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 like 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 actually 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 may not reflect everything you'll spend.

Retailers like Aldi, Lidl and Kroger offer discounted ingredients for traditional holiday meals, but their shopping lists may 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 may 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 like Sam's Club and Costco charge an annual membership fee.

Related Content:

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• Best and Worst Grocery Chains in the US
• Walmart and Sam's Club Just Launched a $120 Membership Deal Ahead of the Holidays

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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American Express and Airbnb are teaming up 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 5X 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 may 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 5X 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 3X 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 may differ between booking options, so it's worth comparing the total cost before making a reservation.

Availability may 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 may 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 may 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 may 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 actually save based on your normal travel habits. Don't assume you'll receive the full $850 in value every year.

Most importantly, 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 may be the opportunity to earn additional Membership Rewards points on accommodations they were already planning to book.

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It was certainly 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.

So much of this movie has been kept hush-hush, and it's an enjoyable experience to watch it unfold in a theater. So: 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 is 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.

So, 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 power of attorney (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 of 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 an 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.

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

Additionally, of course, 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 are not 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 movie 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.

And 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.

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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

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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.

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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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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Launched on October 20, the new bundle combines Walmart+ and Sam's Club Plus for $120 a year. Purchased separately, the memberships would cost $218 annually, making the bundle a potential $98 savings.

With holiday shopping around the corner, the timing couldn't be better for shoppers looking to stretch their budgets. But before signing up, here's what you need to know about the benefits, savings and a few catches worth considering.

What if you already have a Walmart+ or Sam's Club membership?

If you're already paying for Walmart+ or Sam's Club, you don't have to wait until your membership expires to take advantage of the new bundle. Walmart is offering several upgrade options, depending on which membership you currently have.

For households that regularly shop at both retailers, this could mean keeping the benefits they already use while paying less each year.

Here's how the membership options compare:

Is the new membership worth it before the holidays?

For households that regularly shop at both retailers, the new bundle could be an easy way to save without changing shopping habits. Buying groceries in bulk at Sam's Club and picking up everyday essentials at Walmart can be especially useful during the holidays, when grocery bills and to-do lists tend to grow.

My family already has memberships at both retailers, and we've found having both worthwhile. With a busy household and both stores nearby, we have the flexibility to shop where it makes the most sense.

There are a few catches to consider, though. Free scheduled delivery requires a minimum $35 order at Walmart and $50 at Sam's Club. The 2% Sam's Cash benefit applies only to eligible purchases, and the new bundle doesn't come with a free trial. It also renews automatically each year unless you cancel.

Before switching, check how you're currently paying for Walmart+. The American Express Platinum Card® and and the American Express® Business Gold Card offer statement credits that cover the monthly Walmart+ membership fee, up to $155 annually.

Switching to the new annual bundle means losing those credits. Members receiving discounted memberships through AARP, USAA or other promotional offers could also lose their existing savings. Check your benefits before making the switch.

Ultimately, the $120 bundle makes the most sense if you already shop at both stores or plan to use the benefits regularly. Consider how often you visit each retailer, whether you'd use the delivery services and what you're currently paying for memberships. The potential $98 savings is appealing, but only if you're getting your money's worth.

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This comes at a time when some households will pay more for energy over the winter. The U.S. Energy Information Administration recently released its winter fuels outlook for 2026-27. In it, the EIA states that homes using natural gas and propane as the primary heating fuel will face lower prices this year.

Meanwhile, homes using electricity can expect prices to climb around 4%. Fortunately, a pocket thermal camera can pinpoint exactly where your home is bleeding money, so you can reduce energy waste regardless of the heating source.

How does a pocket thermal camera work?

Many pocket thermal cameras connect to your smartphone through a USB-C port or are handheld. The camera detects heat signatures through infrared radiation and converts them into a color-coded map.

Here are three to consider. I picked these due to their higher customer ratings, versatile features and ease of use:

What makes these devices so helpful is that they can detect energy waste around your home. You can run them around your home's doors, windows, electrical panels and HVAC to see if there are significant temperature differences.

As you scan the area, it assigns different colors to temperatures. Red, orange or white indicate hotter areas, while blue, purple or black indicate cooler areas. Once complete, it creates a thermogram you can view on the camera or your smartphone's screen.

So, what does this mean? The tool helps you detect temperature differences in key areas of your home. If you run it over your window and that area is blue while the rest of the room is orange, you could have a window leak. If you've never used one before, I'll show you how to test your home.

How to scan your home for energy waste

Here's how to conduct a thermal scan of your home's key energy waste zones:

• Windows: Stay a few feet back and scan the outer frame, window sash and pane edges. As you scan, watch the map for blue or purple zones, indicating drafts or faulty seals.
• Exterior doors: Trace the door's perimeter, focusing on the weatherstripping, threshold (the horizontal strip at the bottom of the door) and bottom sweep, where cooler air creeps in.
• Electrical panels and outlets: Scan outlets and light switches for any signs of drafts. For the main breaker panel, look for hot zones, which can indicate poor wiring or electrical overload.
• HVAC ductwork and vents: Point the camera at the return and supply vents as the system runs to ensure the airflow is evenly distributed. For ductwork, run the camera to find any disconnected joints or insulation gaps.

I found problems; how do I fix them?

Fixing a drafty window or door is relatively simple. For windows, apply weatherstripping or caulking to improve insulation. For doors, inspect the weatherstripping every fall and replace it when it shows wear.

The door sweep is another key. When it flattens, remove it, measure the door width, cut a new one from U-shaped vinyl, and slide or screw it into place.

The threshold may also need adjusting over time, especially if you notice a gap at the bottom of the door. Turn the screws to raise or lower the plate until it aligns with the door sweep.

For electrical issues, I always recommend contacting a local electrician. They can inspect your wiring and load to determine why parts of your panel overheat.

For HVAC ductwork, seal leaking joints with duct sealant (mastic) or foil tape, and wrap uninsulated ducts in exposed areas, such as attics, with duct insulation. These steps can prevent thermal loss and lower your energy bills.

Maximize your winter savings

A pocket thermal camera can take the guesswork out of winterizing your home by showing you where leaks are. By detecting invisible drafts, gaps and insulation failures early, you can make repairs that lower your heating costs while keeping your home warm and cozy all winter long.

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But after years of working with successful individuals and families, I've come to believe that the quality of a financial decision depends on the quality of the thinking behind it: How self-aware you are and how well you handle uncertainty.

My colleagues and I call that mental fitness. At Brighton Jones, we use a framework called Mindful, Emotional and Social Intelligence (MESI) to help clients build both financial capital and the internal capacity to use wealth in service of a meaningful life.

Here are some key tenets to help you manage your finances more intentionally.

Start with what matters most

Many people discover that financial decisions become clearer when they have a simple set of values to use as a filter.

I've seen this play out many times. One couple we worked with was weighing a job offer that would have doubled one partner's income but required relocating across the country.

Their parents, both in their late 70s, lived 15 minutes away and relied on them for weekly dinners, doctor appointments and help around the house.

After modeling the financial upside, they realized the trade-off wasn't just geographic, it was relational. They declined the offer, deciding that staying present during a finite season of their parents' lives mattered more than the additional income.

When a major decision arises, instead of asking, "What's the right financial choice?" ask, "Which option best supports the life and legacy I'm trying to build?"

One exercise I often recommend is envisioning your ideal day — not your most luxurious day, but the most fulfilling one. The themes that emerge aren't often found on a planning sheet.

Pay attention to your financial patterns

Notice your reactions to situations that impact your money. We worked with a family who began discussing whether to stop funding their children's 529 plans after a difficult stretch in the markets. News headlines and shrinking account balances made them wonder whether to wait until things felt more stable.

After stepping back, they realized their concern was being driven more by short-term fear than by any change in their long-term goals. They continued contributing as planned. Looking back, the experience reminded them that you make disciplined decisions when emotions are strongest, not weakest.

Create space between the event and the decision

One basic idea in mental fitness is that events themselves are rarely the biggest challenge — our interpretation of them usually has greater influence.

When facing a financial decision, I ask clients to walk through a series of questions that get under the surface.

• First, explain what happened and the values that were activated or threatened in that moment
• Next, think about the emotions present in that moment and what sits underneath them
• Finally, consider the thoughts and stories that share your perspective

Consider an executive deciding whether to exercise stock options. The financial analysis matters, but so do the values, fears, expectations and assumptions that influence the decision.

Align your resources with your life

Once you've clarified your values and noticed your own decision-making patterns, the next step is alignment. If personal relationships matter, is that reflected in how you spend your time and money? If health is a priority, do your calendar and spending support that commitment? If philanthropy matters, does your giving actually match it?

Consider a founder who sold a business in her 40s and initially treated giving as an afterthought, writing a few checks at year-end when friends asked. During a values exercise, she reflected on how a teacher and scholarship program had changed the trajectory of her own life.

That realization caused her to build education-focused philanthropy into her long-term plan, establishing recurring gifts and involving her children in grant decisions.

Alignment doesn't require a complete financial overhaul, but it might require honesty about where the gaps are. Small, intentional adjustments often create more significant change than dramatic ones.

Many of the decisions clients bring to us aren't technical. A retirement date, a wealth transfer, a family business transition — these touch identity and purpose as much as they touch numbers. That's why our conversations usually go beyond numbers, to the values underneath them.

Build habits that support better decisions

You build mental fitness through consistent practice: A few minutes of reflection each day, moments of pause built into the schedule, time for attentive thinking without distraction and a regular check-in on whether your values have shifted.

These habits may seem small, but they build the emotional steadiness that good decision-making requires, especially during phases of uncertainty.

Bringing everything together

Financial success and individual satisfaction aren't automatically the same thing. When mental fitness, self-awareness and intentional planning come together, wealth acts as a tool for both.

At the end of the day, some of the most important work in wealth management doesn't happen in a portfolio. It happens in the space between what we value and how we choose to live.

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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.

That's driven primarily by the rising oil prices resulting from the Strait of Hormuz closure. Brent crude oil was selling for $72.87 per barrel on the eve of the war (February 27). By March 20, it had soared above $112. After briefly dipping back down to its pre-war prices in July, it quickly shot back into the triple digits by August and is now trading above $109 in October.

As we near the end of the year and the war drags on, the Iran conflict continues to have a ripple effect on the economy. But just how much have prices changed for Americans since the war began on February 28? And how much longer should you expect costs to remain high? Here's a look at the data to help you anticipate where your budget is being hit hardest.

Gasoline and diesel skyrocketed since the start of war in Iran

Gas prices are up more than 46% since the war began, with the national average jumping from $2.93 on February 23 to $4.29 on October 19, according to AAA. That makes sense, as gas prices are determined primarily by crude oil prices, which make up over half the cost you see at the pump.

That also means that the price you pay can rise and fall quickly in response to changing oil prices. So this is one cost that could come down relatively fast if the conflict were to end.

Diesel prices have also skyrocketed, jumping 66% in the same time period. Even if you don't own any diesel-powered vehicles or equipment, nearly 80% of U.S. farm products will end up on a diesel-powered truck at some point in their journey from the farm to your table.

Likewise, the vast majority of the products you buy are transported on diesel-powered trucks. So nearly everything you buy is going to be impacted to some degree by those soaring diesel prices.

Heating oil and natural gas prices increased since the war in Iran

As we head into winter, you'll also start to see the impact of the war on your heating bill. Home heating oil prices have more than doubled from January to September of this year, soaring 128% since the beginning of the year, according to data from the Federal Reserve.

Similarly, residential natural gas prices jumped 77% from February to July, the most recent month for which data is available from the U.S. Energy Information Administration. Granted, this follows a similar trend of seasonal natural gas price fluctuations in previous years, so it remains to be seen whether prices will fall as they typically do going into fall and winter.

With those utility bill spikes in mind, now is a good time to compare your current rates for electricity and gas and make a plan for heating your home this winter. For example, if your rates have risen dramatically, this could be a good year to invest in an electric heater that you can move from room to room with you rather than heating the entire house.

You should also take this time to check in on your setup with your current provider. It may be worth shopping around and seeing what companies' fixed-rate price options are, although it's hard to predict if locking in a rate will be worth it since we don't know what will happen with the conflict.

Grocery prices changes since the war in Iran

The Bureau of Labor Statistics food at home price index has only shown a slight uptick so far, rising 1.1% since the start of the war. Overall, it's up 5.2% since Donald Trump took office in January 2024 and nearly 32% since the start of the pandemic in 2020.

Grocery prices have been an increasing strain on American wallets for years now, and the impact of the Iran war is likely not fully accounted for in today's costs yet, meaning more inflation is likely to come.

Why will the Iran war impact your grocery bill? Fertilizer, pesticides and feed are all dependent on either materials derived from petrochemicals (like urea in fertilizer) or supply chains that require transit through the Strait of Hormuz. Fertilizer alone accounts for roughly 30% of the cost of producing staple crops like corn and wheat. In turn, animal feed, which is typically made up of corn or soybeans, represents at least 60% of livestock production costs.

That means every item on your plate is being impacted by rising oil prices and the closure of the strait. Tack on those soaring diesel prices when it comes time to transport that food to your nearest grocery store, and you're looking at even higher costs.

Between rising fertilizer and diesel prices, S&P Global anticipates just about every major food product could see even higher price hikes going into next year as the crops treated with this year's more expensive fertilizers become ready to harvest.

Airfare and other travel has gotten more expensive

Jet fuel prices have nearly doubled since February, reaching $192.44 per barrel this month, according to the International Air Transport Association (IATA). The IATA estimates that jet fuel alone accounts for about 30% of an airline's operating costs.

For consumers, that means rising ticket prices. The consumer price index for airfares shows ticket prices rose nearly 17% from January to September. The airfare price index is now even higher than it was after the oil price shock of 2022 following the Russian invasion of Ukraine.

It might not just be your plane ticket that gets more expensive, either. Uber and Lyft have in the past added temporary fuel surcharges to the price of a ride when gas prices soar dramatically. While neither rideshare service has announced such a surcharge this fall, it is something to watch for as fuel prices remain elevated.

Brace for prices to remain high even after the war

While the price of oil can rise and fall quickly on each development in the war, the downstream effects on prices take a little longer to show up and longer to level out again. So, even if the U.S. and Iran strike a deal tomorrow, you should still budget for conflict-related inflation to continue for at least another year or two.

According to the Federal Reserve, every permanent 10% increase in the price of Brent crude oil leads to a 0.4% rise in the consumer price index. This "pass-through effect," as the Federal Reserve calls it, can be slow to materialize, but also long-lasting. While some costs might be quicker to come back down – like gas prices – others will likely take longer to stabilize, like food prices.

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There is a psychological connection between chronic job-hopping and serial relationship departures when driven by a deeply entrenched dissatisfaction personality, as you will see in a moment.

But first, in August, The Wall Street Journal published an article (paywall) that portrayed job-hopping as generally beneficial to the employee. It led to my office getting a number of emails and phone calls from readers — business owners and parents of job-hoppers — with very different opinions.

While this column has been critical of "helicopter" parents and those who enable their children's poor behavior that often plays havoc with their adult lives, the WSJ article prompted several parents of job-hoppers to ask me if I knew of "anything out there" that their kids could read that might help persuade them to knock it off.

What matters to employers

A recurrent theme common among the parents I talked with could be summed up like this: Old-fashioned values of stability and loyalty still matter to employers and are key to getting ahead on the job. But how do you get that through the thick skulls of young adults who merely see a few more dollars in a paycheck from changing employers every year or two, while chasing emotional fulfillment?

Instead of leading to advancement, constant employment changes can create a risk of falling behind.

And to answer the question, "Is there something out there that could influence job-hoppers to reconsider their view of employment?" — there is indeed. It's a new book, The Insider Advantage: Moving Up, Finding Success, and Building a Career That Lasts, by Wharton professor Matthew Bidwell.

I was sent an advance copy of his book over the summer, and I had the most interesting Zoom interview with Bidwell, a business professor who has put the dots together, leading to a simple and oh-so-valuable conclusion: "The real key to career growth is often staying exactly where you are."

A counterargument on job-hopping

Bidwell challenges the notion that frequent job-hopping is the fastest path to professional growth and higher compensation by showing that "insiders — employees who intentionally build their careers within a single organization — consistently develop a strong competitive edge over external candidates."

He notes that this advantage lies in the value of firm-specific skills, internal relationships and institutional knowledge that takes time to acquire.

Studies show that companies pay external hires 18% to 20% more than internally promoted staff for the same roles, yet these expensive outsiders score significantly lower on performance evaluations during their first two years. They lack an understanding of the existing workplace culture and operational mechanisms, requiring over two years to come up to speed while facing higher rates of voluntary and involuntary departures.

The Insider Advantage proves, through Bidwell's research, that staying put often accelerates upward mobility into positions of true leadership and influence.

"While moving to a new firm can provide an immediate salary bump," he points out, "long-term tenure lets a worker establish trust and climb the organizational ladder more easily and with greater job security."

Bidwell recommends that workers take advantage of internal mobility first and strategically time any outside jumps only once a clear structural ceiling is reached.

Red flags from the real world

I asked a friend of this column to share his opinion about and experience with job-hoppers.

Dr. David D. Schein is an attorney and full professor at the Cameron School of Business at the University of St. Thomas in Houston. He is also a published author and webcaster, with a focus on business, employment, ethics and human resources. He has a very dim view of the benefits of job-hopping.

"In my years as an employment attorney/HR consultant," he says, "I've never heard that job-hopping was a way to manage your career. Bluntly, in evaluating résumés for job hunters, (if an applicant has) a history of being in a position for less than three years, (that tends) to be a red flag.

"When they get to their 40s and 50s, that is a killer (because that's) when others are looking to move into C-suites. That said, employees who face a toxic workplace or other problems should leave ASAP."

On a relationship level

Frequent job-hopping correlates with a higher risk of divorce, according to sociological and economic data. Research indicates that high job turnover and employment instability are closely tied to reduced marital stability.

I asked another friend of this column, psychology professor Dr. Luis Vega of California State University in Bakersfield, to describe the impact it often has on personal relationships.

"Myriad reasons can explain job (or relationship) hopping," he says, "from impulsivity at not missing the next best option, to ambition, to lack of commitment — some of which may involve personality traits unique to the individual.

"For most people, the appeal of job-hopping is the belief that the next opportunity will bring monetary gain and prestige or a renewed sense of happiness. This also is true of relationship-hopping.

"Unfortunately, we are terrible at predicting happiness, what is called affective forecasting. Once the novelty wears off, happiness plateaus, and again we seek the next best thing, a repeat pattern."

He added that, instead of trying to forecast happiness — comparing to the past/future — it works best to focus on comparison of what is possible.

"Notwithstanding barriers that may require change, rather than replacing a job or relationship, it is best to rebuild on existing foundations, where comparisons to the possibilities are easier, and predictability is more assured."

So, if you are thinking of job-hopping, this might be the perfect time to read The Tale of Peter Rabbit by Beatrix Potter. He finally hopped home to his family.

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

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

"Just drove all the way to Brooklyn to check out this store I thought looked really rad and had a few things in mind to buy and literally was looked at as if I couldn't afford it and was told he could find something comparable for me," she posted online. "Wow, dude. You're an idiot and just lost a huge sale."

She then went on to, as they say on the internet, name and shame the store, calling it out specifically as Art of Play. Art of Play has since responded to the incident, saying that Clarkson was inquiring about an item — "a one-of-a-kind singing and dancing bird automaton" named Molly — that, they say, is not for sale. The store added that "whether someone comes in to make a purchase or simply look around for a while, they are equally welcome."

This being modern times, uproar over the Kelly Clarkson-Molly bird debacle has fueled debate since the pop singer and TV host's initial post. Was she right to be offended? Was she right to post online? Was the store right to push back on her version of the story? And what, exactly, makes Molly so special? (Once you see a video of the bird, honestly, that part makes sense.)

"People saying 'maybe he didn't know who Kelly Clarkson was' are missing the point that they should be treating their customers like everyone is Kelly Clarkson," wrote one user on X.

Others are calling out Clarkson for using her considerable platform to critique a small business. Art of Play itself had something to say about this, writing: "Imagine our surprise when our small local business was suddenly attacked by 8 million people who have never visited our store. It's been a surreal experience to be the focus of such widespread outrage after just one mention by a celebrity."

Seeking some clarity on the issue, I spoke with Lizzie Post, co-president of the Emily Post Institute and Emily Post's great-great-granddaughter. There's been so much public he-said-she-said that this is not about making a judgment call on anyone involved in this exact situation, but there are some lessons you can learn for any time you feel disrespected or mistreated while shopping.

Step one: Communicate (ideally without causing a scene)

While Post was admittedly tickled by the argument-gone-wild, she had some etiquette-inspired advice for what to do if you find yourself feeling like Clarkson. Whether you're a celebrity or not, you can always speak up if you feel that you're not being treated respectfully, Post said.

But that doesn't necessarily mean speaking up publicly. Instead, she suggests starting by asking to speak with a manager. If the salesperson says they are the manager, ask to speak with the store owner to give feedback on your experience.

"The more calm that you can remain when other people are either intentionally or unintentionally being jerks, the better off you are," Post said.

This isn't an opportunity to shout or vent off frustration. Rather, having a conversation brings the chance for growth and is a less embarrassing opportunity for correction and restorative action, Post explained.

"It's important to be able to forgive people for mistakes and understand that people aren't going to be their best all the time and to have a little grace around that," she said.

Sharing your experience publicly

Generally speaking, "you're within your right to share your experience about something," Post said, whether that's restaurant food not being up to standards, service being substandard, or work not being completed as scheduled. Often that happens via word-of-mouth, but in these modern times, that can also happen on online review sites.

(Posting online when you're a mega-celebrity can be a little tricky, and if you do happen to have a large following or platform, "being aware of the impact that that kind of a moment can have" is helpful to avoid drama.)

But before you hit the keyboard and post that scathing review, "I do think giving someone a fair shot to address the issue" is fair, Post said. Try to have a conversation about your experience and allow space for a reconciliation. But if you try that "and it's still a horrible experience, it's up to you" whether you leave a negative review.

And sometimes, it's just about choosing your battles. While Clarkson was frustrated by her experience as a shopper, we've all also heard stories about shoppers acting disrespectfully to employees. That is to say: On any given day, there's bound to be an argument or perceived slight between someone somewhere. If you've acted calmly and a reasonable attempt at understanding has gone poorly, you can simply choose to move on, avoid further escalation — and spend your money elsewhere.

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Dear Policy Perplexed: Long-term care costs are hitting retirees hard. CareScout puts the average annual cost of assisted living in 2026 at $82,482, while a shared nursing home room costs $118,424. Even well-off retirees can struggle to cover these expenses, especially when care is needed for multiple years. That’s why some financial experts recommend long-term care insurance.

While a pair of $259K hybrid insurance policies sounds comprehensive, the $15,000 annual premium is a heavy lift. Is it worth paying? Here’s what our experts have to say.

Is the $7,500 cost per person a deal-breaker?

Unfortunately, the later in life you apply for long-term care insurance, the more expensive your premiums are likely to be.

Sonja Breeding, CFP, CCFC, and Senior Vice President, Wealth Management at Rebalance, says, "At their ages, $7,500 a year per person is within a reasonable range, but I'd want to know whether that premium is paid for life or only for a set number of years, such as 10.”

As Breeding explains, it’s one thing to pay $7,500 a year per person for 10 years. It’s another thing to pay $7,500 a year for 20 or more.

Nicholle Overkamp, MBA, ChFC, CDFA, Founder and CEO of Wilcox Financial Group, isn’t necessarily put off by the rate either. But, she says, "My first question wouldn't be whether $7,500 per person is a good insurance rate. It would be, 'What problem are we actually trying to solve?'”

Given our couple’s age, Overkamp says she’d be cautious about committing $15,000 annually to new insurance policies without understanding the couple's complete financial picture, including their existing assets and financial goals.

Does our couple need long-term care insurance?

Since we don’t know how wealthy our couple is, it’s hard to know whether they need long-term care insurance or whether they’re in a position to self-fund it.

"If this couple has accumulated enough wealth to comfortably self-fund potential long-term care expenses, purchasing expensive insurance may not be the most efficient use of their assets," Overkamp says.

"Insurance is about transferring risk,” she continues. “If they can absorb that risk without jeopardizing their financial security, maintaining control of those assets could be a better strategy."

We also don't know how healthy the couple is. At ages 65 and 66, securing a hybrid life and long-term-care policy requires passing rigorous medical underwriting. If either one has pre-existing conditions, they could be denied coverage or face steep premium surcharges.

What’s the actual benefit?

Another missing piece of the puzzle is what the proposed insurance policy would actually cover.

Before committing, our couple needs to look past the $250,000 death benefit per person and evaluate the care payout details, Breeding says.

"The most important missing piece is the long-term care benefit itself,” Breeding says. “Let's assume this is a standard hybrid life and long-term care policy. A $250,000 death benefit often pays around 2% per month for care, or about $5,000 a month for roughly four years. Many policies also include an extension rider that continues payments for another two to four years after the death benefit is used up, which can bring the total care benefit to $500,000 or more per person.”

But Breeding’s assumptions are just that. Our couple needs to see exactly what coverage they’ll have for long-term care, especially if the policy's main purpose is to pay for that rather than provide a death benefit for heirs.

Understand the hidden costs of funding insurance premiums

Our experts both caution that withdrawing funds from pre-tax retirement accounts to pay for insurance premiums creates hidden tax drags and missed growth opportunities.

"The proposed premiums would be funded through retirement account withdrawals, potentially creating additional taxable income, increasing Medicare premiums, and reducing invested retirement assets," Overkamp says.

"Over 20 years, that's $300,000 in premiums alone, assuming payments continue that long. That doesn't include the income taxes or potential investment growth they're giving up. Before making this commitment, I would want to see an analysis of the actual after-tax cost and what those dollars could accomplish elsewhere."

Breeding agrees.

"Paying premiums from a pre-tax retirement account makes the policy more expensive than it looks,” she says. "To net $15,000 for premiums in a 22% bracket, they'd need to withdraw more than $19,000. If they have cash or a taxable account, that's usually a better source."

Tax-efficient wealth transfer strategies

Our couple wants to ensure their needs are met while minimizing taxes for their heirs. Breeding says that, given that goal, a long-term care policy with a death benefit could make sense, provided the terms of the policy work for our couple.

"There's actually a silver lining here." Breeding explains that without the life insurance policy, "their kids would inherit an IRA and have to pay income tax on it within 10 years, likely during their peak earning years. Using IRA dollars to buy a tax-free death benefit converts taxable money into tax-free money for the next generation."

That said, Breeding points out that Roth conversions "accomplish something similar and are worth comparing" before buying the insurance policy.

They should keep in mind that federal estate taxes only hit ultra-high-net-worth households (currently over $15 million for an individual or $30 million for a married couple). That said, if they live in one of the 17 states (plus Washington, DC) that levies an estate or inheritance tax, that should affect their planning too.

Key questions to ask before buying the insurance

Whether a hybrid life and long-term care policy makes sense for our couple depends on a lot of specifics. To help them decide, Breeding suggests that they ask their adviser these four questions:

1. What’s the monthly care benefit, and is there inflation protection?

2. Are the premiums guaranteed, and for how many years are they paid?

3. Is there a joint policy option with shared benefits that might cost less?

4. Is there any return of premium if we change our minds?

The couple could also seek a quote for a traditional, standalone long-term care policy, which strips out the life insurance component and is often cheaper.

Finally, Breeding explains, these types of insurance policies typically pay a commission, so our couple should ask point blank how their adviser is compensated for selling them one. And if they’re inclined to buy the policy, Breeding says, “A second opinion from a fee-only fiduciary is worth getting.”

Not all questions submitted will be published, and some may be condensed and/or combined with other similar questions and answers, as required editorially. The answers provided by our writers and experts in this advice column are for general informational purposes only. While we take reasonable precautions to ensure we provide accurate answers to your questions, this information does not and is not intended to constitute independent financial, legal, or tax advice. You should not act, or refrain from acting, based on any information provided in this feature. You should consult with a financial adviser regarding any questions you may have in relation to the matters discussed in this article.

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• Average Cost of Healthcare by Age and US State
• We Are 63 With $5.7 Million. My Wife Wants to Buy Long-Term Care Insurance, but I Want to Self-Insure. Who Is Right?

AI can nudge you before you overspend, top off savings when your account can handle it and make it easier to keep your long-term plans on track. Here are five ways it can help you take control of your finances.

1. AI-powered budgeting

Old-school budgets can feel like forcing your life into a spreadsheet. AI budgeting flips that. It watches what you actually do and helps you adjust more quickly.

The apps that work use machine learning to tag transactions more accurately, predict your bills and cash flow, and highlight small leaks like price creep and seasonal spikes.

Jeffrey Zhou, CEO and founder of Fig Loans, says: "AI-powered budgeting can help people better understand their cash flow and make informed decisions before financial stress builds up. For fintech companies, the goal is to turn these insights into simple tools that help people manage expenses and build healthier financial habits."

If you've ever felt whiplash from grocery prices or utility bills creeping up, this is where the tech helps. AI can flag a trend in three or four months that might take you a year to notice.

2. AI financial investments

Robo advisers can make diversified investing easier for people who don't want to pick stocks. They use algorithms to align your portfolio with your goals and risk tolerance. Then they automate the grunt work: Rebalancing and (in some cases) tax-loss harvesting.

AI adoption is best for future investment decision-making. It can process market signals faster than any human and keep emotion out of the equation. However, investors should treat it as a tool. The key? Pairing algorithmic discipline with a clear understanding of your own goals and risk tolerance.

Look for transparent fees and clear introductions when choosing an investment platform. And remember that one-size-fits-most glide paths might miss nuances in your situation. It's easy to "set and forget" money tools, so check in at least annually or after big life changes.

3. AI leverage for savings

Saving consistently is hard because life is messy. That's why automation helps so much. AI takes it further by watching your inflows and outflows as well as picking the best moments to move money.

Apps like Digit popularized this idea, using algorithms to automatically nudge small amounts into savings. Rule-based tools like Qapital let you build simple triggers that can add up without you thinking about it. For example, every purchase over $20 moves $2 to savings.

Most people struggle to save because it requires constant willpower. AI removes that friction by quietly moving money at the right moments, based on your income and spending rhythm. You wake up to savings you didn't have to think about.

Two quick ways to make the most of automated savings:

• Park savings in a high-yield account, so your cash works harder. The FDIC's national rate and cap data show how much average rates vary by product category, and is a useful reminder to shop around.
• Set up different savings buckets (emergency fund, travel, lifestyle, home improvement). That way, the app knows what you're saving for and can pace contributions to match your priorities.

4. AI-driven debt management

Debt can paralyze people because they don't know where to start. An AI tool can cut through that by mapping out which balances to prioritize and showing the payoff timeline. The caution? Stay engaged: The tool guides the plan, but you still have to commit to it.

It can also model the fastest or most motivating way to pay off your debts. While the avalanche method (highest rate first) is mathematically efficient, the snowball method (smallest balance first) can boost motivation, which helps people stick with the plan over time.

AI can simulate both, show you the trade-offs and help you pick the approach you're most likely to follow.

5. AI adoption for financial security

Fraud losses have climbed, and the scammers haven't slowed down. In 2023, the FTC reported that consumers lost nearly $10 billion to fraud including investment scams and imposter schemes. The good news? Banks and card networks now lean on AI to spot patterns humans would miss and to act quickly.

You can maximize AI's potential by:

• Turning on real-time transaction alerts and location-based card controls in your banking apps.
• Using virtual card numbers for online purchases. Capital One's Eno offers this feature.
• Enabling strong authentication. Passkeys can reduce account-takeover risk.
• Keeping your device's operating system up to date, as this includes security protections.

Take control of your finances with AI

AI won't rebuild your budget or fund your IRA on its own. However, it can keep you on track with less effort and catch problems early. It can give you day-to-day clarity that builds real momentum.

Start small. Turn on the alerts. Let an app suggest a budget that fits how you live. Try a robo advisor with a modest amount ,or set up an automated savings rule and see how it feels.

Having an "AI co-pilot" for your finances can be more than an interesting experiment. It can mean less juggling, fewer surprises and a clearer path to the goals that matter to you.

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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.

Though she'd planned to make the process as logistically and financially simple for me as possible through her estate planning, that quickly changed after her death. My mom's death was unattended, and the state of Massachusetts performed an autopsy. Months later, we still don't have the results. I have a death certificate listing her cause of death as pending, and her bank won't accept it, so I can't do something as simple as deposit her vacation payout from her employer. I won't have access to her estate funds anytime soon, and despite having a will, her estate has to go through probate.

My family's situation isn't unusual, and it's added financial stress to an emotionally turbulent time. I spoke with three attorneys to learn about why this happens and what you can do to avoid this. Here are five situations that might happen after a death despite your estate planning efforts. These situations may delay your heirs from being able to access the money you set aside for immediate expenses like funeral or memorial service costs, mortgage payments and more.

1. A death certificate may create challenges for your beneficiaries

A death certificate is a legal document that includes details about a death, including its date, time, location and cause. It's needed to begin the probate process, access or close bank accounts, claim a life insurance policy and more. If you've left money in a bank account to be used for expenses after your death, your beneficiaries will need a death certificate to access that account.

Things get more complex if an autopsy is performed. In some situations, a cause of death is clearly evident, but in others, it can be more complicated, necessitating an autopsy. Autopsies are particularly important and common when someone passes away at a young age, and they can provide a family with important peace of mind.

If an autopsy is performed, beneficiaries may receive a death certificate listing the cause of death as pending. When the autopsy results are available, that certificate can be updated to reflect the official cause of death.

Several financial transactions may require an official cause of death. "With a lot of financial assets, especially life insurance, the cause of death ultimately determines if the funds get paid out and how much they get paid out," says Kelsey Simasko, Attorney at Simasko Law. Since many life insurance policies have exclusions for suicide, illegal drug use or deaths that occur in a felony, life insurance won't pay out a policy until the insurer knows how an individual died.

"A lot of life insurance policies have riders for accidental death, so you need the official cause to determine if it's accidental and if the family should be paid out triple the policy," says Simasko.

Banks and credit unions may or may not accept a death certificate listing a cause of death as pending. According to Simasko, such financial institutions operate according to their own internal policies regarding whether to accept a death certificate with a pending cause of death. Most institutions would rather be safe than sorry, so beneficiaries may not be able to access an account at all until they have a death certificate with an official cause of death.

2. Autopsy results could delay a final death certificate

If an autopsy is performed, a beneficiary may need to wait on the final autopsy report before being able to proceed with tasks like accessing a bank account or claiming a life insurance policy. Unfortunately, the amount of time that a family may wait for a final report and death certificate may very significantly.

Benjamin Trujillo, Partner J.D., LL.M. at MONETA, explains that while the autopsy may be completed quickly after a death, toxicology and other laboratory work can extend that timeline. "Some tests can take more than a year with a backed-up lab," he says.

Simasko adds that location also affects autopsy processing timelines. Highly populous counties, such as those encompassing major cities, typically have a much larger backlog of autopsies to perform and process. In contrast, the process will likely be much faster in a small county.

3. Your bank account might be automatically frozen

Financial institutions often automatically freeze a bank account after the account holder dies. According to Elizabeth Acevedo, Shareholder/Director at Weinstock Manion, this can occur if someone calls and notifies the bank, or if a staff member sees an obituary in the news.

When older adults pass away, account freezes may be caused by benefits. "One of the most common things that triggers [an account freeze] is if the person was receiving any benefits," Acevedo says, such as Social Security benefits. "The Social Security Administration is one of the first ones to learn of the death, and they're the first to recover any additional payments that have been made. This often alerts banks."

According to Simasko, once an account is frozen, a beneficiary listed on the account will have to fill out paperwork to be able to access the account. If there's no beneficiary, a bank can't release any money until they receive an order from the probate court.

Trujillo explains that people are often surprised that being named as executor in a will doesn't necessarily give them immediate authority over the deceased person's assets. "You are nominated in the will, but you typically receive your legal authority through the probate process and after receiving what is called 'letters testamentary,'" he explains. Letters testamentary are legal documents issued by a probate court that give an executor the authority to manage an estate.

4. Your estate may have to go through probate

It's a common misconception that a will allows your beneficiaries to easily access your estate, but many people don't realize that a will must pass through probate.

According to Kiplinger's Trillion Dollar Talk survey, conducted by Morning Consult, 41% of parents have a will. But having one doesn't necessarily mean their loved ones can avoid probate.

"Having a will does not avoid probate — it almost guarantees some probate," says Trujillo. He explains that the will identifies who should receive the property left in the estate and who should administer the estate, but probate, the legal process of putting those instructions into effect, is overseen by the court.

Small estates may qualify to avoid the probate process, but the threshold for small estates varies significantly by state. In Massachusetts, that threshold is $25,000, excluding the value of a car. In California, the threshold is $107,900 for deaths occurring on or after April 1, 2025.

Many people are also surprised by the cost of the probate process. In addition to possibly retaining a lawyer, the court charges fees, including fees to open and administer probate, plus an inventory fee. In some counties, an inventory fee is a percentage of the total value of the estate's assets, while other counties charge a flat fee based on the asset value.

The probate timeline may vary, potentially taking months to years. Acevedo explains that the probate duration can depend on many factors, including how busy the court is and when hearings are set. "When I file a petition to close an estate, it's likely the hearing will be set three months from now," she explains. "There's just this drawn-out period that is truly a function of the fact that you are in court."

The decedent's organization can also impact the duration of probate. The process of unearthing assets can be time-consuming and challenging, especially if a beneficiary can't get into the decedent's email account. In such a situation, the process might involve reaching out to a CPA, going through mail, reviewing prior tax returns to identify income sources and running title searches.

5. Your beneficiaries might pay significant expenses out of pocket

Even if you have a will, your beneficiaries may not be able to access the money you'd set aside for immediate expenses after your death. They may have to cover those costs out of pocket.

Funeral costs may be substantial, and many people underestimate the costs. According to the Choice Mutual 2025 Funeral Cost Perception Report, more than half of adults ages 45 and older estimate funeral costs to be less than $10,000. However, experts report that when you account for expenses like the services, casket, printed materials and body transportation and preparation, costs can quickly approach $15,000 to $20,000.

Cremation is a lower-cost alternative. The National Funeral Directors Association reports that the median cost of a cremation, including a memorial service and body viewing, is $6,280. However, costs can still vary significantly by state.

Simasko says that families may have some flexibility in these situations. She notes that funeral homes understand that it often takes families some time to get their finances lined up, and they're typically willing to send a family a bill.

She adds that mortgages can often be left unpaid for about three months before a mortgage lender starts to talk about foreclosure. If a family can't cover the first mortgage payment, they may be able to miss that one payment and then pay it back once they have access to the funds. She encourages families to proactively contact the mortgage company and let them know about what's going on.

If a beneficiary pays for expenses out of pocket, it's essential to keep detailed receipts, including copies of checks or direct payments made from a bank account. Beneficiaries can submit those receipts to get paid back later on.

7 ways to make accessing funds simple for beneficiaries after your death

• Prepay for a funeral or cremation: Prepaying for a funeral or cremation allows you to cover the costs in advance, leaving your family with one less expense. There are a couple of drawbacks to be aware of. If the funeral home should close, it might be difficult to transfer the contract. If you and your family move and no longer want to use that funeral home, you generally can't use the contract elsewhere.  
• Consider final expense insurance: Final expense insurance is a permanent life insurance policy that helps cover expenses like funeral costs, legal fees for end-of-life documents and some other related costs. This type of policy usually has a lower premium and a smaller payout than a traditional life insurance policy, and it's an alternative to prepaying for services.
• Open a joint account: Consider opening a joint account specifically for funds to be used for end-of-life costs and other immediate expenses. You can add a beneficiary to the account as a joint user, which may help them access the funds sooner. Trujillo cautions that joint ownership of accounts may have unintended gift tax consequences, particularly if the money is used to benefit the survivor, and not the estate, so consider speaking with a tax professional when you create the account.
• Create and maintain your will: A will is important, and it identifies which assets you want to go to each beneficiary. Make sure that you create a will and keep it updated if your wishes change.
• Consider a living trust: Acevedo recommends creating a living trust in addition to a will. "The living trust operates like a will, and I have my clients move their assets into the name of their living trust during their lifetime," she explains. Instead of having to go through court, the beneficiaries take a change of trustee document and a tax ID number to the bank and are able to access accounts much faster than through the probate process.
• Add a beneficiary to your accounts: Beneficiary designations on your retirement accounts and life insurance are also essential. Trujillo cautions that retirement accounts and life insurance benefits usually pass according to the beneficiary designation, not according to the will, so be sure to keep those designations updated if your plans change.
• Leave documentation: Make sure your will executor knows how to access your financial information and estate planning documents. Keep copies of essential details, like a list of bank accounts, retirement accounts, income sources and email addresses and passwords, and share their location with the executor in advance. Having this information organized and accessible can save your beneficiaries time and stress.

Looking forward

Estate planning may be expensive, and Simasko estimates that most people will pay several thousand dollars upfront, but that investment may help save your beneficiaries both money and time. "Estate planning is so much less expensive than fees beneficiaries are facing when going through probate," she says.

Laws vary by location, so consider speaking with a lawyer specializing in estate planning in your state. Discuss your goals, including your wishes for funds to be easily accessible to cover immediate costs, and ask whether your current estate plans are sufficient or need to be improved to meet that goal.

Taking a second look at your plans may help avoid unexpected situations, making the overall process easier for your beneficiaries.

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A record number of Americans — 183.2 million — participated in outdoor recreation in 2025, according to a report from the Outdoor Industry Association.

Although a winter-weather getaway may require different preparation than a beach outing, it doesn’t have to drain your money or time. "Not every winter trip needs to be a weeklong vacation that requires a flight, a rental car and a ton of specialized gear," says Shafer.

"Start with what you want to do rather than where you think you’re supposed to go." You don’t need to visit Park City or Breckenridge to ski, for example, with countless other options available at less-eye-watering price points.

With that in mind, here are four fun activities to try this winter, along with some of the best places in the U.S. that offer them. At many of these destinations, you’ll find plenty of other things to do, too, from ice fishing to cross-country skiing.

Gaze at the northern lights

If seeing the northern lights is on your bucket list, head to Fairbanks, Alaska, where you can take them in at your own pace. For a tranquil experience, dip into the Chena Hot Springs.

"Imagine soaking in steamy outdoor hot springs during subzero temperatures while the northern lights rage overhead," says J.J. Krehbiel, an Alaska-based filmmaker who runs the Alaska travel guide and tourism website AlaskaExplored.com.

If you’re seeking a more active adventure, book a night tour dedicated to viewing the lights on a snowmobile (or snowmachine, as Alaskans prefer to call it) from, say, Fairbanks Snow Sleighers or Rod’s Alaskan Guide Service, Krehbiel suggests. Tours typically run $160 or more per adult.

A stay at Chena Hot Springs Resort’s Moose Lodge costs about $310 per night. And plenty of reasonably priced cabins in the area are available for rent, says Krehbiel, running about $180 to $210 per night. However, "be sure to check whether it’s a ‘dry cabin,’ " he warns. Even if you’re used to roughing it on, say, a summer camping trip, you will want running water in the depths of an Alaskan winter.

Try dogsledding

Deemed the nation’s "sled dog capital," Ely, Minn., just south of the Canadian border, is a prime destination for the sport. One of the best parts of planning a dog-sledding trip: No extra personal equipment is required.

Just make sure you bundle up. "All a first-time dogsledder needs are warm layers — a base layer, an insulating mid layer, a waterproof/windproof outer layer and a hat that covers your ears," says Randolph Briley, deputy director of outdoor recreation for Explore Minnesota.

A half-day dogsledding excursion is typically about $250, and Briley suggests budgeting an extra 10% to 20% of the price to tip your guide. For lodging, you’ll usually find the lowest prices in mid to late January through February, after the holiday surge, Briley says. And on weekdays, accommodations are generally cheaper than on weekends and holidays.

A room at Ely’s Silver Rapids Lodge is about $150 per night, and a cabin at the Lodge of Whispering Pines resort is about $425 nightly. The resorts also offer campsites with RV hookups, says Briley, including electricity, water and sewer at Silver Rapids. Budget-friendly wilderness cabins in the area typically run $50 to $200 per night, he says.

Take a "winter optional" ski trip

While Mammoth Mountain might be California’s better-known ski destination, Big Bear Mountain Resort is a great choice for those who enjoy winter sports but aren’t sold on spending their entire trip in the cold.

Nestled in the San Bernardino Mountains of Southern California, Big Bear is about two hours from the coast, so you can ski all morning and then head down the mountain to sip a cocktail at a boardwalk bar in the evening.

Even in the coolest winter months, temperatures usually don’t drop much below about 50 degrees in Los Angeles. Daytime temperatures in December and January are usually in the sixties and seventies — great for lounging on a beach without breaking a sweat. You could also combine your ski trip with a visit to Temecula Valley, one of California’s less-crowded wine regions.

Up on the mountain, Snow Summit, one of three skiing areas at Big Bear, offers night lift tickets on select evenings so you can ski or snowboard under the stars. Tickets start at $59 for nights or $79 for a day pass, and you can tack on a complete equipment-rental package for about $35.

Rooms at lodges in the area run about $250 or more per night. If you book a stay along the Free Big Bear Trolley route, you can ride the trolley to any of the three ski resorts, as well as the shops and restaurants in the village. That way, you’ll skip the stress of looking for parking (which can be limited) and the fees.

Go ice bathing

Ice bathing (also known as cold plunging) is a popular wellness trend that involves an invigorating dip in an icy lake. If you want to give it a try without booking a trip to Scandinavia, then Glacier National Park, in Montana, is a great alternative.

The best ice-bathing options at the national park in winter are at Grinnell Lake and Iceberg Lake. If you choose the latter, you’ll combine ice bathing with a 10-mile round-trip hike through breathtaking winter wilderness.

Make sure you’re prepared for the unique challenges of winter hiking. There’s much less room for error when you’re outside in the colder months than at other times, says Shafer. "A wrong turn, wet layer, dead phone battery or minor injury that might be an inconvenience on a summer hike can become a much bigger problem when it’s 20 degrees and getting dark earlier."

She recommends wearing more layers than you think you’ll need, carrying a backup method of navigation (such as a paper map) and telling someone exactly where you’re going and when you plan to be back.

If you’re not confident in your winter wilderness skills, consider going on a ranger-led walk or snowshoeing expedition on weekends from January through March. You can also find paid tour options in the area.

Glacier National Park has an entrance fee of $25 per vehicle in the winter. Among the options for accommodations is a stay at Columbia Falls RV Park, ranging from about $83 per night for an RV site to $119 nightly for a cabin.

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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By factoring in round-trip international airfare, comfortable lodging and regional purchasing power, you can travel to five different countries on five different continents for less than the cost of the new iPhone.

See how far you can go. You might be surprised.

Data sources include TheGlobalEconomy.com, Numbeo's cost of living database and Budget Your Trip.

Colombia (South America)

• Average hotel cost per night: $45
• Average cost of daily meals: $35
• Typical round-trip flight: From LAX: $650; from JFK: $450

Affordable flights stretch your travel budget further, giving you more freedom to experience Colombia's rich culture and landscapes. You can connect different regions of your itinerary using quick domestic flights and settle into locally styled boutique stays.

Immerse yourself in the colonial charm of Cartagena's walled city, wander the lush green valleys of the Coffee Triangle, trek through the wild jungles of Tayrona National Park or experience the vibrant transformation and climate of Medellín.

Mexico (North America)

• Average hotel cost per night: $90
• Average cost of daily meals: $48
• Typical round-trip flight: From LAX: $400; from JFK: $551

With low-cost regional flights stretching your funds, Mexico easily elevates a budget into upscale territory. Your $3,199 allows you to book architecturally striking boutique hotels, savor high-end multi-course tasting menus and explore pristine beaches, jungles, and sites like Teotihuacán with private guided tours far away from the standard tour buses.

Albania (Europe)

• Average hotel cost per night: $50
• Average cost of daily meals: $30
• Typical round-trip flight: From LAX: $700; from JFK: $550

Albania remains one of Europe’s best-kept budget secrets, offering pristine Mediterranean coastlines at a fraction of the cost of neighboring Greece or Croatia. Stay along the Ionian Sea, dine on fresh seafood daily and explore the crystal-blue waters, historic castles and vibrant coastal towns that define the Albanian Riviera.

Kenya (Africa)

• Average hotel cost per night: $70
• Average cost of daily meals: $30
• Typical round-trip flight: From LAX: $1,000; from JFK: $860

While long safari trips can carry high price tags, a $3,199 budget gives you the freedom to craft a complete Kenyan journey. After flights, your remaining funds easily cover comfortable, locally run stays in Nairobi and Mombasa. They also cover game drives with expert trackers across iconic wildlife reserves, national park fees and coastal cultural experiences.

Vietnam (Asia)

• Average hotel cost per night: $55
• Average cost of daily meals: $20
• Typical round-trip flight: From LAX: $700; from JFK: $850

Vietnam delivers exceptional purchasing power. Even after accounting for long-haul airfare, travelers can abandon traditional budget restraints to stay in elegant 5-star hotels, hire private local drivers and experience fine dining.

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This time, we hear from a 63-year-old advertising graphic designer who's working part-time in Avon Lake, Ohio. She's married and reports she was born outside Boston.

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?

I bought Apple stock in 2001. Divorced the husband who thought he was good at picking stocks, but sucked at it. The Apple stock provided me a nest egg.

I started researching, reading and listening to CNBC. I lost some money and made more.

I turned every loss into a lesson. The biggest lesson I learned was to trust my gut! Confidence goes a long way.

What are you doing with the money?

My first million is still invested. My second million, which came a lot quicker, is more for spending. I still live below my means.

This year, I bought my dream car, though. I deserve it ... a Porsche Panamera. :)

The Fun Stuff

Did you do anything to celebrate?

I cried. I was very surprised because this was never on my radar. I wiped my tears and asked myself, "How are you going to keep this?"

What is the best part of making $1 million?

I can remember crying in fear when I first got divorced, thinking I'd never have any money, that my retirement would be very difficult.

This money brings me security. I don't wake up in the middle of the night, wondering how I'm going to live.

The second part (and this is really big and unexpected) is the confidence it has given me. I'm good at money management.

Did your life change?

Yes. See my answer above about security and confidence.

Does anyone know you're a millionaire?

My wife knows because I manage her money, too. I also told my daughter because I want her to learn from me. I have her buying and selling stocks.

We're now working on the research part and what to buy and sell.

Any plans to retire early?

No. I like what I do with graphic design and want to keep doing it.

My money management is a daily job, too. I spend one to two hours a day at it.

Looking Back

Anything you would do differently?

Start earlier. I wouldn't have married the bad investor!

What advice would you give to your younger self?

My younger self would never believe I would have a million one day. I would say, START!

Did you work with a financial adviser?

Everything I have is at Charles Schwab. They have been very helpful with research and questions.

I check in with my dude at least once a year. We chat, share info and I listen.

Most of the time, I follow his suggestions.

Did anyone help you early on?

My aunt. Her husband died early. and she had to learn how to manage her money. She hated paying an adviser, so she learned how to do it on her own.

I wanted to be like her.

Looking Ahead

Plans for your next $1 million?

To make another. HA! I have everything I need. I don't need another million. No plans.

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

Start early. Even if you think you have nothing to save or invest, just start.

Knowledge! We all start at the beginning. If I can do this, anyone can. Put in the work — it will pay off.

Do you have an estate plan?

I did see a lawyer and updated my estate plans.

What do you wish you'd known …

When you first started saving? Everyone starts somewhere. Just start, no matter the amount.

When you first started investing? You will make mistakes. Just keep plugging away and learn something from every loss.

My favorite saying is "10% of $100 is $10. 10% of $10,000 is $1,000. 10% of a million is $100,000," and that is way more money than I need in a year's time.

Anything you'd like to add?

Having $2 million doesn't mean anything to me if I can't share the knowledge that got me there. My aunt shared tips with me. If she had said nothing, I'm not sure I would have known I could do this.

Sure, sharing money, paying for dinner or buying gifts is nice, but I'm teaching my daughter how to invest so she will have her own money.

Sharing the information is very important to me. I talk about it. Most people in my life know I'm an investor. And they know I will share information with them.

I tell them that investing isn't a pie that gets divided. There's money out there for everyone.

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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But given today’s sluggish entry-level job market, funding a college education might no longer be enough to help your kids or grandkids be financially stable in young adulthood. In addition to education, you might want to create a "launch fund" — money your heirs can use to supplement their post-college paychecks or reserve for a down payment on a home.

Here’s how a couple of experts suggest approaching your launch fund, and how to balance it with your own financial needs.

Your financial security must come first

It’s noble to want to set your kids or grandchildren up for financial success. But Tyler End, CFP, CEO and co-founder of Retirable, says it’s important to prioritize your own financial needs and only give what you can truly afford.

"There can be a strong emotional pull to be looked at as the provider, but it is important to pay yourself first," he says. "There are no loans for retirement income like there are with college. It doesn’t help to stretch yourself and ultimately become a worry for your heirs."

Beth Stenz, CFP and financial adviser at Edward Jones, agrees.

"I would start with one important rule — secure your own retirement before funding the next generation," she says. "A young adult has decades of earning potential ahead of them."

Before earmarking significant assets for younger heirs, Stenz says, make sure your retirement savings are sufficient or on track. Also make sure you have a solid emergency fund and a plan for what she calls "potentially significant health care or long-term care costs."

Decide how much flexibility you want

Accounts like 529 plans offer tax benefits, but they’re meant for education expenses. If you end up with excess funds, you have options, but avoiding tax penalties requires strategic planning.

If you’re going to set up a launch fund, Stenz says, you might want to use different "buckets" or accounts that address different goals.

"A launch fund is ultimately about flexibility," she says. "The money may be used to supplement income during a difficult job market, fund additional education or training, help with a relocation opportunity, support the early stages of a business venture, or assist with other important milestones in young adulthood."

To that end, Stenz recommends thinking about how much money you want to earmark for education vs other young-adult expenses. You’ll also need to decide how much control of the money you want to retain and for how long.

Account options to look at

Once you’ve narrowed down your specific goals, Stenz says, you can look at different account options.

Taxable brokerage accounts

"A grandparent-owned taxable brokerage account can be particularly attractive for a launch fund because of its flexibility," Stenz says. "The grandparent retains ownership and control, there are no education-only spending requirements, and the money can ultimately be used where it is most valuable."

If you’re going to use a taxable account, your investment allocation should reflect when you might need the money, Stenz says.

"A fund for a 2-year-old can generally accept substantially more market volatility than money intended for an 18-year-old," she explains.

529 plans

Stenz says a 529 plan is still an excellent option when creating a launch fund.

"Earnings receive favorable federal tax treatment when distributions are used for qualified expenses, and a grandparent can establish the account with the grandchild as beneficiary. I particularly like that the account owner retains control rather than simply handing the assets to the child," she says.

End says that funding college and young adulthood can be a tricky balancing act.

"The cost of education can vary greatly or be non-existent depending on the path taken," he says. "The best course of action is to decide what is most aligned with your values and give the gift that will make the biggest impact. For example, if education is important, prioritize making that accessible."

Thanks to recent rule changes, 529 plans allow the beneficiary to roll over up to $35,000 into a Roth IRA over their lifetime. That gives you the option to help a child or grandchild’s college education, save for graduate school and start a retirement nest egg if they don’t need all the money while earning degrees.

A number of parents and grandparents have "superfunded" 529 plans to support their heirs and get a nice tax break. As a result, some young adults have substantial 529 accounts that, even after a $35,000 rollover, would still leave them with more than they could spend on education. A Senate proposal would allow unlimited Roth IRA rollovers from unused 529 funds, but its fate is uncertain.

Custodial accounts

Custodial accounts are similar to brokerage accounts, but with a brokerage account, you retain control perpetually. With a custodial account, ownership eventually transfers to a child or grandchild at a certain age.

"Typically, you structure them under Uniform Transfers to Minors Act or Uniform Gifts to Minors Act accounts where the ownership transfers at a set age, giving the beneficiary full control of the funds," End explains.

If you go this route, keep in mind that because a custodial account is owned by your child or grandchild, it could affect their ability to qualify for college financial aid. If you’re planning to fund their education entirely, this might not be an issue.

Trump Accounts

Trump Accounts, says Stenz, add another potential tool to the mix. You can contribute up to $5,000 per year, per child, to one of these accounts, and the money grows tax-deferred. Funds are locked until the beneficiary turns 18, when the account converts to a traditional IRA.

A Trump Account won’t help your child or grandchild cover the rent as a young adult or buy a new car. But it could give them a vital jumpstart in building retirement savings.

Share your plans so no one’s in the dark

Whether you’re saving to help a child or grandchild tackle young adulthood, End says it’s important to share your thoughts and get input from the loved ones you’re trying to help.

"Don’t hesitate to open communication with your family," he says. "You might have an idea of how to make the biggest impact, but opening the dialogue might help you learn what will make the biggest difference."

You might, for example, be inclined to prioritize 529 plan contributions. But if your teenage grandchild already knows they don’t want to go to college, your money might be better off in another account. Having open conversations could help you achieve your ultimate goal of making life easier for a child or grandchild you care deeply about.

Read More

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• I Want to Help Pay for My Grandkids' College. Should I Make a Lump-Sum 529 Plan Contribution or Spread Funds Out Through the Years?

Your ability to get a refund for a delayed or canceled flight hinges on whether the flight disruption is considered to be within the airline's control.

At a time when airfare prices are soaring and your travel budget is already stretched, it's worth understanding how this seemingly technical change in definitions will impact your next trip. Here's how your rights have changed and what you can do to protect your investment under the new regulations.

What's changing about your right to a refund?

Technically, the new DOT rule simply altered how certain events are categorized. Airlines are required to report their on-time performance to the Bureau of Transportation Statistics (BTS) every month. That report includes a breakdown of delays, cancellations and interruptions into a set of predefined categories.

One of those categories is called "air carrier delay" and includes all delays that the BTS considers to be within the carrier's control. The new rule removed the following 10 events from the list of delays that fall under the "air carrier delay" category:

1. Medical emergencies that weren't caused by the carrier
2. Removing an unruly passenger
3. Airport closures caused by volcanic ash, wind or wind shear
4. Unscheduled maintenance that must be addressed before flight
5. Overheated brakes when caused by the use of those brakes in an emergency
6. A government shutdown or system failure
7. Cybersecurity attacks
8. Aircraft damage
9. Aircraft cleaning due to the death of a passenger
10. Baggage or cargo loading delay when it's caused by a system outage or other factors not controlled by the carrier or its contractor

For passengers, however, it's more than just a change in definition. According to the DOT, passengers are entitled to a refund of the ticket price "if the airline significantly delays a flight or significantly changes a flight and the consumer chooses not to travel or accept travel credits, vouchers or other forms of compensation offered by the airline."

In other words, with these 10 situations removed from the definition of what constitutes a delay caused by the airline, you now have 10 fewer situations in which you're entitled to a refund or other form of compensation, including hotels and food vouchers.

The intention behind the rule change. In the full text of the new rule published in the Federal Register, the DOT wrote, "it is expected that the total value of amenities and compensation currently provided by air carriers to consumers will be reduced under this final rule."

The goal with this category change is to create fewer scenarios in which you are entitled to a refund. That puts the onus on you to find other ways to protect your investment when you fly.

How passengers can protect their money

The new rule makes it harder to get a refund from airlines, but you still have some rights and other means to fill gaps created by the changing regulations.

• Check the DOT Airline Cancellation and Delay Dashboard to find out what compensation and guarantees your airline voluntarily provides. The page provides a clear breakdown of what major airlines have agreed to provide to consumers in various scenarios. As of this writing, it was last updated in September 2025, so you should double-check with your airline to see if the information is still current. But it's a good place to start, especially when booking, as you can see which airlines might provide the most protections if a flight goes wrong.
• Buy refundable tickets. If the delay is so long that you choose not to take the flight at all, it'll be less of a headache to get a refund on a ticket that's already refundable. These typically cost a little extra, but you won't have to worry about whether the delay you experienced qualifies for a refund or not under the new rules.
• Check your credit card for trip-delay coverage. This is not the same as trip-cancellation protection, which only kicks in if your flight is canceled. Trip-delay coverage will reimburse you for any prepaid expenses lost (such as the missed connecting flight or the lost night at the hotel from arriving a day late) as a result of a delayed flight. It might also cover additional costs caused by the delay, such as last-minute accommodations and meals while waiting for your flight.
• Ask for a refund anyway. The "air carrier delay" category still exists, which means there are still situations in which the delay is considered to be within the airline's control. In those situations, you're still entitled to a refund. Even if you're not sure of the reported cause of the delay in the moment, it doesn't hurt to call customer service and ask for a refund just in case. Typically, if you have travel insurance through your credit card or a separate policy, you need to try to get a refund from the airline as a first step before filing a claim anyway.

Between higher ticket prices and fewer ways to get that money back if something goes wrong, protecting your trip is more important than ever. If your card doesn't offer trip-delay coverage, buy travel insurance that does. This is a good way to fill in the gaps and make sure you can get your money back if your trip is interrupted or ruined for just about any reason.

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• "You have to sign up for Medicare at 65."
• "You don't have to sign up for Medicare at 65."
• "You can change your Medicare insurance every year."

During my 20-plus years as a retirement-focused financial adviser, I've just about heard it all — some true, some false and just about all of it leaving near-65-year-olds wondering how they can figure it out in time.

Below are the five most common mistakes retirees make with Medicare and what you can do to try to avoid them.

What makes Medicare so different

Your health insurance choices used to be easy. Your work gave you two or three options and you chose the one that fit your family best.

Then you turn 64 and you get bombarded with advertisements in the mail touting how great a particular Medicare insurance plan is.

When I checked Medicare.gov's Plan Comparison Tool in September 2026, there were 81 different options near me in Wisconsin: 39 Medicare Advantage plans, 10 prescription drug plans and 32 supplement insurance (Medigap) options.

The number and types of plans available to you will depend on where you live.

With so much information and so many different plans, it's no wonder Americans keep making these five common mistakes.

Mistake No. 1: Assuming Medicare is automatic

Medicare feels automatic since many people enroll or get signed up for it at 65, but that feeling of "automatic" often turns into "I don't have to think about it" — and that's a big mistake.

Medicare enrollment generally is automatic if you've already been receiving Social Security retirement benefits for at least the four months before age 65. A few months before your 65th birthday, you'll get your Medicare card in the mail showing that you're enrolled for Part A and B.

If you have current employer-provided health insurance from a company with 20-plus employees, you may be able to delay starting Part B. Before you do, check with your employer to find out how your health coverage coordinates with Medicare.

If you're signed up for Part A and B automatically, that doesn't mean you automatically get signed up for other private Medicare insurance to pay for the gap between what Medicare covers and what Medicare pays.

You should still evaluate whether you're better off with Medicare Advantage or original Medicare with Medigap (supplemental) insurance — and you'll have to proactively sign up to get those coverages.

Mistake No. 2: Misunderstanding what counts as 'employer coverage'

Many people turning 65 think, "I don't need to sign up for Medicare. I already have insurance through my employer." It turns out they actually have retiree coverage, COBRA or even TRICARE from prior military service.

Retiree health insurance and COBRA plans are not coverage from your current employer. And TRICARE states that you need Part A and B to get TRICARE For Life.

If you have employer-provided health insurance based on your or your spouse's current employment with a company of 20-plus employees, you may be able to delay signing up for Medicare. That's true, and yet there's so much confusion around that.

Your "employer coverage" must be from active, current employment.

Retiree healthcare doesn't count as current employer coverage that could allow you to delay Part B. COBRA generally doesn't count either.

TRICARE states, "If you're eligible for both TRICARE and Medicare Part A, then in most cases, you must have Medicare Part B to keep TRICARE." (Emphasis added.)

Mistake No. 3: Confusing the different Medicare parts and choices

Medicare lists four different parts of Medicare, along with optional Medigap insurance, and points out the differences between Medicare and Medicaid. With similar names and so many parts, no wonder it's confusing.

Medicare Part A (hospital insurance) covers inpatient care in hospitals, skilled nursing facility care, hospice care and home healthcare.

Most people get Part A with no premium cost because they, or their spouse, qualified by working and paying Medicare payroll taxes for "40 quarters" — basically 10 years. Premium-free doesn't mean cost-free though. You can still have deductibles, copays and other out-of-pocket costs.

Medicare Part B (medical insurance) helps pay for doctor visits, outpatient care and preventive care, such as screenings, shots or vaccines, and yearly "wellness" visits.

Part B costs $202.90 a month, which is often a surprise to many retirees who think it's free. It can cost even more if you have a high enough income and must pay Income-Related Monthly Adjustment Amount (IRMAA) surcharges.

Medicare Part D helps cover the cost of prescription drugs.

Drug coverage is often part of a Medicare Advantage plan. But if you choose a Medicare Supplemental Insurance (Medigap) plan, you'll generally buy part D drug coverage separately, unless you have other creditable drug coverage.

Medicare Supplement Insurance (Medigap) helps you pay your share of the costs of original Medicare.

People often ask me, "What does Medicare Supplement cover?"

My answer is, "Medicare Supplement generally covers what Medicare covers, but it generally pays for many of the costs that Medicare makes you responsible for."

Medicare Part A has deductibles, coinsurance and copays that you are responsible for.

Medicare Part B has a deductible, after which you generally pay for 20% of the cost of the Medicare-approved amount for services Medicare covers.

That's where Medicare Supplement (Medigap) comes in, to help pay the costs of your healthcare that Medicare covers but doesn't fully pay. You could also choose a different route, called Medicare Advantage.

Medicare Advantage (also known as Part C) is an alternative to original Medicare. You get a "bundled" plan through a private insurance company that is Medicare approved and essentially brings your Part A, Part B and usually Part D coverages all together.

Many Medicare Advantage plans have low or even $0 monthly plan premiums, while Medigap policies generally charge a separate monthly premium.

However, those on Medicare Advantage generally must continue paying their Part B premium, along with deductibles, copayments and specific provider networks.

Mistake No. 4: Ignoring the potential extra costs of Medicare through IRMAA

Many people are surprised that Medicare Part B has a monthly premium. They expect the taxes they paid throughout their career to cover their Medicare in retirement.

What's even more surprising is when your income from two years ago causes you to pay extra for Medicare through the IRMAA.

I met a client recently who was upset that his Medicare premiums were higher this year than last year.

I discovered he had retired two years ago. His income from that year was high enough to go over the IRMAA threshold so that both his and his wife's Medicare premium was roughly double the normal amount.

Fortunately, you can appeal your extra Medicare costs through IRMAA, and "work stoppage" is one of the "life-changing" events Social Security will take into account.

My client had retired, and his income is now lower. So after the couple requested a new IRMAA determination based on his retirement and their reduced income, their combined Medicare premiums were reduced by roughly $5,000 for that year.

This client's IRMAA surcharge highlights how interconnected all the pieces of retirement are. Your added income in one year, from working or perhaps Roth conversions or stock sales, can affect your healthcare costs two years later.

Retirement isn't just about your Medicare decision and your investment decision, and your Social Security decision separately. It's about how each of these areas affect each other.

That's why I created a five-step retirement master plan to help all the pieces of retirement fit together, which you can find in my book Retire Today.

Mistake No. 5: Not re-evaluating your Medicare Advantage or drug plan each year

Each year during open enrollment from October 15 through December 7, I send a message to my clients encouraging them to review their Medicare Advantage or prescription drug plan for the following year.

By far, the most common response is, "Nothing changed for me this year, so I don't need to do this."

But here's the thing: Something may have easily changed. Your existing plan could have changed quite a bit.

Every year, your Medicare Advantage or Part D drug plan can change its cost, its network, its preferred pharmacy, its benefits, its provider list.

And even if your plan doesn't change one thing, all the other plans could change and you might be missing out on a better plan for you.

You may find another plan that better fits your healthcare needs, or your prescription drugs, providers and budget.

Whether you're on Medicare already, or getting ready for Medicare, follow these five steps to avoid big Medicare mistakes:

• File for Medicare at the right time
• Confirm how your current health insurance coordinates with Medicare
• Learn the different parts of Medicare and what they cover
• Understand how past income affects current Medicare costs — and whether you qualify for a reduction in those costs
• Re-evaluate your Medicare Advantage and drug plan options each year

Take these five steps before, and even after, you file for Medicare, and you'll feel much more confident in the Medicare decisions you make.

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.

We already had AI assistants like Amazon's Alexa and Apple's Siri. And in March, Amazon added a health assistant to its website that can read your medical records and book your appointments.

In May, Schwab gave retail clients a tool that summarizes why their portfolio moved. The technology turns up in the search bar and the banking app whether you asked for it or not. Schwab includes a disclaimer on their AI tool saying the output, "should not be construed as investment advice or recommendations and are for informational and educational purposes only."

A general-purpose chatbot like ChatGPT or Claude includes no such disclaimer when someone asks whether to pull $60,000 out of an IRA for a new roof and to replace windows.

Yet, people keep asking. A July J.D. Power survey found that 40% of respondents had sought help from AI to manage their personal finances. In the same survey, 34% said AI helps them make smarter financial decisions, 1 percentage point behind the 35% who said that about their own bank.

A chatbot answers in the same confident tone whether it has the facts or not, and it doesn't flag what might be left out.

The chatbot doesn't know:

• Your marginal tax bracket
• Whether the money sits in a traditional IRA, a Roth or a taxable account with a low cost basis
• How your state treats the distribution
• That a two-year lookback on your income sets your Medicare premium
• That your income will drop in 18 months when you move to part time
• If you have carryforward losses to utilize

None of those details, which can sway the answer completely, enter the conversation unless you introduce them. The chatbot answers the question that is asked, not necessarily the ones that are exclusive to your situation.

Sixty thousand dollars out of a traditional IRA arrives as ordinary income, and if the rest of your income already sits near a tax line, that money can push the total past an IRMAA threshold that resurfaces as a higher Medicare premium two years later.

The same $60,000 from a taxable account with a high cost basis might barely register on your tax return.

None of those details require the chatbot to be wrong. It's answering a loaded question for the general reader without the specificity and complexity of your personal situation.

Where AI helps

AI makes a good study partner and can prepare you for more productive meetings with your adviser.

For example, researching and learning about qualified charitable deductions (QCDs) at home saves time that doesn't have to be spent on explanations.

Other ways it can help include:

Translating documents. Paste in the section of your summary plan description that governs in-service withdrawals or the paragraph of an annuity contract that lays out the surrender schedule, and ask the chatbot to explain it in plain language. Those documents get written for compliance review rather than for you, the reader. Delegate the explanation to the chatbot.

Build a question list before the meeting. Provide the chatbot with three sentences about your situation and request questions you should ask your adviser. This will create an agenda for an efficient and productive meeting.

Argue the other side. Ask it to make the strongest case against a recommendation you've already received, including mine. The objections it raises are worth bringing to the person who made the recommendation.

Ask it what it does not know. Some version of "what would you need to know about my situation to answer this well?" returns insightful questions to consider.

One note to keep in mind. Account numbers, Social Security numbers and full statements don't belong in a general-purpose chatbot. Round numbers and account types give the tool everything it needs to be useful.

What's next

Forty percent of consumers have already taken a money question to AI, and that number is likely rising. There are smart ways to use these tools. Moving money on an answer that never had your full picture is not one of them.

The tools will keep improving, and more people will walk into meetings with better questions because of them.

Take the response for what it is, which is a starting point. Reading it against your own numbers is where we come in.

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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.

This is essential, too, as persistent inflation and the possibility of future Federal Reserve interest rate hikes create an uncertain economic climate. Right now, savers must balance maximizing immediate growth and remaining flexible enough to adapt if economic conditions shift.

With that in mind, here are three CDs I recommend using right now, as someone who monitors CD rates on a weekly basis.

Short-term CDs maximize growth with flexibility

A short-term CD of three months to a year is a smart move given the current economic climate. Why? Because you'll likely earn a guaranteed rate of return that outpaces inflation.

You'll also have access to your cash within the year. If prices continuously rise, you can pivot to other options that protect your purchasing power. Also, if the Federal Reserve hikes rates again, you might earn even more on your next CD.

You can use this Bankrate tool to compare short-term options quickly.

While this option works well for most savers, if you want to move a significant portion of cash (think at least $50,000) into a CD, here's another smart option.

A short maturity for larger sums

For large deposits ($50,000-plus), I recommend a jumbo CD. They offer some of the highest returns compared with other savings accounts, with maturity windows between six months and one year.

CreditOne Bank offers a 12-month jumbo CD at 4.60% APY with a $100,000 minimum deposit. If you deposit $100,000, you'll earn $4,600 effortlessly.

A few things to consider with this approach: As with all CDs, look for a bank offering FDIC insurance. This protects each depositor up to $250,000 if your bank goes under.

Two, because you're dealing with a larger cash balance, only use one if you don't need to touch the money until the term expires. If you need to break it open, you could lose thousands of dollars.

Most CDs come with early termination fees. Those fees depend on the CD's term. For shorter-term CDs of one year, you'll likely forfeit a few months of interest, whereas with longer CDs, it could be up to six months.

If cash flexibility is a priority, consider this CD instead.

A safe solution with no penalties

A no-penalty CD can be an excellent start if you've never had a CD before and don't want to commit to a longer-term option. How it works: You'll open and deposit as you would with any other CD. They even come with short maturity windows, usually six months to a year, depending on the bank.

My recommendation: Climate First Bank has a six-month no-penalty CD, where you'll earn 4.33% APY with only a $500 minimum deposit.

However, unlike regular CDs, you can withdraw from them. Some banks allow you one withdrawal per month, while others will close your CD without any early termination fees.

Before signing up, pay attention to the vesting period: It's the time banks require you to keep funds in the account before you can withdraw. Thankfully, for no-penalty CDs, this is usually one week to one month, so you can change your strategy right away if you need to.

High interest rates present a rare opportunity for savers. Choosing the right CD can lock in high guaranteed returns, outpace inflation and maintain the flexibility to respond to changing economic conditions.

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Without giving away spoilers, I'll just say that East of Eden is ultimately a story about what we do and do not inherit from our parents. Because of that, with a new adaptation of the Cain-and-Abel tale now available to stream on Netflix, we partnered with our sister site CinemaBlend to ask some cast members about handling inheritances.

CinemaBlend sat down with actors Hoon Lee, Joseph Zada and Joe Anders. The latter two play brothers Cal and Aron, the younger generation of the story. Where Aron (Anders) is kind and trusting, Cal (Zada) is scheming and suspicious. To put it another way, a Kiplinger-Morning Consult survey found that 33% of adult children expect an inheritance will create conflict with their siblings: Cal and Aron are the types of squabbling siblings trusts and professional executors were created for in estate planning.

CinemaBlend asked Anders and Zada what they think would've happened if their characters' parents passed their businesses down to the brothers to run.

"I think I would've killed that," Zada said, in characteristically Cal fashion.

Turning to his onscreen brother, he said, "I don't know about you, dude. You're a little all over the place. I think you really wouldn't have done very well. You would've thought that you would've done great."

"Aron would've been totally convinced he was doing amazingly," Anders agreed. "And then I think he would've had a wake-up call at some point."

The 'wake-up call' of inheritance

There's a lot of confidence when it comes to inheritance. Our survey found that 70% of adult children feel confident in their ability to manage an inheritance.

But expectations and confidence don't always align with reality. Eight percent of adult children said they believe their parents' estate includes business assets — but only 2% of parents said business assets were in their estate. On the flip side, 54% of parents said real estate, including their home, is part of their estate — but only 32% of the younger generation said the same. These differences demonstrate the lack of understanding adult children have about what they may inherit, and those surprises could lead to, as Anders put it, shocking "wake-up calls" about how prepared you actually are.

"Confidence and competence are different things," Valerie Galinskaya, managing director and head of the Merrill Center for Family Wealth®, told me in our Kiplinger Conversation about inheritance. That's why it's important for parents to have open and honest conversations about their estate with their children (although, well, Aron and Cal may not have wanted to hear all about it from their mother).

By having these conversations, and especially by having these conversations throughout life stages from a young age, parents can better ensure that their legacy won't be squandered by overconfident and underprepared children. They can help their children know what to be ready for and how to manage certain money challenges.

When we asked adult children in our survey what they'd want to use an expected inheritance for, one respondent said, "I hope to use it to get a nice family business going for our future generations."

It's a lofty idea to start a business you hope to be a family legacy, but as each generation steps up with their own hopes, dreams and, let's face it, faults, it's not a given that even a successful business will survive a second generation. It's often not enough to simply build an estate; you also have to educate your children to be capable of managing it.

Because while it may seem like a gift to leave an inheritance, East of Eden is a prime example of how it can all go terribly wrong.

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Start by identifying your top three financial goals or concerns. Consider both your short- and long-term priorities, whether that's paying down debt, saving for a home or planning for retirement. Knowing what matters most to you will help the adviser understand your needs and recommend a path forward.

You don't need to have all the answers before your first meeting. The goal is to come prepared with a clear picture of your priorities and questions. This will help you make the most of your time and determine whether the adviser is the right fit for your financial needs.

Gather a snapshot of your finances

To help your financial adviser get a clear picture of your financial situation, gather a few key documents before your first meeting. These include:

• Recent pay stubs or other proof of income
• Most recent federal income tax return
• Current checking and savings account balances
• 401(k), IRA, pension and other retirement account statements
• Brokerage and other investment account statements
• Mortgage statements showing your balance, interest rate and monthly payment
• Credit card, auto loan, student loan and other outstanding debt balances
• Social Security benefit estimate, if applicable
• Life, disability and long-term care insurance policy details
• Will, trust and other estate planning documents, if applicable
• Employee benefits information, including retirement plans, insurance and stock options

Your adviser may ask you to upload these documents to a secure online portal before your appointment or bring them to the meeting. Don't worry if you can't find everything on the list. Bring what you have and follow up with any missing documents afterward. There's no need to delay your first meeting.

Know where your money is going

It’s helpful for your financial adviser to understand where your money goes each month; with that information, they can help you decide how to best save and invest your money to meet upcoming expenses or goals.

Estimate your typical monthly spending. If you have a budget, that can be a good place to start, since it outlines your recurring expenses. Identify any major recurring expenses, like your mortgage, health insurance and car and home insurance costs, and make sure you factor these expenses into your monthly spending.

It’s also important to flag any large expenses coming in the next few years, such as:

• Buying a home or making major renovations
• College tuition or other education expenses
• Major travel or vacations
• Purchasing or replacing a vehicle
• Medical expenses or planned procedures
• Retirement or a planned career change
• Supporting aging parents or other family members
• Weddings or other major family events

Be sure to account for any income that varies throughout the year, such as commissions, bonuses, freelance earnings, rental income or stock-based compensation. Let your adviser know if you expect any significant changes to your income, too.

Be ready to talk about more than money

During your first meeting with a financial adviser, you won't just talk about the specifics of your saving and spending. An adviser might ask you questions to better understand your priorities and attitudes about money, such as:

• At what age would you like to retire?
• What does your ideal retirement look like?
• How comfortable are you with investment risk and potential market losses?
• Does anyone depend on you financially, such as children or aging parents?
• Do you expect to receive an inheritance?
• Do you want to leave an inheritance for your family or other beneficiaries?
• Is charitable giving important to you?
• What are your biggest financial concerns?
• Do you anticipate any major life changes, such as marriage, divorce, a career change or relocation?
• How confident do you feel about managing your finances?
• Would you prefer to be actively involved in financial decisions or have an adviser take a more hands-on role?

Prepare questions for the financial adviser

Your first meeting with a financial adviser gives you a chance to get to know them and make sure that they’re the right fit for your needs, too. Don't be afraid to ask about their experience, qualifications, fees and approach to financial planning. Come prepared with a few questions to ask, including:

• How are you compensated, and do you earn commissions?
• What will I pay in fees, and are there any additional costs?
• What financial planning and investment management services are included?
• What professional credentials and certifications do you hold?
• Do you regularly work with clients who have financial goals and circumstances similar to mine?
• Do you have minimum investment or account balance requirements?
• What is your approach to investing and managing risk?
• Who will manage my investments and oversee my financial plan?
• How often will we meet to review my financial plan?
• How will we communicate between meetings?
• How will we measure progress toward my financial goals?
• Are there any potential conflicts of interest I should know about?
• How can I verify your credentials and check your disciplinary history?

Understand how financial advisers get paid

Financial advisers may be compensated in several ways, and that structure can affect what you pay. Don't hesitate to ask about how the adviser is paid, and then ask any follow-up questions you might have about how the structure affects your costs.

Your adviser should be willing to help you understand how their structure works, but here are a few common fee structures for financial advice that advisers may use:

• Assets under management (AUM): Adviser charges a percentage of the assets they manage for you
• Flat fee: Client pays a set amount for a financial plan or ongoing advice
• Hourly fee: Adviser charges for the time spent providing advice
• Subscription or retainer: Client pays a recurring monthly, quarterly or annual fee
• Commissions: Adviser may receive compensation when a client purchases certain investments, insurance products or other financial products
• Combination: Some advisers use more than one compensation method

Fee-only and fee-based advisers may sound similar, but there's an important distinction.

Fee-only advisers are compensated directly by their clients and don't earn commissions from selling financial products.

Fee-based advisers also charge clients for their services, but they may earn commissions from recommending or selling certain investments, insurance policies or other financial products.

To understand what you'll actually pay, ask the adviser to explain their fees in dollars, not just percentages. Find out which services are included, such as financial planning, investment management, tax planning or estate planning guidance.

Also, ask about additional costs, including investment fund expenses, trading fees or account maintenance charges. These expenses may not be included in the adviser's fee and can add up over time.

Know what happens after the first meeting

After your first meeting, your financial adviser may ask for additional documents or schedule a follow-up appointment to discuss their recommendations. Ask when you can expect to receive a financial plan and what steps you'll need to take next.

You may also receive an engagement agreement outlining the services the adviser will provide, their responsibilities and the fees you'll pay. Review the agreement carefully and ask questions about anything you don't understand before signing.

Don't feel pressured to make a decision right away. Take the time to choose a financial adviser you trust, feel comfortable working with and believe can help you achieve your financial goals.

Don't feel pressured to make a decision that day

You don't need to have your finances perfectly organized before meeting with an adviser. What's more important is having a clear understanding of your financial goals and being prepared to discuss your priorities. Remember, the first meeting is just as much about evaluating the adviser as it is about reviewing your finances.

By the end of the meeting, you should understand what services the adviser offers, how much you'll pay and what to expect next. Most importantly, you should feel confident that they're someone you can trust to help you reach your financial goals.

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

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According to State Farm, the 8% increase will add about $10 per month to the average Illinois homeowner's insurance bill, though individual increases will vary. The higher rates took effect for new policies on October 1, 2026, and existing policyholders will begin seeing increases when their policies renew starting in December.

State Farm's rate hike reflects a broader trend of rising homeowners insurance costs nationwide. Even if you're not affected by the increase in Illinois, you could face higher premiums when your policy renews. Understanding what's driving these increases can help you prepare for higher costs and identify opportunities to lower your home insurance premium.

Why State Farm is raising homeowners insurance rates again

According to State Farm, the rate increase is driven by losses caused by extreme weather. The University Corporation for Atmospheric Research (UCAR) reports that as the U.S. warms faster than the global average, storms are more likely to form in that warmer environment.

During the 1980s, the U.S. averaged just three billion-dollar weather disasters annually, each causing at least $1 billion in damage. By 2024, that number had climbed to 27, including 17 severe storms involving tornadoes, hail and straight-line winds.

As severe storms become more frequent, insurers pay out more in claims to repair or replace insured property. Rebuilding expenses have also increased, driven up by higher material and labor costs.

Rising homeowners insurance costs aren't limited to Illinois. Homeowners nationwide are feeling the pressure as premiums continue to climb. According to a report from the National Association of Insurance Commissioners, homeowners insurance premiums rose faster than inflation between 2018 and 2024, putting additional strain on household budgets.

How much more could homeowners pay?

For Illinois homeowners insured by State Farm, an 8% rate increase could add hundreds of dollars to their annual insurance costs, depending on their current premiums. Here's what that increase could look like at different price points.

Figures are hypothetical and illustrate an 8% premium increase. Actual increases will vary by policyholder.

For homeowners who pay their insurance premiums through a mortgage escrow account, higher insurance costs can also mean higher monthly mortgage payments. Even with a fixed-rate mortgage, your total payment can increase as property taxes and insurance costs rise.

The latest 8% increase follows State Farm's 27.2% rate hike in 2025, adding to the financial burden for Illinois homeowners who have already seen their insurance costs climb.

With homeowners insurance costs continuing to climb, now is a good time to see whether you're getting a competitive rate. Comparing quotes from multiple insurers could help you find similar coverage at a lower price.

Use the tool below to explore your options:

What Illinois' new insurance laws mean for homeowners

State Farm's 27.2% rate hike in 2025 drew criticism from Illinois Governor JB Pritzker and raised concerns about rising homeowners insurance costs. In August 2026, Pritzker signed House Bill 4273, now Public Act 104-0752, to strengthen oversight of homeowners insurance rates.

The law gives the Illinois Department of Insurance greater authority to review rate increases and requires insurers to provide policyholders with at least 60 days' notice before renewal premium increases exceeding 10%. The new requirements take effect July 1, 2027.

5 ways to lower your homeowners insurance costs

Though homeowners insurance rates are rising, there are several ways you may be able to bring your premium down.

• Shop around: Shop around for insurance annually before your premium renews. Compare quotes from at least three insurers, and make sure you're comparing the same coverage limits and deductibles. You might be able to save money by switching home insurance providers.
• Review your coverage: Make sure your coverage is appropriate for your needs, but also verify that you're not paying for more coverage than you need. Check your dwelling replacement costs, endorsements and coverage limits. If some of your coverage limits are high, you may be able to save money by lowering them — just don't leave yourself underinsured.
• Consider a higher deductible: Increasing your home insurance deductible can lower your premiums, saving you money every month. A higher deductible comes with additional out-of-pocket risk. Since you'll need to pay your deductible if you have to file a claim, it's a good idea to keep a deductible payment accessible, such as in a high-yield savings account, so it's there if you need it.
• Ask about discounts: You might be able to save money for bundling homeowners and auto insurance policies, installing a security system in your home, investing in storm-resistant home improvements and remaining claims-free. Contact your insurer, make sure you're receiving the discounts you qualify for and ask about what other discounts are available. 
• Review your policy annually: Before automatically renewing your coverage, check your coverage changes and premium increases. Contact your insurer to ask about discounts, changes in coverage and more before you decide to renew.

Higher insurance rates don't mean you have to overpay

State Farm's latest rate hike reflects a broader trend of rising homeowners insurance costs nationwide. While insurance is essential for protecting one of your most valuable assets, you don't have to accept a higher renewal premium without exploring your options.

Start by running a home insurance checkup to make sure your coverage still meets your needs. Then, compare quotes from multiple insurers to see whether you can get a better deal. Don't focus solely on price. Review coverage limits, exclusions and deductibles to find a policy that offers the right balance of protection and affordability.

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Both sponsors of the bipartisan bill, dubbed the 529 Retirement Enhancement Act of 2026, say it will give parents and 529 account owners more flexibility to save and invest in a child’s future.

If passed, the bill would further reduce the uncertainty about what happens to unspent money in 529 plans, adds Paul Stanley, a wealth adviser at Arca.

"It would be a positive development," says Stanley. "One of the biggest impediments to people saving money in a 529 was the risk that the money was going to just go to waste (and be subject to taxes and penalties) if the kid didn't go to college."

While 529s are not so-called "use it or lose it" plans, if you withdraw savings for nonqualified educational purposes, the earnings portion is taxed as ordinary income plus a 10% federal penalty. Account holders, though, can retain the funds for future qualifying educational expenses or change the beneficiary to an eligible family member, such as a sibling.

However, having the ability to roll over more 529 dollars into a Roth IRA, a retirement fund that offers tax-free withdrawals, enables parents to avoid taxes and penalties to access unspent 529 savings and gives their child a jumpstart on retirement savings.

The SECURE Act 2.0, passed by Congress at the end of 2022, allows individuals to roll over $35,000 from a 529 plan into a Roth IRA. Aside from eliminating the $35,000 lifetime cap on unused funds, the proposed legislation keeps all other requirements from the 2022 law, which allows excess 529 assets to be transferred into a Roth IRA over time rather than leaving the assets stranded in 529 accounts.

"The initial SECURE Act was a really, really great idea," explains Ernie Wingard, a financial adviser at Capital Choice Financial Group. "This proposal (if passed) will make it even better."

How the new bill could boost financial flexibility

When introducing the bill, Cruz said the existing law "penalizes" families who build up savings in a 529 plan but don't use all the money because their child got a scholarship, went to a less expensive school, or chose not to attend college.

The new bill, adds Blunt Rochester, gives 529 savers other uses for the money if education plans change.

"Families should be able to preserve financial flexibility regardless of what their child's education decisions are years down the road," says Blunt Rochester.

529s are a popular educational savings tool. Funded with after-tax dollars, the money in these savings accounts grows tax-deferred. While there's no federal upfront tax deduction for contributions, some states offer deductions for in-state 529 plans, according to Fidelity Investments.

Increasingly, the dollar amounts that pile up in 529s can reach sizable numbers. Why? There's no annual federal contribution limit for 529 plans, although each state's plan sets a maximum total balance per beneficiary. For gift-tax purposes in 2026, contributions of up to $19,000 per person ($38,000 for a married couple) per 529 beneficiary qualify for the annual exclusion. What's more, in 2026 a 529 contributor can front-load 529 deposits, giving five years of annual gifts in a single year, or $95,000 per person or $190,000 for a married couple.

These huge balances can potentially result in unused dollars. The downside of using leftover 529 dollars for nonqualified educational expenses is that they are subject to income tax and a 10% federal tax penalty on any earnings associated with the distribution, according to Fidelity.

"That's where a transfer to a Roth IRA could make sense," according to a Fidelity blog post.

Four things to know about 529 to Roth IRA rollovers

Consider a few things before transferring unused 529 dollars to a Roth IRA.

1. The 529 plan in the beneficiary's name must have been open for at least 15 years prior to the rollover. The new rollover IRA must also be in the beneficiary's name.

2. The amount rolled over in any given tax year must not exceed the Roth IRA annual contribution limit applicable to the beneficiary. The Roth contribution limit for 2026 is $7,500 for those under 50. Because transfers are capped annually, moving a large 529 balance into a Roth IRA can take many years — meaning families must start the process early while the child is still working and earning income.

3. The transfer amount must come from contributions to and earnings from the 529 account at least five years prior to the transfer date.

4. The beneficiary must have earned income that equals or exceeds the amount rolled over to a Roth IRA in any given year.

Turning leftover college funds into a multimillion-dollar nest egg

Passing the bill would likely boost 529 savings plans, as parents would no longer have to worry about the downside of this savings product if their kid doesn't go to college. "It gives the 529 more power," says Wingard.

Extending the amount of time 529 savings can stay tax-deferred can add up to huge dollars for beneficiaries through compounding. Under current law, Wingard notes that a 22-year-old who rolls over the maximum $35,000 and earns a 9% annual return can watch that money double every eight years, turning it into $1.12 million by age 62.

"That’s why I think this bill is huge," says Wingard.

But eliminating the lifetime cap takes that growth potential to a whole new level, as shown in the table below.

Under the proposed bill, if that same 22-year-old has $75,000 in excess 529 plan funds, they could roll over the entire amount over 10 years. By age 62, those tax-free contributions could compound into an estimated $2.1 million nest egg.

"Financial flexibility is incredibly important," says Stanley.

Currently, families concerned about penalties for non-educational distributions from 529s are reluctant to put all college savings in a single 529 bucket.

In contrast, the new bill "allows planners to look at planning purely from the perspective of saving in the best tax-preferred way we can," says Stanley.

Will the bill pass?

Financial advisers are split on whether Congress will pass the bill. Stanley thinks the odds are low, citing high U.S. deficits and lost tax revenue. But Wingard thinks the odds are higher, as both parties would benefit from making it easier for families to save for their children's futures.

The bottom line: If the child goes to college, the money grows tax-deferred under the proposed changes. And if the child takes another route in life, the dollars keep growing tax-deferred and become a retirement nest egg.

"That’s going to give your kid a leg up in retirement," says Stanley.

Read More

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The decision followed the August Consumer Price Index (CPI) report, which showed headline inflation was "uncomfortably high," explains David Payne, staff economist and reporter for The Kiplinger Letter. The pickup, he says, was driven by higher gas and fuel oil prices, shelter costs and airfares.

And with energy costs likely to stay elevated as the situation in the Middle East remains unresolved, Payne believes the annual CPI rate will end the year at 4%, while core CPI will be at 2.7%.

With another Fed meeting on the near-term horizon — the central bank will announce its next policy decision on Wednesday, October 28 — the release of the September CPI report is a key economic event we're tracking.

According to the Bureau of Labor Statistics (BLS), the CPI rose 0.6% from August to September and 3.7% year over year.

This is faster than the 0.4% monthly and 3.4% annual increases seen in August, with the year-over-year rate coming in above economists' estimate of a 3.6% rise.

"The index for gasoline rose 9.1 percent in September, accounting for over half of the monthly all items increase," according to the BLS. "The energy index increased 5.2 percent over the month following a 2.1-percent increase in August."

Shelter costs were higher, too, while food prices were unchanged.

What is the CPI?

"CPI is a measure of the average price of that basket of goods and services over time," writes Kiplinger contributor Coryanne Hicks. "The specific goods and services within the CPI basket are based on information that around 24,000 families and individuals give the U.S. Bureau of Labor Statistics on what they buy."

The two primary measures of CPI are headline, which is the total inflation rate experienced by households, and core CPI, which excludes volatile food and energy prices.

Core CPI rose 0.3% month over month in September, the same as in August. Year over year, core inflation was up 2.6%, faster than the 2.4% rise from the month prior.

Economists expected core CPI to rise 0.2% month over month and 2.5% year over year.

Prices for recreation, used cars and trucks, education, airline fares, medical care and apparel were higher, while communications costs were slightly lower.

With the September CPI report on the books, we looked at what economists, strategists and other Wall Street experts are saying about the data and what it means for the Fed and the economy. These outlooks, edited at times for brevity, are below.

What Wall Street thinks about the September CPI report

"Chairman Warsh advised market participants to focus on the trend and not the incremental data. September CPI leaves intact the upward trend in core prices over the last 6 months. At the margin, it bolsters the case for a hike at the October FOMC. However, we think the bigger picture is the balance of risks. The economy is growing strongly so the FOMC can place more emphasis on the inflation mandate." - Brad Conger, Chief Investment Officer at Hirtle & Co.

"Today's warmer core CPI release bolsters the case for additional rate hikes, but recent dovish Fed-speak from New York President Williams and Governor Jefferson suggests that the bar is high for an immediate hike. In our view, September's print was likely not sufficient for the Fed to execute back-to-back increases at the October FOMC meeting. The steady rise in long yields has increased corporate/consumer borrowing costs and tightened financial conditions alongside the Fed's move, meaning the bond market has been doing some of the heavy lifting for the Fed." - Jeff Schulze, Head Investment Strategist at Franklin Templeton Institute

"Wednesday's CPI was stronger than expected, and it's clear as ever that inflation is stubborn and moving in the wrong direction. The inflation uptick is likely to lead the Federal Reserve to start a rate-hiking cycle. While we expect the Fed to pause on any rate changes in October, we expect rate hikes to resume in December and continue until June 2026. The Fed will not tolerate inflation at these levels and will apply the same playbook as it did in 2022 to keep it in check with a series of interest rate increases." - Skyler Weinand, Chief Investment Officer at Regan Capital

"Today's CPI report came in hotter than expected with September headline rising 0.649% MoM and core CPI increasing 0.335% MoM, versus expectations of 0.58% and 0.21%, respectively. With underlying inflation failing to cool, the September rate hike now looks like a start rather than a final move, and expectations for further rate hikes have increased. The Fed will remain data-dependent, but the focus now turns to October 28, where a second consecutive hike is firmly on the table." - Dustin Thackeray, CFA, Head of Portfolio Management at Crewe Advisors

"In our view, today's print puts the Fed's tactical breather priced into the market for October in question. With $100-plus crude adding friction to already sticky core prices, the latest data increasingly complicates the disinflation narrative and may limit the Fed's flexibility." - Tim Urbanowicz, Chief Investment Strategist, Innovator ETFs from Goldman Sachs Asset Management

"CPI came in hot and it wasn't just fuel prices, as core inflation ran at a 3.7% annualized pace in September and 3.2% over three years. The only surprise is that investors keep getting surprised by broad-based inflation. And we've yet to see the full impact of higher diesel prices and the AI boom. Another Fed hike to 4.3% looks likely this year, but that's hardly restrictive enough to bring inflation down to 2%." - Sonu Varghese, Chief Market Strategist at Carson Group

"Inflation is cooking with gas. It is abundantly clear where the inflation impulse originates, but two wars need to end before we get any relief. The Federal Reserve made the mistake of calling COVID-era inflation transitory, and now it appears they are set to make the same mistake in reverse on the energy supply shock." - Jamie Cox, Managing Partner for Harris Financial Group

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Only cash counts, and there are no carryforwards

Unlike traditional itemized deductions, you cannot deduct physical goods or appreciated assets under the new standard deduction rule.

Only direct cash contributions, including payments made by check, credit card, debit card, or electronic transfers, are eligible up to the $1,000/$2,000 cap.

According to IRS guidelines, the following remain non-deductible for standard filers:

• Appreciated stocks, mutual funds, or cryptocurrency
• Household items, like furniture and donated clothing
• Cars, boats, RVs, and other vehicles
• Real estate or personal property
• Volunteer out-of-pocket expenses and mileage
• Contributions made to donor-advised funds (DAFs) or private non-operating foundations

Additionally, your donation must be made to a qualified 501(c)(3) public charity. If your eligible cash giving exceeds the $1,000 (single) or $2,000 (joint) ceiling, the excess can't be carried forward to future tax years — a key difference from traditional itemized contributions.

You get tax savings, not a direct reduction of your bill

Because the non-itemizer charitable tax break is structured as a deduction instead of a tax credit, it lowers your taxable income rather than reducing your final tax bill dollar-for-dollar.

For example, suppose a joint-filing couple has an adjusted gross income (AGI) of $200,000 and claims the maximum $2,000 deduction in the 22% marginal federal tax bracket.

Note: This example reflects an oversimplified tax situation. Actual tax savings depend on individual marginal rates, other tax breaks claimed, etc.

As shown above, this new deduction reduces your taxes owed less than a tax credit would. However, taxpayers in states that use federal taxable income as a starting point — like Idaho, North Dakota, and South Carolina — may indirectly capture the new charitable tax break savings on their state income returns. Consult a qualified tax professional or visit your state's Department of Revenue website for more information.

Detailed tax records are still required for the new tax break

One common misconception is that claiming the standard deduction waives record-keeping requirements for other eligible tax breaks. But the IRS enforces the same substantiation rules for non-itemized charitable deductions as it does for itemized filers. According to issued guidance:

• For any cash donation: You should retain written communication from the charity, bank statements, canceled checks, credit card records, or electronic receipts indicating the charity name, date, and amount.
• For donations of $250 or more: You must secure a formal contemporaneous written acknowledgment (CWA) from the qualifying charity before filing. The receipt must state whether you received any goods or services in return and provide a good-faith estimate of their value.
• Document retention: Keep all supporting tax records for up to seven years after filing to meet IRS review timelines.

Tracking cash donations throughout the year takes a little extra effort, but maintaining the proper receipts may help you claim every dollar of the new deduction when tax season arrives.

How the new tax rules change your giving strategy

As Kiplinger reported, recent federal legislation made major changes to the charitable deduction at both ends of the income spectrum.

For high-income itemizers, the rules grew tighter: federal provisions now require itemizers to exceed a 0.5% AGI floor before gifts become deductible, while top-bracket earners face a 35% cap on tax benefits. Nonprofit analysts warn these upper-tier limits could dampen large-scale donations from high-net-worth taxpayers.

Yet for the 90% of American households claiming the standard deduction, the new law opens a path to tax savings. The tax break of up to $1,000/$2,000 for charitable giving expands financial incentives for lower- and middle-income households — the groups that historically donate the highest percentage of their income, according to industry reports.

So if you plan on claiming the standard deduction this tax season, here's how much you might expect to save with this new charitable deduction, depending on your 2026 federal marginal tax bracket:

• Single filers in the 10% to 12% brackets might cut their tax bill by $100 to $120, while joint filers could save $200 to $240.
• Those in the 22% to 24% tax brackets could save between $220 and $480 on federal income taxes.
• Taxpayers in the 32% to 35% tax brackets might find up to $700 in direct savings.

A non-itemizer deduction won't double your refund overnight, but if you're eligible, claiming the new benefit may ensure your everyday holiday giving lends tangible tax relief when filing season arrives.

Read More

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• How Charitable Donations Can Reduce Your Taxes
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Several (with a sense of humor) came up with mottos for their "disaster" that are hysterical, but we can't print them.

People who needed to have major home appliances — refrigerators, stoves, air-filtration systems — replaced with quality products but were given the run-around also called.

One told me, "We were referred to their own vendor's salespeople who had no product knowledge and would be happy to replace our item with a similar one that has a history of complaints and a high failure rate."

Sales presentation verified 'like with like' replacements

One couple had the foresight to record the sales presentation, which they played for me. They asked, "If you do replace an appliance, will it be the same or better than what we now have?"

The sales rep replied, "I have worked in insurance for years, and we do like-for-like replacements, which means, if not the same brand, it will be equivalent to what you now own."

That statement is likely false, as home warranty companies generally do not use "like for like" language in their contracts, but it sure sounds like a good reason to plunk down your money for what — often — is a bottomless pit.

"When they offered us junk as a replacement," the same couple said on our Zoom call, "our attorney played the recording for them, and all of a sudden, the company treated us correctly."

They, and others, suggested that an article could explain why it is important to establish a long-term relationship with people in appliance sales who consider themselves career professionals — in it for the long-term — and "not just after a quick commission, so you can obtain accurate and honest information."

Deal with a professional appliance salesperson

From people just starting out in life to families with children and grandchildren, the reality of homeownership is that, sooner or later, we all need to replace a fridge or other major appliance. When that becomes apparent, the first question usually is, "Where do I go for the best deal?"

I submit that is not the key question to ask.

Given the complexity and options available on today's washers/dryers, refrigerators, freezers, etc., guidance and personalized recommendations from a knowledgeable home-town appliance dealer's sales staff far outweigh saving a few dollars when buying from a "big box" store.

Often, if you ask a local dealer to match a price, they will.

Long-term, career appliance specialists offer customers distinct advantages, and I just happen to know two in my town — Adam and Ryan — who work at Urner's, a century-old, locally owned appliance retailer.

While Adam recently retired, my wife, Anne, and I considered him "our" go-to appliance guy because of the guidance he provided across the years. Now, Ryan is filling Adam's shoes.

I sat down to chat with them on this topic. Here is a summary of our discussion.

Adam: My job was never to just to sell you an appliance. I wanted to help you find the right fit for your specific lifestyle, kitchen dimensions, budget and so on. Especially with new customers, our interaction was all about having a meaningful consultation, not just quickly closing a sale. This means that I had to have, and customers need to probe, a salesperson's:

• Product and brand knowledge. How easy is it to use this washer? All brands have their own peculiarities that part-time clerks at a big-box store might not know, including details that could easily create issues for buyers, such as complex installation requirements, ventilation needs and warranty coverages.
• Long-term accountability. My business depended largely on referrals and repeat clients. If an appliance arrived damaged, or there were other issues, I would advocate for my customers to help bring about a positive resolution. I obtained so much new business because once the sale is made at many so-called discount stores, that's it! Customers could not count on the salesperson to help them resolve a problem.

When your fridge fails in the middle of summer

Ryan: I agree with all of Adam's points and will add something no one ever wants to see happening: Appliances fail at the worst times, and this past summer, so many did because of the heat waves.

With an established relationship, you don't need to drive to a showroom or research online, which be confusing. Instead, call your salesperson, explain what happened — and this is where the trust you have both developed pays off — they will find an appropriate replacement and jump through hoops to help you.

How to figure out who the career appliance salespeople are

In my experience of hearing complaints from customers of both big-box and independent appliance dealers, when employees are making a sale, they seem to care only about getting rid of inventory that earns them a commission or meeting a quota, and they often couldn't care less about after-sales support.

I recommend visiting showrooms that are run by independent dealers who carry a variety of brands. Ask to speak with the manager and just say, "May I ask for your help? I would like to speak with one of your career salespeople — someone who has been here for years."

That shows two things:

• You are a serious and informed customer
• You respect people who have one of the most challenging jobs — sales!

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

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

Their four adult children were all successful in their own right, but they didn't discover the full financial picture until they were in their 50s and early 60s, when their parents finally brought everyone together with an attorney and a financial adviser to review their estate plan.

This isn't an uncommon issue. According to Kiplinger's Trillion Dollar Talk survey, conducted by Morning Consult, more than half of parents ages 55 and older say they rarely or never discuss money with their children.

These parents hoped one child would step in to help manage the portfolio and that the others would take on roles like executor or trustee. Instead, the children left the meeting feeling frustrated and unprepared. They urged their parents to hire someone outside the family entirely.

The wealth wasn't the problem. The problem was that nobody had built the muscles for stewardship until the day they were suddenly required.

As a legacy planning specialist at Novare Capital Management, I think about preparing the next generation less like a single event and more like a curriculum, one where the lessons grow with the child instead of arriving all at once in a conference room.

Here's the road map I walk families through, stage by stage.

Elementary and middle school: Save, spend, give

The foundation starts simple: Help a child become intentional with every dollar they receive.

One family I worked with paired basic money lessons with a values-based twist. Each year, their three children picked a charity, researched it and presented why it mattered to them.

The child who showed the strongest research and conviction chose that year's family vacation destination, and every child still made their own donation, matched by the parents.

It turned saving and giving into something the kids competed to get right, and by the time they were adults, they brought that same confidence into estate planning conversations instead of feeling overwhelmed by them.

A savings match works the same way. If a child saves a dollar, the parents contribute 25 cents. It's a small practice, but it introduces the idea of matching contributions years before that child will encounter an employer 401(k) match.

Whatever structure you use, keep the terms consistent and let the child retain some control, including the freedom to spend within clear guidelines.

High school: Real costs, real stakes

Teenagers need lessons that move from abstract to practical. If you started a savings match earlier, high school is when a teen can begin contributing a percentage toward bigger costs, such as a car, a musical instrument or sports equipment.

That shared stake teaches delayed gratification in a way allowance never will.

This is also the right window to introduce responsible credit use, while the teen still has parental guardrails at home rather than encountering credit for the first time during their freshman year of college.

For investing specifically, I like mock trading exercises that let teens experience real market swings without real money on the line.

Investors with a Schwab brokerage account can use paperMoney, a free virtual trading platform, to practice buying and selling with fake money. It's a lower-pressure way for a teen to get comfortable with market swings rather than jumping straight into a real account, like an UTMA a grandparent funded with $10,000, where mistakes carry real consequences.

One mistake I see often: Trying to get a 16-year-old to care about retirement, which is too abstract at that age.

The more effective play is teaching the underlying skills, delayed gratification, budgeting, paying yourself first and comparing fees and providers, since those transfer directly into retirement readiness later without requiring a teenager to care about something that's 50 years away.

The 20s: Building independence without a safety net

Young adults need a budgeting approach that covers both savings and debt at the same time. That means understanding high-yield savings accounts, prioritizing high-interest debt paydown and building an emergency fund that can cover three to six months' worth of expenses.

This lesson is more important than many people realize: If parents become the automatic backstop for every setback, that precedent is hard to undo later.

This is also the age to talk through what support looks like if that emergency fund isn't enough. If an adult child needs to move home for a few months, will they pay rent or contribute to groceries? Is there an end date?

Working out those terms before a crisis hits keeps the conversation feeling like a plan instead of a rescue.

30s and beyond: From teaching to partnership

Once adult children reach their 30s, the goal shifts from teaching habits to preparing them for real roles in the family's financial future.

If regular family meetings haven't started yet, this is the time, and I recommend starting with a "ground rules" session rather than a numbers session: How does this family want to communicate about wealth going forward?

You don't need to open the full balance sheet to have this conversation. Plenty of families aren't ready to disclose the size of an estate, and that's fine. Disclosure comes later.

What matters first is whether the family has built the communication and trust to handle it when it does.

Four signs your children are ready for more

Age is a poor predictor of readiness. What I look for:

• Can they explain where their money went and why?
• Do they consistently save before they spend?
• Can they compare options and ask questions before making a decision?
• When they make a financial mistake, do they learn from it instead of hiding it or expecting someone else to fix it?

Those four behaviors tell you more about a child's readiness to handle money than any birthday will.

Let's revisit the family I opened with. Their children weren't incapable — they were simply never given the stage-by-stage practice that would have made a room full of legal documents feel familiar instead of overwhelming.

You don't need a perfect plan or a full disclosure meeting to start. You need one honest conversation at whatever stage your kids are at right now — and a willingness to keep having it as they grow.

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• Will Millennials' Attitude Toward Money Put the Family Wealth at Stake? A Wealth Adviser Explains How Families Can Find Common Ground

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.

We promptly took our then-3-year-old to Jamaica. This was the inflation liftoff.

An eagerness to spend, a money supply that was about 30% higher than pre-pandemic levels and supply shortages from shuttered factories quickly caused prices to accelerate.

If you'd told me then that I would still be writing about inflation five years later, I would have been seriously concerned. But here we are.

We have now been through what most consider an interest rate-cutting cycle that was cut short. We also have a new Federal Reserve chair, Kevin Warsh, who has been (not so) tacitly tasked with cutting rates at the same time inflation has reawakened.

The two things are at odds: Raising rates is supposed to cool inflation by making things more expensive, while cutting rates is stimulative to the economy and often inflationary.

The majority of this inflation is headline inflation (food and energy), caused by the oil shock in Iran. Because of this, the market had moved from a less than 1% chance of a rate hike at the beginning of 2026 to an almost 45% chance as of mid-May.

Indeed, in September, the Fed raised the federal funds rate by 25 basis points, to 3.75% to 4%. The Fed is expected to raise the rate again before the end of the year.

So, here's what that means for retired folks.

A bounce back in cash rates

It doesn't seem that long ago when cash was paying basically nothing. More recently, you could get cash equivalents over 5% in a high-yield savings account.

Today, most things have settled in the mid-3% range. In the 5% range, it was a pretty easy decision for retirees who needed liquidity to keep it in cash.

In the 3% range, it's a tougher question. That question is a bit easier to answer now that the Fed has hiked rates.

If you still have a lot of cash sitting in a checking account at a large bank, there is probably a better way.

Most brokerage houses have a plethora of cash-equivalent options that pay significantly more.

Good for guaranteed income

Similar to cash equivalents, guaranteed income in the form of fixed annuities tends to move up with interest rates. The higher the rate environment, the more an insurance company is willing to pay you for the same pot of money you turn over to them.

In the previous hiking cycle, we were able to replace the majority of our clients' annuities with higher income guarantees — often significantly higher.

If you have an annuity issued between 2000 and 2022, it's worth having it looked at.

Time to de-leverage

When rates rise, floating-rate loans become more expensive.

For our clients, floating-rate loans most often take the form of home equity lines, securities-backed lines of credit and adjustable-rate mortgages. If you have floating-rate debt and some money in the bank, it may be a good time to pay down those debts.

My wife's car lease ended in 2022, and we were quoted rates of 9% or more for five-year car notes. Though it shouldn't be anything like last time, this is a strong argument for buying vehicles in cash should the funds be available.

I often use 5% as a sort of back-of-the-envelope line in the sand. If the note is over 5% and you have the cash, you probably want to do that. Below 5% and financing likely makes sense.

Your financial plan should dictate this decision. In our software, we can raise the rate and then see what happens to the plan success rate if a client were to accelerate the paydown. You can play around with that same software for free.

Continued struggles in the broader housing market

If you were waiting for mortgage rates to come down to bring more buyers into the pool for your home, you'll either have to keep waiting or pull off the Band-Aid and sell.

Nationally, the housing market is struggling. There are many more sellers than buyers. It's the opposite of the insane environment coming out of the pandemic.

However, real estate is hyperlocal, and we have clients who are selling their homes with little issue.

Zooming out, higher rates are bad for the housing market. Buyers focus on what they can afford in a monthly payment more than the total price.

As interest expense goes up, that same monthly payment buys less, which should bring down housing prices.

It's good for buying, but not so good for selling.

How you can help your kids if they're trying to buy a home

Just as the pool of buyers for your property is now reconsidering a purchase, your adult children who are trying to get into the market are probably equally frustrated.

In 2022, someone who took on a $1 million, 3% mortgage was paying $2,500 per month in interest expense. Today, that same loan amount at 6.5% has a monthly interest expense of about $5,400. That's $2,900 more per month for the same loan amount.

There are a lot of factors to consider before writing a large check to your kids to help them buy a home.

Here are a few to keep in mind for intrafamily loans:

• The loan must not materially impact your situation: While this is a secured loan and you could take ownership of the home should they default, that is an ugly situation. Lend only money you know you don't need.
• This is an actual loan, not a gift: Interest must be charged at a minimum federal rate, which can be referenced at the IRS website.
• Lending money can make Thanksgiving dinner uncomfortable: This isn't just a math problem. You have to accept that you are signing up for a long-term financial arrangement within your family. For some, that's a plus; for others, it's a red line.

If the stars align, these loan rates will be lower than what your kids could get in the market, and the interest you earn will typically be higher than what you're earning at the bank.

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• Four Things to Consider Before Giving Your Kid a Down Payment

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.

This time, we hear from a 69-year-old mechanical engineer in the aerospace industry. He has been with his partner for 35 years and lives in Los Angeles, having moved there from Cleveland after college. He reports he started in the defense industry in 1979 with a salary of $15,000. He now brings in $220,000.

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?

All of my money was made $1 at a time. I am the classic "millionaire next door." I started saving in the company saving plan with my first paycheck at age 22 and never stopped.

When the savings plan stopped, and a 401(k) plan was introduced, I put the savings account value into an IRA with some lower-cost equity mutual funds (ETFs did not exist at the time).

I have always maxed out the company savings / retirement accounts.

The company also had a defined-benefit pension plan. For the first eight years, I contributed only to the company savings plan, trying hard to save up for a condo down payment.

I purchased a condo in 1986 and continue to live in the same condo today. After the condo purchase, I contributed to the company pension plan until it was terminated.

A company ownership change along the way required a divestiture of my work group to a second, smaller company. To retain the engineers, that company instituted a deferred-salary plan modeled after the earlier company's defined-benefit plan, so I was able to retire from that second company at age 56, start that "pension" payout and continue to work at a third company in the area.

I have invested most every dollar of that "pension" over the years in the stock market in low-cost funds.

Along the way, at age 45, the second company offered a long-term care insurance plan through MetLife. I signed up for that LTC plan for a five-year benefit with two riders: A 5% inflation rider and a 50% annual premium reduction starting at age 65. MetLife does not offer this plan anymore, and I have been told that it is an excellent plan.

When I was growing up in Cleveland, my parents needed to purchase too many cars — I remember at least eight — because of the corrosion from salty winter roads. I was determined to use the nice weather in Southern California to pare back that number of cars. I am currently on my fourth car — hopefully my last.

I have had each car for at least 10 years and 100,000 miles. None of my car loans exceeded 36 months.

I cook most all of my meals from scratch over the weekend, then live on leftovers during the next week. Sometimes, I dine out with friends on weekends as a treat.

When Roth IRAs became available, my salary for years was under the maximum contribution threshold, so I used extra cash to fund that account, along with a brokerage account.

Eventually, my salary consistently went over the Roth contribution limit, so I did some Roth IRA conversions along the way.

I achieved my first $1 million around age 50 in 2007, as the economy began to slide into the Great Recession.

I have continued to work as a mechanical engineer (my dream occupation since I was a child) to this day.

I have delayed starting Social Security until its value maximizes at age 70.

My current balance in the retirement plans is just under $6 million(!), and my net worth is about $8 million. The retirement plan balances are about equally split between traditional IRA, Roth IRA, brokerage account and 401(k) plans.

What are you doing with the money?

Having made extra payments on the condo loan over the years, the balance was low, but I wanted to end the mental stress of making the payment each month, so I paid off the condo loan. I have invested the freed-up cash over the years into the stock market.

I had a small balance on my car loan at the time, as well as a small credit card balance, so paid those off, too.

To this day, I continue to have credit card balances under 5% of my credit limit.

I pay for daily purchases with cash, a debit card or backfill the credit card after making a purchase to get the cash points.

The Fun Stuff

Did you do anything to celebrate?

I shared a steak dinner with my partner. I also purchased a Rolex sports watch. I wanted one since I was a child.

What is the best part of making $1 million?

I come from a low-income blue-collar family that had just enough money to live on. Making the decision to begin the investment process in my 20s and watching that balance grow over time was rewarding.

Did your life change?

Retirement savings gave me peace of mind; it provides options to "live and give like no one else" later in life.

My estate will split the balance of the traditional IRA and 401(k) plans and give that money to my alma mater and a local community college.

Does anyone know you're a millionaire?

My partner of 35 years knows. He is financially comfortable, too.

Any plans to retire early?

I have decided to work for a few more years, though I do not know how many. I realize that I have excess retirement assets and do not need to work.

Mechanical engineering is physically easy and provides intellectual stimulation, socialization and daily structure.

Healthcare through the company is better and less expensive than Medicare.

Looking Back

Anything you would do differently?

I would have focused more on Roth IRA conversions to whittle down the IRA balance subject to income taxation at age 73.

Also, the stock market swoon during the Great Recession tested my mental fortitude. In hindsight, I could have taken out a HELOC loan on my condo for $100,000, put that into equity ETFs and doubled or tripled the return on that money, but I did not feel confident in work prospects at the time to do so.

What advice would you give to your younger self?

Remember not to panic when the stock market swoons. Market swoons come along naturally, and the published rate-of-return numbers include the effects of these down markets.

If you take out the money in a panic, you upset that compounding math.

Trust the math! Take advantage of these down market periods and continue to invest.

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

Back around 1980, the Wall Street Journal began a weekly column on personal finance. I put into practice the tips I read about in that column.

Today, I would advise people to search for personal finance videos on YouTube. There is a wealth of information there. I find videos from Alex Finance to be particularly helpful to show how $100 a month automatically transferred to an investment account can compound to an enormous amount at retirement.

Did you work with a financial adviser?

My current employer uses TIAA to administer the retirement plan. I heard that Elizabeth Warren (D-MA), of Harvard Law School, has her retirement money with TIAA. Hearing that was good enough for me!

When my investments reached about $2 million, I wanted some help on managing the investments and wanted the investments behind a "firewall," so I moved all of my retirement money into a TIAA professionally managed trust account.

This structure has worked out well for me for a decade.

Did anyone help you early on?

The program manager at my first employer was self-made and was approachable for investment guidance. He said, "Put a small amount of your money into the stock market. Emphasize large companies." I followed his advice.

Looking Ahead

Plans for your next $1 million?

I will eventually retire and take some higher-end cruises with my partner.

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

Start the investing process with your first paycheck and make it automatic. After two paychecks, you will not miss the money.

The amount can be very small, since you have 40-plus years for those contributions to compound.

I have been told that contributing to a health savings account (HSA) is now the best when starting a career, due to flexibility and tax savings, and I probably would invest in that if starting out now.

Do you have an estate plan?

I have a will, power of attorney, healthcare power of attorney and a revocable trust as my estate plan.

How have you balanced immediate vs delayed gratification over time?

The investment process rewards delayed gratification — a concept that younger generations have difficulty learning these days.

What do you wish you'd known …

When you first started investing? I would have biased my contributions even more toward equities in the beginning.

When you first started working with a financial professional? Financial advisers take fees. TIAA takes 0.9% of the first $1 million managed, then lesser percentages as assets increase out to $5 million.

When you first started saving? That I had made the correct decision to begin saving in the first place. I learned over the years that you need to make every decision as good as you possibly can, given the information available at the time.

You will not know which decisions in life were pivotal until years or decades after the decisions were made.

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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