Money Management

There are some great products to buy at Sam’s Club, including patio furniture, shoes, and throw blankets. But read on for the products to miss. 

I’m a Sam’s Club member, and I love shopping at the warehouse club. The low prices on offer help me avoid running up a big credit card bill, and it’s always exciting to check out the ever-changing array of products in different seasons.

But while there are great items that are well worth paying for out of your checking account, there are also products that are not worth purchasing there. Take a look at three of the best and worst products I purchased at Sam’s Club.

These are the best products I bought at Sam’s Club

Here are some of the best purchases I’ve ever made at Sam’s Club.

Patio furniture: Over a decade ago, I bought a patio set at Sam’s Club that came with a couch, two chairs, and a table. At the time, it was $699, although the same set now costs $999 (thanks inflation!). The set is still a huge bargain compared with similar items priced at almost $4,000. And it has held up amazingly well. I haven’t even had to replace the cushions!Shoes: I’ve purchased numerous pairs of shoes at Sam’s Club, including Skechers sneakers that I paid $19 for — even though they were selling for $40 on the Skechers site. My husband also paid $19.88 for a pair of Eddie Bauer hiking boots. The shoes are name brand and sell for awesome prices, and since your feet don’t know where you bought them, they’re a great deal.Throw blankets: Sam’s has a great selection of blankets for under $20 that I’ve found to be velvety soft and durable, even when used heavily by a dog and two kids under age five. Sam’s Club also sells a $40 knit throw that’s extremely similar to items that are triple the price.

If you’re in the market for any of these items, check them out at Sam’s Club. You likely won’t be disappointed.

These are the worst products I bought at Sam’s Club

Although I’ve loved many of Sam’s Club products, I’ve had really bad experiences with these three items in particular.

Produce: I’ve found Sam’s Club has a very poor selection of organic produce (read: nonexistent at my local club). When I have bought produce from there, I’ve found it goes bad very quickly — well before we can eat what we purchased.Sunscreen: Sam’s sunscreen is another product I’ve had issues with. The bottles are simply so large that they expire before we’re able to use them all up. We end up overpaying because we aren’t spending every single day at the beach to go through an industrial-sized bottle.Prepared salads: Sam’s Club prepared salads have largely been a disappointment as well — particularly the Everything Avocado bowl. It has surprisingly few ingredients that are actually avocado (only the dressing is avocado, and there are no actual avocados in the salad at all!)

The bottom line is, when you buy something at Sam’s Club and it doesn’t work out, you’re out a lot of money because the package sizes are usually pretty large — and therefore cost more. So before you purchase from there, make sure to read reviews, check expiration dates carefully, and consider your consumption habits. You may also want to try smaller quantities purchased elsewhere first so you aren’t left with regrets.

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A new initiative could leave you with more retirement funds. Read on to learn more. 

You’ll often hear that it’s important to save for retirement independently, whether through an employer-sponsored 401(k) or an IRA that you manage yourself. But putting money into these accounts isn’t enough. It’s also essential you invest the money in your IRA or 401(k) (rather than keeping it in cash), so it’s able to grow into a larger sum over time.

Unfortunately, though, when investing your retirement savings, you may end up falling victim to junk fees, which have the potential to erode your returns. The result? A smaller retirement nest egg at the end of your career.

The Biden Administration, however, is taking steps to crack down on junk fees in IRAs and 401(k)s. And if a new proposal is signed into law, it could result in higher savings balances for millions of Americans.

A step in the right direction for retirement savings

The Department of Labor has introduced a rule to minimize junk fees in workplace retirement plans as well as IRAs. The rule is effectively holding financial advisors, brokers, and other professionals who give out investment advice for retirement plans to a higher standard. The rule’s goal is to eliminate loopholes that currently allow advisors to recommend investments that aren’t in a saver’s best interest but may pay higher commissions.

The White House National Economic Council says that these junk fees can reduce a middle class household’s retirement savings by a whopping 20%. And if the aforementioned proposal passes, it could positively impact millions of Americans who are actively saving for retirement in an IRA or 401(k).

Implementing the fiduciary standard

The new rule seeks to protect retirement savers by holding advisors to the fiduciary standard. A fiduciary must always put the best interests of a client ahead of their own.

Here’s how that makes a difference. If you’re working with an advisor who isn’t a fiduciary, they can recommend any investment for your retirement plan that’s considered suitable for you. They don’t necessarily have to recommend the best investment.

So, let’s say your advisor is not a fiduciary and can sell you an annuity or another product that they earn a large commission on, or a separate product that they earn a smaller commission on. Both might technically be suitable for you, but the second option may be better for you because it comes at a lower cost. Under the fiduciary standard, your advisor would be legally obligated to recommend the second option only.

How can you lessen the fees you’re paying?

Of course, while the above proposal is a step in a positive direction, this change has not yet been signed into law. So for now, one thing you may want to do if you’re paying someone to advise you on how to invest for retirement is to ask if they’re a fiduciary or not. And if the answer is no, make sure to ask for a detailed financial breakdown of every investment they recommend for you.

Specifically, ask what commission they stand to make on each trade or purchase and whether there’s a comparable investment that won’t cost you as much. Seeing as how it’s your retirement savings on the line, it’s important to be vigilant.

There’s another simple step you could take as well to avoid paying needless fees in the course of investing for retirement — start working with an advisor who does hold to the fiduciary standard. That way, you can rest assured that that person will have your very best financial interests in mind.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Want to max out your 2024 IRA? Read on for some tips on how to achieve that goal. 

It’s important to do your part to save money during your career so you’re able to bring a nice nest egg into retirement. And if you don’t have access to a 401(k) plan through your job, you can always save for retirement in an IRA instead.

The IRS just announced that the limits for IRA contributions are going up next year. Currently, IRAs max out at $6,500 for workers under age 50 and $7,500 for those 50 and over. In 2024, you’ll be allowed to put up to $7,000 into an IRA if you’re under 50, or $8,000 if you’re 50 or older.

The more you’re able to contribute to a traditional IRA, the more of your income you can avoid getting taxed on. So it’s a good idea to try to max out for that reason alone. Plus, the more funds you’re able to put into your IRA, the bigger a nest egg you might retire with.

But finding $7,000 to $8,000 for IRA contributions is no easy feat. If you’re eager to max out in 2024, you may want to consider making these changes.

1. Set up automatic contributions

One reason why some people are successful at saving for retirement in a 401(k) is that contributions are taken as payroll deductions. It’s not like workers have to actively write a check to their 401(k) — that money lands where it needs to automatically.

If you’re hoping to max out an IRA in 2024, or at least get as close as possible, try putting those contributions on autopilot, too. Set up an automatic transfer so that money lands in your IRA account at your brokerage after each paycheck of yours hits. That way, you’ll be less likely to accidentally spend the money you were supposed to be earmarking for retirement.

2. Pick up a side hustle

If your current paycheck is pretty much eaten up by bills, then maxing out an IRA in 2024 could boil down to working a side hustle for extra income. The good news, though, is that there are many flexible options you can pursue that allow you to drum up cash without upending your schedule too much.

You could create a profile on a ride-hailing app and haul passengers around town when it’s convenient for you. Similarly, you could be a personal grocery shopper using a site like Instacart. Look at different avenues, and don’t be afraid to explore a few at once until you land on an optimal fit.

3. Reduce one major expense

Cutting back on a single large expense could be your ticket to maxing out your IRA in 2024. So take a look at your larger bills and see if there’s any flexibility.

You might need to pay for a car. But if you’re currently coming to the end of a lease that has you paying $700 a month, see if you can lease a much less expensive vehicle whose monthly payment is 40% less.

Similarly, you need to live somewhere. But if you’re currently spending $1,400 a month on rent, it may be time to get a roommate to split that load or move to a home that won’t cost you nearly as much.

The fact that IRA limits are rising in 2024 is a good thing, as it gives savers the opportunity to build up more retirement wealth and shield more income from the IRS. If you’re serious about wanting to max out your savings, try employing these strategies at the very beginning of the year to get off to a good start.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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