Money Management

Expanding the ABLE Act could potentially help millions of Americans.  

For a long time, disabled Americans have been caught in a catch-22. Many depended on public benefits like SSI, SNAP, and Medicaid to get by but were only eligible if they had less than $2,000 in liquid resources, like checking or savings accounts. Having little money meant they could receive the benefits they needed, but it also meant there was no extra. And for millions of Americans, that meant retiring with almost nothing to their names.

ABLE accounts

In 2014, President Barack Obama signed the Tax Extenders package, which included the Achieving a Better Life Experience (ABLE) Act. Thanks to the ABLE Act, anyone who became disabled by age 26 could qualify for tax-favored accounts.

Congress voted in 2021 to expand the ABLE Act, and beginning January 2026, anyone with an onset of disability before age 46 will be eligible to open an account. Widening the safety net protects those who develop health issues as they approach middle age and provides one more layer of protection for soldiers wounded in the line of duty.

How the ABLE Act works

The beneficiary on the account is the account owner. Anyone, including the beneficiary, family, friends, or a trust, can contribute to the account. While contributions must be made using post-tax dollars and are not tax deductible on federal taxes, the income earned on the account is not taxed. That means the beneficiary never needs to worry about running into a large tax bill due to the gains on their account.

The ABLE Act considers the significant costs of living with a disability. For that reason, eligible individuals and their families can establish an ABLE savings account that will largely not impact their eligibility for programs like SSI, Medicaid, FAFSA, HUD, and SNAP.

By making tax-free ABLE accounts available to cover qualified disability-related expenses — like housing, transportation, and education — the law is designed to ease the financial burden faced by individuals with disabilities.

Who’s eligible?

At this time, individuals with disabilities with an onset before turning 26 are automatically eligible to open an ABLE account if they receive SSI or SSDI benefits.

Those who do not receive SSI or SSDI but meet the age of onset disability could still be eligible. As long as they meet Social Security’s definition regarding functional limitations and receive a letter of disability from one of the following, they may be eligible:

Licensed physicianDoctor of osteopathyDoctor of dental surgery or medicineIn some cases, a doctor of podiatric medicine, optometry, or a chiropractor

As long as an individual experienced the onset of a disability before age 26, they can apply, even if they are older at the time of application.

Reminder: The onset of disability requirement will expand to age 46 beginning January 2026.

Contribution limits

For 2023, the maximum annual ABLE account contribution is $17,000. However, individuals with a job whose employers do not contribute to a retirement plan can also deposit an amount equal to their annual gross salary or that meets the Federal Poverty Level.

The beauty of expanding ABLE account eligibility is the number of people who will be able to improve their living conditions without sacrificing basic needs.

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What happenedU.S. retail sales rose 3% from December to January, according to the Commerce Department as reported by CNN. That increase represents the largest gain in nearly two years. It also blew past economists’ expectations of a 1.8% month-to-month lift.So whatRetail sales declined 1.1% on a monthly basis in December. But in January, retail spending rebounded, making January’s increase the largest boost since March of 2021 — a strong month for retail, thanks to the stimulus checks that hit Americans bank accounts during that time.The increases didn’t discriminate, either. Some of the largest increases were seen across the board. Department store sales jumped 17.5%, food services and drinking places rose 7.2%, and auto dealers went up 6.4%, according to the Commerce Department report.”The increase in retail sales, combined with the very strong January jobs report, reduce concerns that recession is imminent,” Gus Faucher, PNC Financial Services Group’s chief economist, wrote on Wednesday. “Although some of the increase came from higher prices, more of it was from higher volumes.”Now whatThe fact that retail sales were up in January is a sign of a healthy economy. And that should help quash some of the near-term recession fears consumers may be grappling with.At the same time, January’s blowout retail sales numbers only compound the persistent problem of inflation. And on the heels of this recent uptick, consumers could be in line for a series of aggressive interest rate hikes on the part of the Federal Reserve.The Fed doesn’t set consumer borrowing rates. Rather, it oversees the federal funds rate, which is what banks charge each other for short-term borrowing. But when the Fed hikes up interest rates, consumer interest rates tend to follow suit, which means borrowers could be looking at higher interest rates on everything from auto loans to credit card balances in 2023. Worse yet, if the Fed gets too aggressive in the course of raising interest rates, it might fuel a major pullback in consumer spending. The whole purpose of rate hikes is to encourage a softening on the spending front that allows the supply of goods and services to catch up to consumer demand. But if consumer spending declines substantially, we could end up back in a place where a near-term recession becomes a major concern. So we’ll need to keep an eye on retail sales data, as well as general inflation data, to know whether to gear up for a downturn or not.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’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 no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PNC Financial Services. The Motley Fool has a disclosure policy. 

What happened

U.S. retail sales rose 3% from December to January, according to the Commerce Department as reported by CNN. That increase represents the largest gain in nearly two years. It also blew past economists’ expectations of a 1.8% month-to-month lift.

So what

Retail sales declined 1.1% on a monthly basis in December. But in January, retail spending rebounded, making January’s increase the largest boost since March of 2021 — a strong month for retail, thanks to the stimulus checks that hit Americans bank accounts during that time.

The increases didn’t discriminate, either. Some of the largest increases were seen across the board. Department store sales jumped 17.5%, food services and drinking places rose 7.2%, and auto dealers went up 6.4%, according to the Commerce Department report.

“The increase in retail sales, combined with the very strong January jobs report, reduce concerns that recession is imminent,” Gus Faucher, PNC Financial Services Group’s chief economist, wrote on Wednesday. “Although some of the increase came from higher prices, more of it was from higher volumes.”

Now what

The fact that retail sales were up in January is a sign of a healthy economy. And that should help quash some of the near-term recession fears consumers may be grappling with.

At the same time, January’s blowout retail sales numbers only compound the persistent problem of inflation. And on the heels of this recent uptick, consumers could be in line for a series of aggressive interest rate hikes on the part of the Federal Reserve.

The Fed doesn’t set consumer borrowing rates. Rather, it oversees the federal funds rate, which is what banks charge each other for short-term borrowing. But when the Fed hikes up interest rates, consumer interest rates tend to follow suit, which means borrowers could be looking at higher interest rates on everything from auto loans to credit card balances in 2023.

Worse yet, if the Fed gets too aggressive in the course of raising interest rates, it might fuel a major pullback in consumer spending. The whole purpose of rate hikes is to encourage a softening on the spending front that allows the supply of goods and services to catch up to consumer demand. But if consumer spending declines substantially, we could end up back in a place where a near-term recession becomes a major concern. So we’ll need to keep an eye on retail sales data, as well as general inflation data, to know whether to gear up for a downturn or not.

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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 no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PNC Financial Services. The Motley Fool has a disclosure policy.

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Do you have to give up on becoming a millionaire if you wait too long? 

Amassing a $1 million net worth (or more) is a dream of many people because a million dollars represents financial security. And, while it may come as a surprise, most people actually can become millionaires if they start diligently investing in a brokerage account early on in life and allow the power of compound growth to help them amass a large account balance.

But, what if you didn’t start investing early? Does there come a point when you actually become too old to have a reasonable chance of becoming a millionaire?

Is it ever too late to reach millionaire status?

The sad reality is, if you wait a long time to start investing, it becomes much harder to become a millionaire. That’s because you have less time for your money to grow and you don’t benefit as much from compounding interest (which happens when your returns are reinvested so you earn more the next year without any extra effort on your part).

The power of time really does make a huge difference in terms of your ability to become a millionaire, which is why it is so important to do all you can to start investing money when you’re as young as possible.

If you start putting away money at age 30, for example, you can become a millionaire by age 65 by investing $307 a month every month and earning an average 10% annual return (which is a reasonable expectation if you invest in an S&P 500 index fund). But if you start investing at 55, your monthly contribution to reach millionaire status by 65 is $5,228.77.

Obviously, one of those savings goals is a lot more feasible than the other. After all, if you avoid credit card debt, live on a budget, and are careful with your money, chances are good you can come up with about $300 a month. But finding over $5,000 is a lot more of a stretch.

RELATED: Best Budgeting Apps

This does not, however, mean that it’s impossible to become a millionaire after reaching a certain age. It just becomes harder, or requires you to take a different path to do it.

What if you’ve waited too long to get started?

If you feel like you’ve waited too long to start investing, there are a few options available to still become a millionaire.

First and foremost, you’ll want to begin investing right away. The longer you wait, the harder it is going to be to hit your target. You should also start looking into any options you have for getting the most bang for your investment buck, like using tax-advantaged accounts and claiming your full employer match for your 401(k).

You may also want to think about other paths to becoming a millionaire besides just putting money into a brokerage account and hoping for the best. If you can increase your income, for example, you may be able to accelerate your savings and invest a substantial amount of money each month. If you can become a skilled investor and pick individual stocks to invest in, you may be able to do better than a 10% average annual return. Or, if you have a brilliant idea, you can start a business and potentially make a million dollars if your company takes off.

The bottom line is, there’s no age when you should stop working toward your financial goals or give up on achieving them. You may need to work harder if you waited to start, but it’s worth the effort — and even if you fall short of becoming a millionaire, you’ll still be a lot closer to your goal (and a lot better off) than if you didn’t try at all.

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Shopping Presidents Day Sales can make upgrading appliances and other home items more affordable. 

Presidents Day is almost here and you can score some bargains if you know where to shop. Many retailers promote deals on holiday weekends, and Sam’s Club is no exception. If you’ve been saving up for specific purchases, you may want to see if you can get a deal by putting your Sam’s Club membership to use. Here are some of the best Presidents Day Sam’s Club deals that could help you keep more money in your pocket.

1. Tahiti 4-Piece Outdoor Seating Set

This deal is perfect if you want to upgrade your outdoor area with more comfortable seating. The Tahiti 4-Piece Outdoor Seating Set is on sale for $600 off. You can keep more money in your checking account and improve your outdoor space for just $999. Plus, you’ll be ready to entertain well before the summer months arrive.

2. Sealy Posturepedic Plus Spring Mattress

Now is an excellent time to update your mattress if you want to improve your sleep quality while sticking to your budget. Sam’s Club is selling the Sealy Posturepedic Plus Spring Arkansas Tight Top Medium Feel Mattress at a heavy discount. Assorted sizes are available, but you can score a queen-sized mattress for $899 instead of $1,299.

3. Samsung 27 cu. ft. Large Capacity French Door Refrigerator

Another can’t-miss deal is the Samsung 27 cu. ft. Large Capacity French Door Refrigerator. You can save $400 by buying this model at Sam’s Club. It’ll cost you $1,895 instead of $2,335. If your current fridge is nearing the end of its life, don’t miss this sale.

4. iRobot Roomba i3+ EVO

If you’ve been saving up for a robot vacuum, you’re in luck. This Presidents Day, the iRobot Roomba i3+ EVO is available at Sam’s Club for $339.98 instead of $489.98. These vacuums can help make your home look and feel cleaner and reduce the time you spend cleaning up.

5. Member’s Mark 8-Piece Stemless Crystal Wine Glass Set

Are you looking to take your dinner parties to the next level? The Member’s Mark 8-Piece Stemless Crystal Wine Glass Set is available for $14.98. If you’re like me and keep accidentally breaking your extra wine glasses, this is a bargain buy you won’t want to miss.

6. Samsung 4.5 cu. ft. Front Load Washer with Super Speed Wash

Perhaps you’re looking to get a more efficient washer for your home. The Samsung 4.5 cu. ft. Front Load Washer with Super Speed Wash is on sale at Sam’s Club for over $300. You’ll spend $745 instead of $1,049. This front-load model can wash full loads in 28 minutes.

7. Samsung 7.5 cu. ft. SmartElectric Dryer with Steam Sanitize+

If you’re investing in a new washer, you may also want to upgrade your dryer. During the Sam’s Club Presidents Day sale, you can save over $300 by purchasing the Samsung 7.5 cu. ft. SmartElectric Dryer with Steam Sanitize+. You’ll pay $745 instead of $1,049. With this model, you can remotely start or stop the cycle for added convenience.

Don’t miss out on the chance to save

We’re all looking for ways to stretch our dollars further. Shopping sales like this can make it easier to reach your personal finance goals. But remember to stick to your budget and only buy what you need. It’s never a good idea to go into credit card debt to get a discount.

However, if an item on your shopping list is available at a big discount at Sam’s Club, shopping during the Presidents Day sale could be a win for your wallet. The deals mentioned above are valid through Feb. 26, 2023, so you have time to decide what to buy.

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What happenedThe environmental impact is still unfolding from the Feb. 3 derailment of a train carrying hazardous chemicals in East Palestine, Ohio. Authorities carried out a controlled burn on Feb. 6 to avoid an explosion. This released toxic fumes into the air and meant local residents had to be evacuated. At the time, Mike DeWine, Governor of Ohio warned, “Anyone who remains in the red affected area is facing grave danger of death.”So whatOn Feb. 8, the governor told residents it was safe to return home. However, some complained to the Washington Post of strong chemical smells, as well as health issues such as headaches and nausea. The Environmental Protection Agency (EPA) says it is monitoring for several chemicals and byproducts. One big concern is vinyl chloride which can cause health problems including cancer in large doses. The EPA says it has not detected the vinyl chloride in homes and that its air monitoring hasn’t shown chemical levels of concern.In addition, water companies are checking the Ohio River and its subsidiaries. So far they say the contamination has been contained and does not pose a risk to consumers. Outside of the immediate pollution concerns, there are broader questions about longer-term impacts and who will cover the costs of the clean-up. Now whatThe EPA wrote to the train operator, Norfolk Southern Railway Company on Feb. 10 to inform the company it may be responsible for the clean-up costs. It said the EPA had already spent significant public funds to investigate and control releases of hazardous substances. Norfolk Southern says it has distributed more than $1 million to residents and businesses to help with evacuation and other costs. This includes cash for the local fire department, air purifiers, and air monitoring. Health insurance goes some way to covering costs. But right now, residents have had to cover many costs from their own bank accounts and will need to claim money back. There are concerns about how long Norfolk Southern’s support will be available and what will happen if locals have to deal with longer term health effects. If you live in the affected area, the following immediate help is available:The EPA will check your home for vinyl chloride and other chemicals. As of Feb. 13, almost 400 homes had been screened with 65 more checks scheduled. Call (330) 849-3919 to organize home screening. Evacuated residents can make a claim for money spent on hotels, food, clothing, childcare, and pet care costs. Make sure you keep your receipts and be prepared to show ID and proof of residency.Call the Norfolk Southern Family Assistance Center on (800) 230-7049 for more information and support. Residents and businesses can also visit the Family Assistance Center in person at Abundant Life Church, 46469 OH-46, in New Waterford.So far, residents have filed four lawsuits against Norfolk Southern. One claims the costs of damages, lost business, and injuries could run to $5 million and accuses the company of negligence.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’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. 

What happened

The environmental impact is still unfolding from the Feb. 3 derailment of a train carrying hazardous chemicals in East Palestine, Ohio. Authorities carried out a controlled burn on Feb. 6 to avoid an explosion. This released toxic fumes into the air and meant local residents had to be evacuated. At the time, Mike DeWine, Governor of Ohio warned, “Anyone who remains in the red affected area is facing grave danger of death.”

So what

On Feb. 8, the governor told residents it was safe to return home. However, some complained to the Washington Post of strong chemical smells, as well as health issues such as headaches and nausea. The Environmental Protection Agency (EPA) says it is monitoring for several chemicals and byproducts. One big concern is vinyl chloride which can cause health problems including cancer in large doses. The EPA says it has not detected the vinyl chloride in homes and that its air monitoring hasn’t shown chemical levels of concern.

In addition, water companies are checking the Ohio River and its subsidiaries. So far they say the contamination has been contained and does not pose a risk to consumers. Outside of the immediate pollution concerns, there are broader questions about longer-term impacts and who will cover the costs of the clean-up.

Now what

The EPA wrote to the train operator, Norfolk Southern Railway Company on Feb. 10 to inform the company it may be responsible for the clean-up costs. It said the EPA had already spent significant public funds to investigate and control releases of hazardous substances.

Norfolk Southern says it has distributed more than $1 million to residents and businesses to help with evacuation and other costs. This includes cash for the local fire department, air purifiers, and air monitoring. Health insurance goes some way to covering costs. But right now, residents have had to cover many costs from their own bank accounts and will need to claim money back.

There are concerns about how long Norfolk Southern’s support will be available and what will happen if locals have to deal with longer term health effects. If you live in the affected area, the following immediate help is available:

The EPA will check your home for vinyl chloride and other chemicals. As of Feb. 13, almost 400 homes had been screened with 65 more checks scheduled. Call (330) 849-3919 to organize home screening. Evacuated residents can make a claim for money spent on hotels, food, clothing, childcare, and pet care costs. Make sure you keep your receipts and be prepared to show ID and proof of residency.Call the Norfolk Southern Family Assistance Center on (800) 230-7049 for more information and support. Residents and businesses can also visit the Family Assistance Center in person at Abundant Life Church, 46469 OH-46, in New Waterford.

So far, residents have filed four lawsuits against Norfolk Southern. One claims the costs of damages, lost business, and injuries could run to $5 million and accuses the company of negligence.

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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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Imagine making a piece of history into a home. 

For some potential home buyers, it isn’t enough to get a mortgage loan and buy just any house. If you live in an area with eye-catching historic properties, you might be dreaming of turning one of these houses into your very own home. I certainly get the appeal; I used to be a history museum professional and was deeply immersed in local history and historic preservation concerns, so I have a soft spot for older homes.

Buying a historic home comes with additional baggage and considerations besides the standard costs of homeownership, however. Per Realtor.com, a historic home is defined as one that shows a signature architectural style, reflects a particular time period, or is associated with significant people in history.

Alternatively, a historic home can also be defined as such by its inclusion in a particular neighborhood called a historic district. Chances are, a historic home will come with unique features beyond those you’d get with a home built in the last few decades. Here are a few pros and cons to consider if you’re leaning toward buying one.

Pro No. 1: They’re beautiful and built to last

First and foremost, historic homes can be gorgeous, especially if they’ve been maintained and well cared for over the years. A lot of newer construction is, well, bland, and what you might gain in modern features, you’ll lose in unique windows, ceiling molding, and “gingerbread” on the eaves of your roof. Plus, if you’re buying a historic property, it will truly have been built to last, as opposed to a home in a planned community created by a builder who may be trying to cut corners to save time and money.

Pro No. 2: You get to benefit from city preservation initiatives

If you love the area you live in, this is a major perk of buying a historic home. You’ll have the privilege of caring for a piece of history in that area, and your investment of time and money into your home will generate lasting returns for the community, as well as for yourself. Economist Donovan D. Rypkema studied and reported that property values in historic districts appreciated faster than the housing market as a whole. While buying a home purely for economic gains is perhaps a bad move, given the way the market fluctuates, if you buy a historic home, you can rest easier knowing your home is likely to appreciate.

Pro No. 3: You may qualify for tax incentives and other financial help

Another pro to buying a historic home is the possibility of qualifying for tax credits, special grants, and even better rates on loans to cover repairs, if you rehabilitate and live in that home. The National Register of Historic Places maintains a list of SHPOs (State Historic Preservation Offices), where you can see what your state offers. Your local area might also have a board of officials who can help you get funding to restore your historic home to its former glory.

Con No. 1: Repairs may be more expensive

Unfortunately, buying a historic home comes with cons, too. One to be aware of is that repairs and renovations could be more costly than you’re expecting. After all, you’ll be facing an older home with perhaps very little idea of what kind of changes or repairs have been made in the past, and no idea of whether they were performed correctly. You might also have to spend more for a specialized building contractor who has experience working with historic properties, as well as more for materials and supplies.

Con No. 2: You could be limited in changes you can make

Depending on where your home is located and how any work is being funded (such as by historic preservation grants), you might not be allowed to do anything you want with the property. For example, if your windows are in bad shape, you might be required to make repairs with like materials rather than just replacing them with modern vinyl or aluminum windows. Bob Vila notes that it’s a good idea to consult with your local preservation authority or landmarks board before planning repairs or changes, to ensure that your project will be within the local rules.

Con No. 3: Homeowners insurance may cost more

Finally, when you buy a historic home, you may end up needing to pay more for a homeowners insurance policy. The home itself may cost more to rebuild in the event of a total loss, and it may be larger and could also include various outbuildings that will need insurance coverage. If you shop around for coverage, you’ll be able to compare your options and pick the best homeowners insurance policy for your property.

If you’re aching to own a piece of unique architectural history and you go into the process with eyes wide open after considering the above pros and cons, you may just find that buying a historic home is right for you.

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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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