U.S. Bank is set to launch the Smartly Visa Signature card and this will earn up to 4% back on all purchases. Card details as follows:
Earn 2% cash back on all purchases
Earn up to an additional 2% cash back when paired with a U.S. Bank smartly savings account.
Earn 2.5% total cash back when you have a qualifying balance of $5,000 – $49,999
Earn 3% total cash back when you have a qualifying balance of $50,000 – $99,999
Earn 4% total cash back when you have a qualifying balance of $100,000+
There are a few things that are unclear such as whether there is an annual fee, is there a cap on the additional up to 2% cash back and if there will be a sign up bonus or not. The Smartly account itself earns 4.1% APY when you also have a Smartly checking account and a balance of $25,000+ so this is competitive with the best high yield savings accounts, can also have the money in their investment account. This has the potential to be big, worth signing up for the wait list in case they offer a better than normal sign up bonus for those that do.
A new paper from Yale professor Kelly Shue argues that consumers mistakenly wait to take out mortgages and other long-term loans when the Fed is expected to cut rates.
Their confusion seems to be related to conflating short-term and long-term rates, which don’t necessarily move in tandem.
In fact, short-term rate moves are typically already baked in to long-term rates, meaning there’s no need to wait until the cut is official for an even lower interest rate.
The savings of short-term rate cuts should already be reflected in the interest rate of a long-term loan such as a 30-year fixed mortgage.
Despite this, home buyers and even professional forecasters tend to get this wrong according to the research.
Short-Term Rates vs. Long-Term Rates
Consumers have long misunderstood the relationship between the Fed and mortgage rates.
Many incorrectly believe that the Fed directly controls mortgage rates. So when the Fed announces a rate cut, prospective home buyers expect mortgage rates to come down as well.
For example, the Fed is widely expected to lower its fed funds rate by 25 (or maybe 50 basis points) at its September 18th meeting.
When this takes place, there will be a slew of articles written about how “mortgage rates fall” and the like.
Some may even assume that the 30-year fixed fell by the same amount, whether it’s 0.25% or .50%.
So if the 30-year fixed was 6.50% the day before the meeting, a hypothetical home buyer might think the going rate is 6.25% or even 6% the next day.
In all likelihood, they’ll probably be disappointed if and when they speak to their loan officer or mortgage broker.
Chances are mortgage rates won’t budge much at all. And perhaps worse, they could actually rise after the Fed announces a rate cut!
This all has to do with short-term and long-term rates, with the fed funds rate a short-term rate and the 30-year fixed a long-term rate.
While they can impact one another, there isn’t a direct correlation. This is why you don’t hear mortgage rate experts telling you to use the fed funds rate to track mortgage rates.
Instead, the 10-year bond yield is a good way to track mortgage rates, since historically they have a very strong correlation.
Simply put, they are both long-term rates and function fairly similarly because many home loans are paid off in a decade or so despite being offered a full 30 years .
Should You Wait for the Fed to Cut Rates Before Refinancing (or Buying a Home)?
That brings us to consumer behavior surrounding rate cuts and hikes. Before we talk about rate cuts, which are finally on the table, let’s talk about rate hikes.
When the Fed is expected to hike rates, people tend to rush out and lock their loan before rates go up even more.
The researchers, which include Professor Shue, Richard Townsend, and Chen Wang, argue that this too is “a mistake.”
They note that knowing “that the Fed plans to gradually increase short rates does not mean that long rates will gradually increase in tandem.”
Conversely, they say “the long rate jumps immediately in response to such an announcement,” meaning there isn’t a rush to lock your rate before the Fed acts.
Now when we flip the script and consider a rate cut, the same logic applies. If you’re waiting to buy a home or refinance your mortgage due to an impending rate cut, it might be a mistake.
The Fed rate cuts are mostly telegraphed in advance and known to market participants. So there won’t be a big surprise on the day of the announcement that leads to a significant improvement.
At least not with regard to the rate cut announcement itself. This is why mortgage rates often defy logic on the day Fed announcements take place.
Sometimes the Fed raises its rate and mortgage rates fall. And sometimes the opposite happens.
And again, this is due to the disparity between short-term and long-term rates.
What About Long-Term Monetary Policy?
While I agree with the researchers on the point of short-term rate cuts already being baked in to longer-term rates like 30-year mortgages, there’s one other thing to consider.
The expected long-term monetary policy of the Fed. If they are just beginning to cut short-term rates, there is a chance long-term rates continue to improve over time.
I know, the researchers already debunked this with their talk about gradually increasing rates, saying people “fail to recognize that the current long rate already reflects future expected changes in short rates.”
And at the moment, the consensus is for the Fed to cut rates 200 basis points or more over the next year, per CME.
By the September 17th, 2025 meeting, the fed funds rate could be in a range of 3% to 3.25%, down from 5.25% to 5.50% currently.
Sure, you could argue that this too is somewhat baked in to long-term rates at the moment, but there’s still a degree of uncertainty.
If and when the Fed does actually begin cutting rates, instead of merely hinting at it, we could see longer-term rates trickle down further.
Of course, that will depend on economic data and things like inflation and unemployment, which will only reveal themselves over time.
But if you look at the rate tightening cycle, which involved 11 Fed rate hikes between early 2022 and mid-2023, you’d see that mortgage rates kept getting worse and worse.
Granted that too was driven by the underlying economic data, namely out-of-control inflation.
Still, the 30-year fixed surged from roughly 3% in early 2022 to around 8% during that span of time. So those who did go out and lock their rate ASAP were rewarded.
Even someone who chose to take out a 30-year fixed in March 2022 was able to snag a ~3% rate versus a rate of nearly 6% by as early as June of that same year.
In other words, what the Fed has already indicated might be baked in to rates today, but what we’ve yet to find out could push rates even lower as time goes on.
There’s no guarantee mortgage rates will continue to decrease from here, but it’s decently likely if economic data continues to come in cold.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
More than one in five adults age 65 and older reported not taking medications as prescribed due to cost, according to a 2023 study published in JAMA Network Open.
There’s help available, but many beneficiaries might not be aware of their options.
“Far too many people don’t know that there are resources out there to help them,” says Amy Niles, chief mission officer at the PAN Foundation, a nonprofit organization that helps people get needed prescription drugs and medical treatments.
Here are three potential resources that might help you or a loved one afford medications with Medicare Part D.
Still deciding on the right carrier? Compare Medicare Part D Plans
1. Government assistance programs
If you qualify, Medicare’s Extra Help program covers all costs for your Medicare Part D plan and covered prescription drugs, with the exception of copays of up to $11.20 per drug in 2024.
The eligibility requirements for Extra Help are fairly strict. The income limit is $22,590 per year for an individual or $30,660 for a married couple in 2024, which is 150% of the federal poverty level. There are also limits on resources, the label given to assets you own and convert to cash to support yourself if needed, such as bank accounts, retirement funds, stocks and bonds.
Extra Help enrollment isn’t automatic, and many people might be missing out because they haven’t applied. “Three million people are eligible for the program but not yet enrolled,” according to a February 2024 press release from the Centers for Medicare & Medicaid Services.
“Medicare Part D beneficiaries should apply for all Medicare Savings Programs, including Extra Help,” Michele McCourt, executive director of CancerCare’s Co-Payment Assistance Foundation, said in an email.
Most states also have a pharmaceutical assistance program and/or some kind of discount prescription program. Benefits and eligibility requirements vary, but it’s a good idea to look into what’s available where you live.
2. Help from foundations
Nongovernmental organizations can help if you or a loved one are struggling to afford health care. For example, the PAN Foundation offers assistance across about 80 different disease funds, Niles says, and the “overwhelming majority” of people who receive its financial assistance are Medicare beneficiaries.
These charitable foundations might be more flexible on eligibility requirements than government programs. For example, Niles says the PAN Foundation usually can offer assistance to people at or below 400% to 500% of the federal poverty level. (500% of the FPL is $75,300 per year for an individual or $102,200 for a married couple in 2024.)
If you’re not sure about Extra Help eligibility, McCourt said it may be best to apply for Extra Help and help from foundations at the same time. (If you find you’re eligible for Extra Help, contact the foundations to let them know you no longer need assistance, she suggested.)
Foundations often offer help with more than just prescription drug costs, too. Assistance might be available for health insurance premiums, transportation, lodging, childcare or pet care, for example, as well as counseling, navigating insurance rules, and referrals and coordination with other patient advocacy and assistance groups.
The PAN Foundation, Accessia Health and CancerCare are three charitable organizations that might be able to help patients struggling with costly prescription drugs or other medical expenses. Other options include the HealthWell Foundation, Good Days and the National Organization for Rare Disorders.
The foundations’ websites offer details on eligibility and application processes for their individual programs.
3. A new $2,000 out-of-pocket cap
Medicare Part D will have a new $2,000 out-of-pocket cap on copays, coinsurance and deductibles for covered prescription drugs starting in 2025. But many beneficiaries might not know this change is coming.
Only about 40% of registered voters age 65 and older are aware of the law capping out-of-pocket prescription drug costs, according to an April-May 2024 tracking poll by KFF, a health policy nonprofit.
“The $2,000 out-of-pocket cap will have a significant impact on beneficiaries,” Anna Brown, vice president of marketing and communications for patient assistance nonprofit Accessia Health, said in an email.
“However, it’s important to acknowledge that while the $2,000 cap increases affordability for Americans, we know that many will still struggle to afford even this reduced out-of-pocket maximum, especially those with chronic and rare medical conditions,” Brown said.
Both Brown and Niles indicated that their organizations are committed to continued advocacy, education and direct support to make Medicare prescription drug coverage even more affordable in the future.
Only One in Three American Millionaires Feel “Wealthy” and Nearly Half Say Their Financial Planning Needs Improvement, According to Northwestern Mutual Planning & Progress Study What’s it like to feel like a million bucks? Millionaires indicate it’s less about believing you’re rich and more about having confidence and clarity about the future. Nearly 80% of … [Read more…]
Your home is more than just a place to live, it’s a canvas for self-expression. Every corner, every piece of furniture, and every decorative item tells a story about who you are and what you value.
Expressing your personal style through your living space not only creates a more inviting atmosphere but also contributes to your overall well-being.
That’s why today we’ll look at five easy ways to infuse your unique personality into your home, creating a space that truly reflects you.
Curate a gallery wall that speaks volumes
One of the most effective ways to showcase your personal style is through a carefully curated gallery wall. This versatile design element allows you to display a collection of art, photographs, and mementos that resonate with your aesthetic and experiences.
Start by selecting pieces that hold special meaning to you — family photos, travel souvenirs, or artwork that captures your imagination.
Mix and match different frame sizes and styles for an eclectic look, or stick to a uniform design for a more polished appearance.
Embrace color psychology in your palette
Color has a profound impact on mood and perception, making it a powerful tool for expressing your personality.
Choose a color palette that resonates with the atmosphere you want to create in your home. Bold, vibrant hues might reflect an energetic and outgoing personality, while softer, muted tones could express a more introspective nature.
To top it off, consider using color-blocking techniques to create focal points in your rooms. For instance, you might paint an accent wall in a rich, deep tone to add drama to your living room or use a bright, cheerful color in your home office to inspire creativity.
Showcase your passions through functional decor
Your hobbies and interests are integral parts of your identity, so why not incorporate them into your home decor?
If you’re a book lover, create a cozy reading nook with floor-to-ceiling bookshelves and a comfortable armchair. Music enthusiasts might display their vinyl collection as wall art or repurpose vintage instruments as unique decor pieces.
For those with a green thumb, integrate plants into your living space with hanging planters, a vertical garden, or a statement indoor tree. Not only do plants add life and color to your home, but they also improve air quality and contribute to a sense of well-being.
Personalize your space with DIY projects
Nothing says “personal style” quite like handmade items.
DIY projects allow you to create unique pieces that perfectly match your vision and budget. Try your hand at reupholstering an old chair with a fabric that complements your decor scheme, or create custom throw pillows with patterns that speak to your aesthetic.
For a more substantial project, consider building a custom piece of furniture, like a coffee table or bookshelf. Not only will you have a one-of-a-kind item, but you’ll also have the satisfaction of knowing you created it yourself.
Extend your style to outdoor spaces
Don’t forget that your personal style shouldn’t be confined to the interior of your home.
Give your outdoor space some personality by treating it as an extension of your indoor living areas. Create an inviting patio or balcony with comfortable seating, outdoor rugs, and ambient lighting.
Add personal touches like colorful planters, wind chimes, or a small water feature to reflect your taste and create a serene atmosphere. If you have a garden, use it as an opportunity to express your creativity through landscaping.
Expressing your personal style through your home is an ongoing process of creativity and self-discovery. By implementing these five ideas – curating a meaningful gallery wall, embracing color psychology, showcasing your passions, engaging in DIY projects, and extending your style to outdoor spaces – you can create a living environment that truly reflects who you are.
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The bachelor party decided to go to the casino. I happily went along for the ride. The behavioral finance nerd in me was ready to witness fascinating behavior. Gambling can certainly be entertaining, but it’s not financially savvy. As long as you know that, you’ll be ok – albeit a little lighter in the wallet.
This particular casino had an engaging “loss leader.”* They offered $15 in free casino credit to new gamblers. The scheme, of course, is cynical. They hope those free bets hook you, knowing that a regular gambler will surely lose back more than the free $15 over a long period of time.
*a strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services.
And all it takes is one true addict to make up for hundreds of free giveaways. Like I said…cynical.
Most of our friends went to the blackjack table (where the per-hand odds are ~42% for the player, 50% for the house, and 8% ending in a tie), betting in their own cash on top of the free $15 credit.
My buddy, Trey, and I cheaped out. We took our $15 casino cards and went to the dollar slots. Let’s push some buttons and have free fun until the $15 disappears.
But we got lucky.
Trey turned his $15 into ~$80 of real money, and I left with ~$200. Our $30 in free credit became $300 real dollars. We counted our blessings and walked away. Appetizers are on us, fellas!
Meanwhile, the blackjack players ultimately played until their chips disappeared. They had fun but they lost their money. And yes – a few of them learned of our “success” at the slots and felt aggrieved by our dumb luck.
But if we look strictly at the financials, I see a clear takeaway:
Trey and I “played” in a way that was literally impossible to lose. As long as we didn’t succumb to any impulse to wager our ownmoney, we had a 0% chance of losing. Granted, we got lucky to leave with gains. But we weren’t going to lose money.
The blackjack guys played in a way guaranteed to lose, barring any luck. The more hands they played – each a bet with odds against them – the more likely their loss.
It’s true – I’m not the most fun guy at the casino.
But implore you to apply a similar idea to your investing.
The Market Ain’t A Casino
First things first: the market isn’t a casino,and investing isn’t (or shouldn’t be) gambling.
I understand why it can feel that way, especially when we hear stories about GameStop, AMC, or Enron. Big bets, big wins, and big losses over short periods.
The market, as a whole, isn’t roulette, though. It simply represents the ownership of businesses—a small slice of the global economy that we each own. Owning a business is not the same as blind gambling. You’re not depending on dice or cards to fall your way.
Stock investing involves exchanging money today for the future income stream of a particular business. Or, in the case of a broad fund of stocks, the future income stream of the global economy. The economy doesn’t over- or under-perform based on dice or cards.
Investing in stocks – at least the way I implore us all to approach it – isn’t gambling.
Bets in the Market
But the stock market isn’t a guarantee, either. There will be times when we invest on Monday only to see our investments decline in value on Tuesday. In fact, the shorter our investment period, the more likely we’ll lose money.
I don’t want to play blackjack with my retirement. I don’t want to make coin-flip bets.
But the more the odds are in my favor, the more I’m willing to wager. In one of Berkshire Hathaway’s annual meetings, Warren Buffett says something akin to, “If you give me 5:7 odds, we’d be willing to wager a very large sum of money.”
FYI: That’s a ~58% chance of winning.
Personally, I don’t have enough extra money to make too many 58% bets. I’d much rather make 90% bets. Or even better, I’d rather bet with the casino’s money. I want to feel really sure that I’ll walk away a winner.
The longer you invest in the stock market, the more likely you’ll walk away with profits. That’s a wager I’m willing to make.
Some Bets I’m Willing to Make
As of writing this very sentence, the S&P 500 is at 5526.
Will the S&P 500 be higher or lower in one month? I don’t know, and I don’t care. I don’t want that bet.
Will the S&P hit 5626 (100 points up from now) before it hits 5426 (100 points down)? I don’t want that bet, either.
Both those bets—involving short periods and small changes (~2%) in the market—are too close to 50/50 bets. I’m not willing to take those odds. It’s too risky. That’s why, in my opinion, stock investing is inappropriate over short periods. One month, 6 months, even out a few years – stocks aren’t appropriate.
But will the S&P be higher or lower in 10 years? Or 20 years? Or more? I’m willing to make that bet, and it’s a sizable bet at that. I’ve got a lot of money on the line. I’m not sure it will pay off, but I like my odds.
Will the S&P hit 8300 (50% up from now) or 2750 (50% down)? I’m not sure. 50% declines do happen, but not too frequently. 50% increases are much more common. I’m an optimist on this one, too.
I care about long periods and steady compounded returns over those periods. The odds are clearly in the investor’s favor when looking at those time scales.
Those are some bets I’m willing to make.
Thank you for reading! If you enjoyed this article, join 8500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week. You can read past newsletters before signing up.
-Jesse
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Minami’s current holdings also include 6,655 shares of unvested restricted stock, which are set to vest on May 15, 2025, provided he continues his service with the company through that date. The transaction was officially documented on August 26, with David Gordon signing off as attorney-in-fact for Minami. The Atlanta-based real estate investment trust, focused … [Read more…]
A spousal IRA gives a non-working spouse a way to build wealth for retirement, even if they don’t have earned income of their own.
Spousal IRAs can be traditional or Roth accounts. What distinguishes a spousal IRA is simply that it’s opened by an income-earning spouse in the name of a non-working or lower-earning spouse.
If you’re married and thinking about your financial plan as a couple, it’s helpful to understand spousal IRA rules and how you can use these accounts to fund your goals.
What Is a Spousal IRA?
A spousal IRA is an IRA that’s funded by one spouse on behalf of another. This is a notable exception to the rule that IRAs must be funded with earned income. In this case, the working spouse can make contributions to an IRA for the non-working spouse, even if that person doesn’t have earned income.
The couple must be married, filing jointly, in order for the working spouse to be able to fund a spousal IRA. For example, say that you’re the primary breadwinner for your family, and perhaps your spouse is a stay-at-home parent or the primary caregiver for their aging parents, and doesn’t have earned income. As long as you have taxable compensation for the year, you could open a spousal IRA and make contributions to it on your spouse’s behalf.
Saving in a spousal IRA doesn’t affect your ability to save in an IRA of your own. You can fund an IRA for yourself and an IRA for your spouse, as long as the total contributions for that year don’t exceed IRA contribution limits (more on that below), or your total earnings for the year.
Recommended: Understanding Individual Retirement Accounts (IRAs): A Beginner’s Guide
How Do Spousal IRAs Work?
Spousal IRAs work much the same as investing in other IRAs, in that they make it possible to save for retirement in a tax-advantaged way. The rules for each type of IRA, traditional and Roth, also apply to spousal IRAs.
What’s different about a spousal IRA is who makes the contributions. If you were to open an IRA for yourself, you’d fund it from your taxable income. When you open an IRA for your spouse, contributions come from you, not them.
It’s also important to note that these are not joint retirement accounts. Your spouse owns the money in their IRA, even if you made contributions to it on their behalf.
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Spousal IRA Rules
The IRS sets the rules for IRAs, which also govern spousal IRAs. These rules determine who can contribute to a spousal IRA, how much you can contribute, how long you have to make those contributions, and when you can make withdrawals.
Eligibility
Married couples who file a joint tax return are eligible to open a spousal IRA for the non-working spouse. As long as one spouse has taxable compensation and, in the case of a Roth IRA, they meet income restrictions, they can open an IRA on behalf of the other spouse.
Taxable compensation includes money earned from working, such as wages, salaries, tips, or bonuses. Generally, any amount included in your income is taxable and must be reported on your tax return unless it’s excluded by law.
That said, a traditional IRA does not have income requirements; a Roth IRA does.
Maximum Annual Contributions
One of the most common IRA questions is how much you can contribute each year. Spousal IRAs have the same contribution limits as ordinary traditional or Roth IRAs. These limits include annual contribution limits, income caps for Roth IRAs, and catch-up contributions for savers 50 or older.
For tax-year 2024, you can contribute up to $7,000 to a traditional or Roth IRA; if you’re 50 or older you can add another $1,000 (the catch-up contribution) for a total maximum of $8,000.
Remember, you can fund a spousal contribution as well as your own IRA up to the limit each year, assuming you’re eligible. That means for the 2024 tax year, a 35-year-old couple could save up to $14,000 in an individual and a spousal IRA.
A 50-year-old couple can take advantage of the catch-up provision and save up to $16,000.
Contribution Limits for Traditional and Roth IRAs
There are a couple of rules regarding contribution limits; these apply to ordinary IRAs and spousal IRAs alike.
• First, the total contributions you can make to an individual IRA and/or spousal IRA cannot exceed the total taxable compensation you report on your joint tax return for the year.
• If neither spouse is covered by a workplace retirement account, contributions to a traditional spousal IRA would be deductible. If one spouse is covered by a workplace retirement account, please go to IRS.gov for details on how to calculate the amount of your contribution that would be deductible, if any.
There is an additional restriction when it comes to Roth IRAs. Whether you can make the full contribution to a spousal Roth IRA depends on your modified adjusted gross income (MAGI).
• Married couples filing jointly can contribute the maximum amount to a spousal Roth IRA for tax year 2024 if their MAGI is less than $230,000.
• They can contribute a partial amount if their income is between $230,000 and $240,000.
• If a couple’s income is $240,000 or higher, they are not eligible to contribute to a Roth or spousal Roth IRA.
Contribution Deadlines
The annual deadline for making an IRA contribution for yourself or a spouse is the same as the federal tax filing deadline. For example, the federal tax deadline for the 2024 tax year is April 15, 2025. You’d have until then to open and fund a spousal IRA for the 2024 tax year.
Filing a tax extension does not allow you to extend the time frame for making IRA contributions.
Withdrawal Rules
Spousal IRAs follow the same withdrawal rules as other IRAs. How withdrawals are taxed depends on the type of IRA and when withdrawals are made.
Here are a few key spousal IRA withdrawal rules to know:
• Qualified withdrawals from a traditional spousal IRA are subject to ordinary income tax.
• Early withdrawals made before age 59 ½ may be subject to a 10% early withdrawal penalty, unless an exception applies (see IRS rules).
• Spouses who have a traditional IRA must begin taking required minimum distributions (RMDs) at age 72, or 73 if they turned 72 after Dec. 31, 2022. Roth IRAs are not subject to RMDs, unless it’s an inherited Roth IRA.
• Roth IRA distributions are tax-free after age 59 ½, as long as the account has been open for five years, and original Roth contributions (i.e., your principal) can always be withdrawn tax free.
• A tax penalty may apply to the earnings portion of Roth IRA withdrawals from accounts that are less than five years old.
Whether it makes more sense to open a traditional or Roth IRA for a spouse can depend on where you are taxwise now, and where you expect to be in retirement.
Deducting contributions may help reduce your taxable income, which is a good reason to consider a traditional IRA. On the other hand, you might prefer a Roth IRA if you anticipate being in a higher tax bracket when you retire, as tax-free withdrawals would be desirable in that instance.
Recommended: Inherited IRA Distribution Rules Explained
Pros and Cons of Spousal IRAs
Spousal IRAs can help married couples to get ahead with saving for retirement and planning long-term goals, but there are limitations to keep in mind.
Pros of Spousal IRAs
• Non-working spouses can save for retirement even if they don’t have income.
• Because they’re filing jointly, couples would mutually benefit from the associated tax breaks of traditional or Roth spousal IRAs.
• Spousal IRAs can add to your total retirement savings if you’re also saving in a 401(k) or similar plan at work.
• The non-working spouse can decide when to withdraw money from their IRA, since they’re the account owner.
Cons of Spousal IRAs
• Couples must file a joint return to contribute to a spousal IRA, which could be a drawback if you typically file separately.
• Deductions to a spousal IRA may be limited, depending on your income and whether you’re covered by a retirement plan at work.
• Income restrictions can limit your ability to contribute to a spousal Roth IRA.
• Should you decide to divorce, that may raise questions about who should get to keep spousal IRA assets (although the spousal IRA itself is owned by the non-working spouse).
Spousal IRAs, Traditional IRAs, Roth IRAs
Because you can open a spousal IRA that’s either a traditional or a Roth style IRA, it helps to see the terms of each. Remember, spouses have some flexibility when it comes to IRAs, because the working spouse can have their own IRA and also open a spousal IRA for their non-working spouse. To recap:
• Each spouse can open a traditional IRA
• If eligible, each spouse can open a Roth IRA
• One spouse can open a Roth IRA while the other opens a traditional IRA.
Bear in mind that the terms detailed below apply to each spouse’s IRA.
Spousal IRA
Traditional IRA
Roth IRA
Who Can Contribute
Spouses may contribute to a traditional or Roth spousal IRA, if eligible.
Roth spousal IRA eligibility is determined by filing status and income (see column at right).
Anyone with taxable compensation.
Eligibility to contribute determined by tax status and income. Married couples filing jointly must earn less than $240,000 to contribute to a Roth.
2024 Annual Contribution Limits
$7,000; $8,000 for those 50 and up (note that each spouse can have an IRA and contribute up to the annual limit)
$7,000; $8,000 for those 50 and up
$7,000; $8,000 for those 50 and up.
Tax-Deductible Contributions
Yes, for traditional spousal IRAs*
Yes*
No
Withdrawals
Withdrawal rules for both types of spousal IRAs are the same as for ordinary IRAs (see columns at right).
Qualified distributions are taxed as ordinary income.
Taxes and a penalty apply to withdrawals made before age 59 ½ , unless an exception applies, per IRS.gov.
Original contributions can be withdrawn tax free at any time (but not earnings).
Distributions of earnings are tax free at 59 ½ as long as the account has been open for 5 years.
Required Minimum Distributions
Yes, for traditional spousal IRAs. RMDs begin at age 72**
Yes, RMDs begin at age 72**
RMD rules don’t apply to Roth IRAs.
* Deduction may be limited, depending on your income and whether you or your spouse are covered by a workplace retirement plan. ** You must take withdrawals from a traditional IRA once you reach 72 (or 73, if you turn 72 in 2023 or later).
Dive deeper: Roth IRA vs. Traditional IRA: Which IRA is the right choice for you?
Creating a Spousal IRA
Opening a spousal IRA is similar to opening any other type of IRA. Here’s what the process involves:
• Find a brokerage. You’ll first need to find a brokerage that offers IRAs; most will offer spousal IRAs. When comparing brokerages, pay attention to the investment options offered and the fees you’ll pay.
• Open the account. To open a spousal IRA, you’ll need to set it up in the non-working spouse’s name. Some of the information you’ll need to provide includes the non-working spouse’s name, date of birth, and Social Security number. Be sure to check eligibility rules.
• Fund the IRA. If you normally max out your IRA early in the year, you could do the same with a spousal IRA. Or you might prefer to space out contributions with monthly, automated deposits. Be sure to contribute within eligible limits.
• Choose your investments. Once the spousal IRA is open, you’ll need to decide how to invest the money you’re contributing. You may do this with your spouse or allow them complete freedom to decide how they wish to invest.
As long as you file a joint tax return, you can open a spousal IRA and fund it. It doesn’t necessarily matter whether the money comes from your bank account, your spouse’s, or a joint account you share. If you’re setting up a spousal IRA, you can continue contributing to your own account and to your workplace retirement plan if you have one.
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Spousal IRAs can make it easier for couples to map out their financial futures even if one spouse doesn’t work. The sooner you get started with retirement saving, the more time your money has to grow through compounding returns.
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FAQ
What are the rules for a spousal IRA?
Spousal IRA rules allow a spouse with taxable compensation to make contributions to an IRA on behalf of a non-working spouse. The non-working spouse owns the spousal IRA and can decide how and when to withdraw the money. Spousal IRA withdrawals are subject to the same withdrawal rules as traditional or Roth IRAs, depending on which type of account has been established.
Is a spousal IRA a good idea?
A spousal IRA could be a good idea for married couples who want to ensure that they’re investing as much money as possible for retirement on a tax-advantaged basis. In theory, a working spouse can fund their own IRA as well as a spousal IRA, and contribute up to the maximum amount for each.
Can I contribute to my spouse’s traditional IRA if they don’t work?
Yes, that’s the idea behind the spousal IRA option. When a wife or husband doesn’t have taxable income, the other spouse can make contributions to a spousal traditional IRA or Roth IRA for them. The contributing spouse must have taxable compensation, and the amount they contribute each year can’t exceed their annual income amount or IRA contribution limits.
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San Diego is known for its sun-soaked beaches and relaxed coastal vibe, but the city offers a collection of unique experiences that capture the essence of its diverse culture and community spirit. Maybe you’re thinking about buying a home in San Diego, CA, or renting a house or apartment in the city. Or perhaps you’re just in the beginning phases of imagining life here. Wherever you’re at, we’ll explore just a glimpse of what San Diego has in store for you.
1. Ride the waves
Learning to surf is an absolute must for anyone moving to the area, and San Diego Surf Lessons make it easy. Located in Solana Beach, Cal Coast Adventures provides everything you need—surfboard, wetsuit, and a professional instructor—for an unforgettable time on the warm waters of the Pacific. The experience starts with the basics and progresses to more advanced techniques, ensuring both safety and fun all while soaking in the sunny coastal ambiance.
2. Tap into local craft brews
For those looking to experience San Diego’s renowned craft beer scene like a local, TapRoom Beer Co. in Pacific Beach is the place to be. This laid-back spot offers a vast selection of local brews under one roof, combined with delicious food and a killer beer garden. The chill atmosphere makes it a perfect hangout for both craft beer aficionados and those just looking to soak up the San Diego vibes.
3. Tap into your creative side
If you’re in the mood for something hands-on and creative, a visit to The Mudd House Ceramics Studio is a must. This community-centric studio offers pottery classes that are as much about socializing as they are about creating. You can dive into the art of ceramics, meet new people, and perhaps even start a new hobby. It’s a fun activity that adds a unique touch to your San Diego experience.
4. Savor authentic Italian
For a taste of Italy in the heart of La Jolla, Piazza 1909 is the place to be. This family-owned Italian restaurant, with their Chef Stefano from Milan, offers a cozy spot for outdoor dining with a dog-friendly atmosphere. The menu caters to all with gluten-free and vegan options, making it a versatile choice for any gathering.
5. Sip unique lattes
Located in the trendy North Park neighborhood, Lazy Eye Coffee is more than just a coffee shop—it’s a creative hub. Known for its unique lattes with house-made syrups and a playful food menu, this spot is perfect for those looking to relax in a stylish setting. The beautiful patio, complete with a cactus garden and pallet forest, offers a serene environment to enjoy your coffee and soak in the neighborhood’s artistic vibe.
6. A culinary journey in the Convoy District
San Diego’s Convoy District in Kearny Mesa is a cultural haven, especially for food lovers. The nearly 2-mile-long street is packed with over 200 Asian restaurants, shops, and grocery stores, offering a culinary journey like no other. Whether you’re craving Korean BBQ, Japanese sushi, or Chinese dim sum, Annie & Ty at The Seasoned Wok recommend bringing your appetite and diving into the diverse flavors that this vibrant neighborhood has to offer.
7. Experience coastal dining at its best
For a true taste of San Diego’s Mexican roots, Chantelle from DOPE AF Food suggests two of their favorite restaurants that perfectly capture the city’s chill, coastal vibes and proximity to Mexico. Casa Guadalajara, nestled in Old Town, delivers an original experience with its festive ambiance, extensive menu, and live mariachi music, offering a true blend of California and Mexican culture. If you prefer a location with a more serene vibe, Chantelle also recommends George’s at the Cove in La Jolla. Here, you can enjoy fresh seafood, specialty cocktails, and breathtaking ocean views—making it the perfect spot to unwind and catch the sunset.
8. Discover breathtaking art
San Diego’s downtown Marina District is home to Art Scene West, a vibrant cultural hub that showcases breathtaking works of art. This gallery not only offers a diverse collection of fine art but also encourages creative expression through interactive guided painting events known as Painting Parties. Whether you’re looking to add a piece of art to your collection or simply enjoy a creative date night, Art Scene West is a must-visit.
Photo courtesy of Art Scene West
9. Shop local at Point Loma Farmers Market
For an authentic “locals-only” experience, head to the Point Loma Farmers Market. Nestled in the heart of the beautiful Point Loma Hills neighborhood, this market offers a variety of attractions, from organic farm goods to unique crafts and jewelry. The market is also home to one of the largest Brazilian communities in San Diego, adding a rich cultural flavor to the experience. With a free kids area, delicious food booths, and a vibrant community atmosphere, it’s a great way to spend a Sunday morning.
10. Satisfy your taco cravings
San Diego is famous for its Mexican food, and City Tacos, a favorite of Chef Ben Mastracco, offers a delicious twist on the classic taco. With multiple locations throughout San Diego, this taco spot blends traditional flavors with gourmet ingredients, all served in a relaxed setting. Pair your meal with one of their local craft beers for an unbeatable combination that epitomizes San Diego’s vibrant food scene.
11. Create and connect
For a more intimate and personalized creative experience, consider booking a private ceramics class at Clay Society. Led by Janna, the artist behind Isiko Global Goods, these classes offer a relaxed and inspiring environment where you can craft your own pottery pieces. It’s a perfect activity for a date night or a small group of friends looking to try something new and artistic.
Photo Courtesy of Clay Society
12. Immerse yourself in art
Located in the Liberty Station Art District, Mi Gallery Tu Gallery is a must-visit for art enthusiasts to immerse themselves in San Diego’s art scene. This gallery hosts art exhibitions, workshops, and private events, making it a vibrant part of the city’s cultural fabric.
13. Reconnect with nature at Torrey Pines State Natural Reserve
One of San Diego’s natural wonders, Torrey Pines State Natural Reserve offers breathtaking views of the Pacific Ocean, unspoiled beaches, and the rare Torrey pine trees. This 1,500-acre park is a “coastal gem” that provides a quintessential San Diego experience. Whether you’re hiking, whale watching, or simply soaking in the sunset, Torrey Pines is a place where the beauty of nature takes center stage.
14. Shop vintage treasures
Finally, for a truly unique shopping experience, check out Bad Madge & Co. in San Diego’s South Park neighborhood. Voted the best vintage store in the country in 2022, this eclectic shop offers a curated mix of vintage treasures, local designer pieces, and retro finds. It’s a perfect stop for those looking to discover unique items that reflect San Diego’s character.
Unique things to do in San Diego, CA: Final thoughts
San Diego is a city bursting with unique experiences that go beyond the usual tourist spots. From riding the waves to exploring cultural districts and dining on gourmet tacos, there’s always something new and exciting to discover in the city. Whether you’re exploring the neighborhoods or immersing yourself in the local culture, living in San Diego offers endless opportunities to create unforgettable memories.
Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income. Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such…
Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income.
Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such as if you are looking to make money in one day.
There are many places where you can sell your used electronics quickly and easily. Whether you’re upgrading your tech or just decluttering, finding the right platform is key to getting the best value. You’ll want to know where to go and what to expect to make the process smooth and profitable.
I have sold many of my used electronics over the years, including a cell phone, a laptop, and a camera. And, there are many more you can sell as well, such as gaming systems, smart watches, fitness trackers, headphones, speakers, and tablets.
Best Places To Sell Used Electronics
Below are the best places to sell used electronics.
1. Decluttr
Decluttr might be the perfect solution for you if you want to sell electronics online instantly as this is one of the best selling apps for electronics. You can trade in your devices like phones, game consoles, iPads, tablets, MacBooks, DVDs, and more.
I have personally sold a cell phone on Decluttr and I found the process to be very easy, and that is why this is my top choice if you are looking to sell your used electronics easily and hassle-free.
To sell on Decluttr, you just head to the Decluttr website and answer the prompts about what you would like to sell. They will want to know the type (phone, gaming console, laptop, etc.), the condition (they accept items in “Excellent,” “Good,” and “Poor” conditions), the storage capacity, and more.
Decluttr will then give you a price and you’ll be given a shipping label if you accept. You will then have to find a box to put the item in.
Once Decluttr receives and processes your items (usually the next day after receiving them), you’ll get paid by direct deposit or PayPal.
Decluttr also accepts broken electronics. Even if your device is water-damaged or has cosmetic issues, you can still sell it by marking the condition as “Poor.”
You can check out Decluttr by clicking here.
2. Gazelle
Gazelle is a popular option if you want to sell your used electronics quickly and easily. They buy a variety of devices including iPhones, Samsung Galaxy phones, iPads, and more.
To get started, tell Gazelle about your device. They will give you an estimated price. If you accept, you send your device to them for free.
Once Gazelle gets your device, they inspect it to make sure it matches what you described. After that, you get paid quickly. This process is simple and fast, which makes it convenient for many sellers.
You can check out Gazelle by clicking here.
3. Amazon Trade-In
Amazon Trade-In is a simple way to sell your old electronics if you are just learning how to sell your stuff. You can get an Amazon gift card or a promotional discount for your device. The process is quick, and you can do it online.
Amazon accepts many types of electronics like phones, tablets, and smartwatches and from brands like Amazon, Apple, Samsung, Microsoft, Google, Sony, Arlo, Foscam, NETGEAR, Bose, ASUS, TP-Link, and more. You answer a few questions about your item, and then Amazon gives you an estimate.
If you agree with the estimate, Amazon provides a free shipping label. You can mail your device or drop it off at a participating location.
Once Amazon gets your device, they will verify its condition. If it matches what you described, you get your gift card or discount. If the condition is worse than expected, you can choose to have the device returned or accept a lower value.
Amazon offers Instant Payment for some trade-ins. This means you get your gift card right away. If you don’t qualify for Instant Payment, you will get your gift card once Amazon processes your device, which can take up to 15 business days.
4. Apple Trade In
I recently traded in my old laptop to Apple and made around $300 for a laptop that was around 5 years old (and was actually broken with a flashing screen). I did it all right on the Apple website and it was very easy to sell.
Apple Trade In lets you trade your old device for credit toward a new one. You can do this either online or at an Apple Store. If your device isn’t worth any money, no worries. Apple will still recycle it for free.
You can trade in an iPhone, iPad, Mac, or Apple Watch.
You can use trade-in credit toward a purchase or get an Apple Gift Card. I was buying another laptop, so I just got store credit and put it toward my purchase.
Now, you may be wondering if your data and privacy are safe if you’re selling your laptop (which probably has a lot of passwords and documents that you would like to keep secure). Apple makes sure that your data is safe throughout the process, and they guide you on how to back up and erase your data.
5. eBay
I have sold many, many items on eBay over the years, from clothing to electronics and more.
EBay is a great place to sell your used electronics because it’s a huge marketplace with millions of buyers.
You can list almost any device, from old phones to gaming consoles. The auction format can help you get the highest price for your items.
Creating a listing is simple on eBay and you just add photos, describe your item, and set your price. You can also choose to sell at a fixed price if you don’t want to wait for an auction to end.
Now, eBay does have a cost. They charge fees for listing and selling items, so you’ll want to be sure to check their fee structure to understand how much you’ll pay.
6. Best Buy Trade-In
Best Buy’s Trade-In program is a great way to get rid of your old electronics and earn some store credit. They accept a wide range of devices, like phones, tablets, game consoles, and more.
Once you bring in your used electronics, they will evaluate them and give you a Best Buy gift card in return. You can use this gift card to shop for new electronics or accessories at any Best Buy store or on their website.
You need to be at least 18 years old to take part in this program. If you live in Alabama or Nebraska, you need to be 19 years old.
Best Buy also offers convenient options for trading in your devices. You can bring your items to a store or use their website to get a trade-in estimate and mail your items for free. This makes it easy to trade in your devices from the comfort of your home.
7. Swappa
Swappa is a popular choice if you want to sell your used electronics. It’s known for being safe and easy to use. You can sell phones, laptops, tablets, and more.
One of the best things about Swappa is that you deal directly with other users. There is no middleman, which means you can get more money for your items.
All you have to do is create a listing, similar to how you would with eBay.
8. Facebook Marketplace
Facebook Marketplace is a great place to sell your used electronics near you. It’s easy to use and connects you with buyers in your local area, and you can sell items like phones, laptops, cameras, and video game consoles.
One of the best things about Facebook Marketplace is the convenience. You just need to take a few pictures of your item, write a short description, and set your price.
You can also reach many potential buyers quickly since Facebook has millions of users, so this increases your chances of selling your electronics fast and at a good price.
For safety, I do recommend that you meet buyers in public places during the daytime. You are selling electronics after all, so it could be something that someone may want to steal. Many people will meet in a police department parking lot to make sure everything is safe.
9. OfferUp
OfferUp is a popular app where you can sell your used electronics and it’s easy to use, plus you can list almost anything, from phones to TVs.
With this site, you will have to create a listing, along with a description and a price. Buyers can then make offers or ask questions directly through the app.
OfferUp merged with Letgo, which means more potential buyers see your listing. The app also has a rating system for both buyers and sellers and this helps you know who you are dealing with.
You can choose to meet buyers in person or ship the item. OfferUp gives you the flexibility to decide what works best for you. Remember to meet in a public place for safety if you choose the in-person option.
10. Craigslist
Craigslist is a great place to sell your used electronics. It’s free to list your items, which means you get to keep all the money from your sale. No hidden fees!
I have sold many items on Craigslist, and like Facebook Marketplace, I recommend that you meet somewhere safe, such as a police department parking lot.
One of the best things about Craigslist is its simplicity. You just need to create an account, write a quick description, add a few photos, and set a price.
Many people use Craigslist because it’s local. Buyers can arrange to meet you in person, which can be safer and faster than shipping items.
Also, you will want to watch out for scammers. If a deal seems too good to be true, it probably is. Trust your instincts and avoid sharing any personal information. There are a lot of scams on Craigslist, unfortunately.
11. Gizmogo
If you want to sell your used electronics, Gizmogo is a good choice. They make the process quick and easy, and you can get an instant quote online by entering your device’s details.
Gizmogo pays competitive prices for many types of electronics. These include smartphones, laptops, tablets, and gaming consoles. They also accept cameras, drones, and smartwatches.
Shipping is free with Gizmogo. They provide a prepaid label, so you don’t have to pay for shipping. Your device is insured during transit, which adds an extra layer of protection.
Once Gizmogo receives your device, they inspect it quickly. You get paid fast, either in cash or online payment.
12. BuyBackWorld
BuyBackWorld is a great place to sell your used electronics. They make selling easy and quick, and you can sell items like phones, tablets, laptops, and more.
To get started, you simply just go to their website and get an instant price quote for your items. This helps you know how much money you will get. The best part is that you don’t have to guess the value.
After you get your quote, you ship your items for free. BuyBackWorld even provides the shipping label. You just pack up your items and send them off.
Payment is fast. Once BuyBackWorld gets your items and checks them, they pay you quickly. You can get paid through PayPal, a check, or a direct deposit.
13. Pawnshop
Pawnshops can be a great place to sell your used electronics quickly. They buy a wide range of items, from phones and laptops to gaming consoles and cameras.
The main advantage of selling to a pawnshop is the speed of the transaction. You can walk in with your item and walk out with cash in hand, usually within minutes, so this makes it a convenient option if you need money fast.
However, there are a few things to keep in mind when selling your electronics to a pawnshop. First, they typically offer less money compared to other selling options. Pawnshops need to make a profit when they resell your item, so they’ll often give you around 30%-60% of the item’s resale value.
It’s important to research the value of your electronics beforehand so you have an idea of what a fair offer might be. Also, be prepared to negotiate, as many pawnshops expect some haggling.
14. ItsWorthMore
ItsWorthMore.com is a great place to sell your old electronics. It’s easy to get started. You just go to their website, get a quote, and see how much your device is worth.
Shipping is free and they give you a prepaid label, so you don’t have to pay anything.
Once they get your item, they check it out. If it matches your description, you get paid. They send the payment fast, often within a week. You can choose to get paid by PayPal or check.
Frequently Asked Questions
Below are answers to common questions about how to sell your used electronics.
What is the best website to sell electronics?
The best website to sell your electronics often depends on what you’re selling. Decluttr and Gazelle are great for quick sales and you don’t have to create a listing. Facebook Marketplace and eBay can also be good options, especially if you want to reach a large number of buyers.
What’s the easiest way to sell my used computer monitor?
Selling a used computer monitor is easiest through websites like Decluttr or Gazelle. These services provide free shipping and fast payment. You can also try local selling through Facebook Marketplace for convenience and quick cash.
How do I sell my laptop?
To sell your laptop, start by choosing a platform like Decluttr, Gazelle, or Amazon Trade-In. If you have a Mac laptop, then you may want to trade it in to the Apple Trade-In program.
What to do before selling a used laptop?
Always back up your data before selling your laptop. Then, perform a factory reset to erase all personal information and don’t forget to remove all accessories like SIM cards and SD cards. I also recommend that you clean your laptop to make it look presentable.
What is the best place to sell used electronics near me?
For local sales, such as if you want to sell your used electronics near you, I recommend using sites like Facebook Marketplace, Craigslist, or local buy and sell groups. A pawnshop is another option if you want to sell used electronics locally, but you usually can’t get as much money.
What is the best place to sell used electronics online?
Decluttr and Gazelle are top choices for selling used electronics online due to their simple process and quick payments. Amazon Trade-In and eBay are also great options if you prefer more control over your selling price.
Best Places To Sell Used Electronics – Summary
I hope you enjoyed this article on where to sell old electronics for cash.
You can sell many types of electronics such as cell phones, laptops, tablets, and gaming consoles. They don’t have to be brand new either, they can be years old in many cases.
And, sometimes, they don’t even need to work. Yes, even your broken, used electronics may bring you some money. In fact, I personally recently sold my laptop that was 5 years old and broken, and I still made around $300.
Selling old electronics helps you get some money back. Instead of leaving gadgets in a drawer, turn them into cash.
By selling, you also help the environment. Electronics have materials that can be harmful if not disposed of properly. Selling them means someone else can use them, reducing e-waste.
Wondering how to decide what the best place is to sell your used electronics after reading the list above? I recommend thinking about how much money you’ll get, how fast you need the money, and how much effort you want to put toward selling it.
I hope you are able to make some extra money selling your used electronics. I think it’s definitely worth it instead of having it just sit around your home taking up space.
What do you think are the best places to sell used electronics?