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Author: Maurie Backman

  • I’m 36 and inherited a $500,000 portfolio from my mother. The stock market makes me nervous, so should I move it all into bonds?

    I’m 36 and inherited a $500,000 portfolio from my mother. The stock market makes me nervous, so should I move it all into bonds?

    In the next 20 years, an astounding $84 trillion is expected to change hands as older Americans pass wealth down to younger generations.

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    At 36 years old, inheriting $500,000 could be a game-changer for your financial future. The Federal Reserve puts median retirement savings among American households of those ages 35 to 44 at just $45,000.

    A sum that large could serve as the foundation for your nest egg, allowing you to allocate your paycheck to other goals, like saving for a home.

    But if you’re going to invest your $500,000 windfall, it’s important to choose the right asset allocation — and given recent stock market volatility, you may be inclined to put all of that money into bonds.

    However, there are pros and cons to this particular strategy. Let’s dive in so you can understand both sides.

    Putting your windfall into bonds

    One benefit of going all in on bonds is that you won’t have to lose sleep over your portfolio.

    The stock market has a tendency to swing wildly, as evidenced by recent fluctuations. But bonds, which may be issued by governments or companies, are a less risky investment. Bond values tend to be more stable over time than stocks, and you are promised interest payments at regular intervals and your principal repaid to you at maturity.

    Bonds are contractually obligated to pay interest. Companies that pay dividends, by contrast, are not required to share the wealth with stockholders — many just choose to do so.

    But with bonds, there’s an actual obligation, so that income is guaranteed barring a default. If you choose bonds with strong credit ratings, a default is less likely to occur.

    Because bond values tend to be fairly stable, they’re also a good option for preserving your money. Let’s say you’ve decided that you can retire comfortably on $500,000. If you want to avoid a scenario where you risk losing some of that money, you might choose to put all of it into bonds, as opposed to a mix of stocks and bonds.

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    The drawbacks of putting all of your money into bonds

    There’s a real danger when you invest all of your money in bonds at 36 — you could end up seriously stunting your portfolio’s growth. You should be thinking of investing with a long-term mindset if you want to build a nest egg. Even though the stock market is seeing a lot of volatility right now, historically it has always recovered and posted new highs.

    The average annual return for the S&P 500 over the last century is around 10%, while long-term government bonds returned between 5% and 6%, according to Morningstar data cited by CNN.

    If you invest all of your money in bonds, your portfolio may not grow as much as you want it to. Your money might also grow at a pace that doesn’t keep up with inflation, thereby leaving you with less buying power later in life.

    Remember, $500,000 might seem like a large sum of money now. It’s hard to say how much buying power it will give you in 30 years.

    Meanwhile, let’s say you invest $500,000 in an S&P 500 ETF at 36 and retire in 30 years. Let’s also be conservative and say your portfolio gives you an 8% yearly return, not 10%. In that case, you’re looking at retiring with about $5 million.

    But if your portfolio only generates a 5% yearly return during that time because you’re sticking with bonds, you’re looking at more like $2.1 million in 30 years. That could make a huge difference in your retirement.

    It’s also generally not a good idea to invest your entire portfolio in a single asset class. So while it’s OK to keep some of your money in bonds, a split between stocks and bonds may be more ideal.

    To be clear, this would apply even if you were older and closer to retirement. A popular rule of thumb says to subtract your age from 110 to know how much of your portfolio should be in equities. So at your age you should have around 70% in stocks and sticking to just bonds could mean missing out on a world of returns.

    If you’re particularly risk-averse, as a compromise, you may want to put 50% of your portfolio into stocks and 50% into bonds so that you’re benefiting from share price growth while also generating a nice amount of income from the bond portion.

    Then, as you get closer to retirement, you can increase your bond allocation and decrease your stock holdings.

    You may also want to talk to a financial advisor if a fear of losing money is driving you to go heavy on bonds at such a young age. They may be able to create the perfect asset allocation for your risk appetite, investing horizon and long-term goals. Talking to an expert may also make you feel more comfortable putting more of your assets into the stock market.

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

  • Want to retire early? Suze Orman says to open these 3 accounts ASAP to move up your departure date

    Want to retire early? Suze Orman says to open these 3 accounts ASAP to move up your departure date

    Personal finance expert Suze Orman didn’t grow up wealthy — she worked her way through a number of challenging jobs and learned how to invest before becoming the success she is today.

    Orman is a firm believer that everyone deserves to live without financial stress — both during their working years as well as in retirement. To achieve that goal, Orman is a fan of living below your means, always having a financial safety net, and working toward financial independence.

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    But doing that takes time and effort.

    As Orman says, “Financial independence is not something we snap our fingers and have materialize right then and there. It is the result of a process that we create and then commit to seeing through.”

    If your goal is to achieve financial independence to the point where you’re able to retire early, the right tools could set you up for success. To that end, here are three accounts Orman recommends putting in place as soon as possible.

    An emergency fund in a high-yield savings account

    You never know when you might face a surprise expense or a period of financial hardship. That’s why it’s important to have an emergency fund — money in savings to cover unplanned bills, or to take the place of your paycheck for a while if that becomes necessary.

    Unfortunately, an early 2025 U.S. News & World Report survey found that 42% of Americans do not have an emergency fund. In addition, SecureSave, a fintech Orman co-founded, reported in August of 2023 that 63% of workers do not have enough emergency savings to cover an unplanned $500 expense.

    At the very least, it’s a good idea to save enough money in an emergency fund to cover three to six months of essential bills. However, Orman would prefer that you save more.

    “You know that I want you to have far more than three months of living costs set aside. One year is my sweet spot advice for being prepared for major financial setbacks,” she said.

    An emergency fund could also be an important component of your early retirement strategy. If you retire before you can access your IRA or 401(k) penalty-free, you can potentially dip into your cash reserves to pay bills (though ideally, that money should be saved for unplanned expenses).

    You can also use your emergency fund to cover expenses during periods when the stock market is down and it’s a bad time to tap your portfolio.

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    A retirement account

    The number of Americans who are nearing retirement without savings is alarming. AARP found last year that 20% of Americans 50 and older don’t have any money socked away for their golden years.

    In addition, the Federal Reserve puts median retirement savings among Americans 65 to 74 at just $200,000 as of 2022.

    Orman says the key to building a strong retirement nest egg is to start saving when you’re young — ideally, in your 20s. The sooner you fund your retirement account, the more time that money has to grow.

    Orman also thinks people should save at least 15% of their income for retirement when they’re younger (and beyond). And if you want to retire early, you may even want to aim higher.

    If you have access to a 401(k) plan, it can be particularly advantageous to participate — and max out if possible. This year, that means contributing $23,500 if you’re under 50, $31,000 if you’re 50 or older, or $34,750 if you’re between the ages of 60 and 63.

    One easy way to boost your 401(k) savings is to claim your employer match in full. If you’re not sure what that entails, ask your benefits department.

    You should also know that your employer match won’t count against your contribution limit. So if you’re 29 and want to contribute $23,500 out of your paycheck, and your employer matches your first $2,500 in contributions, you can put in $26,000 this year.

    An investment portfolio

    The nice thing about retirement plans like IRAs and 401(k)s is that they give you a tax break on your money. With a traditional IRA or 401(k), for example, your contributions go in tax-free and investment gains are tax-deferred.

    The problem with these accounts, though, is that you’re required to wait until age 59 and 1/2 to take distributions. If you take an earlier withdrawal, you’ll typically face a 10% penalty. And a penalty like that could easily eat away at your savings.

    That’s why it’s important to invest in a taxable brokerage account if you think you’d like to retire early — though you won’t get any IRS benefits, your account will also be unrestricted. You’ll be able to take withdrawals whenever you want and contribute as much as you want in any given calendar year.

    Orman says it’s important to be strategic with your investments — and to be mindful of your asset allocation at different stages of life.

    "For many people, as they near retirement, it can make sense to reduce their reliance on stocks if they want a smoother ride," she said. "But just because you had 80% or more invested in stocks when you were 40 doesn’t mean you need or must keep that much invested in stocks when you are 65 or 75."

    To be clear, you shouldn’t reduce your stock exposure at a certain age so much as at a certain point before retirement. Generally speaking, the five-year mark is a good time to start moving out of stocks and into bonds, which tend to be more stable.

    This doesn’t mean you should dump your stocks completely as retirement nears. But you may want to limit your portfolio to 50% or 60% stocks so you’re not overly exposed to market volatility at a time when you’re ready to start tapping your investments for income.

    What to read next

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

  • ‘Vacant land is very easy to steal’: Scammers are impersonating landowners to sell properties to unsuspecting buyers — here’s how to protect yourself

    ‘Vacant land is very easy to steal’: Scammers are impersonating landowners to sell properties to unsuspecting buyers — here’s how to protect yourself

    Your dream plot of land may be nothing more than a scam.

    Lisa Shaw has been selling properties in suburban New Jersey for more than two decades. When she was contacted by a Canadian citizen living in England to get help selling his Randolph, NJ plot of land, she didn’t immediately suspect something fishy was going on.

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    She told ABC News the property owner claimed his wife was ill and he needed the money to pay for her care. So Shaw did what she usually did. She asked for documentation from the seller, and he sent over copies of driver’s licenses. She then proceeded to look for a buyer.

    What she didn’t know at the time was that the identification cards were fake and she would ultimately end up falling victim to a real estate scam — one tied to an alleged international crime web that authorities say involves fake documents ranging from Canada to Vietnam.

    The FBI reported a 500% increase in vacant land fraud over four years, according to the ABC News report from September.

    Real estate scams are sweeping the Northeast, FBI Senior Agent Christopher Peavey recently told CBS13. The news station reported on another case of scamsters pretending to be landowners and using fake drivers licenses in Maine, where over 260 people have lost a combined $6 million to real estate scams since 2019, per FBI data.

    If your land is fraudulently sold like this, you have to file a civil lawsuit to reclaim what’s yours. “… because you’re taking a property that someone lawfully owns, most of the time they’re going to get it back. It’s the headache, the hassle and this third-party victim who thinks they’ve purchased it, so there is a lot of loss that can occur,” said Peavey.

    In December, Atlanta News First Investigates also discovered sham sellers near Barnesville, a rural county south of Atlanta.

    “That set off the red flag”

    The Randolph property Shaw was being asked to sell was actually owned by a couple from Texas. When the driver’s licenses arrived, they had the names of the real owners, but the wrong addresses. Those IDs turned out to be totally fake.

    "Everything looked fine," Shaw said. She listed the land and received multiple offers, and no one had any reason to believe there was a scam at play.

    "No one suspected it, not the attorneys, not myself, not the title company," she said.

    Shaw’s seller was told the highest offer he received was $140,000, and he immediately accepted. The seller provided paperwork showing he had gotten the deed notarized at the U.S. embassy in Vietnam. Payment arrangements were made, with the seller asking for the $140,000 to be split evenly across two bank accounts.

    But the title company had trouble submitting the second payment.

    "That set off the red flag," said Shaw, who explained that the title company was then able to get in touch with the son of the real owners of the property. "We knew it was definitely identity fraud."

    But by then, the initial $70,000 payment had already gone through. The seller has since vanished, and the new buyer is now in a pickle.

    Although the buyer is listed in municipal and county tax records as the property’s new owner, it’s unclear as to who really owns the land, since the actual owner never agreed to sell it.

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    How to avoid real estate fraud

    When it comes to real estate fraud, the stakes can be very high, and victims stand to lose a lot of money. So it’s important to know what red flags to look out for and what to avoid.

    "Your gatekeeper is essentially the realtor who has to verify who is selling the property. Once it’s in the process where it’s going to a title company, they’re very sophisticated with docu-sign, with impersonating notaries public, that it’s almost impossible to stop it once it’s down the road," Peavey said to CBS13.

    Make sure the real estate agent meets the seller in person, even though it’s not totally uncommon to conduct real estate transactions remotely, and not every sale from afar will be fraudulent. Another red flag to look out for is a seller who seems to be in a sudden hurry to sell.

    What a thorough agent can try to do is go out to the site and ask the owner to verify specific details that would only come from having seen the property in person. If they can’t answer specific questions, it should raise a red flag. They can also ask for copies of recent property tax bills, look up the phone number by reverse search and call notaries to confirm that their signatures on documents are valid.

    Landowners should also be vigilant and check property records. They can also set up title alerts with their respective county clerk’s offices so they’ll be informed if a title search comes up. However, not all counties offer this service. Landowners can also set up online search alerts for their properties.

    "Vacant land is very easy to steal because not everybody is going to be checking up on a vacant piece of property once a month," said Emily Bowden, executive officer of the Sussex County Association of REALTORS in New Jersey, told ABC News. "Not everyone who owns that land necessarily lives in our area."

    Now, Shaw is on a mission to educate other real estate agents about scams like the one she fell victim to.

    "If you have a piece of property that someone wants to sell and it’s vacant property, really, really get your feelers up," she said.

    What to read next

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

  • I’m 32 and want to invest in stocks but don’t know where to start. How can I make the most of my money for long-term growth?

    I’m 32 and want to invest in stocks but don’t know where to start. How can I make the most of my money for long-term growth?

    If you haven’t started investing in the stock market, you’re not alone. Nearly half (48%) of American adults don’t have any investment assets, according to a 2024 report by asset management firm Janus Henderson. The reasons why included a preference for more accessible assets like cash, being in debt or not understanding how to invest.

    Furthermore, while a poll by CNBC and Generation Lab in 2024 found 63% of Americans aged 18 to 34 believe the stock market offers great opportunities to build wealth, many are not participating, and 61% are not saving for retirement each month.

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    If you’re 32 years old and haven’t begun investing yet, you may have spent the first decade of your career missing out on a great opportunity to generate wealth. But it’s not too late to get in on the action. Here’s why it matters if you start investing early, and how you can get started.

    The importance of investing early

    One reason many people end up with little savings by the time they retire is that they don’t start early enough. But at 32, you have one huge thing going for you — time. The sooner you start investing, the more time your wealth has to grow. So, it’s important to take advantage of your age.

    Let’s imagine you start contributing $500 a month toward retirement at age 32, and you continue to do so until age 67. Let’s also assume that your portfolio generates a yearly 7% return, which is a bit below the stock market’s average performance.

    After 35 years of compounded returns, you’d be looking at a nest egg worth about $830,000. That’s over four times the median retirement account balance among Americans of that age group, according to Federal Reserve data.

    But if you had waited to start investing at age 42, for example, generating that same yearly 7% return, by age 67 you’d have about $380,000. Even though you contributed $60,000 less income over 10 years, that missing $450,000 is the cost of lost time compounding gains.

    It’s also important to invest at a young age in order for your savings to outpace inflation. As the purchasing power of a currency erodes over time, it helps to earn more than any value lost.

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    Investing for the first time

    Investing for the first time? You’ll want to find the right home for your investments, and your best bet is to first exhaust tax-advantaged accounts before moving on to taxable accounts.

    If you have access to an employer-sponsored 401(k) retirement plan, at age 32, you can contribute up to $23,500 of your salary, pre-tax. Furthermore, if your employer offers a contribution match program you should take advantage of it as much as you can, as it’s essentially free money. These plans generally come with investment options so you can choose from a list of where to invest your savings.

    You may also want to put any savings into an individual retirement account (IRA), which has a contribution limit of $7,000 if you’re 32 years old. Traditional and Roth IRAs have distinct tax advantages, but funds in either type can be invested in the market.

    If you’re able to max out an IRA or 401(k) and have funds to invest beyond that point, you can turn to a taxable brokerage account. There are no annual contribution limits associated with taxable brokerage accounts, however, any contributions are made with after-tax funds.

    From there, it’s a matter of figuring out your risk tolerance and where to put your money. But one thing even the experts agree on is the importance of maintaining a diverse mix of assets within your portfolio so you aren’t as vulnerable if any investments go south. You can achieve this by buying stocks across a range of industries, or even blending in non-stock options such as bonds.

    One way to make things a little simpler is to invest in index-tracking exchange-traded funds (ETFs). These can give you access to a range of publicly traded companies. For example, an S&P 500 index fund can give you a piece of each of the top-performing companies on the U.S. market. Legendary stock-picker Warren Buffett himself recommends index funds for everyday investors.

    Keep in mind, however, the stock market has both good years and bad years. Even though, historically, the S&P 500’s average annual return rate is above 10%, past returns don’t guarantee future gains. But the longer you’re invested in the market, the more time you have to realize gains and recover from losses, which is another reason youth works in your favor.

    If you’re still unsure, it’s not a bad idea to talk to a financial advisor, especially if you don’t know much about investing and are worried about making poor choices. An advisor can help you make the most of your portfolio so it grows enough to allow you to meet your financial goals.

    What to read next

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

  • Walmart CEO says food prices are a major source of ‘frustration and pain’ for lower income customers. Here’s what’s to blame for rising prices and what you can do to save

    Walmart CEO says food prices are a major source of ‘frustration and pain’ for lower income customers. Here’s what’s to blame for rising prices and what you can do to save

    Soaring food prices have been hurting consumers for years. But things are coming to a head, especially as retailers and consumers grapple with tariff concerns.

    According to Bloomberg, Walmart CEO Doug McMillon recently shared at the Economic Club of Chicago that food prices are still elevated — and that consumers are showing signs of "stress behaviors."

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    “We worry about that,” McMillon said. “You can see that the money runs out before the month is gone.”

    McMillon says that shoppers are being more selective in what they buy and are prioritizing value purchases.

    “There are lots of income levels in this country — if you’re at the lower end of that scale, you are feeling more frustration and pain because of higher food prices,” he said. “They’ve persisted for years now, and you’re just tired of it."

    But what’s the ripple effect behind these price increases?

    Food prices aren’t slowing down

    According to the Consumer Price Index, food prices away from home were up 3.8% broadly year over year in March, while food prices at home were up 2.4% annually.

    All told, food prices have been up nearly 25% since 2020. A big reason for the spike is the supply chain issues caused by severe weather and global events. It hasn’t helped that several food staples have been in short supply.

    For example, in early 2025, a bird flu outbreak caused an egg shortage and drove the price of eggs up to a record high that hasn’t been seen since 1980.

    Meanwhile, a decline in U.S. cattle inventory has made beef more expensive. The country’s cattle supply recently fell to its lowest level in 64 years.

    And down in the South, a citrus greening disease has reduced Florida’s citrus production by 75% since 2005. Extreme weather from hurricanes has also harmed supply, making citrus products more expensive.

    Cocoa prices have also risen due to a global supply shortage since early 2024. This has been primarily caused by weather-related issues and diseases ruining crops in West Africa, where the majority of the world’s cocoa is produced.

    The combination of these and other factors has made groceries more expensive overall. In late 2024, a survey by Swiftly found that 70% of American consumers are having difficulty affording groceries.

    A broad immigration crackdown could also negatively affect food costs, as it could lead to labor shortages that impact supply. And with the potential for tariffs to drive prices up even more, things could get worse before they get better.

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    How to save money on groceries

    Unfortunately, consumers may be in for another year of soaring grocery prices. But there are steps you can take to reduce the burden.

    First, consider buying staple items in bulk. You don’t necessarily need a warehouse club membership to take advantage of bulk discounts. Many supermarkets and big-box stores carry select items in bulk. But be careful with bulk perishables, because wasted food can become wasted money.

    It’s also a good idea to shop at discount grocers in your area — think dollar stores or supermarkets like Aldi that carry lesser-known brands. If there’s no discount grocery store where you live, load up on the store brand. But always check prices, because a sale on a national brand could make it the most cost-effective option.

    Planning your meals based on what’s on sale at your local supermarket is also a good idea. Focus on meals that freeze easily — like casseroles and stews. This way, you can whip up a lot of food and save some for later.

    Also, make sure you’re signed up for your supermarket’s loyalty program. You may qualify for extra discounts, promotions or digital coupons that save you even more.

    Using the right credit card when you shop for groceries can make a big difference, too. Some offer bonus cash back on supermarket purchases. That won’t lower your costs, but it could at least put more cash back in your pocket.

    Finally, seek out alternative sources of food. Farmers’ markets can sometimes result in savings, but not always. A smarter bet may be to go directly to local farms, if possible, to see if you can score produce at a discount. Joining a community garden or community supported agriculture program could also help you save on fresh items when needed.

    What to read next

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

  • ‘Insurance just keeps getting worse’: This Texas doctor went viral after detailing negative experience with giant health insurer — all while operating on a patient. Here are 3 big takeaways

    ‘Insurance just keeps getting worse’: This Texas doctor went viral after detailing negative experience with giant health insurer — all while operating on a patient. Here are 3 big takeaways

    When Dr. Elisabeth Potter posted a TikTok video describing an experience she had in the ER, she never expected it to go viral. But her message — about health insurance companies overstepping their bounds — resonated deeply with viewers.

    The video started with Potter saying, "It’s 2025 and insurance just keeps getting worse." She then explained that during a surgical procedure, UnitedHealthcare called demanding information about a patient who was already under anesthesia. To comply, Potter had to scrub out mid-surgery and return the call.

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    To make matters worse, the representative she spoke with didn’t even have the correct information — despite the procedure being pre-approved. "Insurance is out of control. I have no other words," she concluded. UnitedHealthcare got wind of the video, posted just weeks after CEO Brian Thompson was killed, and demanded that Potter remove it, claiming her story wasn’t true. The company also insisted that no one had expected her to return a call mid-surgery.

    However, in an interview with CNN, Potter explained that she called the insurer back immediately to prevent the patient from being denied coverage and stuck with a financially devastating bill. "The environment I am practicing medicine in — when an insurance company says jump, I say ‘How high?’”

    UnitedHealthcare claims that it had approved the procedure and overnight stay, but the hospital submitted a separate stay request that required review. The insurer called that request an error and confirmed that the patient ultimately received all necessary care.

    But Potter insists that insurance companies are telling doctors what to do and, in some cases, interfering with patient care. "Insurance shouldn’t practice medicine,” she said. “But they are.”

    Americans may not be getting the care they need

    A recent Kaiser Family Foundation (KFF) report found that in 2023, 19% of in-network claims under Marketplace health insurance plans were denied. The rate was even higher — 37% — for out-of-network claims.

    Making matters worse, fewer than 1% of consumers appeal denied claims. And even when they do, they often lose: 56% of appeals are upheld. Meanwhile, UnitedHealthcare says it approves and pays about 90% of the medical claims it receives, with about half of the unpaid claims attributed to administrative errors.

    Yet frustration with the insurance industry runs deep. After Thompson’s accused killer, Luigi Mangione, was captured, many were quick to argue that Thompson had it coming — accusing him of prioritizing profit over patient care.

    That 90% approval rate is also questionable. Miranda Yaver, an assistant professor of health policy and management at the University of Pittsburgh, said, "It can be difficult to estimate exactly how many claims are denied in a given year by health insurers because not all health insurers report this data."

    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

    Medical debt is a huge problem

    According to KFF, about 6% of U.S. adults owe more than $1,000 in medical debt, and roughly 1% — or 3 million people — owe over $10,000.

    In total, Americans owe at least $220 billion in medical debt. Unsurprisingly, those most affected are people with disabilities, those in poor health, low-income individuals and the uninsured.

    New rules prevent medical debt from appearing on credit reports, which helps protect consumers’ credit scores. However, that doesn’t erase the debt itself. Many people who can’t afford their medical bills negotiate lower costs down with providers, but others are forced to pay off their debt over time — often at the expense of other financial obligations and goals.

    Change is sorely needed

    Thompson’s killing was a wakeup call for the insurance industry. If the shooting is confirmed to be linked to insurance policies, it "could cause companies in the sector to make some changes," said Ron Culp, a public relations consultant at DePaul University, in an interview with Crain’s.

    Meanwhile, concerns about health care access loom large. The Center on Budget and Policy Priorities cautioned last year that President Trump’s return to the White House could pose significant risks to health coverage, particularly in the areas of Medicaid and the insurance marketplaces. During his first term, Trump attempted to repeal the Affordable Care Act (ACA).

    A recent KFF poll found bipartisan agreement on key health care reforms, such as increasing price transparency and tightening regulations on insurers’ approval and denial of prescription drugs. However, 40% of Republicans still believe repealing the ACA should be a top priority.

    President Trump signed an executive order to make health care pricing more transparent. During his first term, he also signed the No Surprises Act to protect consumers from unexpected medical bills. Still, there’s more work to be done in the fight for insurance reform, and consumers can only hope that lawmakers will make it a priority.

    What to read next

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

  • ‘Some of them are very upset’: Canadians selling off properties in this New York ski town over tariffs, ’51st state’ rhetoric. Here’s what the real estate shift could mean for property values

    ‘Some of them are very upset’: Canadians selling off properties in this New York ski town over tariffs, ’51st state’ rhetoric. Here’s what the real estate shift could mean for property values

    Roughly 90 minutes south of the Canadian border at Niagara Falls lies Ellicottville, New York. Known for its ski resorts and charming small-town atmosphere, it’s home to several hundred Airbnb listings.

    But recently, a number of Canadian homeowners have been putting their Ellicottville vacation properties up for sale. And according to mother-daughter real estate brokers Cathleen and Melanie Pritchard, this trend is happening as a result of President Donald Trump’s aggressive tariff policies.

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    “We have seen an uptick in listings from Canadians,” Melanie told ABC 7 News Buffalo.

    “Our Canadian friends, some of them are very upset. … They’re just feeling like they’re not being loved. They’re wondering why this is happening — as are we."

    How an uptick in listings could affect property values

    Realtor.com puts the median listing price in Ellicottville at about $420,000. Redfin reports that in February of 2025, home prices in Ellicottville were up 699.9% compared to last year, and that homes spend an average of 66 days on the market.

    But as sellers increasingly put their Ellicottville homes on the market, whether due to frustrations over U.S. economic policies or other factors, home values in the town have the potential to decline. And that’s not unique to Ellicottville — it’s how the real estate market generally works.

    A big reason home values are up on a national level right now is that inventory has been low for years. Mortgage lenders offered up record-low borrowing rates during the pandemic, which spurred a wave of refinances. When rates started creeping upward following the pandemic, housing inventory declined.

    And that made sense. Homeowners did not want to give up the super-low mortgage rates they had managed to lock in. But that lack of supply helped home prices rise, even at a time when mortgages were expensive to sign.

    But if the opposite happens in Ellicottville, and a large number of homes hit the market in short order, it could result in an oversupply. That, in turn, could lead to lower home prices and lower home values.

    Sellers who list their homes may not get the prices they want. And existing homeowners who aren’t selling could see a drop in equity.

    Furthermore, if ill feelings toward the U.S. drive Canadian buyers away, home values in Ellicottville could plunge even more as a large pool of buyers dwindles down. It’s been reported that an estimated 23% of homes in Ellicottville are owned by Canadians.

    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 a changing housing market means for buyers and sellers

    The housing market is typically subject to basic laws of supply and demand. When there’s a greater supply of homes than demand, prices tend to drop. When there’s more demand and less supply, prices can rise. And if supply continues to tick up in Ellicottville, both buyers and sellers will need to use those circumstances to their advantage.

    Sellers will need to be strategic to help their homes stand out and attract buyers. Those looking to sell can partner with a real estate agent who knows the area well in order to price their homes strategically. They can also focus on high-impact repairs and improvements that are likely to draw buyers in.

    Being flexible with closing dates is another tactic sellers can use. Similarly, offering added concessions, like covering closing costs, could help.

    Buyers, on the other hand, can take advantage of the changing market by negotiating lower prices. They can also ask sellers to make certain repairs or improvements as a condition of completing a sale.

    But, buyers do need to be careful about entering a shifting market. If Canadians continue to pull out of Ellicottville, home values could drop in coming years. For buyers making a minimal down payment, there’s the real risk of ending up underwater on a mortgage in short order.

    It’s especially important to be cautious about buying in a changing market when the home is being purchased as an income property, as opposed to a primary residence. Waning demand could lead to a decline in bookings, making it harder to cover the costs of owning the property.

    One thing Ellicottville buyers should do at a time like this is talk with real estate agents in the area and get their take on whether current sentiment and recent trends are likely to impact future rental income. Those agents may not have a crystal ball, but their insight could prove invaluable — and perhaps spare some buyers from making a bad decision.

    What to read next

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

  • Retirement is a balancing act — are your investments ready? A key adjustment could make all the difference. Here’s what you need to know before making changes

    Retirement is a balancing act — are your investments ready? A key adjustment could make all the difference. Here’s what you need to know before making changes

    Many people spend years contributing to their retirement savings in the hopes of building a sizable nest egg for later in life. You may have worked hard to grow your retirement account balance, too.

    If you’re planning to retire next year, now is a good time to review your portfolio and ensure your assets are appropriately allocated for your age. But what does that mean in practical terms?

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    Your portfolio likely includes a mix of stocks (equities) and bonds (fixed income), and you may be wondering what the right balance is. Here’s how to figure out the optimal mix.

    The benefits of stocks vs. bonds in retirement

    Having both stocks and bonds in your retirement portfolio offers distinct advantages. While stocks carry more risk, they also tend to deliver stronger returns.

    Since 1926, U.S. stocks have averaged an annual return of around 10%, whereas bonds have typically returned 5% to 6%.

    Maintaining stocks in your portfolio is important because you want your money to continue growing during retirement. However, bonds play a role in protecting a portion of your assets from stock market volatility.

    Unlike stocks, bond values don’t fluctuate wildly, providing stability — a necessity when you’re living off your investments. Bonds also offer to generate fixed income since they’re contractually obligated to pay interest.

    Stocks can provide income as well if you invest in dividend-paying companies. However, unlike bonds, companies’ stocks are not required to pay dividends, and even those with a solid history of doing so may opt to cut or eliminate those payments as they see fit.

    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 build the right investment mix

    How you allocate your assets before retirement may not be the same strategy you use during retirement — and for good reason.

    While you’re working, you have time to ride out stock market downturns because you won’t need to withdraw that money for many years. Once you’re retired, however, you may need to tap into your portfolio regularly for income, requiring a more cautious investment approach.

    For this reason, it’s a good idea to keep the bulk of your portfolio in stocks during your wealth accumulation years. But as you transition into retirement, shifting a greater percentage into bonds can help manage risk and provide stability.

    Your specific allocation will depend on factors like life expectancy, risk tolerance and income needs. Some retirees prefer a 50/50 split between stocks and bonds, while others opt for a 40/60 split in either direction.

    A common guideline is the rule of 110, which suggests subtracting your age from 110 to determine the percentage of your portfolio that should be in stocks.

    • At age 40, this rule suggests keeping 70% of your assets in stocks.
    • At age 65, a 45% stock allocation may be more appropriate.

    Another popular strategy is the bucket strategy, which divides your portfolio based on different time horizons:

    • Short-term bucket: Holds conservative investments like bonds for near-term expenses.
    • Medium-term bucket: Includes a mix of stocks and bonds.
    • Long-term bucket: Primarily stocks for long-term growth.

    It’s also important to maintain a cash reserve. Rather than allocating a fixed percentage to cash, a good rule of thumb is to keep enough to cover one to two years of living expenses. This allows you to avoid selling investments during a market downturn.

    Finally, your retirement portfolio doesn’t have to be limited to stocks and bonds. Depending on your income goals and risk tolerance, you might consider diversifying with real estate, such as a rental property.

    Consulting a financial adviser can help you develop a strategy that balances risk and reward — ensuring your portfolio meets your retirement needs.

    What to read next

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

  • I’m 54, earning $70,000 and carrying $41,000 in credit card debt. With a recession on the horizon, should I focus on padding my emergency savings or eliminating my debt?

    I’m 54, earning $70,000 and carrying $41,000 in credit card debt. With a recession on the horizon, should I focus on padding my emergency savings or eliminating my debt?

    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.

    What to read next

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

  • My doctor ordered blood work, biopsy without telling me the cost. Now I’m staring at a $3,100 bill — and I’m not sure if insurance will cover it all. What do I do if I’m being overcharged?

    My doctor ordered blood work, biopsy without telling me the cost. Now I’m staring at a $3,100 bill — and I’m not sure if insurance will cover it all. What do I do if I’m being overcharged?

    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.

    What to read next

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