Author: Maurie Backman

If you’re in your 50s and carrying credit card debt, you’re far from alone. Experian says that, as of 2024, Gen Xers owed an average of $9,255 on their credit cards.

Let’s say you’re 54 years old, roughly a decade away from retirement, and owe $41,000 on a handful of credit cards. That debt may be costing you a boatload of money beyond your principal. As of early April, the average credit card annual percentage rate (APR) is 24.23% — and if you don’t get ahead of your large balance, you could end up in a truly dire financial situation.

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That said, if you’re only earning, say, a $70,000 annual salary, you may only have so much money to allocate to your debt. Throw in some valid concerns about a recession — which may be the case in light of recent tariff policies — and you may be inclined to prioritize boosting your savings over paying down debt. That way, if you end up out of a job, you might at least manage to avoid adding to your debt.

Tariff policies have the potential to disrupt the economy and cost businesses money, and if companies can’t afford their payrolls, we could see a widespread increase in unemployment.

Tariffs also have the potential to cost consumers money, which could lead to a pullback in spending. In light of this, Goldman Sachs economists are putting the likelihood of a near-term recession at 45%.

But should your savings come first at a time when recession fears are high? Or should your debt come first? Here’s how to decide.

The case for prioritizing high-interest debt

The problem with letting credit card debt linger is that you can end up spending a lot of money on interest. If you owe $41,000 on your various credit cards and it takes you five years to pay off your balances, at a 24.23% APR, you’re looking at spending a little more than $30,000 on interest alone.

If you’re able to whittle down your balances a bit in the coming months, in addition to savings on interest, you may be looking at lower monthly payments later on in the year. If a recession hits at that point, your debt might be easier to deal with.

There are a couple of different tactics you can use to pay off credit card debt. The “avalanche method” has you tackling your debts from highest interest rate to lowest, while the “snowball method” encourages you to tackle your debts from smallest balance to largest.

Each has its advantages, and both can be effective. The avalanche method can save you more money on interest — which can go a long way when you’re dealing with expensive credit card debt. However, some people find the snowball method keeps them motivated by allowing them to enjoy small wins on the road to being completely debt-free. You’ll need to think about which method works best for you.

Another option is to see if you qualify for debt consolidation. If you move your credit card balances into a personal or home equity loan with a much lower interest rate, that could be a huge source of savings. And it could enable you to be debt-free sooner.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

The case for prioritizing your savings

Paying off debt can be a source of savings. But if you’re worried about losing your job in the near future, you may want to prioritize your actual savings.

A U.S. News & World Report survey revealed that as of earlier this year, 42% of Americans are without an emergency fund. But if you don’t have savings to fall back on and you lose your job, you could end up getting deeper into debt — that is, if you’re even given that option.

If you already have $41,000 in credit card balances, you may be pretty maxed out. And if your credit cards are maxed out, chances are, your credit score isn’t in the best shape, which means you may not qualify for a new loan if you need one.

So, if you don’t have enough money in the bank to cover at least a three-month period of unemployment, you may want to focus on building some emergency cash reserves and tackle your debt afterward.

Once you’ve socked away enough money to float you for three months, if all this economic uncertainty starts to temper, you can start thinking about shifting your focus back to your debt.

Of course, your situation may not be so black and white. You may want to speak with a professional financial advisor to make sure you’re prepared for all possibilities.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When you visit the doctor, you trust their expertise — and their intentions. But sometimes, a simple checkup can turn into a financial nightmare, with unexpected tests and sky-high bills that leave you drowning in debt.

Medical debt is a crisis in the U.S., with Americans owing a staggering $220 billion as of 2024, according to the Kaiser Family Foundation (KFF).

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Even with insurance, routine visits can spiral into thousands of dollars in out-of-pocket costs. Roughly 14 million people owe more than $1,000 in medical bills. So, knowing your rights and taking proactive steps can protect both your health and your wallet.

What to do if you’ve been overcharged

Being proactive is the best way to avoid overly expensive medical bills. However, if you’re already with a medical bill you can’t afford, there are steps you can take.

1. Know your rights

The No Surprises Act, which took effect in early 2022, protects you from surprise bills for emergency services and some non-emergency services. Generally, you are not responsible for out-of-network costs when receiving emergency treatment or certain other services.

If you believe the No Surprises Act has been violated, file a complaint with the Centers for Medicare & Medicaid Services or call the No Surprises Help Desk at 1-800-985-3059.

2. Request an itemized bill

If your bill isn’t covered under the No Surprises Act, ask for an itemized statement before paying. A 2022 KFF study found that 43% of adults reported receiving a medical or dental bill they believed had errors.

Compare the bill with the explanation of benefits (EOB) from your insurance provider. EOBs outline what your insurer has covered and any remaining balance you owe. You can often access your EOB online through your insurer’s website or app. If discrepancies exist, contact the provider and your insurer to resolve them.

3. Negotiate or set up a payment plan

If you do end up having to pay a large medical bill, you still have options. A 2024 JAMA study found that nearly 62% of people who requested reductions on unaffordable medical bills succeeded, while 74% of those disputing an incorrect bill got it corrected.

It’s also a good idea to seek out a patient advocate to negotiate a medical bill on your behalf. Some employers provide this benefit to employees.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How to avoid costly medical bills

Your best way to handle medical bills is to avoid unnecessary expenses. Even when care is necessary, you have the right to know what they cost.

Ask questions before receiving care

For routine visits, ask your doctor or hospital staff about the cost of recommended tests or treatments. Since January 2021, hospitals have been required to provide clear pricing online for the services they provide.

Understand your insurance coverage

Review your insurance policy to know what’s covered, as some procedures or tests may require prior authorization. Failing to secure this approval can leave you responsible for the full bill. Also, familiarize yourself with your deductible — the amount you must pay before insurance starts covering costs. For example, if your deductible is $3,500 and your doctor orders a $3,100 test, you’ll likely have to pay the entire amount.

Evaluate necessity and alternatives

There’s also nothing wrong with questioning your provider as to how necessary a given service is and whether there’s a cheaper alternative. For instance, an ultrasound may provide adequate results at a lower cost compared to an MRI.

Know that you can say no to a given medical service. It’s called an informed refusal. Your provider may ask you to sign a document confirming your refusal, but this is within your rights. For high-cost treatments, consider seeking a second opinion before proceeding.

By staying informed and advocating for yourself, you can minimize the financial burden of medical care and avoid unexpected expenses.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in great wealth. How to get in now

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Redfin puts median asking rent in the U.S. at $1,610, so if you’re paying $2,000 a month in rent, that doesn’t seem so out of line – especially if you live in a city with higher rent prices, or if you’re renting a larger unit because you need more than one bedroom.

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Housing is the largest expense for Americans. But if you’re spending $2,000 a month on rent and your take-home pay after taxes is only $4,000, you may be in a position where it’s tough to impossible to cover your remaining bills.

The popular 50/30/20 budgeting rule says 50% of your take-home pay should cover your needs, 30% should go towards wants and 20% is for savings and debt repayment. However, such guidelines are not realistic or wise for everyone, so don’t worry if you can’t meet those goals.

Your situation isn’t hopeless. But some changes may be in order so that you don’t fall behind on either your rent or your non-housing expenses.

How to cope when rents are high

One thing you can do is create a budget for yourself and try to identify areas you can cut back on. You can use one of several budgeting apps available to make this process easier.

Housing may not be one that immediately comes to mind. But if you live in a walkable area, it may be possible to get by without a car and rely on buses and the occasional rideshare.

AAA puts the average cost of owning and operating a new car at $1,024.71 per month. But even used vehicles can be expensive to own and maintain. So if you’re able to unload that expense, it could help.

You can also look into getting a side job to boost your income. However, if you’re 32 with two kids, your children may be on the young side. And that means childcare costs could eat into your side hustle profits. So you may want to focus on opportunities you can do from home, like data entry.

You can also see if your state has a rental assistance program you can apply for. You may, for example, be eligible for subsidized housing. Contact your local public housing agency to find out more.

Finally, do some research to see if moving to a different neighborhood results in lower rent prices. If you have children in school, moving may not be easy, as it could mean having to switch districts. But if you’re struggling to keep up with your bills, it may be your only choice for the time being until your income increases or other costs of yours start to go down.

Once you feel like you’re covering your basic costs, focus on building an emergency fund that will protect you from taking on debt in the future.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Why so many Americans are rent-burdened

An estimated 21 million renter households in the U.S. are cost-burdened, says the U.S. Census, meaning they spend more than 30% of their income on rent. That represents nearly 50% of all renter households based on 2023 data.

Rents soared after the pandemic, and the reason largely boils down to limited supply and high demand. According to Zillow, the U.S housing shortage grew to 4.5 million homes in 2022, up from 4.3 million the year before. "This balance reached a tipping point when the Great Recession ushered in a decade of underbuilding and millennials — the biggest generation in U.S. history — reaching the prime age for first-time home buying. The result has been worsening affordability, now exacerbated by stubbornly high mortgage rates," it said in a press release.

The National Low Income Housing Coalition recently said the U.S. has a shortage of 7.1 million affordable housing units. Only 35 affordable and available rental homes exist per 100 extremely low-income renter households.

The good news is rents have been gradually decreasing over the past year and a half. The bad news? This makes multifamily housing less appealing to investors, according to Realtor.com, which could result in lower rental unit inventory going forward and, in turn, cause rent prices to go up.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

It’s natural for some people to want to be as charitable as they can afford. But at what point do we stop helping ourselves and invest in others?

Daniel from Oklahoma wrote The Ramsey Show to explain a dilemma he was having. He claimed his church told its members not to focus on investing in retirement but investments toward the church instead, and was wondering if it was a good idea.

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"If they said this, this is not biblical," co-host Ken Coleman responded in a clip posted April 13.

"Change churches if someone’s doing this," Dave Ramsey added.

Both of them, however, emphasized the "if" in their responses. Here’s what Ramsey, an evangelical Christian himself, had to say about tithing to the church.

When the concept of charity goes too far

Ramsey stated he supports tithing to the church — the practice of donating one-tenth of a person’s income to a religious organization.

However, according to Ramsey, you can’t tithe more than 10%, because the word itself means "tenth."

"Anything above that is called an ‘offering’ to support … the community work that the church is doing," he said. "There’s nothing wrong with that.”

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Ramsey also pointed out that it’s perfectly fine to save for our own needs, including for retirement.

"Wise people save money," he insisted was a biblical lesson.

Ramsey cautioned that Daniel may have misinterpreted his church’s message. However, if his description was accurate, Ramsey says it sounded like a money grab.

How to balance savings and charity

There’s a lot of pressure on Americans today to save for retirement. Ramsey Solutions suggests that workers aim to save and invest 15% of their gross income for their golden years.

But it’s hard to do that and donate 10% of your income while also covering your needs at a time when living costs are so high.

That’s why it’s important to strike a balance. After all, faith and finance don’t have to be at odds. Ensuring your needs are taken care of before being charitable with your money doesn’t make you selfish — it makes you practical. It can be a good idea to set up a budget that prioritizes your needs but also leaves room for charitable giving.

Often, you can give to charity without hurting yourself financially or causing undue stress. If you’re compromising your financial security or well-being, then you may need to rethink your approach to charitable giving and scale back.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in great wealth. How to get in now

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Planning for retirement is something that’s best to do throughout your career, not just when you’re approaching that milestone and have a year or two left to work.

Only half of Americans have tried to calculate how much money they’ll need in retirement, according to a 2024 survey by the Employee Benefits Research Institute (EBRI).

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However, among those workers who did the calculation, 52% were inspired to save more. Even if you feel confident in your ability to cover your retirement expenses, it’s important to be mindful of hidden costs that could impact your retirement finances. Here are three to keep on your radar.

Healthcare expenses not covered by Medicare

Fidelity Investments expects the typical 65-year-old to spend $165,000 on healthcare during retirement. That may sound surprising, but even with Medicare coverage, several expenses could arise.

For one thing, Medicare isn’t entirely free. Most enrollees don’t pay a premium for Part A, which covers hospital care. However, Part B, which covers outpatient care, charges a monthly premium, as do some Part D drug and Medicare Advantage plans. Plus, higher earners risk surcharges on their Medicare premiums.

Premiums aside, there are a number of expenses that original Medicare (Parts A and B plus a Part D drug plan) does not cover, which retirees commonly need. These include dental care, eye exams, prescription glasses and hearing aids.

You’ll also face copays and coinsurance under Medicare that you must pay out of pocket. If enrolled in original Medicare, you can buy supplemental insurance known as Medigap to help offset those costs. But then you’re looking at premiums for Medigap, too.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Long-term care

It’s a big misconception that Medicare will pay for you to live in a nursing home or cover the cost of a home health aide. Medicare’s scope of coverage is typically limited to medical issues only. So while Medicare might pay for rehab or physical therapy because you broke a hip, it won’t pay for a home health aide because you’re getting older and need help dressing yourself and using your kitchen.

Meanwhile, the cost of long-term care can be astronomical. According to Genworth, here are the annual median costs for certain long-term care services in the U.S. for 2024:

Home health aide: $77,792

Assisted living: $70,800

Shared nursing home room: $111,325

Private nursing home room: $127,750

One option for defraying these costs is to buy long-term care insurance. But that might bust your budget, too. The American Association for Long-Term Care Insurance says an average $165,000 policy with no inflation protection purchased at age 55 by a single male costs $950 a year. For a 55-year-old female, that policy costs an average of $1,500. And for a 55-year-old opposite-gendered couple, the average price is $2,080 combined.

Of course, the actual cost of long-term care will depend on factors such as where you’re located, your age at the time of your application and the state of your health. But all told, you might spend a lot of money to put that coverage in place.

Inflation

In recent years, retirees and working Americans alike have experienced their share of rampant inflation. But even when inflation isn’t as aggressive, it’s still a hidden cost that can upend your retirement budget.

Social Security benefits are, thankfully, designed to keep up with inflation. They’re eligible for an annual cost-of-living adjustment tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers, a subset of the more widely known Consumer Price Index.

But ensuring that your savings can keep up with inflation is also critical. One way to do this is to avoid eliminating equities from your portfolio in retirement. You need some growth in your portfolio to make up for rising living costs. You can work with a financial advisor to develop an appropriate asset mix based on your income needs and risk appetite.

A financial advisor can also help set you up with assets in your portfolio that generate income. These could include dividend stocks, bonds and real estate investment trusts (REITs).

It could also be a good idea to delay your Social Security claim past your full retirement age, which is 67 for anyone born in 1960 or later. For each year you do, until age 70, your benefits rise 8%. And that boost is guaranteed for life.

Having a larger monthly benefit gives you more leeway to tackle not only inflation, but also surprise medical and health-related expenses. So it’s a move worth considering if you don’t need to sign up for Social Security sooner.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in great wealth. How to get in now

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Homeowners’ associations (HOAs) are fairly common across the country. In fact, about 77 million Americans — or about 23% of the population — lived in a community overseen by an HOA in 2024, according to the Foundation for Community Association Research.

The research group also reports that HOAs collected an astounding $120.9 billion in dues from U.S. homeowners last year alone. But if you’re going to pay your HOA dues, you want something in return.

Typically, that “something” is reliable property maintenance and regular upkeep of different amenities. A group of “fed up” Houston homeowners, however, had to turn to news outlet KHOU for help when their HOA didn’t live up to its end of the bargain.

A group of residents at London Townhomes went to the media to share stories of "poor maintenance in their condo community and ineffective leadership."

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The root of the conflict between London Townhomes residents and their HOA

Residents at London Townhomes claim their HOA has not been doing its job — and it’s been an ongoing issue. They say various maintenance issues continue to persist going on more than two years now and the HOA has been largely non-responsive.

One resident called the situation "extremely frustrating and difficult." She added, “according to our bylaws, the owners are supposed to be mostly in charge of the association… but that hasn’t happened in the past two-and-a-half years."

Not only have the HOA president and board been unresponsive to residents of London Townhomes, but KHOU reached out to the HOA president and got no response. A reporter from the news outlet even went to the president’s door in an attempt to get answers, without success.

A year before KHOU was contacted, a meeting was held between the HOA and residents, and things got physical. Video footage of the meeting had someone shouting, “is that a threat?” However, that meeting didn’t result in any progress either, and maintenance tasks remain neglected.

Continuing grievances

The HOA finally held another meeting in late April after residents signed a petition and one filed a lawsuit in Harris County civil court.

KHOU spoke with a rep from the HOA’s management office who referred to the meeting as a productive one. However, that person also disputed residents’ various claims and said that maintenance issues are typically addressed "as quickly as possible."

However, the tense situation at London Townhomes is hardly an isolated incident.

"The courthouse is full of lawsuits filled with HOA disputes," real estate attorney Richard Weaver told KHOU. Weaver has no connection to London Townhomes but recommends that anyone having HOA issues study their bylaws, which are typically supported by state law.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

What to do when your HOA doesn’t do its job

Aside from the obvious — not getting your money’s worth if the property is neglected or poorly-maintained — the lack of consistent care and attention may cause the value of your home to decline. That could present a problem in the event you decide to sell it one day.

HOAs have a contractual obligation to do certain maintenance tasks. So, if your HOA isn’t stepping up when it’s supposed to, it’s important to take action.

First, read your HOA’s bylaws to understand its obligations. Next, ask the residents of your community to show a sense of unity and reach out to the HOA informing them of issues and demanding that they be addressed. Keep a paper or email trail — even screenshots — of all communications and relevant dates, and be persistent.

From there, you have several options. You could file a complaint with the HOA board. You could also seek to remove one or more members of the HOA board if they’re not doing their job.

If these measures fail, you could rally your fellow residents and file a lawsuit against the HOA on the basis of negligence or not performing its duties. Typically, you’d need to engage the help of a real estate attorney for situations like this, though, and there may be additional costs you and your fellow residents incur. However, you can also sue to have those costs recouped.

Although lawsuits can be time-consuming, NOLO reports that many lawsuits are settled before going to court. So, if your HOA is unresponsive, your best bet may be to initiate a suit simply to get its attention and prompt a response.

To be clear, it’s not just a failure to make repairs that may lead to a lawsuit against a HOA. It can be guilty of other violations, from misusing funds to discriminating against certain members of your housing community.

It’s important to study your HOA’s rules so you know what rights you have, and to take action when they’re not being upheld.

Though it can be a painstaking process, it may be a worthwhile one — especially as it may set a precedent for the future.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in great wealth. How to get in now

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Being a stay-at-home parent can often be a thankless job.

From the moment you get up in the morning, to the moment you go to bed, you’re either chasing after a child, preparing meals or doing some sort of household task — many of which involve scrubbing food particles off of a surface or item of clothing.

And the worst part? At the end of the week, there’s no paycheque to look forward to.

That’s what inspired Amber Aubrey, a mom of two, to start charging her husband for the unpaid labor she performs around the house. She documented her decision in a hotly debated TikTok video that has since racked up over 4.2 million views.

"Ultimately, it does kind of make me the breadwinner in my household," Aubrey said in the video.

Why this stay-at-home mom wants a paycheck

The labour stay-at-home parents do has real value — and researchers have actually put a price tag on it.

Beike Biotechnology found that stay-at-home parents of two children do about 200 combined hours of unpaid labour each month.

For Aubrey, charging her spouse for her duties boils down to feeling like she deserves financial recognition for the work she contributes. That’s why she bills her husband $2,700 a week for the work she does.

"If he wants to save money, he can help me do any of these tasks," she said.

Here’s a breakdown of Aubrey’s workload and the amount she charges:

• $20 per load of dishes (two to three times daily, five days a week)
• $140 for weekly laundry
• $120 for weekly bathroom cleaning
• $100 per floor cleaning (two to three times daily, five days a week)
• $800 weekly homeschool instruction for two kids
• $150 for weekly pickups and drop-offs
• $75 per weekly grocery run
• $50 for five weekly lunches and dinners
• $200 for weekly breastfeeding
• $50 weekly for sweeping

Many TikTok viewers were quick to applaud Aubrey for her bold stance.

"Know your worth, then add tax," wrote user K Briggs.

"I 100% support this," added another user named Niklovin. User Sharna Louise also chimed in: "This is the best video I’ve seen on the internet; ever!"

Aubrey’s video even resonated with some male viewers. A TikTok user named gesseppiimuhseppe said, "Listen, as a guy, I’m here for this. I think most [of] these men need to be aware [of] how much their wives do."

How couples can address “invisible labor”

Invisible labor is something stay-at-home parents take on regularly — and issues can arise when that work goes unacknowledged.

It’s not just the physical tasks that matter. There’s also the mental load — the planning, scheduling and decision-making that comes with managing a household and raising children.

Of course, not every household follows the traditional gender roles. But data from the University of Wisconsin-Madison finds that women still spend twice as many hours doing physical housework than their male partners.

Weight of the world

It doesn’t stop there. Allison Daminger, an assistant professor of sociology, found in her research that in 80% of opposite-sex couples, women shoulder most of the cognitive labor — things like managing family calendars, planning meals and checking on homework.

In 2019, Statistics Canada estimated the economic value of unpaid household work at $860.2 billion. Plus, there are commodities required to execute such unpaid labour.

That’s why couples need to have open discussions about how to financially support and recognize the stay-at-home role. That doesn’t have to mean every household needs to itemize tasks like Aubrey does.

But working partners should start by acknowledging the value their stay-at-home counterparts bring to the table. There are practical ways to make things more equitable.

For example, the working partner could contribute part to a spousal RRSP to help the non-working partner save for retirement.

They should also consider the opportunity cost of a partner stepping away from their career. Resume gaps can add challenges when trying to re-enter the workforce and often lead to lower pay.

For couples with one stay-at-home parent, open communication is key — and so is gratitude. Even if a weekly paycheck isn’t in the cards, a regular and sincere thank you can really go a long way.

Sources

1. NY Post: Here’s what I charge my husband for stay-at-home-mom services — and some say he’s not paying me enough by Asia Grace (April 3, 2025)

2. Beike Biotechnology: The Value of the Stay at Home Parent 2024

3. TikTok: @amberaudrey_96

4. University Of Wisconsin-Madison: How Invisible Labor Affects Relationships (June 5, 2023)

5. Statistics Canada: Estimating the economic value of unpaid household activities in Canada, 2015 to 2019 (March 2022)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

The administration under President Donald Trump has promised it won’t make cuts to Social Security, Medicare and Medicaid benefits. But the GOP budget plan appears to conflict with that notion.

On April 10, House Republicans narrowly passed a budget resolution that calls on the House Energy and Commerce Committee — which has jurisdiction over Medicaid — to cut $880 billion in programs it oversees over the next 10 years. In addition, the GOP wants the chamber’s Agriculture Committee, which manages the Supplemental Nutrition Assistance Program (SNAP), to find $230 billion in savings. Critics say achieving these budget goals would require deep cuts to these popular programs, which provide health care and food assistance to tens of millions of low-income Americans.

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In some parts of the country, such as Cuyahoga County in Ohio, the impact of cuts to these programs has the potential to be devastating.

“Medicaid and SNAP are the largest programs we run,” Kevin Gowan, head of Job and Family Services in the county, told News 5 Cleveland in a story published March 25. He noted up to 30% of the population uses Medicaid.

SNAP cuts could also devastate Ohioans, says Kristin Warzocha, President and CEO of the Greater Cleveland Food Bank. She told the broadcaster that the food bank served 424,000 unduplicated people in six counties last year alone.

“The last thing our country needs is cuts to SNAP,” she said to News 5 Cleveland.

A potentially dire situation

Roughly 72 million Americans were enrolled in Medicaid as of November. Meanwhile, an estimated 41 million people received SNAP benefits in fiscal year 2024. Given such high enrollment levels, cuts to both programs could have far-reaching consequences.

A reduction in SNAP benefits could leave millions of households without access to adequate food or nutrition. The Department of Agriculture reports a whopping 18 million households were food insecure at some point during 2023. And food insecurity impacted almost 18% of households with children that year.

Families removed from SNAP could lose a number of key benefits, including access to free or affordable school meals and the Summer EBT program, which can provide a subsidy to help feed children when school is not in session. Advocates also fear food programs not tied directly to SNAP could feel the ripple effects of any cuts.

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Meanwhile, cuts to Medicaid could result in millions of Americans losing access to critical care services. Low-income households unable to afford private insurance could find themselves plunged into an even deeper financial hole as they scramble to address health care needs as they arise.

Cuts to Medicaid and SNAP may also harm state economies, according to research from the Commonwealth Fund. Not only are employees who work for these programs at risk of losing their jobs, but the impact could trickle down to related businesses.

The Commonwealth Fund estimates that states’ gross domestic product (GDP) could be $95 billion smaller and total economic output lost would be about $157 billion, if Medicaid cuts come to life. SNAP cuts could cost states nearly $18 billion in GDP and total economic output could be $30 billion lower.

How to prepare for potential cuts

Although we don’t yet know the fate of Medicaid and SNAP, as well as how deep cuts might be, if you benefit from these programs it may be a good time to prepare an action plan.

Talk to your health care provider about medication assistance programs, and start researching marketplace health insurance plans to see if buying coverage is feasible. There may also be health clinics in your community that offer low-cost care or care on a sliding-scale basis tied to income.

At the same time, explore resources in your community for food access, whether it’s food banks, soup kitchens or programs run by local houses of worship. Local charities may also be able to provide assistance if you lose some of your food benefits.

You can also experiment with different ways to save money on food. That could mean taking advantage of a discount grocery store or turning to your local dollar store to load up on non-perishable supplies.

Finally, do your best to cut back on spending to free up more money for essential needs like food and health care. It may not be easy to do, as you may already be on a tight budget. But a close examination of your expenses might reveal a few small opportunities to cut back.

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Tax strategy should be top of mind when it comes to drawing down your retirement account.

If you’ve held stocks in your retirement portfolio for a long time, you may be looking at significant gains.

Those long-term capital gains could play a big role in your retirement finances — and a positive one.

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But it’s important to balance your various income streams and cash out your gains strategically.

The benefits of long-term capital gains

Long-term capital gains are earnings on investments held for at least a year and a day. Any earnings on investments held for a shorter time are classified as short-term capital gains.

There’s a major difference between them when it comes to taxes. Long-term capital gains are taxed at lower rates than short-term capital gains, which are taxed as ordinary income.

You can leverage the tax-advantageous aspect of long-term capital gains when it comes to drawing on your nest egg for income.

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The amount of tax you pay on long-term capital gains depends on your tax-filing status and your overall income. Here’s a rundown of long-term capital gains tax rates as of 2025.

If you’re single, your long-term capital gains tax rate will be:

• 0% if your income is $48,230 or less
• 15% if your income is between $48,351 and $533,400
• and 20% if your income is more than $533,400.

If you’re married and filing jointly, your long-term capital gains tax rate will be:

• 0% if your combined income is $96,700 or less
• 15% if your income is between $96,701 and $600,050
• and 20% if your income is more than $600,500.

These are significantly better rates than the taxes levied on short-term capital gains.

For example, if you’re single with an annual income of $45,000, you’ll pay a 12% tax on short-term capital gains versus no taxes at all on long-term capital gains.

If you’re married and file jointly with an annual retirement income of $240,000, you’ll pay a 24% tax rate on short-term capital gains but almost 10% less (15%) tax on long-term capital gains.

This tax advantage may be one reason to start withdrawing long-term capital gains as retirement income before you claim Social Security. The longer you wait to claim Social Security, the larger those monthly benefits will be — for life.

Leveraging long-term capital gains

It’s important to consider all your retirement income sources — including 401(k)s and Social Security benefits — as you plot out your tax strategy.

Let’s say most years your retirement income is low enough for you to pay 0% taxes on long-term capital gains, but you get a windfall that bumps you into the 15% range in that year.

If you have a Roth IRA, you could tap it for income in the year you get the windfall because Roth IRA withdrawals are tax-free.

Then if your income shrinks the following year, you could return to cashing out long-term gains in a taxable account.

It’s a good idea to talk to a financial advisor or tax professional about the best ways to minimize your tax burden in retirement.

This could include doing a Roth conversion ahead of retirement so you have some tax-free income at your disposal later on.

You may end up having to pay taxes on retirement savings if you have money in a traditional IRA or 401(k). At a certain point, you’ll be forced to take required minimum distributions (RMDs), which are a taxable event.

That said, there are strategies to minimize the tax-related impact of RMDs. One option is to make qualified charitable distributions (QCDs) directly out of your traditional IRA or 401(k), although there is a limit to how much money you can donate.

If your retirement income isn’t low enough to qualify for a 0% tax rate on long-term capital gains, you can try selling other investments strategically at a loss to offset those gains.

For example, say you’re looking at a $10,000 long-term gain that’s subject to a 15% tax rate. If you’re able to take a $10,000 loss in a taxable account, that negates your tax obligation.

Overall, long-term capital gains can be one of your greatest tax advantages in retirement.

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Kris Owen, a 79-year-old Vietnam veteran, had planned to spend his retirement in Indiana with his wife, Karen. But after she lost her battle with breast cancer, he was left heartbroken and vulnerable.

“All of our plans for travel and everything kind of went out the window,” Owen told ABC News.

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In 2023, Owen received a pop-up message on his computer, warning him that his personal information had been compromised and instructing him to call a phone number. That call led him to purchase $80,000 worth of gold bars and send them to a supposed federal agent — money he would never see again.

Owen’s experience is not uncommon. Scammers rely on fear to manipulate their victims, often using pop-up messages, phone calls or emails that appear legitimate. But knowing how these scams work can help prevent others from falling into the same trap.

A new scam to be on alert for

Concerned that his personal information had been stolen, Owen contacted the number on his screen. On the other end of the line was a scammer posing as a federal agent. He followed their instructions, converting some of his savings to gold bars — $80,000 worth.

“They told me to wrap it in a box — with Christmas wrap paper,” Owen said.

He then took the box to a supermarket parking lot near his home, expecting to hand it over to a federal agent. When a car pulled up next to him, Owen placed the gold in the back seat, and the driver sped away.

Soon after, Owen received another call from the supposed federal agents, demanding more money. By then, he had grown suspicious and contacted law enforcement.

The FBI and a local Indiana police department worked with Owen, having him go undercover to arrange another handoff. This time, he wore a wire and delivered a box filled with fake money. Law enforcement agents moved in, apprehending the suspect and charging him with conspiracy to commit wire fraud and two counts of wire fraud.

However, investigators soon realized the person they arrested was simply a courier — someone hired to pick up gold bars or cash, not the mastermind behind the operation.

"I have never seen a scam to this magnitude," said Sean Petty, a detective for the Montgomery County Police Department, who has investigated numerous gold bar scam cases in Maryland.

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How to protect yourself from financial fraud

Financial fraud is rampant. A recent Bankrate survey found that 34% of Americans have experienced it, and among them, 37% have lost money.

Gold scams, in particular, have picked up in recent years. According to the FBI, Americans lost $126 million to them in 2024 alone.

Criminals often prey on victims using fear tactics combined with reassuring language to gain their trust. For example, a person may receive a text or email claiming their financial identity has been compromised. Panicked, they may contact a seemingly helpful "federal agent," who assures them that following instructions will resolve the issue.

To avoid falling victim to these scams:

• Never click on links you get by email or text.
• Do not respond to unsolicited texts, emails, or phone calls.
• Know that federal agents will not email, call, or text you out of the blue or ask for money, gold or gift cards.
• Be skeptical of requests to drop off valuables in a random location.

Older Americans are particularly vulnerable to financial fraud. So it’s important to educate loved ones on how to recognize scams. Encourage them to check with a trusted family member before responding to suspicious messages.

Gold scams don’t always play out as they did for Owen. You may run into a situation where someone contacts you offering to sell you gold, whether for a near-term investment or to hold in your IRA as an investment for your future.

Gold IRAs are legitimate — but only when set up through a reputable broker. Likewise, buying gold as an investment is possible, but you should always verify the source. As a rule of thumb: never respond to unsolicited investment offers.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in great wealth. How to get in now

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.