb Experiences. However, you would need to make qualifying purchases before the end of 2026. The credit doesn't remain available for another 12 months.

Not every Airbnb Experience qualifies. Experiences that redirect customers to certain third-party booking platforms are excluded, so check the payment process before making a reservation.

How many Membership Rewards points can you earn on Airbnb stays?

The new partnership allows eligible American Express cardholders to earn between 2X and 5 times Membership Rewards points on qualifying prepaid Airbnb bookings through Amex Travel. The rewards rate depends on which card you use. Terms apply.

Here's how many points you could earn on a qualifying $2,000 Airbnb stay:

Cardholders with the American Express Platinum Card® or The Business Platinum Card® from American Express can earn 10,000 Membership Rewards points on an eligible $2,000 booking. At an illustrative redemption value of one cent per point, that's approximately $100 in rewards value.

Meanwhile, eligible American Express® Green Card holders could earn 6,000 points, while other qualifying Membership Rewards cards could earn 4,000 points on the same reservation. The Green Card's 3 times rate is an existing travel rewards benefit that also applies to eligible Airbnb bookings made directly through Airbnb.

Keep in mind that Membership Rewards points don't have a fixed dollar value. Their value depends on how you redeem them, whether for travel, gift cards or other eligible options.

Should you book Airbnb through Amex Travel or directly through Airbnb?

The new partnership gives American Express cardholders another way to earn rewards on vacation rentals. However, that doesn't necessarily mean booking through Amex Travel will always provide the best value.

Before reserving a property, compare the total cost and booking conditions through both platforms. Look at the final price, including cleaning fees, service fees, taxes and other charges. Prices might differ between booking options, so it's worth comparing the total cost before making a reservation.

Availability might also differ because the Amex Travel partnership includes a selection of Airbnb's global inventory rather than every property on the platform. Cancellation policies are another important consideration, especially for business travelers whose plans might change unexpectedly. Review the property's cancellation terms and any applicable deadlines before paying.

One convenience of the partnership is that Airbnb continues handling reservations, host communications and customer support. Although travelers discover participating properties through Amex Travel, they complete their reservations through Airbnb and manage their stays there.

It's also important to distinguish between earning and redeeming Membership Rewards points. Cardholders can earn bonus points on qualifying Airbnb reservations through Amex Travel, but they can't currently use Membership Rewards points to pay directly for these stays at checkout. Eligible cardholders might have the option to redeem points for a statement credit after the transaction posts, although redemption values can vary.

Is the Amex and Airbnb partnership worth it for travelers?

The American Express and Airbnb partnership could benefit frequent travelers, particularly those who already have the American Express Platinum Card® or The Business Platinum Card® from American Express and regularly book upscale accommodations.

For cardholders who prefer luxury vacation rentals, the ability to use the $600 Lodging Credit on qualifying Airbnb Luxe properties adds flexibility. The new $250 Airbnb Experiences Credit could provide additional value if they already plan to book activities or tours during their trips.

However, the benefits might be less appealing to travelers who typically book inexpensive vacation rentals or shorter stays. Standard Airbnb properties don't qualify for the Lodging Credit, and cardholders can't unlock the Experiences Credit without first making a qualifying Luxe reservation.

If you're considering opening an American Express Platinum Card® primarily for the Airbnb benefits, calculate how much you'd save based on your normal travel habits. Don't assume you'll receive the full $850 in value every year.

Most important, avoid spending more on a luxury rental simply to qualify for a statement credit. If you already enjoy premium Airbnb stays, the partnership offers more ways to earn rewards and potentially reduce travel costs.

For everyone else, the biggest advantage might be the opportunity to earn additional Membership Rewards points on accommodations they were already planning to book.

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• Short-Term Rentals: 10 Things to Know About Sites Like Airbnb
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• 3 Airline Credit Cards With Companion Fares That Could Save You Money

The new documentary You Can See Everything about Theranos founder Elizabeth Holmes hit screens with a bang this month. Directors Nathan Fielder and Lance Oppenheim kept the movie a secret until its premiere, and buzz has been building about what it reveals.

It was unexpected for Fielder to make a documentary about Holmes. He's worked in his own particular sort of reality TV for years, first with the show Nathan for You and next with The Rehearsal. While these shows tap into the human psyche in their own ways, as he says in You Can See Everything, he's far from an expert on chemistry or the Theranos case, and over the course of the filming, he seems increasingly confused about what he's doing there, which is also a central point of the documentary.

Much of this movie has been kept hush-hush, and it's an enjoyable experience to watch it unfold in a theater. If you haven't seen the movie yet and don't want to read any "spoilers," stop reading now before we get into the nitty-gritty.

While the documentary is ostensibly about Holmes, it's also about her partner, Billy Evans, and their relationship. After Holmes goes to a federal prison camp to serve her sentence for defrauding investors, Evans reveals on camera that he has power of attorney (POA).

He says that the power of attorney gives him the right to do many things on Holmes' behalf. The documentary shows him tweeting online from Holmes' X account, not indicating that it's not her posting (and not asking for her approval for what he writes), and creating an AI avatar of her likeness.

He's also working on a new business with her, although he says he is largely making decisions on their behalf while she's imprisoned.

"The documentary shows how far people assume a POA reaches," Debra Taylor, managing partner and wealth adviser at Carson Wealth, tells Kiplinger.

What, exactly, does power of attorney give a person the right to do, and how does it work?

1. What 'powers' does a power of attorney grant?

A POA is a legal document that grants someone, called an agent, authority to make decisions on a person's behalf in the event of their incapacitation.

Typically, one document grants medical power of attorney, and one grants financial power of attorney. As the names suggest, one gives the right to make healthcare decisions, while the other covers finances.

"A broadly drafted financial POA can give an agent authority over the principal's business interests," Taylor explains. "Certain powers, such as making gifts, changing beneficiaries or creating trusts, generally must be granted expressly. Many states require specific language in the document to authorize sensitive transactions such as gifting or certain banking transactions."

Does that mean, then, that a person could, say, speak on another's behalf outside specific decisions?

"A POA lets an agent sign and transact on the principal's behalf. It does not make the agent's opinions the principal's words. In most states, an agent has no right to access the content of the principal's email and private messages unless the document specifically grants it," Taylor says.

2. Can power of attorney be triggered by incarceration?

In the movie, Evans said Holmes signed the POA document, giving him power to make business decisions for her. But does incarceration always trigger a POA to go into effect?

"Powers of attorney are governed by state law, so the rules on when a POA can take effect, and what it can authorize, vary from state to state," Taylor says.

There are different types of POAs. A durable POA goes into effect once signed and remains in effect unless the principal cancels it or dies. A limited POA gives authority for specific matters and can have time parameters for when it's valid. A springing POA, meanwhile, takes effect when a specific, predetermined event happens, such as mental incompetence.

• A durable POA goes into effect once signed and remains in effect unless the principal cancels it or dies.
• A limited POA gives authority for specific matters and can have time parameters for when it's valid.
• A springing POA takes effect when a specific, predetermined event happens, such as mental incompetence.

"Most of these 'springing' POAs are tied to incapacity, but many states let you name another trigger, such as incarceration, and designate a specific person to confirm in writing that it happened," Taylor says.

"In many cases, a durable POA that is effective immediately makes the most sense. This is because a springing document forces your agent to prove the trigger occurred, and banks can be slow to accept that proof exactly when someone needs to act."

3. Do you have any recourse if you believe your POA agent is acting against your best interests?

"An agent is a fiduciary. The law requires them to act loyally in your best interest, avoid conflicts of interest and keep records of every transaction," Taylor says.

If you're in this situation and are not incapacitated, you can revoke the POA. Taylor recommends doing so with a signed written revocation and notifying every institution that has a copy of the POA.

Assuming you aren't incapacitated, you also have the ability to sue for breach of fiduciary duty. "Serious misuse can be prosecuted as theft or financial exploitation," Taylor says.

4. What can you do if you think someone else's agent is misusing their powers?

The documentary makes it clear that Fielder doesn't trust what Evans is doing, although Holmes herself doesn't express any misgivings.

If you're a third-party observer and believe someone with POA is acting against the principal's best interests, there are some things you can do, although it somewhat depends on your relationship to the principal.

If you're a family member, heir, caregiver or government agency, you can petition a court to review the agent's conduct, Taylor explains. If a case involves an older or vulnerable adult, you can report concerns to Adult Protective Services.

Additionally, financial institutions can play a role. "Banks can refuse to honor a POA when they suspect abuse and report it, and brokerage firms can place temporary holds on suspicious withdrawals and trades for older or impaired clients," Taylor says.

"If the person still has capacity, though, a court will generally defer to their choices," she adds.

5. Should you assign your spouse or partner POA?

"A spouse is usually the right first choice since no one knows your finances and wishes better," Taylor said. "The weak spot is timing."

That's for a few reasons. First, you'll be aging together, so it's possible you'll need help at the same time and can't serve for each other. For this and many other reasons, it's recommended that you also name a backup POA.

Additionally, there's the possibility you divorce. "Many states end a spouse's authority automatically once a divorce is filed or finalized, but not all of them, so update your documents the day you separate," Taylor says.

Taylor also points out that Holmes and Evans aren't legally married, which means that if they were to break up, it would not automatically end the POA in the way a divorce would in many states. If Holmes wanted to revoke it, she would have to actively do so.

"In blended families, adding an adult child as co-agent, or requiring your spouse to report to one, heads off a lot of conflict later," Taylor says.

If you have a POA, you should review it "every few years and whenever you move," Taylor advises, so that it doesn't become out of date or invalidated by a state law.

Ultimately, Taylor says, "The best protection is built in before you sign: Name a successor agent and require the agent to report periodically to a second person."

It's important to remember that You Can See Everything is a movie constructed around the idea of suspicion. Don't let the film scare you off the idea of POAs: They help ensure that your finances and/or healthcare can be appropriately managed in the way in which you want them to be.

When it comes to Holmes and Evans in particular, we have to go back to that old adage: You never really know what's going on in someone's relationship ... even if you're a documentary crew filming their every waking moment.

Related Content

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Most people know the basics of building financial security include saving consistently, investing for growth, managing debt and preparing for retirement.

The challenge facing many Americans is that financial strategies tend to focus on numbers while overlooking something equally important: Family communication.

Lincoln Financial's latest Consumer Sentiment Tracker found that 78% of families surveyed haven't had an in-depth conversation about life insurance, for example. It also found that 60% of adult children believe their parents have life insurance coverage in place, while only 44% of parents say they do.

The disconnect extends beyond life insurance. Similar gaps exist around retirement income, healthcare costs and wealth transfer.

What I find interesting isn't just the data. It's what it reveals about how families approach a financial strategy.

Many people assume critical decisions have already been discussed. They assume their spouse understands the decisions that have been made. They assume their children know where important documents are. They assume their parents have taken care of everything.

Sometimes those assumptions are right, but often they're not.

That's why I believe financial protection starts with conversation.

Why communication is becoming more challenging

Today's families are juggling more financial responsibilities than ever.

Many adults are trying to save for retirement while helping children through college. Some are supporting aging parents while managing mortgages, careers and their own long-term goals. Others are navigating questions about healthcare, caregiving and legacy at the same time.

As financial realities become more complex, communication becomes more important. Yet this is often the first thing to get postponed.

Nobody wakes up on a Saturday morning excited to talk about life insurance, healthcare costs or estate decisions. These conversations can feel uncomfortable. They can feel premature. Sometimes they can even feel unnecessary.

After all, if everything seems fine today, why bring it up?

The problem is that many financial decisions don't become important when they're made. They become important years later.

The families that seem most confident in their financial decisions aren't necessarily the ones with the largest portfolios or the most sophisticated strategies. In many cases, they're the families that have created clarity around who is responsible for what, what protections are in place and what they want their future to look like.

Life insurance awareness starts with creating clarity through conversation. That may sound simple, but many families still haven't taken that first step.

Life insurance is part of a bigger financial picture

One of the reasons life insurance gets overlooked is because people often think about it separately from the rest of their financial strategy.

Retirement preparation goes in one bucket, investments go in another, and insurance sits somewhere else.

But in reality, every financial decision is connected.

The amount of risk someone is willing to take in an investment portfolio may depend on the protections they have elsewhere. Meanwhile, healthcare needs, estate planning considerations and family obligations can all affect the type of financial protection that makes sense for a specific situation.

That's why I've long believed life insurance should be considered alongside saving, investing and preparing for retirement as part of a comprehensive financial strategy.

It's important to ask whether someone's overall strategy reflects the life they're building today and the responsibilities they want to prepare for tomorrow.

A family with young children may have different priorities than someone approaching retirement. A business owner may need different protection than a salaried employee. Someone caring for aging parents may face entirely different financial considerations.

The goal isn't to arrive at a universal answer.

The goal is alignment between financial decisions and financial realities.

Moving from assumptions to informed decisions

The good news is that closing the conversation gap doesn't require a complicated financial approach.

Most families don't need to start with spreadsheets, policy reviews or legal documents.

They need to start with goals.

Ask questions like:

• What are we trying to protect?
• Who depends on us financially?
• What would happen if one source of income disappeared?
• Are there responsibilities we haven't accounted for?
• Does everyone understand the decisions and protections in place today?

Those questions tend to open the door to more meaningful discussions about financial protection, retirement goals and long-term priorities.

From there, families can begin identifying areas that need more attention and move from assumptions to informed decisions.

Five ways to close the conversation gap

1. Treat life insurance as part of your financial strategy

Review life insurance the same way you'd review retirement accounts, investments or estate documents. Financial protection deserves a seat at the table alongside every other major financial decision.

2. Identify who's impacted

Financial decisions rarely impact just one person. Consider spouses, children, aging parents, business partners or anyone who depends on your financial wellbeing.

Talking across generations helps create a shared understanding of responsibilities, priorities and expectations before important decisions need to be made.

3. Start with goals, not policies

People connect more easily to conversations about family, security and future priorities than they do to policy features or coverage amounts.

Focus first on the people and goals you're trying to protect. The technical details can follow.

4. Check assumptions against reality

Ask yourself what you're assuming to be true. Then verify it.

• Do family members know where important documents are located?
• Have beneficiary designations been reviewed recently?
• Would the people who matter most know what steps to take if something happened tomorrow?

Assumptions are often where financial gaps begin.

5. Bring a financial professional into the conversation

A financial professional can help evaluate protection needs, identify blind spots and ensure life insurance is viewed within the context of a broader financial strategy.

Their role isn't just to recommend solutions. It's to help create clarity and guide informed decision-making.

A better way to think about life insurance

Lincoln's research suggests that for many families, there are important financial conversations left to have. The issue isn't a lack of interest in protecting loved ones. Most people care deeply about that.

The issue is that many families have never confirmed whether everyone's understanding of the family's financial decisions and protections matches reality.

Closing the conversation gap won't solve every financial challenge, but it can help families create clarity before it becomes urgent.

And it can help ensure life insurance plays the role it was intended to play from the beginning: Helping protect the life families are building today.

The conversation doesn't have to be perfect. It just has to start.

Lincoln Financial is the marketing name for Lincoln National Corporation and its affiliates, including issuing insurance company The Lincoln National Life Insurance Company, Fort Wayne, IN, and wholesaling broker-dealer, Lincoln Financial Distributors, Inc., Radnor, PA. LCN-9117890-090926

Related Content

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• Is Life Insurance the Missing Piece of Your Retirement Plan? 5 Questions to Find the Right Policy
• 5 Smart Ways to Use Your Life Insurance While You're Still Alive
• Retirement Planning Can't Just Be About Numbers: These Risks Demand a Broader and Stronger Strategy
• Financial Success Is No Longer Only About Returns: Protection Is the New Performance Measure

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 federal government's TreasuryDirect.gov website is the only place online where you can buy and redeem U.S. savings bonds. You can also use TreasuryDirect to purchase securities such as Treasury bills, notes and bonds, as well as Treasury inflation-protected securities (TIPS).

Recently, TreasuryDirect introduced changes to how its users access their online accounts. Last year, it discontinued a tool for tracking down unredeemed bonds. And those who request certain services may face a months-long wait for the Treasury to complete the task.

Here's what you should know.

A new way to log in.

As of late October, TreasuryDirect is requiring customers to log in to their accounts with ID.me, a digital identity-verification service. You may already have an ID.me account to log in to other government or business websites; taxpayers use it to access records with the IRS, for example. Those who have an ID.me account may need to take some additional identity-verification steps before using it to access TreasuryDirect.

If you need to create an ID.me account, you'll provide information including your Social Security number and a photo of government-issued identification, such as your driver's license or passport. You may also have to submit a photo of yourself taken with your smartphone's camera.

Tracking down unclaimed bonds.

Last year, TreasuryDirect discontinued its online Treasury Hunt tool, which customers could use to search for missing or unredeemed savings bonds. The service ended because a provision in the SECURE 2.0 Act called for the Treasury to share information on some unredeemed, matured bonds with the states, which can include them in their unclaimed-property databases. But the program is still in the works, and you can't yet count on using these databases to find bonds.

If any of your bonds have been lost, stolen or destroyed, you can fill out and mail FS Form 1048 to request a claim. Provide any details about the bonds that you have on hand, including the purchaser's Social Security number as well as bond serial numbers and issue dates.

Significant delays.

Prepare for a long wait if you submit a form by mail. Requests for lost, stolen or missing savings bonds take 11 months or more to process, according to the TreasuryDirect website. Converting paper savings bonds to an electronic format may take nine months or longer, and cashing in paper bonds could take at least three to five months. A high volume of requests is causing the delays, according to the Treasury.

If you're planning to cash in paper bonds, send the request (using FS Form 1522) several months before you need the money, suggests David Enna, founder of Tipswatch.com. If the total redemption value of the bonds is more than $1,000, you'll have to sign the form in the presence of a notary or another certifying officer. Send the request via certified mail to the address listed on the form, with a return receipt requested, Enna advises.

Alternatively, you may be able to cash in paper savings bonds at a local bank or credit union. But many limit the service to customers who have an account with the institution.

If you're counting on savings bonds to cover a major expense, timing matters. A financial adviser can help you evaluate your options, plan for potential delays and determine how your savings bonds fit into your broader financial strategy.

Use the tool below to connect with a vetted financial advisor:

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

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If you are a homeowner, you've already noticed your home insurance premiums aren't just creeping up. For many, they're soaring – up nearly 37% nationwide over the last decade, according to data from the Federal Reserve. Meanwhile, car insurance premiums have jumped over 50% in the same time period.

The impact has hit some states harder than others, and a study published this week by Bloomberg Intelligence found that the problem is so widespread that most homeowners are now spending more on insurance than they are on property taxes.

Between higher mortgage rates and higher home prices (which come with higher property taxes), homeowners in today's market are already feeling squeezed. Tacking on soaring insurance rates is just one more thing inflating your monthly escrow payment. Here's what the study found and what you can do about it.

Insurance premiums are a bigger burden than property taxes for most homeowners

In October, the average cost of home insurance nationwide hit $2,808 per year, according to Insurify. But some states are seeing even more expensive home insurance premiums. Nebraskans, for example, have seen rates soar 79% over the last 10 years, according to the Bloomberg analysis.

Among the major reasons cited for the historically high rates are increased climate change-related risks as well as rising home values and the rising cost of repairs. Similar reasons are cited for car insurance, which the study also tracked.

When the two are bundled together, the total cost amounts to a substantially higher bill than property taxes for homeowners in 75% of counties nationwide. On average, Bloomberg found that home insurance alone is about 14% more expensive than property taxes in these counties. When you add in car insurance, the average price difference hits 30%.

In some regions, particularly in the Southeast, insurance premiums can be as much as four times higher than a typical property tax bill.

Ways to lower your insurance premiums

Seeing headlines like this at a time when just about every other part of your budget is also hurting from inflation is hard. While you may not be able to completely reverse the skyrocketing prices you're seeing, there are some steps you can take to push the rates you pay back down.

Before you buy a house

If you don't own a home yet and this news is making you reconsider whether you're ready to take the leap, here are some tips to try before the move to minimize your future monthly payments:

• Buy less house. While a big house sounds nice, more house means more coverage requirements. If you're willing to make a slight tradeoff – even downsizing your search from, say, a four-bedroom to a three-bedroom or the same room count but in a smaller footprint – you'll be rewarded with lower premiums.
• Look for newer construction. This strategy can be tricky to balance. New construction is typically cheaper to insure, but the home price might be higher than something a little older. It's probably not worth buying a more expensive home purely in hopes of seeing a lower insurance bill. But if you're deciding between two homes at a similar price point, the newer one might come with slightly lower rates.
• Check the flood hazard zone. The FEMA flood maps are an imperfect tool for evaluating a home's actual flood risk. But insurance companies do use those flood zone designations when setting rates. Choosing a home with a lower risk according to the map can lead to savings on insurance.
• Find the closest fire station. A home that's minutes away from a fire station will cost less to insure than one that's further out. Spotting a fire hydrant on the street is also a good sign that an insurer will view this as a lower-risk property.
• Skip the backyard pool. Alright, if your heart is set on having your own pool, get it. But know that the pool will mean a higher insurance premium. They're seen as a liability hazard by most insurers. So if it isn't on your "must-have" list, it's better to skip the pool and use your premium savings (and pool maintenance savings) to instead get a membership to a gym that has a pool or a local community pool.

If you're already a homeowner

For those who already own a home, you might feel like your options are limited. Moving into something cheaper to insure might be out of the question if you locked in an interest rate far lower than what's available today. But you do still have some tricks up your sleeve to tamp that premium back down:

• Replace your aging roof and systems. If your home is older and in need of a new HVAC system or new roof, making those upgrades (and then telling your insurer about it) can lead to serious savings. The same goes for older plumbing and wiring – though those can be more costly and difficult to replace if you're not already planning a major renovation.
• Do some DIY fireproofing. For those in California or other places with a higher fire risk, taking steps to fireproof your home can result in lower premiums. In some cases, the savings could be in the thousands if the fireproofing is enough to get you off the FAIR plan and onto a standard home insurance policy. If that's your goal, call your insurer ahead of time and find out what kind of fireproofing measures you should do to make the switch.
• Pay your policy in full up front. This works for both home and car insurance. Many insurers offer a paid-in-full discount that can knock a couple hundred bucks off of your bill. It's not exactly a windfall, but it's an easy way to trim your costs down a bit.
• Raise your deductible. If you have a healthy emergency fund, it can be worth leveraging that to lower your premiums. A higher deductible means you're agreeing to shoulder more of the costs of any covered damages. But if your emergency fund can bear the deductible amount, that tradeoff could shave another couple hundred bucks off of your bill.
• Shop your insurance ahead of every renewal. Switching home insurance won't always lead to savings, but it often will. It only takes a few minutes to compare quotes online and could end up saving you hundreds every year. If you don't find a cheaper quote, at least you will know for sure that your current rate is the best available.

Start the hunt for a better rate with our home insurance comparison tool below:

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