Money Management

[[{“value”:”Image source: Getty Images
Last year, there were over 1 million reports of identity theft, according to the Federal Trade Commission. And we’re on pace for an even higher total in 2024.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. Identity theft can have a huge impact on your credit, your finances as a whole, and your mental health. It’s stressful to know someone stole your private information, and it can take months or longer to repair the damage.One way to protect against identity theft is to put a fraud alert on your credit report. While this could be a valuable layer of protection, you should know about some drawbacks before you try it.What is a fraud alert?A fraud alert is a notice you can put on your credit report. It encourages businesses to perform additional verification before they issue credit in your name. For example, you could place a fraud alert and leave your phone number. Lenders would then call you regarding credit applications in your name to check that they’re legitimate.There’s no cost to put a fraud alert on your credit. A fraud alert lasts for one year, but you can renew it. You can set up a fraud alert online with any of the three credit bureaus:EquifaxExperianTransUnionYou don’t need to go through the fraud alert process with all three. Once you place a fraud alert with one credit bureau, it’s required to inform the other two.If you’d prefer a credit monitoring service, many credit cards offer this free of charge. Click here to see our list of the best credit cards, featuring cards that have credit monitoring tools, big bonus offers, and much more.Pros and cons of fraud alertsFraud alerts are a good way to protect your credit. When businesses take additional steps to verify your identity, it’s far less likely that any fraudulent accounts will be opened using your information. Setting up fraud alerts is also fairly hassle-free since you can do it online and don’t need to pay anything.There have been some complaints online about getting fraud alerts removed after they’re in place. This normally wouldn’t be an issue. But some companies may not do business with you while you have a fraud alert in place. It’s not a common issue, but in rare cases, a fraud alert could be an inconvenience.It’s also important to note that fraud alerts only protect against new account fraud, when criminals apply for credit in your name. A fraud alert won’t protect you if someone steals your credit card number or hacks your bank account.An alternative option: Freezing your creditA fraud alert isn’t the only way to keep criminals from opening credit accounts with your information. There’s a credit freeze, which is also free, but you need to set it up with all three credit bureaus.A credit freeze prevents creditors from accessing your credit report. It effectively shuts down credit card and loan applications right away. That includes your own legitimate credit card and loan applications. For example, if you find a travel credit card that you want to get, you’ll need to temporarily lift the credit freeze first before you apply.Unlike with fraud alerts, there’s no time limit on credit freezes. They last until you remove them.Should you put a fraud alert on your credit report?If you’re worried about identity theft, a fraud alert could provide protection and peace of mind. However, for even stronger protection, you may want to go with a credit freeze. Or, to really cover all your bases, you could do both.Either of these will make it a bit harder for you to open credit accounts. That’s the tradeoff of having additional protection. If you want to prioritize convenience, you could stick with credit monitoring. Compare your options and choose the one you like the most.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Last year, there were over 1 million reports of identity theft, according to the Federal Trade Commission. And we’re on pace for an even higher total in 2024.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Identity theft can have a huge impact on your credit, your finances as a whole, and your mental health. It’s stressful to know someone stole your private information, and it can take months or longer to repair the damage.

One way to protect against identity theft is to put a fraud alert on your credit report. While this could be a valuable layer of protection, you should know about some drawbacks before you try it.

What is a fraud alert?

A fraud alert is a notice you can put on your credit report. It encourages businesses to perform additional verification before they issue credit in your name. For example, you could place a fraud alert and leave your phone number. Lenders would then call you regarding credit applications in your name to check that they’re legitimate.

There’s no cost to put a fraud alert on your credit. A fraud alert lasts for one year, but you can renew it. You can set up a fraud alert online with any of the three credit bureaus:

• Equifax
• Experian
• TransUnion

You don’t need to go through the fraud alert process with all three. Once you place a fraud alert with one credit bureau, it’s required to inform the other two.

If you’d prefer a credit monitoring service, many credit cards offer this free of charge. Click here to see our list of the best credit cards, featuring cards that have credit monitoring tools, big bonus offers, and much more.

Pros and cons of fraud alerts

Fraud alerts are a good way to protect your credit. When businesses take additional steps to verify your identity, it’s far less likely that any fraudulent accounts will be opened using your information. Setting up fraud alerts is also fairly hassle-free since you can do it online and don’t need to pay anything.

There have been some complaints online about getting fraud alerts removed after they’re in place. This normally wouldn’t be an issue. But some companies may not do business with you while you have a fraud alert in place. It’s not a common issue, but in rare cases, a fraud alert could be an inconvenience.

It’s also important to note that fraud alerts only protect against new account fraud, when criminals apply for credit in your name. A fraud alert won’t protect you if someone steals your credit card number or hacks your bank account.

An alternative option: Freezing your credit

A fraud alert isn’t the only way to keep criminals from opening credit accounts with your information. There’s a credit freeze, which is also free, but you need to set it up with all three credit bureaus.

A credit freeze prevents creditors from accessing your credit report. It effectively shuts down credit card and loan applications right away. That includes your own legitimate credit card and loan applications. For example, if you find a travel credit card that you want to get, you’ll need to temporarily lift the credit freeze first before you apply.

Unlike with fraud alerts, there’s no time limit on credit freezes. They last until you remove them.

Should you put a fraud alert on your credit report?

If you’re worried about identity theft, a fraud alert could provide protection and peace of mind. However, for even stronger protection, you may want to go with a credit freeze. Or, to really cover all your bases, you could do both.

Either of these will make it a bit harder for you to open credit accounts. That’s the tradeoff of having additional protection. If you want to prioritize convenience, you could stick with credit monitoring. Compare your options and choose the one you like the most.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
The cost of everything has increased dramatically over the last five years, making it harder for families and individuals to keep on top of their loan payments. The Federal Reserve Bank of New York tracks both consumer debt and the delinquency rate of that debt, and its findings are pretty alarming. Debt delinquencies continue to climb, with credit cards and auto loans leading the pack.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. However, mortgage delinquencies are also on the up, and although foreclosures are lower than they’ve been in years, the trend is not promising.It makes sense — after a while, there’s only so much more you can do as a consumer to stay ahead of rising prices. But a default, or six, is really hard on your credit — I know because I’ve been there myself. It takes a long time to dig back out of that massive crater after a crash.So, instead, let me tell you what you can do to avoid being buried under the financial earth for years to come.1. Pay just your minimum paymentsA lot of people pay more than their credit card minimums so they can dent their balances. That’s great, but if you feel like you’re getting overwhelmed financially, you need to give yourself some space to breathe. I was talking to a friend a few months ago about this very thing. When I mentioned she could just make her minimum payments, it was a revelation. She’d been under so much stress it hadn’t even occurred to her to do that to free up some cash.You may also be able to reduce your balances faster by applying for a balance transfer card. Check out our handy list of them here. With the money you free up in interest payments, you might even be able to build a little pad for your future bills.2. Make some phone callsIf you’re to the point that default is possible, the best thing to do is to get ahead of it. Call your lenders, your credit card issuers, and anyone else who you send a monthly payment to, and see what can be done. Sometimes they won’t work with you, but often they will.Holders of secured debt, like car and home loans, especially, tend to be very flexible with assistance. They don’t want to go through the repossession process and would instead prefer you make your payments. If you’re experiencing a hardship due to a loss of income or an illness, or anything, really, call and explain in excruciating detail what’s up with your finances.It may take a few calls and a lot of paperwork to get the ball rolling, but you’ll be glad that you did, and your credit will reflect your proactive approach.3. Consolidate your debtIf you have unsecured debt, it might make sense to consolidate it before you miss your first payment. By combining your debt into a single credit line, you can often change the terms of the agreements and make your monthly payments smaller. The downside is that it can prolong your payments and increase the total amount of interest you’ll pay over time. But it will also immediately free up monthly cash flow so that you don’t end up crashing and burning.A debt consolidation loan is an option as long as you’re not too far down the default rabbit hole. Check out this list of debt consolidation loans that our experts recommend for more information.The good news is that every on-time payment to your new loan will also help build your credit. Even if it costs a bit more in the long run, not only will you have avoided any hits from missed payments, but you may also be able to strengthen your credit. That’s worth a lot.4. Examine your budgetI know, it’s the dreaded B-word, but it can’t be helped. When times are tough, you have to be tougher, and often that starts with sifting through your spending and expenses. Many times, corners can be cut — a little bit here and a little bit there can add up if you’re only facing a short-term problem.Consider canceling subscriptions, or only using one streaming service at a time. You might also reduce your insurance coverage or sell valuable items that you never use anymore. Sometimes all you need is a little wiggle room to get back on track.Above all else, don’t panicIt’s easy for me to tell you not to panic when it feels like your house of cards is about to come tumbling down. But I’ve been there, I’ve done that, and I survived it. You can, too. Be proactive and honest with yourself about your finances and ask for help as soon as you know you’re getting into the danger zone.If you find your loan payments are becoming overwhelming, don’t be afraid to talk to your lenders. Many of them will want to help.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

The cost of everything has increased dramatically over the last five years, making it harder for families and individuals to keep on top of their loan payments. The Federal Reserve Bank of New York tracks both consumer debt and the delinquency rate of that debt, and its findings are pretty alarming. Debt delinquencies continue to climb, with credit cards and auto loans leading the pack.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

However, mortgage delinquencies are also on the up, and although foreclosures are lower than they’ve been in years, the trend is not promising.

It makes sense — after a while, there’s only so much more you can do as a consumer to stay ahead of rising prices. But a default, or six, is really hard on your credit — I know because I’ve been there myself. It takes a long time to dig back out of that massive crater after a crash.

So, instead, let me tell you what you can do to avoid being buried under the financial earth for years to come.

1. Pay just your minimum payments

A lot of people pay more than their credit card minimums so they can dent their balances. That’s great, but if you feel like you’re getting overwhelmed financially, you need to give yourself some space to breathe. I was talking to a friend a few months ago about this very thing. When I mentioned she could just make her minimum payments, it was a revelation. She’d been under so much stress it hadn’t even occurred to her to do that to free up some cash.

You may also be able to reduce your balances faster by applying for a balance transfer card. Check out our handy list of them here. With the money you free up in interest payments, you might even be able to build a little pad for your future bills.

2. Make some phone calls

If you’re to the point that default is possible, the best thing to do is to get ahead of it. Call your lenders, your credit card issuers, and anyone else who you send a monthly payment to, and see what can be done. Sometimes they won’t work with you, but often they will.

Holders of secured debt, like car and home loans, especially, tend to be very flexible with assistance. They don’t want to go through the repossession process and would instead prefer you make your payments. If you’re experiencing a hardship due to a loss of income or an illness, or anything, really, call and explain in excruciating detail what’s up with your finances.

It may take a few calls and a lot of paperwork to get the ball rolling, but you’ll be glad that you did, and your credit will reflect your proactive approach.

3. Consolidate your debt

If you have unsecured debt, it might make sense to consolidate it before you miss your first payment. By combining your debt into a single credit line, you can often change the terms of the agreements and make your monthly payments smaller. The downside is that it can prolong your payments and increase the total amount of interest you’ll pay over time. But it will also immediately free up monthly cash flow so that you don’t end up crashing and burning.

A debt consolidation loan is an option as long as you’re not too far down the default rabbit hole. Check out this list of debt consolidation loans that our experts recommend for more information.

The good news is that every on-time payment to your new loan will also help build your credit. Even if it costs a bit more in the long run, not only will you have avoided any hits from missed payments, but you may also be able to strengthen your credit. That’s worth a lot.

4. Examine your budget

I know, it’s the dreaded B-word, but it can’t be helped. When times are tough, you have to be tougher, and often that starts with sifting through your spending and expenses. Many times, corners can be cut — a little bit here and a little bit there can add up if you’re only facing a short-term problem.

Consider canceling subscriptions, or only using one streaming service at a time. You might also reduce your insurance coverage or sell valuable items that you never use anymore. Sometimes all you need is a little wiggle room to get back on track.

Above all else, don’t panic

It’s easy for me to tell you not to panic when it feels like your house of cards is about to come tumbling down. But I’ve been there, I’ve done that, and I survived it. You can, too. Be proactive and honest with yourself about your finances and ask for help as soon as you know you’re getting into the danger zone.

If you find your loan payments are becoming overwhelming, don’t be afraid to talk to your lenders. Many of them will want to help.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
Some people will tell you that the idea of passive income is a myth. But that’s just plain wrong.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. It’s more than possible to set yourself up with income you don’t have to actively earn month after month. In fact, 53% of Americans have at least one source of passive income, according to a recent report from First National Bank of Omaha.That said, it’s important to be realistic about the amount of passive income you can earn and to understand the pros and cons of different passive income sources. Here are a few options you can consider to help meet your financial goals.1. A CD ladderThe nice thing about certificates of deposit (CDs) is that they could pay you a generous amount of interest without you taking on risk. CD deposits are protected for up to $250,000 per depositor, per bank, provided you use a bank that’s FDIC-insured.A CD ladder is preferable to a single CD because it gives you more flexibility. By spreading your money among several CDs with staggered maturity dates, you’re less likely to get hit with an early withdrawal penalty if you need quick access to your cash, which is one of the drawbacks of opening a CD.Since today’s CD rates are still pretty strong, now’s a good time to set up a CD ladder. Click here for a list of the best CD rates to get started.To give you an example of what a CD ladder might pay you, say you put $1,000 into five CDs with the following terms and APYs:12 months at 4%24 months at 3.6%36 months at 3.6%48 months at 3.55%60 months at 3.5%All told, you’re looking at a total of $563 in income you didn’t have to actively earn.2. A stock portfolioA stock portfolio could be a great passive income source for a couple of reasons. First, if you load up on dividend stocks, you can look forward to quarterly income. To be clear, companies that issue stock aren’t required to pay dividends. But those that choose to do so tend to try to uphold that practice.Say you own $5,000 of dividend stocks. At a 3% dividend yield, you’re looking at $150 in passive income per year. In reality though, you might eventually be looking at more annual dividend income, since the value of your shares could increase and the companies you own might also opt to increase their dividends, which is a common practice.An equally good way to earn passive income from a stock portfolio is to hold onto your stocks for many years and let them gain value. And if you want an even more simplified approach, buy shares of an S&P 500 ETF (exchange-traded fund) and see how much value they gain.Over the past 50 years, the S&P 500’s average annual return has been 10%. Let’s say you put $5,000 into an S&P 500 ETF today. In 20 years, your investment could be worth about $33,600 (assuming the same return).You should know that stocks are riskier than CDs because your principal investment could lose money. But holding stocks for many years lowers that risk. If that sounds good to you, open a brokerage account and start investing today.3. An investment propertyOwning an investment property could be a great way to generate passive income. If you have the means to buy property and find a home in a desirable neighborhood, you might manage to command a decent amount of rent — and increase it over time. Or you could buy an investment property you rent out on a short-term basis using a platform like Airbnb.That said, there are some pitfalls you might encounter with an investment property. First, there’s work involved. You could outsource that work to a property manager for true passive income, but then you’re losing a chunk of your profits.Also, owning physical real estate can be risky. When things break, the costs are on you. You’re also not guaranteed to have a steady stream of tenants. So you’ll need to think about whether an investment property is right for you.Earning income passively is a beautiful thing. You may not earn a ton of it at first. But the sooner you start, the more you can set yourself up to earn over time.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Some people will tell you that the idea of passive income is a myth. But that’s just plain wrong.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

It’s more than possible to set yourself up with income you don’t have to actively earn month after month. In fact, 53% of Americans have at least one source of passive income, according to a recent report from First National Bank of Omaha.

That said, it’s important to be realistic about the amount of passive income you can earn and to understand the pros and cons of different passive income sources. Here are a few options you can consider to help meet your financial goals.

1. A CD ladder

The nice thing about certificates of deposit (CDs) is that they could pay you a generous amount of interest without you taking on risk. CD deposits are protected for up to $250,000 per depositor, per bank, provided you use a bank that’s FDIC-insured.

A CD ladder is preferable to a single CD because it gives you more flexibility. By spreading your money among several CDs with staggered maturity dates, you’re less likely to get hit with an early withdrawal penalty if you need quick access to your cash, which is one of the drawbacks of opening a CD.

Since today’s CD rates are still pretty strong, now’s a good time to set up a CD ladder. Click here for a list of the best CD rates to get started.

To give you an example of what a CD ladder might pay you, say you put $1,000 into five CDs with the following terms and APYs:

• 12 months at 4%
• 24 months at 3.6%
• 36 months at 3.6%
• 48 months at 3.55%
• 60 months at 3.5%

All told, you’re looking at a total of $563 in income you didn’t have to actively earn.

2. A stock portfolio

A stock portfolio could be a great passive income source for a couple of reasons. First, if you load up on dividend stocks, you can look forward to quarterly income. To be clear, companies that issue stock aren’t required to pay dividends. But those that choose to do so tend to try to uphold that practice.

Say you own $5,000 of dividend stocks. At a 3% dividend yield, you’re looking at $150 in passive income per year. In reality though, you might eventually be looking at more annual dividend income, since the value of your shares could increase and the companies you own might also opt to increase their dividends, which is a common practice.

An equally good way to earn passive income from a stock portfolio is to hold onto your stocks for many years and let them gain value. And if you want an even more simplified approach, buy shares of an S&P 500 ETF (exchange-traded fund) and see how much value they gain.

Over the past 50 years, the S&P 500’s average annual return has been 10%. Let’s say you put $5,000 into an S&P 500 ETF today. In 20 years, your investment could be worth about $33,600 (assuming the same return).

You should know that stocks are riskier than CDs because your principal investment could lose money. But holding stocks for many years lowers that risk. If that sounds good to you, open a brokerage account and start investing today.

3. An investment property

Owning an investment property could be a great way to generate passive income. If you have the means to buy property and find a home in a desirable neighborhood, you might manage to command a decent amount of rent — and increase it over time. Or you could buy an investment property you rent out on a short-term basis using a platform like Airbnb.

That said, there are some pitfalls you might encounter with an investment property. First, there’s work involved. You could outsource that work to a property manager for true passive income, but then you’re losing a chunk of your profits.

Also, owning physical real estate can be risky. When things break, the costs are on you. You’re also not guaranteed to have a steady stream of tenants. So you’ll need to think about whether an investment property is right for you.

Earning income passively is a beautiful thing. You may not earn a ton of it at first. But the sooner you start, the more you can set yourself up to earn over time.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
Seniors are living longer than they did in the past, and if you reach advanced age, there’s a good chance you’ll need long-term care. The U.S. Health and Human Services Department estimates that 69% of people turning 65 today will need long-term care at some point. But the cost is exorbitant, and it’s not covered by Medicare or most other types of health insurance.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. How much does long-term care insurance cost?The costs of long-term care insurance can vary widely based on where you live, the level of care you need, and whether you receive care at home or a facility. But insurance company Genworth estimates the following median annual costs for long-term care in 2023:$75,504 to hire a home health aide to provide services 44 hours per week, 52 weeks per year.$24,700 for adult day healthcare five days a week, 52 weeks per year.$64,200 for an assisted living center.$104,025 for a semi-private room at a skilled nursing facility.Consider that someone who needs long-term care uses these services for three years on average, and you can see how these expenses can quickly deplete a nest egg.Many seniors turn to Medicaid, a needs-based public health insurance program for people that’s funded by both the federal government and state governments. But since it’s needs-based, you can only qualify if you have a low income and limited assets.In many states, you’re only eligible if you have less than $2,000 in assets. That goes up to $3,000 if you’re married and both spouses are applying. Some assets, like a primary home, generally aren’t counted. When only one spouse is applying, the non-applicant spouse is allowed to keep what’s known as a Community Resource Spouse Allowance. The amount varies by state, but according to Nolo, it’s generally no more than $154,140.And no, you can’t skirt the rules by transferring your assets to someone else (including a trust). Medicaid has something called a five-year lookback period for long-term care in most states. Essentially, if you’ve made major gifts or transferred assets for less than fair market value within five years of applying, Medicaid could determine that you’re ineligible for benefits.Paying for long-term careLong-term care is an extraordinarily complex topic. If you’re planning for needs that hopefully won’t arise for many years, you’ll want to consult with a financial planner and estate attorney.Here are some options to discuss:Long-term care insuranceLong-term care insurance helps pay for things like skilled nursing homes or at-home care, but the costs can be prohibitively high. Deciding when to buy can get tricky, too.If you buy early while you’re still in relatively good health, your premiums will be lower — but you’ll also pay more during your lifetime. Wait too long, though, and you may be priced out of coverage or rejected altogether.Many financial advisors recommend buying a policy between the ages of 60 and 65. Another option is hybrid life insurance which covers long-term care. Check out the best life insurance companies to see what options are available.Health savings account (HSA)An HSA is an account that lets you save and invest for healthcare needs pre-tax. Your withdrawals are also tax free if you use them for qualifying medical expenses. You can use HSA money to pay for long-term services, though only the medical component of your care will qualify for tax-free withdrawals.Reverse mortgageA reverse mortgage allows you to tap your home equity to receive income from a lender that you can put toward any purpose, including long-term care. The balance doesn’t become due until you die, sell your home, or it hasn’t been your primary residence for more than 12 months. If you’re married, your spouse can usually stay in the home if you die or move into a long-term care facility as long as they’re listed as a co-borrower.Plan for long-term careIf you, your spouse, or a loved one has immediate long-term care needs, speaking with an experienced elder care attorney is a must. Long-term care is a reality for a growing number of Americans, so the sooner you start planning, the better.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Seniors are living longer than they did in the past, and if you reach advanced age, there’s a good chance you’ll need long-term care. The U.S. Health and Human Services Department estimates that 69% of people turning 65 today will need long-term care at some point. But the cost is exorbitant, and it’s not covered by Medicare or most other types of health insurance.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

How much does long-term care insurance cost?

The costs of long-term care insurance can vary widely based on where you live, the level of care you need, and whether you receive care at home or a facility. But insurance company Genworth estimates the following median annual costs for long-term care in 2023:

• $75,504 to hire a home health aide to provide services 44 hours per week, 52 weeks per year.
• $24,700 for adult day healthcare five days a week, 52 weeks per year.
• $64,200 for an assisted living center.
• $104,025 for a semi-private room at a skilled nursing facility.

Consider that someone who needs long-term care uses these services for three years on average, and you can see how these expenses can quickly deplete a nest egg.

Many seniors turn to Medicaid, a needs-based public health insurance program for people that’s funded by both the federal government and state governments. But since it’s needs-based, you can only qualify if you have a low income and limited assets.

In many states, you’re only eligible if you have less than $2,000 in assets. That goes up to $3,000 if you’re married and both spouses are applying. Some assets, like a primary home, generally aren’t counted. When only one spouse is applying, the non-applicant spouse is allowed to keep what’s known as a Community Resource Spouse Allowance. The amount varies by state, but according to Nolo, it’s generally no more than $154,140.

And no, you can’t skirt the rules by transferring your assets to someone else (including a trust). Medicaid has something called a five-year lookback period for long-term care in most states. Essentially, if you’ve made major gifts or transferred assets for less than fair market value within five years of applying, Medicaid could determine that you’re ineligible for benefits.

Paying for long-term care

Long-term care is an extraordinarily complex topic. If you’re planning for needs that hopefully won’t arise for many years, you’ll want to consult with a financial planner and estate attorney.

Here are some options to discuss:

Long-term care insurance

Long-term care insurance helps pay for things like skilled nursing homes or at-home care, but the costs can be prohibitively high. Deciding when to buy can get tricky, too.

If you buy early while you’re still in relatively good health, your premiums will be lower — but you’ll also pay more during your lifetime. Wait too long, though, and you may be priced out of coverage or rejected altogether.

Many financial advisors recommend buying a policy between the ages of 60 and 65. Another option is hybrid life insurance which covers long-term care. Check out the best life insurance companies to see what options are available.

Health savings account (HSA)

An HSA is an account that lets you save and invest for healthcare needs pre-tax. Your withdrawals are also tax free if you use them for qualifying medical expenses. You can use HSA money to pay for long-term services, though only the medical component of your care will qualify for tax-free withdrawals.

Reverse mortgage

A reverse mortgage allows you to tap your home equity to receive income from a lender that you can put toward any purpose, including long-term care. The balance doesn’t become due until you die, sell your home, or it hasn’t been your primary residence for more than 12 months. If you’re married, your spouse can usually stay in the home if you die or move into a long-term care facility as long as they’re listed as a co-borrower.

Plan for long-term care

If you, your spouse, or a loved one has immediate long-term care needs, speaking with an experienced elder care attorney is a must. Long-term care is a reality for a growing number of Americans, so the sooner you start planning, the better.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Upsplash/The Motley Fool
When I was a Realtor, I worked with a lot of first-time home buyers, and one really common problem I had to deal with was buyers without a credit score. These were often otherwise very-well-prepared buyers who had considered their big buy very carefully, but they’d simply never bothered to get a credit card or maybe only had a single credit line, like a student loan.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. Inevitably, the credit would be run and we’d discover that we had a problem. But as it turns out, having no credit score is a lot better than having a bad credit score when you’re trying to buy a house. It’s an issue that can be overcome easily if you’re willing to do a little bit of extra leg work to help your lender establish your creditworthiness.How do people not have credit scores?Inevitably, when this subject comes up, someone asks me how someone could not have a credit score. It’s easy, really. There are people out there whose understanding and relationship with credit is such that they simply never opened a credit card, never had a car loan, never borrowed a nickel to buy something they wanted. They simply saved the money and waited until it was time.But it’s harder to buy a house without borrowing, and that’s where they run into trouble. Fortunately, a lot of bankers, like those on our curated list of mortgage lenders — click here to review the full list — are sympathetic to the situation and will work with you to create a credit file.What is non-traditional credit?If you don’t have a credit score and you want to buy a house, you’ll have to have a credit file developed for you, much like the ones usually provided by credit reporting agencies like Experian or Equifax. Sometimes, this can come from an alternative financial service, but often, it’s a job for your bank’s underwriters.They’ll ask you for copies of bills and bank statements to prove you’ve made payments to certain kinds of accounts. The number and type will vary based on the lender and the type of mortgage you’re pursuing, but here are a few common alternative credit types that can be used:Rental housing paymentsTelephone or cellphone billsUtility bills, including cable and internetCar insurance premiumsRent-to-own agreementsPayment agreements for medical billsYou can also sometimes use a savings account that you’ve been contributing to religiously for at least 12 months that has shown an increasing balance over time. This means it’s better to be a “no-touchy” savings account, so if you have to tap yours regularly, it may not be eligible.Does having no credit score mean you’ll get a higher mortgage rate?If you’re considering buying a home, but don’t have a credit score, don’t worry. Your lender will use your non-traditional credit to build the very best credit score it can on your behalf. So as long as your payments have all been made on time, and the quality of your credit references is solid, you’ll end up with a credit score that is considered “good” at the end of the process.The TL;DR of that is that if you have an underwriter create a credit score for you, you’ll be treated just like anyone else with the same credit score — there’s not a penalty for having no credit when you walk into a mortgage lender.That means you can check mortgage rates on pages like this one just like anybody else and expect your mortgage offer to be in the general ballpark.No credit score? No problem!Having no credit score won’t stop you from reaching your goals of homeownership, so don’t let that be the thing that keeps you from calling your favorite lender to get prequalified. Do expect it to take a little bit longer since you’ll need to provide a great deal more information to help the lender build your credit file from scratch, but when you’re done, you’ll be treated just like any other mortgage customer.So whether you’ve never had credit, or you’ve simply not had new credit since a bankruptcy, you can buy your own home — and there’s no time like today to get started.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

When I was a Realtor, I worked with a lot of first-time home buyers, and one really common problem I had to deal with was buyers without a credit score. These were often otherwise very-well-prepared buyers who had considered their big buy very carefully, but they’d simply never bothered to get a credit card or maybe only had a single credit line, like a student loan.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Inevitably, the credit would be run and we’d discover that we had a problem. But as it turns out, having no credit score is a lot better than having a bad credit score when you’re trying to buy a house. It’s an issue that can be overcome easily if you’re willing to do a little bit of extra leg work to help your lender establish your creditworthiness.

How do people not have credit scores?

Inevitably, when this subject comes up, someone asks me how someone could not have a credit score. It’s easy, really. There are people out there whose understanding and relationship with credit is such that they simply never opened a credit card, never had a car loan, never borrowed a nickel to buy something they wanted. They simply saved the money and waited until it was time.

But it’s harder to buy a house without borrowing, and that’s where they run into trouble. Fortunately, a lot of bankers, like those on our curated list of mortgage lenders — click here to review the full list — are sympathetic to the situation and will work with you to create a credit file.

What is non-traditional credit?

If you don’t have a credit score and you want to buy a house, you’ll have to have a credit file developed for you, much like the ones usually provided by credit reporting agencies like Experian or Equifax. Sometimes, this can come from an alternative financial service, but often, it’s a job for your bank’s underwriters.

They’ll ask you for copies of bills and bank statements to prove you’ve made payments to certain kinds of accounts. The number and type will vary based on the lender and the type of mortgage you’re pursuing, but here are a few common alternative credit types that can be used:

• Rental housing payments
• Telephone or cellphone bills
• Utility bills, including cable and internet
• Car insurance premiums
• Rent-to-own agreements
• Payment agreements for medical bills

You can also sometimes use a savings account that you’ve been contributing to religiously for at least 12 months that has shown an increasing balance over time. This means it’s better to be a “no-touchy” savings account, so if you have to tap yours regularly, it may not be eligible.

Does having no credit score mean you’ll get a higher mortgage rate?

If you’re considering buying a home, but don’t have a credit score, don’t worry. Your lender will use your non-traditional credit to build the very best credit score it can on your behalf. So as long as your payments have all been made on time, and the quality of your credit references is solid, you’ll end up with a credit score that is considered “good” at the end of the process.

The TL;DR of that is that if you have an underwriter create a credit score for you, you’ll be treated just like anyone else with the same credit score — there’s not a penalty for having no credit when you walk into a mortgage lender.

That means you can check mortgage rates on pages like this one just like anybody else and expect your mortgage offer to be in the general ballpark.

No credit score? No problem!

Having no credit score won’t stop you from reaching your goals of homeownership, so don’t let that be the thing that keeps you from calling your favorite lender to get prequalified. Do expect it to take a little bit longer since you’ll need to provide a great deal more information to help the lender build your credit file from scratch, but when you’re done, you’ll be treated just like any other mortgage customer.

So whether you’ve never had credit, or you’ve simply not had new credit since a bankruptcy, you can buy your own home — and there’s no time like today to get started.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
Many Americans struggle to build retirement savings. So if you’re approaching the end of your career with $5 million in savings, you’re way ahead of the game.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. As of 2022, the median retirement account balance among Americans aged 65 to 74 was $609,000, according to the Federal Reserve. A $5 million nest egg gives you more than eight times that amount. And it could also give you a pretty sweet annual income once you’re ready to start taking withdrawals.But it’s important to manage a $5 million retirement account wisely, the same way it’s important to be careful with a $609,000 IRA or 401(k) balance. And that means following a withdrawal strategy rather than pulling money out of your account at random.A good rule of thumbEven if you start off retirement with a huge sum of money, it’s technically possible to run out of savings in your lifetime. That’s why it’s important to develop a strategy for tapping your nest egg.A good rule of thumb that financial experts have long stood by is the 4% rule. It has you removing 4% of your IRA or 401(k) balance your first year of retirement, and then adjusting future withdrawals as needed for inflation.Based on this guidance, with a $5 million nest egg, you’re looking at $200,000 a year in retirement income, not accounting for inflation-related adjustments. That’s a pretty amazing income to live on, considering that you should expect some benefits from Social Security on top of it.Of course, if you want to use a different withdrawal rate, that’s your choice. Most financial experts will agree that going above 5% is a bit aggressive. So keep that in mind if you’re not certain you want to limit yourself to 4% of your savings each year.A good bet, though, is to work with a financial advisor. A professional can assess your total income picture, expenses, and goals, and use that information to help guide you on the right withdrawal rate.How to retire with millions yourselfYou might assume that it’s only wealthy folks who get to retire with $5 million. But if you start saving early enough and use the right strategy to grow your money, a large nest egg may be in reach. You may not get to $5 million. But half of that may be surprisingly doable.Start by finding the right home for your savings. If your employer offers a 401(k), you can sign up there. Otherwise, check out this list of the best IRAs for retirement and open one as soon as possible.Next, aim to contribute as much on a monthly basis as possible. You can start small as needed and increase your contributions over time. A good bet, in fact, is to save your raise each year on top of the amount you saved the year before.Finally, invest your retirement savings in the stock market so your money is able to grow. Over the past 50 years, the S&P 500’s average annual return has been 10%. That accounts for years when stock values soared and years when they declined.If you invest $500 a month over a 40-year period at a 10% return, you’re looking at retiring with over $2.6 million. Now if you apply the 4% rule to that balance, you’re looking at a little more than $100,000 a year during retirement. But that’s hardly a small amount of money, especially when combined with Social Security.The longer you wait to start building your nest egg, though, the less money you might end up with. So if you like the idea of having a six-figure annual income in retirement, start funding your long-term savings now, and invest for maximum growth right from the start.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Many Americans struggle to build retirement savings. So if you’re approaching the end of your career with $5 million in savings, you’re way ahead of the game.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

As of 2022, the median retirement account balance among Americans aged 65 to 74 was $609,000, according to the Federal Reserve. A $5 million nest egg gives you more than eight times that amount. And it could also give you a pretty sweet annual income once you’re ready to start taking withdrawals.

But it’s important to manage a $5 million retirement account wisely, the same way it’s important to be careful with a $609,000 IRA or 401(k) balance. And that means following a withdrawal strategy rather than pulling money out of your account at random.

A good rule of thumb

Even if you start off retirement with a huge sum of money, it’s technically possible to run out of savings in your lifetime. That’s why it’s important to develop a strategy for tapping your nest egg.

A good rule of thumb that financial experts have long stood by is the 4% rule. It has you removing 4% of your IRA or 401(k) balance your first year of retirement, and then adjusting future withdrawals as needed for inflation.

Based on this guidance, with a $5 million nest egg, you’re looking at $200,000 a year in retirement income, not accounting for inflation-related adjustments. That’s a pretty amazing income to live on, considering that you should expect some benefits from Social Security on top of it.

Of course, if you want to use a different withdrawal rate, that’s your choice. Most financial experts will agree that going above 5% is a bit aggressive. So keep that in mind if you’re not certain you want to limit yourself to 4% of your savings each year.

A good bet, though, is to work with a financial advisor. A professional can assess your total income picture, expenses, and goals, and use that information to help guide you on the right withdrawal rate.

How to retire with millions yourself

You might assume that it’s only wealthy folks who get to retire with $5 million. But if you start saving early enough and use the right strategy to grow your money, a large nest egg may be in reach. You may not get to $5 million. But half of that may be surprisingly doable.

Start by finding the right home for your savings. If your employer offers a 401(k), you can sign up there. Otherwise, check out this list of the best IRAs for retirement and open one as soon as possible.

Next, aim to contribute as much on a monthly basis as possible. You can start small as needed and increase your contributions over time. A good bet, in fact, is to save your raise each year on top of the amount you saved the year before.

Finally, invest your retirement savings in the stock market so your money is able to grow. Over the past 50 years, the S&P 500’s average annual return has been 10%. That accounts for years when stock values soared and years when they declined.

If you invest $500 a month over a 40-year period at a 10% return, you’re looking at retiring with over $2.6 million. Now if you apply the 4% rule to that balance, you’re looking at a little more than $100,000 a year during retirement. But that’s hardly a small amount of money, especially when combined with Social Security.

The longer you wait to start building your nest egg, though, the less money you might end up with. So if you like the idea of having a six-figure annual income in retirement, start funding your long-term savings now, and invest for maximum growth right from the start.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

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.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More