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  • My mom bought life insurance for my toddler as a birthday gift — but I want to decline it. How do I do that without offending her?

    My mom bought life insurance for my toddler as a birthday gift — but I want to decline it. How do I do that without offending her?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Picture this: You’re taking care of your playful toddler when your mom texts you asking for the baby’s Social Security number. Without giving it much thought, you give it to her.

    A week later, you receive a life insurance policy invitation for your baby. That’s the shocking situation that one new mom found herself in, according to a Reddit post.

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    The policy left this woman in tears. After all, no one wants to think about their toddler’s potential death. And although the mother decided to decline the policy, she still wasn’t quite sure how to proceed without hurting the grandmother’s feelings.

    Here’s a look at life insurance policies, and how to politely reject the life insurance gift.

    Types of life insurance policies

    Life insurance policies are broadly categorized into two main types: term life or whole life.

    A term life insurance policy includes paying a premium for a specific period of time — say 10 to 30 years — with the understanding that if you pass away during that period, your beneficiaries would receive a cash payment. However, if you were to pass away after the term expired, your beneficiaries would not receive a death benefit.

    For many, a term life insurance policy is an appropriate way to provide financial security for family members. Term life insurance also tends to be more affordable than whole life insurance.

    With Ethos, you can get term life insurance in 5 minutes, with no medical exams or blood tests.

    Ethos provides policies with up to $2 million in coverage, starting at just $2 per day. Their application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

    But when it comes to life insurance for a child, term life insurance may not be the best option since it would likely only cover the insured for their early years.

    On the flip side, a whole life insurance policy covers the named insured for their entire life, assuming that the premiums are paid. If the insured party were to pass away at any time, the beneficiaries would receive a death benefit. In theory, this more permanent form of life insurance could be a better fit for insuring a newborn.

    If whole life insurance sounds appealing, Life Insurance Savings offers a variety of straightforward whole life policies designed to give you peace of mind.

    They offer several whole life insurance options that don’t require medical exams, with a wide range of coverage and premiums.

    Of particular note, is their Guaranteed Issue Whole Life Insurance, which offers coverage up to $25,000 with premiums that are fixed for life — and don’t require a medical exam.

    With Life Insurance Savings, you can find out what whole life insurance package is right for you, so you can focus on your family’s future.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Pros and cons of life insurance for a child

    There are other unique benefits to whole life insurance that can make it a better fit for insuring a child’s life.

    Unlike term life insurance, whole life insurance policies often include a cash value savings component, allowing policyholders to build up cash value over time. That cash value can even be accessed during the policyholder’s life, offering tax-deferred growth and providing financial stability for the named insured.

    Locking in life insurance from a young age also means the child can carry forward their life insurance. This means your child will still be covered even if they develop a medical condition that would otherwise stop them from purchasing a new policy.

    A whole life insurance policy could be a valuable tool for providing financial stability for the named insured, but if that’s the ultimate goal, life insurance may not be the right choice. That’s because one of the drawbacks of a whole life insurance policy is that the cash value of these plans often include relatively low investment returns, similar to that of a savings account, according to the Government Employees’ Benefit Association.

    Speaking with a financial advisor can be a great way to figure out what option suits you and your family’s financial situation best.

    Advisor.com can help connect you with a financial advisor suited to your needs. All of their advisors are pre-vetted fiduciaries, meaning that they have a legal obligation to act in your best interest.

    After you match with an advisor, you can set up a free call with no obligation to hire so that you can make sure they’re a good fit for you.

    Investing alternatives

    This grandmother likely had good intentions in setting up a life insurance policy for her grandchild, but there are other ways to go about creating a bright financial future for the baby.

    For example, the baby’s mother and grandmother might consider opening a 529 plan, which allows them to tuck away funds for the child’s future education.

    With Wealthfront Investing you can open a 529 plan to save for higher education expenses. Your trades are automatically managed, so you don’t have to worry about stock picking, and your risk exposure is adjusted appropriately over time.

    Right now, Moneywise readers can get an extra $50 when they fund a taxable automated investing account with $500 or more.

    Alternatively, the grandmother could consider placing money in a low-cost index fund, which would likely yield higher returns than the cash value of a life insurance policy would. Plus, this type of investment doesn’t come with morbid strings attached — such as needing to contemplate the potential death of a grandchild.

    How to move forward

    If the grandmother has set up the life insurance policy for the baby with no plans of keeping up with the payments, the simplest solution is to just let it slide. The mother can simply stop making payments, or never start making them in the first place, which will eventually lead to a cancellation of the policy.

    However, if the grandmother intends to keep up with the payments, the mother could broach the issue with her child’s best interests at heart.

    As she navigates what could be a touchy conversation, the mother can share her thoughts on why the idea of a life insurance policy is upsetting, while also mentioning some of the other investing options mentioned above as an alternative. One way to tackle this issue is to look at how much the life insurance payments will total versus the cost of a college fund.

    The mother should do her best to communicate her gratitude for the grandmother’s intentions, while also trying to avoid pointing out any flaws in the life insurance plan. Try to make it a team effort in moving away from the life insurance policy in hopes of pooling resources for the child’s future.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • How much is the average Social Security check of a middle-class retiree?

    How much is the average Social Security check of a middle-class retiree?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Social Security is an important piece of the retirement puzzle, particularly for middle-class retirees who count on the safety net to supplement their post-career income.

    But if you see Social Security as an income centerpiece, not just icing on the cake, a closer look at the numbers may prompt you to think again.

    U.S. Census Bureau data from 2022 shows the national middle-class income range is between $49,271 and $147,828 — a span heavily influenced by location and cost-of-living considerations.

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    The Bureau says the median household income in the U.S. that year was $74,580. A 55-year-old earning that amount today and planning to take Social Security at age 62 would get an estimated monthly benefit of about $1,869 a month — or $22,428 a year. (This figure was reached using the AARP’s Social Security calculator.)

    Presuming the retiree has no savings and would rely on Social Security alone, that’s dangerously near the U.S. Department of Health and Human Services’ 2024 poverty line ($15,060) for one person.

    Social Security benefits vary greatly but generally depend on how long one is willing to defer their benefit. Planning for a retirement that doesn’t count on Social Security, some argue, makes sense given persistent questions about the safety net’s sustainability.

    Getting more from Social Security

    Getting the most from Social Security comes down to strategy, forethought and planning — along with a decent understanding of how the system works. Here are several strategies middle-class retirees can employ to increase their benefits:

    Delay claiming benefits

    While starting your Social Security draw early may make sense in some scenarios, the most effective way to increase your monthly check is to delay the benefit.

    While retirees can start receiving benefits as early as age 62, doing so results in a reduced monthly benefit. Each year you wait, up until age 70, significantly increases the benefit amount.

    A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.

    Opening a gold IRA with the help of Priority Gold allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years.

    To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.

    Consider the tax consequences

    Social Security benefits can be taxable depending on the retiree’s total income. It’s essential to understand how other sources of income, such as pensions or investment withdrawals, impact the taxability of Social Security benefits. Proper tax planning can help minimize Uncle Sam’s share of your money.

    If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor through Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    Explore other investments and savings vehicles

    While maximizing Social Security is important, it should be part of a broader retirement strategy. Middle-class retirees should also consider other sources of income, such as part-time work, rental income and investments to supplement their Social Security benefits.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Investing

    Both residential and commercial real estate have long been solid choices for investors looking to diversify and add stability to their portfolios — especially while saving for retirement. Since having a place to live is essential, real estate remains a stable, relevant asset.

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    You can also invest in shares of vacation homes or rental properties through Arrived.

    Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

    To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

    First National Realty Partners specializes in grocery-anchored commercial real estate properties with historically strong return potential.

    FNRP has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods, and provides insights into the best properties both on- and off-market.

    If you’re a newer investor, it’s normal to feel overwhelmed by the prospect of getting into investing, especially if your retirement fund is riding on it. That being said, investing doesn’t have to be all that complex with platforms like Acorns which put your investments on autopilot.

    Once you’ve downloaded the app and linked your bank account, Acorns will round up every purchase you make to the nearest dollar and invest the spare change into a diverse portfolio of ETFs. That way, you can work towards your savings goals a few cents at a time — without even thinking about it.

    Saving

    Saving for retirement is no small feat, but using the right savings vehicles can take a bit of the pressure off.

    You might also consider checking out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some great options that can earn you more than the national average of 0.45% APY.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Rich older Americans are using these 3 retirement saving strategies to supercharge their nest eggs — here’s how to use them to prepare for a comfy retirement

    Rich older Americans are using these 3 retirement saving strategies to supercharge their nest eggs — here’s how to use them to prepare for a comfy retirement

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    The U.S. Department of Labor estimates you’ll need 70-90% of your pre-retirement income to maintain your standard of living in your golden years.

    Americans expect they will need $1.26 million to have a comfortable retirement, according to a recent study by Northwestern Mutual.

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    Compare that to what many Americans have saved: a median of $185,000 for those aged 55-64, according to Federal Reserve data — a balance that may not be enough to last you.

    The wise strategy to grow your wealth is not to sit passively on your nest egg, but to continue building it.

    Here are three strategies that the richest Americans use — and you can borrow — to help get your nest egg to the size you need for a comfy retirement.

    Leverage tax-deferred growth

    The IRS has no age limit on how long you can continue contributing to an individual retirement account (IRA) contributions, and your money will continue to grow tax-free as you save. But there are still contribution and deduction limits to be aware of.

    If you’re covered by a retirement account at work, traditional IRA deductions are phased out for married couples if your modified adjusted gross income (MAGI) is between $123,000 and $143,000. With a Roth IRA, that phase-out happens between $230,000 and $240,000.

    For single filers, the range is $87,000 to $161,000. Fortunately, the IRA contribution limit in 2024 is $8,000 if you’re 50 or older, up more than 14% from 2022.

    While Roth IRAs are a key savings vehicle, you’ll also want assets that protect you from inflation and stock market volatility.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those seeking to ensure their retirement funds are shielded against economic uncertainties. If you opt for Priority Gold’s premium package, you can get free insured shipping and storage for up to five years.

    What’s more, when you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in precious metals for free.

    When you’re feeling unsure about how to set up your retirement accounts, and how to meet a seven-figure savings goal, it’s time to call in a pro.

    Professional advisors — like those at Advisor.com — can help you create a money management plan. Whether you’re looking to diversify your portfolio or grow your nest egg, Advisor.com connects you with experienced financial advisors who can help you reach your financial goals.

    By partnering with a reputable advisor, you’ll gain expert insights into which alternative assets align best with your goals. Once you’re matched, you can schedule a free consultation to discuss your financial strategy and explore the investment options available to best suit your needs.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Move to a less expensive part of the country

    From 2015 to 2019, only 5.9% of people aged 65 to 74 chose to relocate, according to U.S. census data. But definite financial advantages lie in moving from a high-cost-of-living locale to a much less expensive one. As of the second quarter of 2024, the Council for Community and Economic Research found that the Cost of Living Index in San Francisco (the nation’s fourth-most expensive city) is 167.4.

    Meanwhile, Amarillo, Texas, one of the cheapest cities to live in, has a score of 83.1. If you want to stay closer to your hometown, a cost-cutting move is also entirely possible. RentCafe estimates that the cost of living in Rockford, Illinois is significantly lower than in Chicago — only 90 miles away.

    Whether you stay or you go, one beneficial way to lower costs for your home is to shop around for a better deal on your home insurance.

    OfficialHomeInsurance.com makes it easy to find the coverage you need without the hassle of calling multiple providers for quotes.

    Shopping for a better policy is fast and easy: Simply fill out a few details about yourself and your home, and you’ll see get a list of quotes tailored for your needs. You could save an average of $482 a year.

    A report by MarketWatch also found that Americans struggle to keep the monthly cost of car ownership below the recommended threshold of 10% of their monthly income. On average, we’re spending 20%. Lowering this expense can give you more funds to add to your retirement savings.

    When you use OfficialCarInsurance, you can ensure that you’re cutting your insurance costs down to size.

    Getting started with a quote is easy: When you enter your age, your home state, the type of vehicle you drive, and your driving record, OfficialCarInsurance will sort through the leading insurance companies in your area, including top providers like Progressive, Allstate and GEICO. You can then easily compare rates and choose the policy that best suits your needs and budget.

    Invest a small portion of your portfolio in cryptocurrency

    Yes, cryptocurrency has a well-earned reputation for volatility. But many financial experts say it is potentially profitable to invest in it, as long as you limit your risk exposure.

    Working with retirees worth between $2 million and $10 million, certified financial planner Evan T. Beach told Kiplinger that crypto should typically make up no more than 5% of your portfolio. “Rich Dad, Poor Dad” author Robert Kiyosaki also has optimistic predictions for Bitcoin in particular.

    On Nov. 29, 2024, he predicted, “Bitcoin will soon break $100,000.” On Dec. 4, 2024, the cryptocurrency surpassed that milestone, grabbing headlines worldwide. But he sees Bitcoin climbing much higher — potentially reaching $500,000 to $1 million.

    For those looking to hop on the bitcoin bandwagon, new crypto platforms have made it easier for everyday investors.

    For instance, Gemini is a full-reserve and regulated cryptocurrency exchange and custodian, which allows users to buy, sell and store bitcoin and 70 other cryptocurrencies.

    You can place instant, recurring and limit buys on their growing and vetted list of available cryptos.

    But if you’re not ready to buy just yet, you can still invest in crypto with their Gemini credit card.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Worried about an impending recession? 10 money moves to make right now

    Worried about an impending recession? 10 money moves to make right now

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    The chance of a recession hitting the U.S. economy in 2025 has gone down — but only slightly.

    JP Morgan scaled back its recession forecast from 60% to 40% at the end of May.

    So if you’re thinking of tightening your wallet — and looking for ways to stretch every dollar — here are 10 money moves you can make to make sure you’re in great financial shape during this uncertain time.

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    1. Stop wasting money on overpriced car insurance

    Car insurance is likely taking a big chunk out of your monthly budget, but it could be keeping you safe for less. Insurance companies tend to pile on confusing add-ons and lingo, which leads you to pay more than necessary.

    OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you’re getting the best deal.

    You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results.

    Find offers as low as $29 a month.

    2. Invest in real estate

    New investing platforms are making it easier than ever to tap into the real estate market.

    For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

    With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

    With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

    3. Diversify your retirement portfolio with a gold IRA

    Gold has long been touted as a safe-haven asset — and it can go a long way toward building your retirement portfolio. The precious yellow metal offers more stable returns than stocks, especially during market volatility and recession.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

    To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.

    4. Automatically invest your spare change

    You don’t need a large sum to start investing for your future. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.

    When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a savings account or a smart investment portfolio.

    Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

    Plus, if you sign up now, you can get a $20 bonus investment.

    5. Earn passive income

    Owning real estate has traditionally been the path to earning steady rental income, but it can be expensive and time-consuming to manage properties.

    If you’re an accredited investor looking for larger returns through commercial real estate, First National Realty Partners (FNRP) could be a better fit with a $50,000 minimum investment requirement.

    Specializing in grocery-anchored retail, FNRP offers a turnkey solution for investors, allowing them to passively earn distribution income while benefiting from the firm’s expertise and deal leadership.

    FNRP has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods, and provides insights into the best properties both on and off-market. And since the investments are necessity-based, they tend to perform well during times of economic volatility and act as a hedge against inflation.

    You can engage with experts, explore available deals and easily make an allocation, all in one personalized, secure portal.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    6. Make your cash work harder for you

    If you have a lot of cash sitting in your checking account, consider moving it to a high-yield savings account so you can get more bang for your buck.

    You can easily compare multiple online banks offering high-yield savings accounts with 4% or more in annual interest in a matter of minutes. Many options now offer $0 monthly fees and don’t require a minimum balance to earn their high APY.

    For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY Plus, SoFi charges no account, monthly or overdraft fees.

    The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.

    7. Shore up your cash reserve

    Certificates of deposit (CDs) are another low-risk option that you can use to earn interest on your cash. They offer even higher returns compared to high-yield savings accounts.

    Money put in CDs remains locked in throughout a specified investment period. If you want higher returns and are comfortable with not being able to access that cash throughout the investment term, a CD might be a good choice for you.

    You can compare CD rates and other features through SavingsAccounts.com. A side-by-side comparison can make it easy for you to find the best option without having to visit multiple websites.

    You can also get personalized CD recommendations based on your preferences through SavingsAccounts.com.

    8. Find a more affordable life insurance policy

    Global life insurance premiums are set to increase at an annual rate of 3% in 2025 and 2026, according to a report by Swiss Re Institute.

    If you have life insurance in place – especially a term policy – it may be worth comparison-shopping to find a more affordable option. You can typically cancel a term life policy without incurring any penalties.

    With Ethos, you can get term life insurance in 5 minutes, with no medical exams or blood tests.

    You can get a policy with up to $2 million in coverage, starting at just $2/day.

    Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

    9. Maximize your home equity

    With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

    With a home equity loan, you can fund any major expense — home renovations, paying off substantial debt, or even funding investments for your retirement nest egg. Rates on a home equity loan are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock the lowest possible rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with the best possible rates today.

    10. Grow your wealth with help from a trusted advisor

    If you’re unsure which path to take amid today’s market uncertainty, it might be a good time to connect with a financial advisor through Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    You can view advisor profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Here are 5 things that will likely get more expensive in 2025 — no matter what Trump does in the White House

    Here are 5 things that will likely get more expensive in 2025 — no matter what Trump does in the White House

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Imported household appliances that are made with steel parts — like washing machines, refrigerators and stoves — will be subject to President Trump’s expanded tariffs starting June 23, according to the Commerce Department.

    This marks one of the first times that the administration has targeted everyday household products, and could mean higher prices for the average American household.

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    The administration increased tariffs on foreign steel and aluminum to 50% from 25% on June 4. This is in addition to a baseline 10% tariff on imported goods from most countries, along with a 25% tariff on foreign-made cars and auto parts.

    Many fear costs will continue to rise. Experts say that, regardless of any further actions from Trump, the prices of certain products and services are expected to rise significantly this year.

    Here are five you should watch out for.

    1. Homeowners insurance

    U.S. homeowners’ insurers have hiked premium rates by double digits over the past two years. Premiums increased by 10.4% in 2024, following a rise of 12.7% in the previous year, according to S&P Global Market Intelligence. If you’re worried about affording your insurance policy, it’s a good idea to shop around for rates when your plan is set to renew.

    OfficialHomeInsurance.com takes the hassle out of shopping for home insurance. In just under 2 minutes, you can explore competitive rates from top insurance providers, all in one place. OfficialHomeInsurance makes it easy to find the coverage you need at a price that fits your budget.

    The side-by-side comparison is helping homeowners save an average of $482 on their home insurance policies.

    Home insurance premiums aren’t the only thing coming out of homeowners’ pockets. If you own a car, you have another cost to deal with.

    Car insurance rates rose an average of 16.5% in 2024 according to ValuePenguin. Shopping around and bundling your auto and homeowners’ insurance can lead to substantial savings.

    OfficialCarInsurance.com lets you compare quotes from trusted brands, including Progressive, Allstate and GEICO, to make sure you’re getting the best deal. The matching system takes into account your location, vehicle details, and driving history to find you the lowest rate possible.

    You can find deals starting at just $29 per month and switch over your policy in just a few minutes.

    And if you have a furry friend, consider getting pet insurance to avoid expensive vet bills. With only 2% of pets insured across the U.S., pet owners typically spend up to $186 on average for a routine veterinary checkup, and anywhere between $374 and $1,285 for an emergency visit.

    BestMoney lets you compare pet insurance policies offered by reputed providers like Spot Pet Insurance, ASPCA, Pet Best and more.

    You can compare the coverage benefits, deductibles (if any), geographical availability and reviews — all in their online marketplace.

    Find offers starting at just $10 per month.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    2. Eggs

    Eggs are a staple item in many people’s fridges. But in 2025, egg prices are expected to rise due largely to a wave of avian flu, plus the effects of Trump’s tariffs.

    The impact is already being felt. While costs may vary depending on your location, the consumer price index reported that the price of a dozen large eggs reached $4.95 nationwide in January, up from $4.15 in December. Just a year ago, the average price was only $2.52 per dozen.

    If your household uses eggs regularly, buying in bulk could be a potential way to save. Alternatively, check out local farms to see if they offer fresh eggs at a lower price compared to your nearby supermarket.

    But here’s an even more creative way to save while spending: Make the most of your everyday shopping by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping and travel — contributes to building your savings.

    For example, when you spend $5.40 on eggs, Acorns will automatically invest the 60-cent difference. These small amounts add up over time, ensuring you have enough savings for what may lie ahead with Trump’s tariffs.

    3. Coffee

    If you’re someone who can’t function without your morning dose of caffeine, here’s some bad news: The price of coffee rose more than 80% in 2024, according to The Wall Street Journal, surpassing a record set in 1977. And with concerns brewing about a weak 2025 harvest in Brazil, plus Trump’s tariff threats to Mexico, prices could easily follow a similar pattern this year.

    A 2024 survey by Drive Research found that 73% of Americans drink coffee every day, and 51% purchase coffee outside the home at least once a week.

    Little luxuries like café treats are often worth their extra cost if they boost your mood — but to keep them in your budget, you should look for ways to make your money work harder for you, so you can grow your nest egg.

    You can easily compare multiple online banks offering high-yield savings accounts with 4% or more in annual interest in a matter of minutes. Many options now offer $0 monthly fees and don’t require a minimum balance to earn their high APY.

    For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY Plus, SoFi charges no account, monthly or overdraft fees.

    The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.

    4. Streaming services

    The cost of streaming services is increasing in 2025. YouTube TV raised its monthly rate to $82.99 from $72.99 in January. Netflix also followed suit by announcing price increases across all plans at the same time.

    Most budgeting experts recommend an annual content audit to make sure you’re not paying for platforms you rarely use. According to a study by Bango, one-third of Americans pay for a subscription they don’t use. Another practical and long-lasting way to save is by keeping track of where your money is going.

    However, budgeting can be challenging, especially when trying to track multiple accounts and daily expenses simultaneously. Monarch Money’s expense tracking system simplifies the process.

    The platform seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real-time.

    Whether you’re looking to save, invest, or simply control your spending, Monarch Money offers the tools to help you succeed. For a limited time, you can get 50% off your first year with the code NEWYEAR2025.

    5. Travel

    Travel is a luxury that a lot of people are willing to prioritize. But in 2025, it might cost you more to get away.

    American Express Global Business Travel predicts prices on most routes involving U.S. airports will increase modestly, with domestic flights facing the biggest hikes.

    Some of America’s top travel destinations are also introducing additional fees, as more countries in 2025 will require Electronic Travel Authorizations. These are permits travelers must pay for to enter visa-free countries, and they are linked to your passport.

    To save on travel, aim to book your vacation at an off-peak time, which may depend on your destination. Travel booking site Kayak found that the cheapest month to travel in 2024 was February.

    You can also save money by using the credit card that offers the most travel rewards and cash back. The challenge, however, is that searching for the right credit card can be overwhelming.

    With CardRatings.com, the process is quick, easy and personalized. Whether you’re looking for cash back, travel rewards, a low APR or zero annual fees, their CardFinder tool matches you with the best offers from top providers.

    The process is simple: First, share a few details about your preferences and credit profile. Next, a soft credit check is performed, which won’t affect your credit score. Finally, you can instantly compare and choose from a curated list of cards, complete with overviews of rewards, fees, and benefits.

    CardRatings.com will help you find the perfect match and recommend a travel reward card that maximizes savings and benefits — all tailored to you.

    What to read next

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

  • Federal Reserve just raised the alarm over 1 key economic indicator — signals 12-year high in ‘consumer distress.’ Here’s the big problem crushing American finances (and how to solve it)

    Federal Reserve just raised the alarm over 1 key economic indicator — signals 12-year high in ‘consumer distress.’ Here’s the big problem crushing American finances (and how to solve it)

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    While investors worry about the markets, the Federal Reserve Bank of Philadelphia is raising the alarm about another economic indicator: credit card payments.

    According to the central bank, more than one in 10 Americans paid only the monthly minimum on their credit card debt in the fourth quarter of 2024. Paying just the minimum means you shell out more in interest over time.

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    Often, making minimum payments is a sign of consumer distress — and this warning sign is at 12-year high.

    Worse still, the number of credit card accounts that are 90 days or more past due reached yet another record high in the fourth quarter of 2024.

    This begs the question: What’s behind the growing debt burden for so many Americans? Here’s what’s causing it, and how you can get out of debt and stay that way.

    Why are so many Americans in credit card debt?

    It’s no surprise Americans are struggling with debt. Years of high inflation, triggered by the pandemic and its aftermath, have taken a toll on many households.

    Although inflation has cooled from a peak of 8% in 2022 to 2.4% in March 2025, household budgets haven’t kept pace.

    To cope, more Americans are leaning on credit cards. Debt.com’s 2025 survey found that one in three use cards to cover essentials, and many have maxed them out. With ongoing tariff negotiations expected to raise prices further, reliance on credit could continue to grow.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    How to pay off credit card debt

    To protect your credit score, start by never missing a credit card payment.

    Mark payment due dates on your calendar and set reminders to avoid missing them. With average credit card interest hovering around 21.37%, carrying a balance is costly as minimum payments mostly cover interest. Aim to pay in full each month, or at least more than the minimum.

    To make headway on your debt:

    • Track spending and create a budget prioritizing debt repayment

    • Stop charging for what you can’t pay off immediately

    • Automate credit-card payments on payday

    • Pay extra on one debt each month until it’s gone, then tackle the next

    • Keep going until you are debt-free

    To fully pay off your debt, consider Dave Ramsey’s Snowball Method — start with the smallest balance to stay motivated — or the Debt Avalanche Method, which targets high-interest debt first to save more over time.

    Another option is a debt consolidation loan. This can lower your interest costs and simplify your monthly payments.

    If you have significant home equity, you could use a Home Equity Line of Credit (HELOC) to consolidate your high-interest debts.

    A HELOC is a secured line of credit that leverages your home as collateral. Rather than juggling multiple bills with different due dates and interest rates, you can deal with one easy-to-manage payment instead. The results? Less stress, generally reduced fees and the potential for significant savings over time.

    Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.

    Terms and Conditions apply. NMLS# 1136

    After tackling your debt, it’s important to stick to your budget and focus on building an emergency fund covering three-to-six months of expenses. This helps you avoid falling back into debt during tough times.

    Building this fund quickly is perfect for your peace of mind, but can take a while with the interest rates of standard savings accounts. A high-yield alternative like a Wealthfront Cash Account can be a great place to grow your emergency savings, offering both competitive interest and easy access when you need funds.

    Wealthfront’s high-yield cash account offers a 4.00% APY on deposits — nearly ten times the national average. Plus, they charge no account, monthly or overdraft fees. Your deposits are also insured by the Federal Deposit Insurance Corporation for balances up to $8 million.

    Better still, if you fund your account with $500 or more, you get a $30 bonus.

    After your emergency fund is in place, you could channel your extra funds into investing. One way that might help is by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio of ETFs. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

    For instance, if your total grocery bill comes to $25.35, Acorns will automatically round it up to $26 and invest the 65-cent difference. These small amounts add up over time.

    Acorns is also offering an extra $20 for those who sign up with a recurring deposit.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • Warren Buffett has a ‘big worry’ over the US dollar ‘really going to hell’ — warns fiscal policy is what really scares him in America. Here’s why (plus 3 ways to protect yourself now)

    Warren Buffett has a ‘big worry’ over the US dollar ‘really going to hell’ — warns fiscal policy is what really scares him in America. Here’s why (plus 3 ways to protect yourself now)

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    With a whopping $348 billion in cash on Berkshire Hathaway’s balance sheet, it’s easy to assume Warren Buffett has no worries at all.

    But in a recent meeting with shareholders, the legendary investor admitted he’s worried about the eroding value of the U.S. dollar. What’s more, on May 3, Buffett announced he plans to retire as Berkshire Hathaway CEO by the end of 2025.

    Don’t miss

    “We wouldn’t want to be owning anything that we thought was in a currency that was really going to hell, and that’s the big thing we worry about with the United States currency,” he said.

    Here’s why the Oracle of Omaha is anxious about the future of the greenback.

    Dollar’s decline

    Buffett’s concerns over the dollar’s value stem from increased government spending and proposed tax cuts under President Donald Trump.

    Despite the rhetoric about spending cuts, government expenditures rose by $200 billion during Trump’s first 100 days compared to the previous year. Buffett cautioned that such fiscal policies could pose significant economic risks.

    The U.S. dollar index, which tracks the dollar’s value against a group of major foreign currencies, has declined by more than 8% since the beginning of the year.

    Analysts warn that rising debt and reduced revenue could further devalue the currency and undermine U.S. creditworthiness. In fact, Moody’s downgraded the U.S.’s credit rating from Aaa to Aa1 on May 16.

    Any further erosion in the dollar’s value could impact your purchasing power. Here are three ways to protect yourself.

    3 ways to protect yourself

    If you’re worried about the U.S. dollar’s value and how it might affect your portfolio, certain assets can help protect your wealth.

    1. Gold is a good option

    During periods of uncertainty — tariff-driven or otherwise — investors often turn to gold. The precious metal is seen as a store of value against market volatility.

    The price of gold has jumped by more than 40% since 2023. JP Morgan projects that it will hit the $4,000 mark by 2026.

    One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.

    Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

    To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    2. Consider alternative assets

    As gold surges to historic highs, the stock market has been on a roller coaster ride. In March 2025, a major sell-off erased $4 trillion from the S&P 500 before a rebound, hitting even blue-chip stocks like Apple, Nvidia and Microsoft.

    That’s why experts often caution against putting all your eggs in one basket. It pays to diversify into new asset classes. Art is one such investment that has captured the attention of savvy investors.

    After all, art represents a massive asset class. The global art market size was valued at $552.03 billion in 2024 and is projected to reach $585.98 billion in 2025, according to Straits Research.

    In the past, you had to be ultra-wealthy to invest in art, but now services like Masterworks have opened the door to art investing. So far, over one million members have joined the platform.

    Here’s how it works: Instead of buying a single painting for millions of dollars, you invest in fractional shares of blue-chip paintings by renowned artists such as Pablo Picasso, Basquiat and Banksy. Blue-chip paintings are pieces of art that tend to only increase in value over time, much like blue-chip companies.

    From here, all you have to do is select how many shares you want to buy and Masterworks will take care of the rest.

    See important Regulation A disclosures at Masterworks.com/cd.

    3. Add exposure to real estate

    Investors gravitate toward real estate for good reason. Well-chosen properties can generate passive income through rent while potentially appreciating in value over time. Real estate can also serve as a hedge against inflation.

    The best part? These days, you don’t need to be an ultra-wealthy investor like Buffet to take advantage of this strategy.

    With the help of First National Realty Partners (FNRP), you can invest in needs-based commercial properties.

    With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to triple net leases, accredited investors can invest in these properties without worrying as much about tenant costs cutting into their potential returns.

    Another way to invest in real estate is by leveraging home equity. This $34.9 trillion market has historically been the domain of large institutions. But now Homeshares is changing the game by helping accredited investors gain direct access to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund.

    The fund focuses on homes with substantial equity and utilizes Home Equity Agreements to help homeowners access liquidity without incurring debt or additional interest payments.

    This hands-off approach lets accredited investors access high-quality residential properties with a minimum investment of $25,000 — without the headaches of being a landlord.

    With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities, offering accredited investors a low-maintenance alternative to traditional property ownership.

    Purchasing rental properties and becoming a landlord is another way to get into the market. But for the average American who wants to avoid the need for a hefty down payment or the burden of property management, crowdfunding platforms like Arrived make it easier to slice yourself up a piece of that pie.

    Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.

    The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment.

    What to read next

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

  • Stop overpaying for these 5 things ASAP

    Stop overpaying for these 5 things ASAP

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    The price of almost everything – from a carton of eggs to a pound of steak – remains stubbornly high.

    According to a report by Edelman Financial Engines, 58% of Americans say they need a minimum salary of $100,000 to avoid worrying about everyday expenses.

    While you may not have much control over the price of most necessities, here are five things in your monthly budget you may be overpaying for – and how you can cut back.

    Don’t miss

    Car insurance

    According to data from Forbes, the national average cost for car insurance in 2024 was $2,150 per year, or $179 per month.

    But, depending on which state you live in, your driving history and the make and model of your car, there are some insurers that can offer you far less than what you’re currently paying.

    Thanks to OfficialCarInsurance.com, comparing multiple insurance companies is easier than ever.

    Just type your info into the fields below, and you’ll instantly get a selection of offers to choose from trusted brands, such as Progressive, Allstate and GEICO to make sure you’re getting the best deal.

    In just 2 minutes, find offers as low as $29 a month.

    Bank accounts

    Most banks charge somewhere between $5 and $35 a month in account fees alone – especially if you bank with a big brick-and-mortar institution.

    Online banks, on the other hand, typically charge lower or $0 fees and higher interest rates due to lower overhead costs.

    For example, you can open a high-yield cash account with Wealthfront and earn 4.00% APY on deposits — which is almost 10x the national average. Plus, Wealthfront charges no account, monthly or overdraft fees.

    Enjoy 24/7 instant withdrawals, plus no transfer fees if you want to move your money into a Wealthfront investment account.

    Fund your account with $500 or more to get a $30 bonus today.

    Life insurance

    Global life insurance premiums are set to increase at an annual rate of 3% in 2025 and 2026, according to a report by Swiss Re Institute.

    If you have life insurance in place – especially a term policy – it may be worth comparison-shopping to find a more affordable option. You can typically cancel a term life policy without incurring any penalties.

    With Ethos, you can get term life insurance in 5 minutes, with no medical exams or blood tests.

    You can get a policy with up to $2 million in coverage, starting at just $2/day.

    Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Pet insurance

    For pet owners, the average cost for a routine visit to the vet ranges between $50 to $250 depending on where you live in the U.S., according to data from 2023 in a report by Care Credit.

    And that doesn’t take into account expensive emergencies that could suddenly pop up and throw off your monthly budget. For example, emergency surgery could cost anywhere between $1,500 to $5,000.

    Thanks to BestMoney, it’s easy to shop for affordable pet insurance to give you peace of mind.

    You can instantly compare the coverage benefits, any deductibles, geographical availability and reviews — all in one place.

    Home insurance

    Average homeowners insurance premiums per policy increased 8.7% faster than the rate of inflation between 2018 and 2022, according to recent data released by the U.S. Department of the Treasury.

    This is bad news for those who simply auto-renew with their current provider every year. In such a quickly shifting landscape it can pay to take 2 minutes to shop around for better rates.

    OfficialHomeInsurance.com makes it easy to find the coverage you need without the hassle of calling multiple providers for quotes.

    Simply fill out a few details and you could save an average of $482 a year.

    What to read next

    Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

  • I’m 56 and my wife died suddenly a few weeks ago. I’m finally ready to think about the future, but she made 65% of our income and I won’t be able to afford our bills on my own — what do I do?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Consider this scenario: Paul’s wife unexpectedly passed away a few weeks ago.

    Aside from the shock of losing the love of his life, he has a new source of stress he wasn’t prepared for: His wife made 65% of their household income. And he can’t afford the mortgage on his own.

    Don’t miss

    Now, Paul is wondering what to do. Should he refinance his home? Should he dip into his retirement savings to pay the bills?

    While he does have about $30,000 in a high-yield savings account, he’ll also get a life insurance policy payout worth around $200,000. He’s been putting money into a 401(k) at work too, but he doesn’t think he should dip into it before he retires.

    So, what can he do instead?

    Dealing with the death of a spouse

    Managing the devastating grief from a loss is hard enough without the sudden financial implications of being single.

    Individual annual income falls by an average of $5,500 after the death of a spouse for at least two years, according to National Bureau of Economic Research data cited by the Federal Reserve Bank of Chicago. The rate of financial insolvency also increases after the death of a spouse.

    Women tend to be hit slightly harder than men, for a variety of reasons such as lower overall wages, according to a Pew Research Center analysis. A Thrivent survey found that more than half of widowed women experienced financial challenges, with 51% living paycheck to paycheck or struggling to manage their bills.

    One major reason? Debt.

    Among widowed women 39% carried over $25,000 in debt following the loss of their spouse, including 10% that had a debt load of over $100,000, according to the survey.

    But the same can be said of any spouse that’s making less money than their partner, as is the case with Paul.

    If you find yourself in a similar situation, you could consider tapping into the value of your home to help clear any major debts and give yourself some financial breathing room as you grieve. If you have substantial equity in your home, a Home Equity Line of Credit (HELOC) can help you to pay down high-interest debt.

    A HELOC is a secured line of credit that leverages your home as collateral. Depending on the value of your home and the remaining balance on your mortgage, you may be able to borrow funds at a lower interest rate from a lender as a form of revolving credit.

    Rather than juggling multiple bills with varying due dates and interest rates, you can consolidate them into one easy-to-manage payment. The results? Less stress, generally reduced fees, and the potential for significant savings over time.

    LendingTree’s marketplace connects you with top lenders offering competitive HELOC rates. Instead of going through the hassle of shopping for loans at individual banks or credit unions, LendingTree lets you compare multiple offers in one place. This helps you find the best HELOC for your situation.

    Terms and conditions apply. NMLS#1136.

    What are the first steps after a spouse suddenly dies?

    While it’s generally advisable to avoid making major life decisions immediately after losing your spouse, sometimes you don’t have a choice when it comes to finances.

    When a spouse suddenly dies, the survivor may want to start by doing “financial triage,” or assessing their financial situation, prioritizing paying down bills and doing an inventory of their debts — especially any high interest debt.

    One easy way to get a clear and comprehensive look at your finances is with Monarch Money. The platform offers a top-down view to help you track your spending and budgeting, manage your investments and get personalized advice so you can feel comfortable with your money.

    You can download the app now for a 7-day free trial. If you like it, you can also get 50% off your first year with the code MONARCHVIP. This can make keeping track of accounts, income and debt easier in the year following your loss.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    If your spouse had life insurance, you may also get some money from the policy.

    In most states,  life insurance payouts are issued between 30 to 60 days after a death, though it may be faster, according to Ramsey Solutions. These payouts are tax-free and typically come as a lump sum.

    In some cases, it may be possible to also claim survivor benefits, which are monthly payments to the beneficiaries of a deceased family member who contributed to Social Security during their working years. This amount is determined by the deceased’s average lifetime earnings. Not only are spouses eligible, but so are divorced spouses, children and dependent parents. It’s also important to consider other commonly overlooked benefits, such as spousal beneficiary rollovers.

    As a widow, you could be eligible for Medicare based on the deceased’s work history. Widows can also potentially qualify for Medicaid, depending on their income and assets.

    For guidance, contact your state’s Medicaid office or State Health Insurance Assistance Program, which can provide counseling and assistance with Medicare and Medicaid.

    While it can be difficult to think of preparing for the end of life when you’re in the thick of middle age — career, kids and daily responsibilities — the best time to plan for tomorrow is today.

    For those who want to protect their loved ones from financial stress in the event of their unexpected death, Ethos Insurance offers a policy with up to $2 million in coverage, starting at just $2 per day. Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

    Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests required.

    Rebuilding your finances — and your life

    Eventually, you’ll settle into a life that accounts for only one household income. Once you understand how much money you have coming in, including life insurance payout and any other forms of income you’ve been bequeathed, you can reassess your lifestyle based on your new income.

    For example, before his wife had passed away, Paul bought a second vehicle. Now that he no longer needs two vehicles, he could sell one and use the money to help him pay down debt or help with the mortgage.

    Paul may also want to consider downsizing to a smaller home. If he can’t afford his mortgage payments, or wants to wait until rates go down, he could consider working overtime or taking on gig work to bring in some extra money. Getting a roommate to help cover the mortgage and household bills is another option.

    Another way to get mortgage payments in line with a single income is to consider refinancing. While there are some drawbacks, including a longer mortgage term, refinancing can help those with money woes fit their home into their new budget.

    Mortgage Research Center (MRC) can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type, price range and annual income.

    Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

    After you match with a lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit.

    For those feeling overwhelmed by all of this, there are community resources and state programs available that can help with both emotional well-being as well as financial guidance.

    It may also be worth working with a financial advisor, or a grief counselor, to develop a roadmap for the year ahead — from rebalancing your budget to restructuring your lifestyle.

    An easy way to connect with a vetted financial advisor is through Advisor.com.

    This online platform connects you with vetted financial advisors in minutes. Just answer a few quick questions about yourself and your finances and Advisor.com can match you with an experienced financial professional suited to helping you develop a plan for your new life as a single income household.

    You can view the advisor’s profile, read past client reviews and schedule an initial consultation for free with no obligation to hire.

    Be prepared

    While it can be uncomfortable, it’s important for couples to discuss their end-of-life wishes and make financial plans ahead of time.

    Each spouse should know where important documents are stored, as well as passwords for any electronic documentation.

    It’s also important to have a will that names a beneficiary or beneficiaries. Otherwise the state decides who gets your estate, and that can be a long, complex and emotionally draining process for your loved ones.

    Since it can take up to two months to get a life insurance payout, it’s also a good idea to build an emergency fund that will cover expenses during that timeframe. Dipping into your own retirement savings to get by during this time could hurt you in the long run.

    While your emergency fund should be accessible at all times, it’s also critical to keep it growing, and make sure the money in your fund is working for you. With Wealthfront’s cash account, you can secure a reliable plan offering a 4% APY, which is about 10 times more than  the national average.

    Wealthfront’s high-yield savings account also offers full access to your money at all times, plus fast and free transfers to internal Wealthfront investing accounts, as well as external accounts.

    Fund your new account today with $500 or more and you can get a $30 bonus contribution with Wealthfront Cash.

    What to read next

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

  • I’m 28, recently married and with zero debt — we always wanted to own a house but the market seems lousy. Is it better to invest in the S&P 500 and save while renting or just go for it?

    I’m 28, recently married and with zero debt — we always wanted to own a house but the market seems lousy. Is it better to invest in the S&P 500 and save while renting or just go for it?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Jamie, 28, recently married her long-time boyfriend, Ben. They’ve always been careful with their money as a couple, sticking to a monthly budget and saving 15% of their salaries. They even opted for a small, simple wedding rather than racking up debt.

    Jamie and Ben rented a small one-bedroom apartment when they moved in together five years ago. It made sense at the time. They were just starting out in their careers and liked to have some extra money for dining out and entertainment.

    Don’t miss

    Now they’re thinking of starting a family and are not so keen on renting. Jamie has always wanted to own her own home and she doesn’t want to raise kids in a rental apartment.

    But since current home prices and mortgage rates make it a “lousy” market for people looking for starter homes, Jamie’s wondering if it makes more sense to invest in the S&P 500 and save as much as possible while continuing to rent.

    To rent or to buy?

    U.S. home prices were up 0.7% in May compared to the same time last year, according to Redfin, selling for a median price of $440,913.

    Rates for 30-year fixed-rate mortgages also remain relatively high, still below the 7% threshold, but averaging 6.81% as of June 18, according to Freddie Mac.

    These factors may help explain why demand — often understood through existing home sales — “remains exceptionally low,” according to JPMorgan’s home price outlook for 2025,

    “The U.S. housing market is likely to remain largely frozen through 2025,” JPMorgan Research reports. “Some growth is still expected, but at a very subdued pace of 3% or less.”

    That leaves many potential homebuyers wondering when — or if — there’s going to be a good time to buy a new home.

    Over the next two years, home prices may drop as housing supply grows, and mortgage rates could fall with Treasury yields, according to Morgan Stanley strategists.

    But, as the investment bank notes, that doesn’t necessarily mean “a return to the pre-pandemic era of more affordable mortgages and home prices.”

    Meanwhile, 2025 has so far been a renter’s market, with rents falling as the supply of rental units grows. That’s thanks in part to the appearance of new units on the market as pandemic-era projects are completed.

    However Realtor.com notes that this effect could be short-lived, as lower rent disincentivizes developers from building rental buildings. That could lead to a rental housing pinch.

    But lower rent doesn’t mean low. Rents are still 14.4% higher than they were five years ago, according to Realtor.com.

    Buying a home might stretch your budget more than renting. But it can come with perks — like building equity and having a place that’s truly yours. Plus, you won’t have to deal with surprise rent hikes or sudden eviction notices from a landlord.

    Even though mortgage rates are high, it doesn’t mean you can’t get bang for your buck. Shopping around and comparing rates from different lenders can help you save an average of $80,024 over the lifetime of a 30-year fixed-rate mortgage, according to a recent LendingTree analysis.

    Shopping around doesn’t have to mean calling lenders and dealing with the hassles of nonstop sales calls. Instead, you could let marketplaces like Mortgage Research Center help you compare rates from multiple lenders all in one place — for free.

    Getting started is easy. Just enter some basic information about yourself and your property preferences then MRC will display personalized offers from vetted lenders near you.

    From there, you can compare rates and, once you pick a lender you like, set up a free, no-obligation consultation to see if they’re the right fit.

    Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

    Weighing the pros and cons

    Both stocks and home equity can provide a path to wealth. Historically the stock market has provided a 10% average annual return, while the housing market has seen smaller gains.

    The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which tracks residential real estate prices, showed a 2.7% annual return as of April 2025.

    But returns are not the only consideration. Stocks provide greater liquidity than real estate, yet the market can be volatile.

    Accredited investors can try to get the best of both worlds by tapping into the approximately $35 trillion U.S. home equity market.

    With a minimum investment of $25,000, accredited investors can get direct exposure to hundreds of owner-occupied homes across the U.S. through Homeshares’ U.S. Home Equity Fund.

    The fund focuses on homes with substantial equity, utilizing Home Equity Agreements (HEAs) to help homeowners access liquidity without incurring debt or additional interest payments.

    With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities, offering accredited investors an effective, hands-off way to invest in high-quality residential properties without the headaches of buying, owning or managing them.

    Plus, the fund has an investment term of five years — in contrast to the decades-long horizon of traditional real estate investments.

    Buying a home now

    PROS: If Jamie and Ben buy a home now, they can start building equity immediately. Real estate comes with a number of benefits, such as property appreciation, tax advantages and the potential to bring in rental income.

    CONS: But buying a home can also have high initial costs from the downpayment and closing fees, not to mention the ongoing expenses from property taxes to utilities and unexpected repairs. These could add up to more than the cost of Jamie and Ben’s current rent.

    Renting and investing in the S&P 500

    PROS: If Jamie and Ben continue to rent and instead invest extra money in the S&P 500, they could see higher returns over time than with real estate. Renting gives them freedom and flexibility.

    CONS: Stock market volatility could mean they have to delay homeownership even longer.

    If, like Jamie and Ben, you’re uncertain which asset would best suit your needs, it’s worth consulting a professional.

    You can find vetted experts near you for free through WiserAdvisor.

    Once you fill out the questionnaire with some basic information about yourself and your financial goals, WiserAdvisor will match you with 2-3 pre-screened FINRA/SEC-registered experts. This means that your roster of potential advisors have to act in your best interests by law.

    Finding a good financial advisor can lead to a lifelong working relationship for navigating life’s twists and turns. It’s important to be comfortable with who you’re working with.

    WiserAdvisor helps you set up a free introductory consultation with no obligation to hire with your matches before making a decision to hire one.

    That way, you can make sure your advisor is the right fit for you and your financial goals — regardless of whether you chose to rent or buy property.

    What to read next

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