Money Management

An AARP membership offers many discounts. But did you know you can stream movies for free with a membership? Find out how to save money on entertainment. 

Many people have heard of AARP, and they might assume it’s a membership program only available to older adults. However, that’s not the case at all. Even younger adults can join AARP. While many adults become members for travel, dining, shopping, and technology discounts, even more benefits are included in the $16-per-year membership. Here’s how you can take your love of movies to the next level by becoming an AARP member.

AARP members enjoy many perks

AARP members can save money on everyday living costs thanks to the many discounts available to them. You can save on travel, insurance, restaurant purchases, entertainment costs, online shopping, and more. Every time you get a discount in your daily life, it can be a win for your personal finances.

There are also some little-known AARP membership perks that prove valuable. You can access career-building tools, earn rewards, and get discounts on important healthcare expenses. But that’s not all. AARP also extends free entertainment perks to its members, and these benefits could help you keep more money in your checking account.

How to screen movies for free

Many Americans invest in streaming services for their entertainment needs. But many popular streaming services have a high monthly or yearly membership cost. The good news is some membership programs provide complimentary entertainment options.

As an AARP member, you can watch movies, documentaries, and television shows for free in the comfort of your home through the Movies for Grownups program. This lesser-known perk can provide additional entertainment options at no extra cost.

AARP outlines a list of available free screening programs on its website and Facebook. New screenings are added regularly, so check back often to see what’s showing. Members can RSVP through the AARP website for the screenings they want to attend.

Are you wondering what kind of free entertainment content is available? Here are a few examples of past content that was made available to members at no extra cost:

All the Lonely PeopleBack to the FutureOn a Wing and a PrayerEverything Everywhere All at OncePretty WomanIt’s a Wonderful Life

Other ways to save on entertainment costs with AARP

If you’re looking for other ways to spend less money on entertainment expenses, having an AARP membership can be useful. Before charging your credit card for an entertainment purchase, check to see if you can get a discount. Don’t miss these savings opportunities:

AARP Theater: Members can stream free theater performances through AARP Theater. Review upcoming performance screenings on the AARP website and register for the events you want to see.Event ticket discounts: Members can get discounts on select shows and events purchased through Ticketmaster.Amusement park admission discounts: AARP members can enjoy discounts on amusement park tickets for LEGOLAND, Sesame Place, Universal Orlando Resort, Hersheypark, Walt Disney World, and more.

The cost of an AARP membership

An annual AARP membership costs $16. New members who sign up for auto-renewal can get their first year of membership for only $12. Three and five-year memberships are also available at a cheaper rate. But be sure to review your budget before taking on a new paid membership of any kind.

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There are rules to follow when you’re selling stocks to benefit from a tax standpoint. Read on to learn more. 

The assets you have in your brokerage account are there to help you make money. But making money can be a mixed bag, because when you end up with gains in a brokerage account, they can result in a tax liability for you.

It’s therefore pretty common for investors to strategically sell stocks at a loss to offset gains. In fact, not only can you use a loss like that to offset capital gains, but you can use up to $3,000 in investment losses per year to offset ordinary income.

But there are rules you’ll need to follow if you’re selling stocks or other assets in order to benefit from a tax standpoint. And if you’re not mindful of your timing, you might lose out on a tax break you’d otherwise be entitled to.

Beware the wash sale rule

Let’s say you just sold a stock in your portfolio at a $2,000 profit. You may be inclined to then sell a different stock at a $2,000 loss to offset that $2,000 gain.

That’s something you’re absolutely allowed to do. What you can’t do, however, is re-buy that same stock within 30 days. Similarly, you can’t have bought shares of that stock up to 30 days prior to your sale date. If you go this route, it’s called a wash sale, and that means you don’t get to claim your $2,000 loss for tax purposes.

In a nutshell, the logic here is that if you’re going to claim an investment loss for tax purposes, it needs to be an actual loss. If you sell shares of a stock at a $2,000 loss but then replace them that same month, you’re not really liquidating that position — at least not in the eyes of the IRS.

So basically, if you want to avoid a wash sale, don’t sell a stock for tax purposes and then buy the same one within 61 days of that sale. That means you can’t buy shares of that same stock 30 days before your sale and 30 days after.

You should also know that wash sale rules apply to not just individual stocks, but also assets like mutual funds and exchange traded funds (ETFs). Things can get a little tricky there, because the wash sale rules state that you can’t sell an asset at a loss and replace it with one that’s substantially identical.

So if you unload shares of an energy ETF and replace them with shares of a different energy ETF, it’s questionable as to whether you’ll trigger the wash sale rule. But you might, by virtue of swapping one investment for another that’s extremely similar.

How to avoid a wash sale

Being mindful of your timing when buying and selling investments could help you avoid a wash sale. So if you sell shares of Target at a loss and you haven’t bought any in the 30-day period leading up to that sale, you can steer clear of a wash sale by waiting a full 30 days to buy more shares of Target.

You can also potentially avoid a wash sale by replacing individual stocks with ETFs. Let’s say you sell shares of Chevron, a major energy company, at a loss, and then buy shares of an energy ETF that includes Chevron within 30 days. You may be able to argue that you didn’t replace your sold shares with a substantially identical investment, since your energy ETF might consist of dozens of energy companies.

All told, if you’re not sure whether you’re at risk of a wash sale, it’s a good idea to consult an accountant. If you have a financial advisor you work with, you can ask them as well. There are some gray areas when it comes to wash sale rules, and a professional will likely be in a better position to help you navigate them.

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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.Maurie Backman has positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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Have you saved as much as the typical person in their 30s? Read on to find out. 

By the time you reach your 30s, you should ideally be saving some amount of money for retirement. It may not be a lot, though, and that’s understandable.

After all, in your 30s, you may be grappling with mortgage loan payments and expensive childcare costs. And you may be at a point in your career where you’re doing well enough, but your earnings haven’t come close to peaking.

You may be curious as to what the typical 30-something has in their IRA or 401(k) plan. According to Northwestern Mutual’s latest Planning & Progress Study, the average 30-something saver has a balance of $67,400.

That’s actually a pretty impressive amount of money. And if your balance is comparable, you should consider yourself in good shape.

But don’t panic if your balance is nowhere close. There’s still plenty of time to build up your savings so you can retire comfortably.

A good starting point

A savings balance of $67,400 means that you’re on track to retire with a lot of money. In fact, you might end up with a very large nest egg even if you don’t contribute another dime to your savings between now and retirement age. (To be clear, that’s not recommended, but it might give you some comfort to know that.)

The stock market has delivered an average annual 10% return before inflation over the past 50 years, as measured by the S&P 500 index’s performance. So let’s say you invest your nest egg in stocks and snag that same return. If you’re 37, and you’re not retiring until age 67, you have 30 years to grow your current balance into more money. And at 10% a year, you’re talking about retiring with close to $1.2 million.

Of course, if you’ve managed to sock away $67,400 for retirement thus far, it hopefully means you can continue to fund your nest egg on a regular basis. And if you add $400 a month to your savings for the next 30 years, you’ll end up with a balance of almost $2 million.

Don’t panic if your current balance is lower

Just because the average person in their 30s has $67,400 saved for retirement doesn’t mean your balance is that much. And that’s okay.

Even if you only have a small amount of savings, you have time on your side. And if you make an effort to consistently fund your savings between now and retirement, you might still end up with a large amount of money.

In fact, let’s say you’re 37 with just $3,000 saved for your senior years. If you were to put $400 a month into your IRA or 401(k) starting now, then by age 67, you’ll be sitting on about $842,000, assuming the same 10% average yearly return we used earlier. That’s not too shabby.

You might even have no money in your IRA or 401(k) plan as of now. But if you do your part to ramp up, you can easily make up for lost time. So rather than stress that you haven’t managed to save as much money as the typical person your age, do your part to focus on setting yourself up for a more financially secure future.

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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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Meteor strikes are rare. But how does homeowners coverage work in that case? Read on to find out. 

During the first half of May, scientists confirmed that a 4.6-billion-year-old meteor smashed through the roof of a house in Hopewell Township, New Jersey, causing damage to the property in question and rattling residents who didn’t know what hit them. The odds of that happening are extremely rare — about 1 in 3.9 trillion, according to some experts. But alas, it happened to one unlucky homeowner who no doubt had to deal with a resulting roof repair.

Now, the typical homeowner does not have to lie awake at night stressing out about a meteor strike. But it does raise the question: Will homeowners insurance cover this sort of damage?

The good news is that many experts say yes. But you may want to contact your homeowners insurance company to get confirmation on that — just in case.

Why meteor damage is generally covered by homeowners insurance

It’s common for homeowners insurance policies to exclude coverage for specific types of damage. Your homeowners policy, for example, may not cover damage from flooding, especially if you live in a known flood zone and are required to have separate flood insurance. And depending on where you live, your homeowners insurance policy might have a separate deductible — and separate rules — for damage caused by hurricanes.

But for the most part, homeowners insurance is designed to cover damage caused by falling objects. If a tree branch falls during a storm and hits your roof, resulting in damage, that will generally be covered. So similarly, it stands to reason that if a meteor were to somehow fall from the sky and make contact with your home, you, too, would be covered under your homeowners insurance policy.

It never hurts to check

Your homeowners insurance policy may not include a line item about meteors or other objects with the potential to fall from space. So if you want reassurance that you’ll be covered for such an occurrence, contact your homeowners insurance company and ask for clarification. Better yet, ask for that clarification in writing so you have something to reference.

Along these lines, it’s important to know exactly what types of damage your homeowners policy will and will not cover. For example, a big question homeowners tend to have is whether their insurance will cover the cost of spoiled food in the event of an extended power outage. The answer is that this will largely depend on the nature of the outage and the policy in question — so you may need to do some digging to see what your coverage entails.

Strange things can happen

The idea of a meteor hitting your home might seem pretty far out there. But if it can happen to one New Jersey homeowner, don’t assume that it will never happen to you.

It’s not a bad idea to contact your homeowners insurance company to ask what happens in this scenario. It’s also a good idea to review your coverage every year to see what it entails, and ask questions when there’s a specific situation you just aren’t sure about.

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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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Personal loan balances are growing. That’s a dangerous thing right now in particular. Read on to see why. 

There’s a reason personal loans have long been a popular borrowing choice among consumers. Not only do these loans tend to offer relatively competitive interest rates, especially compared to credit cards, but they’re extremely flexible.

When you sign a mortgage, you can only use your loan proceeds to finance a home purchase. The same applies to an auto loan — it must be used to pay for a vehicle. With a personal loan, you can borrow money for any purpose, whether it’s to fix up your home or start a business.

But recent data from TransUnion reveals that personal loan balances have grown a lot over the past year. And that means consumers are taking on even more debt at a time when interest rates are higher.

Personal loan balances are climbing

During the first quarter of 2022, U.S. personal loan balances totaled $178 billion. During the first quarter of 2023, they reached $225 billion. That’s a year-over-year increase of 26.3%. By contrast, U.S. credit card debt rose just 19.2% during that same time period — “just” being a relative term, of course.

Now to be clear, it’s generally more optimal to borrow money via a personal loan than a credit card. Not only do personal loans tend to come with lower borrowing rates, but also, they offer the benefit of fixed interest rates. With a credit card, the interest rate on your debt can climb over time, making your balance more difficult to pay off.

The problem, however, is that personal loan balances are increasing at a time when borrowing is more expensive across the board. The Federal Reserve has been trying to cool inflation by implementing interest rate hikes. In fact, the central bank raised interest rates during 10 consecutive meetings beginning in March 2022 before finally pausing that practice this past June.

The Fed doesn’t set consumer borrowing rates directly. But its interest rate hikes have been driving the cost of consumer borrowing upward. So the fact that consumers are taking on more personal loan debt isn’t so comforting. Higher interest rates are apt to be making that debt more expensive, which means it’s more of a burden for borrowers and there’s more of a risk of borrowers falling behind.

Be careful when taking out a personal loan

You may be eager to take out a personal loan despite borrowing costs being up. But waiting a bit of time to sign a loan could mean snagging a lower interest rate. So if your need to borrow money isn’t all that pressing, you may want to sit tight and hold off.

You should also be aware that many financial experts are still sounding near-term recession warnings in light of the Fed’s string of rate hikes. That, too, is a good reason to wait to borrow money.

If economic conditions worsen, it could lead to an increase in unemployment. And the last thing you’d want in that situation is a monthly personal loan payment hanging over your head.

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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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A negligible amount of money could make your next national park trip much smoother. Read on to learn more. 

America is loaded with national parks, and visiting one could be a great thing to do on your upcoming summer vacation. In fact, you might specifically opt to plan your travel around a national park itinerary.

But because some national parks are extremely popular, visitors can run into trouble with overcrowding. To be clear, there’s commonly plenty of room to spread out once you get into an actual park. But parking areas can fill up quickly, leaving visitors with few options.

To avoid issues, some national parks have begun requiring visitors to make a reservation ahead of time. Doing so might cost as little as $2. But if you don’t take that step and pay that fee, you might get shut out from visiting the places on your list.

Don’t let your summer vacation plans get ruined

There may be certain national parks you’ve always wanted to visit. And you may be willing to rack up a hefty credit card tab to fly to a remote part of the country and experience the glorious scenery that our national parks have to offer.

But if you don’t book a reservation to certain national parks in advance, you may not get to visit them at all. And that, frankly, would be a shame — especially given how inexpensive it is to do so.

In fact, national park reservations are technically free, but there’s a processing fee you’ll generally be hit with. That fee can be as low as $2, though, which is probably less than what you spend on store-bought coffee at your favorite cafe.

Plan ahead

Generally, you have to reserve a spot at a national park on a per-car basis, not a per-person basis. That’s because, as mentioned, a big issue that tends to arise from having too many visitors is running out of parking. When this happens, visitors tend to park illegally, which can cause traffic issues and, in some cases, pose a danger.

Also, some national parks have heavily traveled roads that can easily get backlogged. That, too, can cause problems. So in some cases, you might have to make a reservation ahead of time to access a specific road within a park.

If you’re planning to visit any of the national parks on this list, you should know that vehicles require advance reservations this summer:

Acadia National Park in MaineArches National Park in UtahGlacier National Park in MontanaHaleakalā National Park in HawaiiRocky Mountain National Park in Colorado

You can make your advance reservations online, at which point you’ll typically be charged a non-refundable processing fee of $2 to $6.

Of course, this doesn’t mean it’ll cost you $2 to $6 to visit a national park. That’s just the fee for a reservation to do so. You should also expect to pay a separate entrance fee.

Acadia National Park, for example, charges $35 per vehicle to enter the park and $30 per motorcycle. If you’re walking in on foot, expect to pay $20. These fees, however, give you access to the park for seven days.

You can also buy an $80 annual national parks pass that gives you access to all national parks within a given year. This could be a smart option if you’re planning to visit multiple parks. But again, be sure to make your reservations ahead of time so you don’t get shut out.

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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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