Find out how odds for success as an entrepreneur change as you age. Nestor Rizhniak / Shutterstock.com
You might be surprised by the facts of being an entrepreneur after 50! Financial success later in life is FAR more common than you might think. Can you guess which of the following statements are fact and which are fiction?
There’s plenty to welcome you in Europe once you hit a certain age. barmalini / Shutterstock.com
American retirees looking to move overseas often wonder how they’ll be regarded in their new home abroad. I’ve recently earned senior status myself in many countries, and from my vast anecdotal understanding to my own newly acquired experience, I can assure you that you have nothing to worry about as a senior moving overseas. In fact, just the opposite. You’ll find that as a senior in many…
CDs have their benefits. But read to see why opening a CD also carries some risk. [[{“value”:”
Image source: Getty Images
A lot of people I know are opening CDs these days. And I can see why.
Today’s CD rates are the highest they’ve been in years. And look, why wouldn’t you jump at the opportunity to earn an APY of 5.00% or so on your money without taking on the risk that comes with investing your cash?
But while CDs certainly have their benefits, there are drawbacks to consider, too. Here’s the downside of putting money into CDs.
July 2024 is a great time to open a CD because rates are at a high. And because we know that the Federal Reserve is likely to start cutting interest rates in the coming months, it’s unlikely that you’ll find a much better rate on a CD later in the year than today.
But during periods when interest rates are fluctuating and have the potential to rise, CDs can be risky. That’s because you might lock in a CD just before a better rate becomes available. From there, you’re sort of stuck.
Sure, you could always cash out your CD early to free up your money so you can open a CD at a better rate. But then you risk an early withdrawal penalty.
Of course, one way to potentially get around that issue is to choose a bump-up CD, which could give you the option to score a higher interest rate during that CD’s term. However, since bump-up CDs give you that flexibility, they tend to start you off with a lower interest rate than what a regular CD might offer. So there’s a tradeoff you’ll need to consider.
A CD could be a good place to park your cash for a limited period of time. But all told, I don’t recommend putting money into CDs for the purpose of saving for far-off goals, like retirement.
The reason? CD rates may be impressive today, but the 5.00% APY you can snag right now isn’t the norm. I remember a time not so long ago when you could barely get 2.00% on a CD.
By contrast, the stock market’s average annual return over the past 50 years has been 10%. To be successful as a stock investor, you should plan on holding your stocks for a good amount of time — ideally, a decade or longer. But when you’re talking about saving for a long-term goal, that’s doable.
To illustrate the drawback of using CDs to save for long-term milestones, let’s say you’re able to score a 3% return in a CD over the next 30 years. With $10,000, at 3%, you’re looking at about $24,300 in three decades from now. If you put that $10,000 into the stock market and score a 9% return — just below the market’s average — you’re looking at about $132,700. That’s a difference of $108,400.
There can be big benefits to opening a CD — especially at a time like this. But make sure you’re also aware of the downside of putting money into CDs, so you don’t wind up regretting your decision.
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Are you a senior considering joining your local Costco club? You may want to become an Executive member to access additional perks. Find out why. [[{“value”:”
Image source: Getty Images
Shoppers of all ages, including older adults, can benefit from the fantastic deals at warehouse clubs like Costco. But you must pay a yearly membership to score the best discounts. Costco has more than one membership available. The pricier Executive membership costs more, but it offers additional perks.
Consider joining Costco if you’re a senior shopper looking to keep more money in your wallet. I’ll explain why seniors can benefit from a Costco Executive membership in particular.
You’ll need to become a member to shop for the best deals at Costco. Here’s an overview of the available membership options.
The Gold Star membership is Costco’s most basic membership offering. You’ll get two household membership cards and can shop deals in-club and online. Right now, you’ll pay $60 per year to be a Gold Star member. However, beginning Sept. 1, a Gold Star membership will increase by $5, costing $65 per year.
Costco also offers a pricier Executive membership. You’ll get all the perks of a Gold Star membership and more. One highlight is the opportunity to earn 2% rewards on eligible Costco purchases. We’ll dive into the details of that benefit later, but this is a valuable perk.
You’ll currently pay $120 per year to be an Executive member. But as of Sept. 1, an Executive membership will increase by $10, costing $130 annually.
If you’re a senior, here are three reasons to pay more for an Executive membership.
As an Executive member, you’ll earn 2% rewards on eligible Costco purchases, including Costco Travel bookings. This is an excellent incentive for frequent shoppers.
Executive members can earn up to $1,000 in rewards yearly. It’s worth mentioning that the maximum annual rewards cap will soon increase by $250. As of Sept. 1, 2024, Executive members can earn up to $1,250 in yearly rewards.
You’ll get a better deal when you order printed checks through Costco. This is a worthy membership benefit if this is your preferred payment method. Costco members can order discounted checks through partner Harland Clarke.
All Costco members can book travel deals through Costco Travel. However, only Executive members can access additional perks when booking eligible vacation packages through Costco Travel. If available, these extras will be listed in the vacation package description.
Examples include free daily breakfast, spa credits, and resort credits. Extras like these can add value to your vacation experience. If you’re retired and exploring the world, consider investing in an Executive membership to get these perks.
Did you know that you can earn rewards when you shop at Costco? Our number one strategy to save more money at Costco is to pay for your Costco purchases with a rewards credit card. You can earn cash back when you shop, resulting in significant savings. Want to learn more? Check out our list of the best credit cards for Costco to explore our top credit card picks.
If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.
Click here to read our expert recommendations for free!
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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
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Today’s CD rates won’t last forever. Read on to see if CDs are worth it when you’re looking at earning much less. [[{“value”:”
Image source: The Motley Fool/Upsplash
If you’ve opened a CD in the past six months, you’re no doubt in good company. Many people I know have made a point to take advantage of today’s amazing CD rates. Heck, I’m one of them.
I know I can earn a better return than 5% on my money by investing it. But I don’t always want to take on the risk of owning stocks — particularly not in the context of saving for short-term goals.
So in that regard, CDs have made it possible for me to score a higher interest rate on my money in recent months. And I’ll probably open at least one more CD this summer before rates start to fall.
But that leads to an interesting question. It’s not exactly news that today’s CD rates aren’t the norm. And while CD rates could start to fall in the coming months, we’re probably not talking about anything drastic.
To put it another way, CD rates are now at a high because the Federal Reserve spent much of 2022 and 2023 raising interest rates to cool inflation. With rate cuts on the horizon, we can expect CDs to start paying less in the next year. But we’re not necessarily going to go from CDs with APYs of 5.00% to CDs with APYs of 3.00%. Rather, rates should fall gradually.
But at what point will CDs stop being worth it? Well, it depends.
I don’t have a crystal ball, so I can’t predict with any sort of certainty how far CD rates will fall in the year following the Fed’s first interest rate cut. But I’d be surprised if they fell below 3.00%, and there’s a good chance rates will hold steady in the 4.00% range for many months after those rate cuts begin. That means CDs could still be a great deal for quite some time.
Of course, a return of 4% on your money isn’t as good as 5%. But if you’re talking about a situation where it’s not safe to invest your money, such as if you’re saving for a goal that’s two years out and don’t have ample time to ride out a stock market downturn, then you might as well take what you can get from a CD.
I can easily make the case for opening a CD with an APY of 4.00%, 3.00%, or maybe even 2.00%. But there may come a point when CD rates fall by a large degree and remain low for many years. That’s the situation savers were in before the Fed started raising interest rates in 2022.
Under those circumstances, a CD might only make sense under limited circumstances. If you’re saving for a one-year goal and can get 1.75% from a 12-month CD versus 1.00% in a savings account, then a CD makes sense. In that situation, you just can’t take on the risk of investing that money in assets that might pay you more, but also lose value.
But if you’re talking about a minor difference between what a CD will pay versus a savings account — say, 1.20% versus 1.00% — then you might as well keep your money in savings. That way, you get the flexibility to withdraw your cash whenever you want without a penalty.
All told, CDs make the most sense when you can get a return you’re happy with, and when there’s a notable difference between what they’ll pay you versus a savings account. And CDs also make sense when you’re saving on a short-term basis and can’t take on the risk that comes with investing.
So will CDs be worth it once they stop offering APYs of 5.00%? Maybe.
But there’s a difference between a CD paying 4.00% and paying 1.40%. So keep that in mind as CD rates fall in the future. Thankfully, it’ll probably be quite some time before CD rates fall to a level that makes them hard to justify.
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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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We’re all looking for ways to keep our vacation costs down. Read on for a few ideas for items to buy at Costco while you’re away from home. [[{“value”:”
Image source: Getty Images
You’ve booked your transportation and accommodations, you’ve spent hours researching your destination, and you’ve perfected your itinerary. Or maybe you just bought a flight deal or packed the car on a whim and are headed out the door. Either way, it’s vacation time.
The trickiest part about planning the perfect getaway can be the expense. In 2024, the average cost of a weeklong vacation in the U.S. for one person was close to $2,000. With the price of seemingly everything rising over the past few years thanks to increased rates of inflation, you’re probably looking for ways to save while traveling.
If you have a Costco membership, you can do just that. If the town you’re vacationing in has a Costco location nearby, make that your first stop when you arrive to pick up these items.
As you grab any groceries you need for your stay, toss a golden bird in your cart. For $4.99, you can pick up a rotisserie chicken at Costco that will set you up with a base for several meals. You can make tacos, rice bowls, sandwiches, chicken salad, or even just a simple chicken plate. Three pounds of chicken can stretch to several tasty meals, and since it’s already cooked, there’s minimal prep time and cleanup for you.
There’s a good chance you have activities, day trips, or sightseeing in your plans while you’re on vacation. If so, it’s a smart idea to have a good supply of snacks on hand to keep from getting peckish between meals, since your normal schedule is usually out the window while on a trip.
Buying trail mix or granola bars at Costco can save you money and keep your energy up while on the go. Just be sure you don’t buy more than you think you can eat during your trip or fit in your suitcase to bring home.
Have little ones in tow? You have my respect, because traveling with children is a whole other level of patience and preparedness. I know you already have bags and bags of kids’ essentials with you, so why not save some luggage space and buy supplies like diapers at your destination? Some of my family members did this on a recent trip to Hawaii, and they loved not having to haul that bulky necessity along with them through the airports.
Whether you’re looking for sodas, sports drinks, or alcohol, swipe your credit card at Costco rather than the grocery store or liquor store when you start your vacation. You can buy enough to stock your rental kitchen for a week, and you’ll avoid overpaying for as many pricey cocktails if you can build your own bar.
Whether you’re lounging on the beach, hitting the ski slopes, or walking around a city, you’re going to need sun protection. Rather than packing a giant bottle and having to check a suitcase for your flight, just pick up your sunscreen at Costco when you arrive. Bonus: You’ll have one fewer liquid item to worry about spilling in your suitcase while you fly.
Whether you’re road-tripping or flying to your destination and renting a car, check whether there’s a Costco location convenient to you. Gas at Costco, on average, can be as much $0.30 cheaper per gallon than at regular gas stations. That can save you several bucks per fill-up, meaning you can stretch your vacation budget further.
And the savings might be even more significant than returning your rental car with an empty tank, as the rental company could then charge you at its own fuel price, which is typically higher than at local gas stations.
Costco is a well-loved store where millions of people go to stock their pantries and cupboards, but don’t rule out a visit when you’re away from home, too. The savings can be just as sweet when you’re on vacation. Use this list as a springboard for your vacation grocery list and consider what else you could buy to help you save.
If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.
Click here to read our expert recommendations for free!
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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Costco Wholesale and JPMorgan Chase. The Motley Fool has a disclosure policy.
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