Author: Vawn Himmelsbach

With prices rising, consumers are increasingly looking for ways to save money. And one way to do that is through warehouse club retail stores, like Sam’s Club, Costco and BJ’s Wholesale Club. But is membership all it’s cracked up to be?

Shopper Britney Downing tells KHOU-11 that she saves on cereal for her five kids. “I can get two bags of cereal here at Sam’s for about six bucks.”

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This comes at a time when consumer confidence is plummeting, with fears over how trade policies and tariffs will impact the cost of living. American consumers have already seen what’s happened with the price of eggs.

That could be why many “are now turning to the club channel for routine household shopping,” according to research from Acosta Group. “They are seeking good value and prices that better fit their budget, with millennials driving most of these increases.”

Compared to a year ago, 21% of respondents are shopping at a warehouse club more often, and 28% say they’re buying grocery and household needs there — not just big-ticket items.

How warehouse clubs work

A warehouse club is still a retail store. But to shop there, you’ll need to become a member first. An annual membership fee typically costs from $60 to $120, which can usually be recouped in savings if you use the membership enough. But there are a few considerations to be aware of before joining.

Warehouse clubs typically offer everything from groceries to electronics to clothing. What sets them apart from traditional retail stores, however, is that they offer these items in bulk at discounted or wholesale pricing. They might also offer discounted services such as travel and insurance, and may have an on-site pharmacy, optical center and/or gas station.

The benefits? You can save on bulk purchases and gain access to deals and discounts. Some stores, like Costco, offer a money-back guarantee if you’re not satisfied with your membership.

The downside? A membership may not be worth it if you don’t shop there frequently enough to offset the savings. There are other issues, too: It can lead to impulse buying, which defeats the purpose of joining a club to save money.

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Things to keep an eye out for

A warehouse club membership isn’t a scam, but not every deal is really a deal. Buying in bulk, for example, isn’t always a bargain. And the selection of big-ticket items like electronics or appliances may be more limited than what you’d find at a specialist retailer.

Many products, from groceries to vitamins, have a shelf-life. So buying in bulk may not save you money if you can’t get through a super-size version of that product before it expires. If you can’t eat 24 oranges before they start to rot, you’re literally throwing those savings in the garbage.

Warehouse clubs are typically designed to get you to shop more and spend more. The layout can be confusing; usually the groceries are at the back — behind all the fun big-ticket items like flat-screen TVs. And free food sample stations tempt you to spend more time in the store.

Warehouse clubs may also employ tactics that lure you into making impulse buys with signage such as ‘limited quantities.’ Many marketers use this ploy, not only warehouse clubs, but it’s good to be aware of it. You don’t want to walk out with a giant flat-screen TV when you just came for groceries.

How to protect your finances

Before joining a club, consider whether you’ll go often enough to justify the membership fee. Do you have enough room to store these bulk items? For perishable items, will you be able to eat everything before it goes to waste? If you’re buying a big-ticket item, are you really getting a deal?

You may find better sale prices on electronics or appliances at retailers who specialize in those products, especially during Black Friday. It’s worth doing a price comparison of big-ticket items against other retailers, such as Walmart, Amazon and Best Buy.

If you do buy a big-ticket item from a warehouse club, be sure to understand the return and refund policy (some product categories may be exempt or have a limited return window).

If you have a membership, avoid shopping traps by making a shopping list before you go. It could be helpful to create a budget to prevent you from overspending. If you’re about to make an impulsive buy on a ‘deal’ — walk away, do the rest of your shopping and come back after you’ve had a moment to think about it.

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San Diego has banned grocery stores from offering only digital coupons after the San Diego City Council voted unanimously in favor of the Grocery Pricing Transparency Ordinance. It’s just one move by states looking to alleviate the financial burden many families are facing at the grocery store.

The ordinance, which still has to return to council for a second reading, is the first of its kind in the U.S. and is aimed at keeping seniors and low-income families from unfairly paying higher prices for groceries.

Councilmember Sean Elo-Rivera led the effort to pass the ordinance after his father, who’s in his 70s, complained about having difficulty accessing digital coupons and said they didn’t always work.

“Simplest policy we’ve ever written,” Elo-Rivera told CBS 8. “If you offer a discount digitally, there must be a way to physically access that discount in the store.”

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Digital-only coupons hurt those who can most use the discounts

Elo-Rivera and his colleagues on the council hope the ordinance will help ease some of the inequities that result from the digital divide, where some people don’t have access to mobile technology or the internet because of lack of financial means or technological know-how.

This divide tends to disproportionately affect seniors and those with low incomes. For instance, in the U.S., 90% of all adults own or use a smartphone, but only 76% of those 65 and over own one. And only 79% of those with an annual income of less than $30,000 do, according to Pew Research Center.

Yet another barrier: In San Diego, more than 50,000 San Diego households don’t have internet access, according to Elo-Rivera’s office. And among those that do, there is still frustration with using grocery apps.

“What I found frustrating is not being able to use it, and then the cashier at the counter couldn’t use it, and couldn’t show me how to do it,” Fred Davis, a Serving Seniors volunteer, told CBS 8. “Not only did I not get the discount, but nobody could help me.”

Some argue that the difficulty may be by design. Digital discounts are “a clever ploy by big supermarket chains to get people into the store knowing full well that many of them will wind up paying more than the advertised price,” according to Edgar Dworsky, a consumer advocate and founder of Consumer World.

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Unfortunately, the people most affected by this — seniors on fixed incomes and low-income families — are those who could most use them.

These groups spend a larger percentage of their income on food and are highly dependent on sales and discounts to get by. As more of these discounts become digital-only, it makes budgeting and reducing food costs almost impossible.

Making digital coupons more accessible

Still, digital coupons are popular and their use is expected to continue growing.

And there has been some pushback against the proposal. “The current proposal would actually reduce access to discounts for San Diegans, not expand it,” members of the California Grocers Association said in a statement to CBS 8, in response to the San Diego ordinance.

“The proposal would make special offerings like loyalty programs — which fairly reward a store’s best customers — unworkable.” The group implored the San Diego council to consider the ramifications of their proposal.

Still, San Diego is not the only jurisdiction looking to create laws that would improve the transparency of grocery pricing. In recent months, lawmakers in New Jersey, Illinois, Rhode Island and Connecticut have been looking at legislation that would require grocery stores offering digital coupons to offer alternatives such as paper coupons.

In the end, legislation may not be required. Some retailers now have in-store kiosks that allow all customers to access coupons and promotions. So if you’re one of those who’s frustrated with digital-only coupons, you may want to vote with your dollars and shop at a store that’s tackling coupon inequities.

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• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

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

Long-term investing can test even the most disciplined investors. With markets swinging on everything from AI breakthroughs to political headwinds, the temptation to act emotionally — especially during big wins or downturns — is real.

Amos Nadler, a behavioural finance expert and former professor at Western University’s Ivey Business School, knows this first-hand. Years ago, he bought shares of Nvidia (NASDAQ:NVDA) for just US$0.48 each. But before the chipmaker exploded into a US$3 trillion AI juggernaut, he sold most of his holdings — missing out on one of the biggest stock runs in tech history. As of March 2025, Nvidia trades around US$108 a share, after its value surged on AI chip demand and record-breaking earnings.

Nadler’s story is more than a missed opportunity — it’s a case study in cognitive bias, and it holds critical lessons for investors trying to navigate 2025’s volatile but opportunity-rich market.

The biggest reason for investor mistakes

When Nadler was starting his teaching career, he wanted to gain some hands-on investment experience to share with his students. As a result, one of his earliest investments was stock in technology company Nvidia (NASDAQ:NVDA)— about US$800 to US$1,000 worth of stock. He paid approximately US$0.48 per share.

After holding them for a period of time, Nadler noticed that the shares had earned a decent profit so he decided to sell a large chunk of his holdings. This was before 2014 and before Nvidia (NASDAQ:NVDA) would become a household name.

Nadler’s goal was to talk about his experience. Turns out the sale gave Nadler lots to talk about with his students — since it was a big mistake.

“I needed some war stories. I needed to talk about gains and losses,” he recently told CNBC Make it. “I need to put my own money to play and experience these things, and take it out of the lab, take it out of the textbooks.” Nadler’s lesson should be used by any investor tempted by bias or emotion.

According to his trading brokerage, Nadler paid about US$0.48 per share, factoring in the stock splits during the company’s history. As of March 31, 2025, Nvidia (NASDAQ:NVDA) stock closed to US$108 per share, reflecting recent market volatility influenced by factors such as underwhelming initial public offering (IPO) of CoreWeave and concerns over potential tariff implementations. The firm’s value increased by more than US$2 trillion just last year.

If Nadler had held onto the stock, his gain would have been over 28,000%. The value of his holdings would have been “enough to buy a nice house somewhere,” according to Nadler.

Here’s the thing: Nadler sold the stock because he succumbed to a cognitive bias known as loss aversion. A cognitive bias is a consistent, repeated error in the way we process information and perceive reality. Loss aversion is a common cognitive bias that leads us to perceive losses as more significant than gains.

In investing, loss aversion can cause us to fear losing the gains of a winning bet in our portfolio. It’s what happened to Nadler when he chose to sell his Nvidia (NASDAQ:NVDA) stock. As he tells it, “What was going through my head was, ‘Hey, I’m new with this. I just made a significant profit in a very short amount of time. I want to lock it in because I’m feeling afraid it may drop again.’”

How loss aversion is driving your investment decisions

You can judge your own loss aversion by considering whether you’d rather have $100 or flip a coin to either gain $200 for heads or $0 for tails. Most people would prefer the certain $100 and value the potential “loss” of this as greater than the potential but uncertain gain of $200. Still not sure, consider the same coin toss scenario but with a payout of $500 or $1,000. The lower the sum you’re willing to accept, rather than risk for the 50/50 chance of getting more, illustrates how risk averse you are (both in coin tosses and investing).

So, how does loss aversion impact your investment decisions?

If you choose to cash-in on your gains, end up being too conservative in your portfolio construction, try to time your entry into the market or instinctively move to cash to avoid volatile markets than you’re operting from a loss aversion bias — and this can all hurt your overall portfolio performance.

Avoiding this cognitive bias means carefully evaluating any stock sale, especially if you plan to move to cash, and trying your best to remove emotion (such as fear) from the decision. For instance, if you’re planning to sell a stock because it’s had a strong run, but fundamentals suggest it’s still a solid investment, you may want to step back and evaluate whether you’re making a rational decision or your actions are being driven by fear.

Engaging with a financial adviser could potentially help you manage that fear by providing an arms-length assessment of your decisions. An adviser could also help you set realistic investment goals so you’re not relying on “bets,” while also helping you diversify your holdings to spread your risk and make individual risks within the portfolio feel less intimidating.

Increasingly, there are also technological tools available to help you remove emotion from investment decision-making. For instance, Nadler founded Prof of Wall Street, which provides software products that help investors use behavioural science to manage biases and improve investment decision-making.

Fear can be a powerful force. Identifying it and enlisting the help of a financial adviser or technological tool could help to take the cognitive bias out of investment decision-making and, hopefully, result in better returns.

Sources

1. CNBC Make It: I sold Nvidia — then it went up over 28,000%, says behavioral finance prof: I could’ve bought ‘a nice house somewhere’, by Ryan Ermey (Dec 12, 2024)

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

There’s been a lot of fear mongering about the move from my Social Security to Login.gov, a new digital requirement introduced by the Social Security Administration (SSA). Does that mean you’re at risk of losing your monthly Social Security payments if you fail to move over to the new platform?

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In July 2024, the SSA announced it was changing the way people access online services. Those who created their account before Sept. 18, 2021 are required to transition to Login.gov to access their Social Security account. No action is necessary for people who created their account after that time.

If you need to make the transition and haven’t done so yet, then now’s the time — but it’s not as dire as it might sound.

What’s the reason behind the move?

Login.gov lets you sign into multiple government agency websites using one account. It partners with the Office of Personnel Management, the Department of Homeland Security, the Veterans Administration and the SSA to facilitate access to programs such as USAJOBS and Trusted Traveler, as well as websites such as VA.gov and my Social Security.

Login.gov is designed to be more convenient, but also more secure. When you sign into your account, you’ll be asked to provide your password and another authentication method, such as face or touch unlock, a security key, a text message or phone call with a one-time code or even backup codes that you can print off.

Federal government employees and military personnel can use their personal identity verification (PIV) or common access cards (CACs) for authentication.

Some agencies will also require you to electronically submit additional documents such as a photo ID. Those unable to submit this electronically can also present their documentation at a participating U.S. Postal Service location.

To create an account, go to the sign-up page at Login.gov. You’ll need to provide an email address, a password and one or more authentication methods.

You can also access your my Social Security account if you have an ID.me account — and you don’t need to create a new ID.me account to do so. ID.me is another single sign-on provider that meets the government’s authentication standards.

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What happens if you haven’t switched yet?

Those who didn’t voluntarily make the switch to Login.gov by March 29 will now be directed to do so when they attempt to sign into their my Social Security account.

Later this year, the “sign in with Social Security username” option will be removed and these username accounts will be retired soon, so you should act immediately.

Some headlines suggest that you’ll lose your benefits if you don’t transition to Login.gov or ID.me. However, “your Social Security benefits and Medicare premium deductions are not affected by the transition,” the SSA states on its website.

The SSA does warn that until you make the transition, you won’t be able to access your account. In this case, it’s possible you could experience an interruption to your benefits — if, for instance, your bank account changes and you’re unable to inform the SSA in a timely manner. Of course, this is easily avoided by taking the time now to transition to Login.gov.

That being said, not everyone will find the transition to be straightforward. About 10% of U.S. adults 65 or older don’t use the Internet and about one in five seniors don’t subscribe to home broadband, according to Pew Research.

Those who do have access may lack the digital literacy skills required to switch to a new way of logging in or setting up an authentication method. This is particularly true for older adults, with research showing they have a much lower level of digital understanding than younger people.

Help is available from the SSA, but with staff cuts and office closures, there could be increasingly long wait times on the phone or for in-person appointments. Plus, in-person assistance may require travel — and that might be challenging for some seniors, low-income individuals and those with a disability or mobility issue. These factors could lead to delays in transitioning to the new system.

For those who need help setting up their new account (and have internet access), there are online resources that can help. For example, the SSA has a step-by-step video and a [FAQ page[(https://www.ssa.gov/myaccount/account-transition-faqs.html) with answers to common questions. Login.gov also has a help page and ID.me has a help center.

What to do if you miss some payments

The potential for a disruption to your benefits illustrates the importance of having an emergency fund in a high-yield savings account. Those whose cash flow is temporarily interrupted should try to lean on this fund rather than increase withdrawals from other retirement accounts, which might hurt planned future income.

If you do need to draw on retirement accounts, talk to an advisor before you do, in order to make a plan that best protects future cash flows.

Since the loss of benefits is temporary, short-term spending sacrifices are also likely to help without being too painful. Having a budget and tracking expenses will make it easier to determine where cuts could be made. .

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

Imagine authorities declared your home unlivable — and gave you just days to vacate.

That’s the reality for residents of an apartment building in Southwest Cedar Rapids, Iowa — and now, according to KCRG-TV9, they’re struggling to find new places to stay.

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On March 25, Cedar Rapids Building Services posted “do not occupy” notices on the building after it was declared “unfit for human habitation” due to sewer problems. But that wasn’t the only reason: the building lacks fire safety equipment, several units are missing plumbing fixtures and some units don’t even have electricity.

“There’s been problems here ever since I first moved here,” tenant Darius Franklin told KCRG-TV9. “There would be times where we would pay the rent, on like a Monday on the first [of the month] and then the water would be cut off on like Thursday. Or the gas would be cut off.”

Another displaced tenant expressed concern for her daughter and infant grandson who live in another building owned by the same landlord.

“They came in and they were shown a hole that was ate through the floor from mold on it,” she said. “He’s so tiny he would fall straight through the floor and they still haven’t fixed it, nothing’s been done.”

When is a building deemed uninhabitable?

The rules vary by state, but generally, a property is considered legally uninhabitable if it violates the building code or if it’s not safe to live in — for example, if it’s structurally unsound or lacks reliable heat, plumbing or electricity.

Other factors that may render a building uninhabitable include mold, a leaky roof or pipes, no hot water in winter, unsafe elevators or a pest infestation.

In most jurisdictions, when you sign a residential lease, you have an implied warranty of habitability, meaning your landlord is legally required to keep the property in compliance with local housing codes — even if this isn’t explicitly stated in the lease.

If your landlord doesn’t comply, you may be able to withhold rent to pressure them to make repairs. And in most cases, they’re not allowed to evict you for reporting code violations.

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What to do if your home becomes unlivable

If you find yourself in this situation, start by reviewing your lease to determine who’s responsible for the repairs. (Tenants are typically responsible for minor fixes, such as replacing light bulbs). If the issue affects habitability — or if the lease explicitly states that it’s the landlord’s responsibility — report it to them immediately.

Many buildings have a formal maintenance report process, such as an online requisition form. Always keep a copy of your request. Also, take date-stamped photos or videos of the issue to support your claim.

Document everything: if you make a verbal request, record the date and time, and follow up with a written letter confirming that the request was made. Keep a copy of that letter too. There are plenty of templates available online to help you draft one. For added proof, consider sending the letter via certified or registered mail.

Continue to track all correspondence and monitor any changes to the issue — for example, if a ceiling leak worsens or mold spreads.

Consider holding back rent, getting legal help or leaving

Most jurisdictions give landlords a set period to complete necessary repairs. Be sure to ask how and when the issue will be resolved. While you wait, you may be able to negotiate a temporary rent reduction.

If your landlord doesn’t respond or fix the issue, contact your local housing authority. Depending on the local laws, you may be allowed to withhold rent or make the repair yourself and deduct the cost from your rent.

If nothing changes, you might need legal assistance — or even consider moving out. If the situation poses a risk to your health, you may be able to leave without giving notice. Just be sure to confirm your rights with your local housing authority before doing so.

Legal action or relocating can be costly, so having an emergency fund that covers three to six months of expenses can make a big difference. Renters insurance might also help — while it usually doesn’t cover landlord negligence, it may cover temporary living expenses if your home becomes uninhabitable due to fire or natural disaster.

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Across Metro Detroit, hundreds of General Motors and Stellantis auto workers have been temporarily laid off this year.

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The layoff announcements came soon after the Trump administration slapped 25% tariffs on all automobile imports with a partial exemption for vehicles manufactured under the United States-Mexico-Canada Agreement.

President Trump has said this rate could go up for Canada. The 25% tariffs are set to also apply to auto parts starting May 3.

Some of the layoffs so far this year have been unrelated to tariffs, but tariffs could lead to long-term issues for the industry, resulting in increased costs for imported parts, higher prices for consumers and the potential for reduced demand, impacting overall industry stability.

While Trump says auto tariffs will shift production of cars and car parts back to the U.S., experts warn this could take years (if it’s even possible at all).

“The automakers are in a serious predicament,” Patrick Anderson, president of Michigan-based think tank Anderson Economic Group, CNN. “They’re going to have to make tough decisions about what production to continue, what not to make … We expect implementation of these tariffs to affect jobs across the United States.”

The scope of the layoffs

Last month, GM furloughed about 200 workers at its Factory ZERO plant, which builds electric vehicles, saying in a statement that the factory “will adjust production to align with market dynamics.” The company claimed the layoffs are not related to tariffs.

Factory ZERO employs more than 4,500 employees; those who’ve been furloughed don’t yet have a return-to-work date.

in April, Stellantis also temporarily laid off 900 American workers — via a company-wide email — for two weeks. This affected employees at the Warren Stamping and Sterling Stamping plants in Michigan, among other plants in the country, according to CNN.

In this case, the automaker recognized the impact of tariffs on the industry. “With the new automotive sector tariffs now in effect, it will take our collective resilience and discipline to push through this challenging time,” stated Antonio Filosa in the corporate email.

According to The Detroit News, the company said more than half of the employees from Sterling Stamping and Indiana plants who were put on temporary layoff when production was paused the week of April 7 would return to work on April 22.

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Production at the Warren Truck Assembly Plant will be down through early May partly due to “an internal shortage of engines.” This is reportedly affecting 1,000 workers.

Stellantis’s Mack and Jefferson North facilities in east Detroit have also faced downtimes recently due to the transition to a refreshed 2026 Grand Cherokee.

Tips for workers facing temporary layoffs

If you’re a worker experiencing a temporary layoff — and not sure if and when you’ll be back to work — there are steps you can take to protect your financial future.

If you’re part of a union, contact your union representative so you understand your rights and how temporary layoffs work, like if you still get benefits. You may be eligible for unemployment insurance benefits. You may also be eligible for a furlough grant, which can help cover your bills.

Each state has its own unemployment insurance program; to qualify, you’ll need to meet certain requirements (such as time worked consistently). Typically you’ll be compensated for up to 26 weeks, depending on the state.

To budget during an income gap, you may want to prioritize essentials, delay large purchases and possibly even negotiate some of your bills. It helps to have an emergency fund, which should ideally cover three to six months of expenses. If you don’t have one, make it a priority to build one once you’re back to work. You may also be able to borrow from your 401(k).

Consider taking on a side gig in the meantime to bring in some extra cash and possibly putting some aside in an emergency fund. You could also use the time to take online courses, pursue certifications and polish off your resume.

In the long-term, it may be worth looking at reskilling opportunities to better prepare for an uncertain future.

What to read next

• 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
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• There’s a 60% chance of a recession hitting the American economy this year — protect your retirement savings with these essential money moves ASAP (most of which you can complete in just minutes)

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

Your sister-in-law is not alone: A number of TikTok influencers using the hashtag #generationalwealth are recommending adding your child as an authorized user on your credit card as a “hack” to help them establish a credit history.

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A credit score provides a measure of creditworthiness — how likely you are to pay back debt — to lenders. This score is based on a number of factors, including payment history and credit mix, but a higher score can give you easier access to credit and better rates on loans.

Adding a child to a parent’s credit card allows the child to piggyback on the parent’s credit history, but the child isn’t responsible for paying back any of the debt (that falls to the cardholder). This is different from opening a joint account, in which both parties would be responsible for the debt.

Why are parents adding their kids as authorized users?

Young adults who establish a credit history early in life may have an easier time applying for credit, taking out a loan, renting an apartment and, down the road, getting a mortgage. While some may question whether this gives them an unfair advantage, it’s an advantage they may need more than ever.

Wages are stagnating, with 73% of U.S. workers “struggling to afford anything beyond their basic living expenses,” according to a recent Resume Now study. With high housing costs and mortgage rates, the dream of homeownership is dying, and the threat of tariffs and a possible recession has led to plummeting consumer confidence.

It’s tough for young people out there. So, by adding a child as an authorized user, the child inherits the parent’s or guardian’s credit history — without having to fill out an application or undergo a credit check. This, of course, is only helpful if the parent and child use the credit card responsibly.

"Typically, the entire account history will show up on the authorized user’s credit report," said Gerri Detweiler, credit expert and author, to U.S. News. "If the primary cardholder has a good payment history and low debt, that can be a tremendous benefit."

Some credit cards allow authorized users as young as age 13 or 15, while some have no minimum age requirement.

“Kids whose parents earn $100,000+ are nearly 5 times as likely to be an authorized user on their guardian’s credit card than those whose parents earn less than $35,000 (37% versus 8%),” according to a LendingTree study. “Overall, 22% of parents say their minor child is an authorized user.”

But this strategy doesn’t just apply to wealthy families who want to pass down generational wealth. It could be a strategy for anyone with a good credit history — and who’s willing to take the time to teach their kids about money management.

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Pros and cons of adding an authorized user

Aside from jumpstarting your child’s credit history, adding your child as an authorized user on your card is also an opportunity to teach them how credit works and how to be responsible with money.

For example, say your teenager gets an allowance or has an after-school job. If they’re an authorized user on your credit card, they can use it to make a few purchases — provided they pay their portion of the bill at the end of the month. Adding a baby or toddler may be somewhat more questionable.

But there are a few drawbacks to consider. Say your 10-year-old niece racks up $5,000 in online purchases on her mom’s credit card without fully understanding the consequences. Her mom would be liable for the charges.

If your kids regularly use your card, it could increase your credit utilization rate (which makes up about 30% of your credit score). That could end up hurting your credit score. And if you end up in a position where you’re carrying a high balance that you can’t pay off, it could hurt your child’s credit history along with your own.

Also, not all credit card issuers report authorized users’ activity to the three main credit bureaus — Experian, Equifax and TransUnion — until they turn 18. That won’t help them establish a credit history, so you’ll want to check with your issuer first.

Another consideration is that eventually, when your child grows up and becomes financially independent, removing them as an authorized user could temporarily ding their credit score (a credit score is based, in part, on your payment history and length of credit history).

“Keep in mind that your credit may be affected after the removal,” notes Experian. “If it was a card with a long history and you don’t have any other accounts of similar age, or you have little credit otherwise, you may see a drop in your credit score.”

Plus, some lenders may not give much weight to an authorized user who’s applying for credit. If you’re not the primary account holder, it means you haven’t gone through a credit approval process, so the lender may still question whether you’re able to manage payments.

So you don’t need to feel guilty about your decision. You may instead want to help your kids apply for a starter credit card or credit-builder loan — where the account is in their name — to build a credit history through responsible borrowing and repayment.

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Are you expecting to see your net worth grow after you retire? Many don’t — because, after all, you expect to be drawing down the nest egg you’ve built during your working years. But surprisingly, many seniors do see their net worth grow in the first decade of retirement.

The median net worth of a household where the reference person is 55 to 64 is $364.5K, according to data from the latest Survey of Consumer Finances (SCF) conducted by the U.S. Federal Reserve in 2022.

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But the median net worth of a household where the reference person is 65 to 74 is $409.9K — even though the average retirement age in the U.S. is 62, according to a recent MassMutual study.

Average net worths are significantly higher, according to the Federal Reserve, but represent a similar spike: $1,566,900 for those 55 to 64 and $1,794,600 for those 65 to 74.

That means net worth is increasing for many seniors over the first years of their retirement.

Why would this be?

Retirees aren’t tapping their nest egg

Retirees’ net worth may initially grow if they don’t need to touch their nest egg. Indeed, there’s some evidence that retirees aren’t taking income from their retirement savings until later in retirement.

A JPMorgan Chase study analyzed by Smart Asset found that, from 2013 to 2018, 80% of retirees didn’t withdraw from accounts requiring required minimum distributions (RMDs) prior to reaching RMD age, which was 70.5 at the time and is now 73.

Further, once they started taking RMDs, they withdrew only the minimum amount, which suggests they could live off other income sources for at least the first few years of retirement.

One of these income sources might have been Social Security retirement benefits.

In 2023, the average age for starting retirement benefits was 65.2, but 22.5% of men and 24% of women took their benefit at age 62, according to the SSA.

In March 2025, the average monthly benefit paid to retirees was $1,997.13, which translates to an annual income of about $23,965.

A defined benefit (DB) pension is another potential source of income that doesn’t draw on retirement savings. While DB pension plans are less common nowadays than they used to be — and are largely confined to unionized and public sector workers — there are still millions of Americans who are beneficiaries of public and private DB plans.

These retirees receive lifetime income from these plans, starting from the time they retire. They may be able to rely solely on this income, but if the amount is less than they’d like, it can be supplemented with Social Security — and they may not need to draw from their savings.

Although it’s not a consistent form of income, retirees may have inherited money that they can then use to cover living expenses and reduce their dependence on savings — or they could invest it, which could directly increase their net worth.

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Retirees tend to spend less

Helping to stretch these initial income streams is the fact that people tend to reduce their real consumption expenditures when they retire and continue to do so through the early years of retirement, according to the Financial Planning Association.

Some of this may be related to frugality — or fear they haven’t saved enough — but it may also be attributable to less spending on clothing, entertainment and dining out.

A bigger nest egg can drive a new retirement plan

When retirees can live off other sources of income and don’t need to tap their retirement accounts, the investments in these accounts can continue growing, leading to a higher net worth. At the same time, many retirees’ homes are also appreciating in value, further contributing to net worth growth.

Post-retirement net worth growth is a reminder that financial planning doesn’t end at retirement. Retirees experiencing growth in their net worth may want to work with a financial advisor to evaluate whether this should change their plans.

For instance, if the growth is in their portfolio, they may want to assess whether they should allow their investments to keep growing at the same pace or perhaps reduce some of their risk — or even cash out some profit to preserve their gains in a volatile market.

More broadly, it’s a good time to re-evaluate their goals, income streams and spending. For example, it may make sense to draw from investments now and delay taking Social Security.

For some, this growth may be needed to ensure they don’t run out of money in their lifetime. Others may see it as an opportunity to increase their retirement income and live less frugally — opening up new possibilities for their golden years.

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

Regina’s ex-husband recently passed away, which has been devastating for their daughter, Ada.

Ada shared a strong bond with her dad and helped care for him as his health declined in the last few years of his life. She was also close to her stepmom — or so she thought.

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Since Ada’s dad passed away, her stepmom has cut off communication and withheld all information about his estate, which Regina estimates to be at least $2 million. In his final days, Ada’s dad told her that he had named her the executor of his will. However, she doesn’t have a copy of the will and isn’t sure whether an original even exists.

Beyond feeling hurt by her stepmom’s cold shoulder, Ada isn’t sure if she has any legal recourse. Her dad and stepmom lived in Arizona — one of nine states with community property laws — which means her stepmom is automatically entitled to a portion of their shared estate. Regina is wondering what rights Ada has, especially if no will is found.

Most Americans don’t have a will

As of 2025, only about a quarter of Americans (24%) have a will, versus 33% in 2022, according to a survey by Caring.com.

“Since 2022, procrastination has been the most popular answer for why people haven’t made a will or a trust,” the survey found. “Men procrastinate on estate planning more than women, but only by a slim margin.”

An earlier survey by Caring.com, conducted in partnership with AARP, found that less than half (45%) of people over age 55 have a will. Many have never created an estate plan or updated an old will to reflect major life changes, such as a divorce or remarriage.

Creating a will is more important than ever, as the U.S. undergoes what’s being called the “great wealth transfer.” The Cerulli Report estimates that $105 trillion will pass from older generations to their heirs through 2048, with another $18 trillion going to charities.

If Ada’s dad had a will and named her executor (or as a beneficiary), she would have the legal right to see it. However, even if no will exists, she still has options.

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What are Ada’s options?

Because Ada’s stepmom has cut off communication, it may be time to bring in a professional. If Ada has asked to see the will but has received no response — or is being given the runaround — she should consider consulting a trust and estate planning attorney to help her understand her rights.

For example, if Ada suspects that her stepmom is hiding the will, she has legal recourse. According to the Senior Advocate Center, an organization that provides elder law resources, “you may need to file a petition with the probate court to compel the production of the will.” An attorney can help with that process.

If no will exists, the estate will be handled under intestacy laws, meaning assets will be distributed according to state law. The estate will go through probate, which determines how assets are divided or liquidated to pay off debts. This process can be time-consuming and expensive, and the state’s distribution rules may not reflect the deceased’s wishes.

In a community property state, any income or assets acquired during the marriage are considered joint property, regardless of who earned or obtained them. The nine community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin — though each state has its own interpretation of the rules.

Typically, in these states, the surviving spouse receives a share of the estate, while the remaining assets are distributed to the deceased’s heirs, including biological children — unless a will states otherwise.

Whatever the case, Ada has rights. And with $2 million at stake — not to mention her father’s final wishes — seeking professional guidance may be the best course of action.

What to read next

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• ‘Liberation Day’ just triggered a 60% chance of a US recession, warns JP Morgan — use these ‘anti-shock’ money hacks to protect yourself ASAP

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