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Raiding your retirement accounts can be expensive. Withdrawing money before age 59½ typically triggers income taxes, a 10% federal penalty and — worst of all — the loss of future tax-deferred compounded returns. A 30-year-old who withdraws $1,000 from an individual retirement account or 401(k) could lose more than $11,000 in future retirement money, assuming 7% average annual returns.
In the past, there were a few ways you could avoid the penalty. Congress recently added several more, and some of those exceptions allow you to repay the money within three years. That would allow you to get a refund of the taxes you paid and — best of all — allow the money to start growing again, tax deferred, for your future.
You’re still better off leaving retirement funds alone for retirement, says Erin Itkoe, director of financial planning at Tarbox Family Office, a wealth management firm in Scottsdale, Arizona. If you can’t, though, you could at least limit the damage from taking the money out early, she says.
What you need to know about SECURE 2.0
The new penalty exceptions are part of Secure 2.0, a package of retirement plan changes that Congress passed late last year. Some exceptions are available for your IRA right now, while others take effect in coming years, says David Certner, legislative counsel for AARP. The exceptions also can apply to workplace plans, such as 401(k)s or 403(b)s, but it may require your employer to opt in, so check with your human resources department, Certner says.
However, the repayment option still isn’t available for most penalty exceptions. For example, you can avoid the penalty if you withdraw $10,000 from an IRA for a first-time home purchase or to pay higher education expenses, but you won’t be able to repay the money later and get the taxes refunded.
Disasters, terminal illness and family expansion
One new penalty exception that allows for repayment is for disasters. People who live in a federally declared disaster area and suffer an economic loss can withdraw up to $22,000 penalty-free. Income taxes still have to be paid on the withdrawal but the income can be spread over three years to reduce the potential tax impact. This exemption was made retroactive to Jan. 26, 2021.
Another potentially large exemption with the repayment option is one for terminal illness. Effective this year, the 10% penalty is waived for people whose doctor certifies that they are expected to die within seven years, says Itkoe, who’s also a certified public accountant serving on the American Institute of CPAs’ personal financial planning executive committee. There’s no limit on how much can be withdrawn.
A three-year repayment period also now applies to the penalty exception when you have or adopt a child. This exception allows each parent a $5,000 withdrawal within the 12 months after a child is born or adopted.
Exceptions for domestic abuse and financial emergencies to come
Next year, the 10% penalty is waived for victims of domestic abuse. The penalty-free withdrawal is limited to the lesser of $10,000 or 50% of the account’s value and can be repaid over three years.
Also effective next year is a penalty-free distribution of up to $1,000 for some emergency expenses. People can take one such withdrawal per year if the money is repaid. Otherwise, only one distribution is allowed every three years.
Note that both of these exceptions are “self-certified.” That means you provide a written statement asserting that you meet the requirements without having to supply other documents or proof, says Itkoe.
Other SECURE 2.0 penalty exceptions
A penalty exception to pay for long-term care insurance kicks in for 2026, but it only applies to workplace plans, not IRAs. Note that the withdrawal — which is limited to the lesser of $2,500 or 10% of the account balance — can only be used to pay insurance premiums, not to pay for the actual care, Certner notes.
Secure 2.0 also expanded the “public safety employee” exception for early withdrawals from workplace plans.
In the past, the 10% penalty didn’t apply for withdrawals from workplace plans if the worker left a job in the year they turn 55 or older, or age 50 for public safety employees. Now, private-sector firefighters and state and local corrections officers also can qualify for the public safety exception after they turn 50. In addition, public safety employees with at least 25 years of service with the employer sponsoring the plan can now avoid the penalty regardless of their age.
This is just a summary of the new penalty exceptions. The rules are complex enough that people should consult a tax professional before taking a withdrawal, Itkoe says. The pro also can help file an amended tax return if the withdrawal is repaid.
But no one should assume that the exceptions make retirement plan withdrawals a good idea since most people won’t pay the money back even if they have the option to do so, she says.
“Drawing from a retirement account should always be a last resort,” she says.
Veterans Life Insurance Group policies are a good option for those in the military, and that is why they received an honorable mention for our list of the best life insurance companies in the United States.
If you have ever shopped for life insurance, then you are likely well aware that there are many different variables that you need to be cognizant of before deciding on your coverage. One such factor is ensuring that you will have the proper amount of protection for your needs. This means that your loved ones or beneficiaries will have enough funds for paying final expenses, paying off big debts, or paying ongoing living expenses if or when the unexpected should occur.
It is also important that you have the proper type of insurance coverage. For example, today, there are many different variations of life insurance protection that you can choose from. While this helps insureds in custom choosing coverage to fit their needs, you also don’t want to pick a policy that isn’t suitable for your specific time frame and your possible long-term savings goals.
There is also another criterion that many people may not realize is important – but should. This is ensuring that the company through which the coverage is purchased is strong and stable financially and that it also has a positive reputation for paying out its policyholder claims. The reason that this is essential is because you don’t want to place your loved ones or beneficiaries in the hands of an insurance company that may not make good on its financial promise to pay out – especially in their time of need.
With this in mind, it is always important to do a thorough review of an insurer before moving forward with the purchase of its coverage. One company that had a good, solid reputation in the life insurance industry is Veteran’s Group Life Insurance Company of Valley Forge, Pennsylvania.
The History of Veteran’s Group Life Insurance
Veteran’s Group Life Insurance Company, also known as Veteran’s Life Insurance Company, has somewhat of a long history regarding names, mergers, and acquisitions. Between the years of 1974 and 1980, National Independence Life Insurance Company operated, and then on January 1, 1981, National Independence became Veteran’s Life Insurance Company.
For more than 26 years, Veteran’s Life Insurance Company operated out of Valley Forge, Pennsylvania. Then, on July 1, 2007, Veteran’s Life Insurance Company merged into Stonebridge Life Insurance Company. Stonebridge was headquartered in St. Louis, Missouri. (Previously, Stonebridge Life Insurance Company was known as J.C. Penney Life Insurance Company, from December of 1967 to May of 2002).
Several years after the merger of Stonebridge and Veteran’s, on October 1, 2015, Stonebridge Life Insurance Company merged into Transamerica Life Insurance Company. This company is operated out of Cedar Rapids, Iowa, and it specializes in life insurance, variable life and annuity contracts, and disability insurance coverage.
Veteran’s Group Life Insurance Company Review
Veteran’s Life Insurance Company, when operating, was headquartered in Valley Forge, Pennsylvania. The company offered a variety of coverage products, including life insurance protection.
It also offered personal injury and property damage, recreational vehicles, and accounts receivable. The company also offered auto insurance, outsourcing, and motorcycle insurance to its customers.
Financial Strength, Ratings, and Better Business Bureau Grade
Before the merger of Veteran’s Life Insurance Company, this insurer was rated by A.M. Best Company as an A (Excellent), and it also had an issuer credit rating of a+. As Veteran’s Life Insurance Company has now been disbanded, these ratings are no longer effective.
Concerning Transamerica Life Insurance Company, the following ratings apply:
A+ from A.M. Best
AA- from Fitch
A1 from Moody’s
AA- from Standard & Poor’s
Transamerica Life Insurance Company has been an accredited company through the Better Business Bureau since December 15, 2014. The company has been given the grade of A+, out of an overall grade scale of A+ through F.
Over the past three years, Transamerica has closed 278 complaints with the Better Business Bureau, of which 97 have been closed within the past year. Of these 278 complaints, 196 were having to do with the company’s products and / or services, 41 had to do with the company’s billing and / or collections, 30 had to do with the company’s advertising and / or sales issues, 10 had to do with delivery issues, and 1 had to do with guarantee / warranty issues.
Life Insurance Products Offered Through Veteran’s Group / Transamerica Life Insurance Co.
Transamerica Life Insurance Company provides a wide variety of different life insurance products. These include both term and permanent coverage, as well as accidental death coverage.
Term Life Insurance Coverage
Term life insurance is considered as the most basic type of life insurance coverage. This is because term provides death benefit protection only – and because of this, term can be a very affordable type of life insurance protection.
Transamerica offers several different term life insurance options. These include policies with term limits of 10 years, 15 years, 20 years, 25 years, or 30 years. Coverage can range from a low of $25,000 up to a high of $1 million in face amount. Most of the policies that are offered through Transamerica will require the applicant to undergo a medical exam as a part of the underwriting process.
Term life insurance policies that are offered via Transamerica include the:
Trendsetter Super Series
Trendsetter LB (Living Benefits)
Whole Life Insurance Coverage
Whole life is a type of permanent life insurance protection. This means that the policy offers a death benefit, along with cash value build up. The cash value is allowed to grow tax-deferred, which means that there is no tax that is due each year on the gain, but rather tax is only due at the time of withdrawal.
Both individual and group whole life insurance policies are available through Transamerica. Also, there are whole life insurance policies available through Transamerica with face amounts of between $2,000 and $50,000 that can assist loved ones in paying for final expenses, such as funeral and burial costs.
Universal Life Insurance Coverage
Universal life insurance is another type of permanent life insurance coverage. While universal life offers both a death benefit and a cash value component, this type of coverage is more flexible than whole life insurance. This is because the policyholder, within certain limits, may choose how much of the premium can go towards the death benefit and how much of it can go towards the cash value. In addition, the amount and the frequency of the premium may also be modified, provided that there is a sufficient amount of cash value in the policy.
Variable Universal Life Insurance Coverage
Variable universal life insurance is yet another type of permanent life insurance. Here, too, there is a death benefit and a cash component of the policy. However, the policyholder can invest the cash component in equity investments such as mutual funds – and because of this, the cash has the opportunity to grow substantially due to market movements. It can also, however, lose value due to market risk. With that in mind, it is important to have a good understanding of all of the potential risks involved before purchasing a variable life insurance product.
Final Expense Life Insurance Coverage
Final expense life insurance coverage is also offered through Transamerica Life Insurance Company. While it may be difficult for most people to discuss, end of life expenses can be high – in fact, today, the average funeral can cost upwards of $10,000. This is especially the case when factoring in such expenses as one’s headstone, burial plot, flowers, transportation, and the memorial service itself.
When loved ones do not readily have access to this much money quickly, a final expense life insurance policy can be a good solution to ease financial worries – and to avoid having to dip into savings or other assets to pay these bills.
Transamerica’s final expense life insurance is a whole life insurance policy – which means that it provides a death benefit and a premium amount that is locked in a guaranteed. It also means that there is a cash value component that will provide tax-deferred savings over time.
There are three different final expense policies to choose from through Transamerica. These include the following:
With accidental death insurance, an amount of death benefit is paid out to beneficiaries if an insured die as the result of a covered accident. This benefit will be payable either on its own or in addition to other life insurance coverage.
This type of coverage can also provide benefits in case of a covered accident where the insured loses a limb and / or their vision. The purchase of an accidental death insurance policy does not require a medical exam in order to qualify. This type of coverage may be purchased as a stand-alone policy, or in conjunction with another insurance plan.
There are various options available about accidental death coverage. These include:
Plan A: This policy will pay out a benefit that is equal to $250,000 for a covered accidental death. The benefit will double and payout the amount of $500,000 for common carrier accidents.
Plan B: This plan will pay out a benefit that is equal to $125,000 for a covered death that is accidental in nature. The amount of the benefit will double to the amount of $250,000 for common carrier accidents.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-mobile-banner-1-0-asloadedmax-width:250px!important;max-height:250px!important
It is important to note that there are some limitations and exclusions included on these policies.
Other Products Offered
In addition to life insurance coverage, Transamerica offers annuities and disability insurance. It also offers dental insurance, long-term care insurance, and Medicare Supplement insurance coverage in order to help seniors from having to pay high out-of-pocket expenses due to Medicare Part A and B coinsurance and deductibles.
How to Find the Best Premium Quotes on Life Insurance Coverage
If you are seeking the best premium quotes on life insurance coverage from Veterans Life Insurance Company, Genworth Life Insurance, or from any life insurance carrier – then it is typically your best course of action to work with either an agency or an independent brokerage that has access to multiple life insurance providers. This is so that you can more directly compare, in an unbiased manner, numerous life insurance policies, benefits, and premium quotes – and from there, you can make the decision as to which one will be the best for you.
We know that purchasing life insurance coverage can often seem a bit overwhelming. There are many variables to be aware of – and there are lots of carriers in the market that you can compare and contrast. It always helps to have a guide to walk you through the process. This is especially the case if you have a specialized situation such as a health condition or if you have been turned down for coverage in the past. But the good news is that today, there are still many options regarding coverage and premium price that may be available to you. So, contact us today – we are here to help.
Pettola joins NAF from Envoy Mortgage, where he spent nearly nine years, most recently as director of national sales. Before Envoy, he was executive vice president of wholesale lending at Total Mortgage Services. “We are thrilled to welcome Andy to our company,” NAF president Christy Bunce said. “Throughout his career, he’s shown the ability to … [Read more…]
It was a report two years in the making — one that details how California, a state that never officially sanctioned slavery, can confront decades of policies that have kept Black residents from living in the neighborhoods they choose, being treated fairly at doctor’s visits and building generational wealth.California’s reparations task force completed its work Thursday and turned more than 100 recommendations over to the Legislature, the first work of its kind in the U.S. The nearly 1,100-page document recommends the state formally apologize and suggests how to calculate monetary reparations.Read an executive summary of the California Reparations Task Force’s report here.Read the full California Reparations Task Force report here.Here’s what the task force examined:HOUSING DISCRIMINATIONThe report recounts California policies that have kept Black families from retaining property and living in certain neighborhoods. The effects of redlining, which led to Black families being denied home loans; and eminent domain, where residents’ property was seized by the government, still linger, the report states.The panel recommended returning property unjustly seized from Black residents. It also urged lawmakers to offer property tax relief to African American homeowners living in historically redlined neighborhoods.OVERPOLICING AND MASS INCARCERATIONThe task force condemned policies and practices that have led to Black Californians being disproportionally stopped by police, killed by law enforcement or imprisoned.Recommendations include ending the death penalty, banning cash bail, requiring anti-bias training for police officers and funding education for more African American prospective lawyers. The panel also called on lawmakers to bar searches by law enforcement based on a person’s consent alone.HEALTH HARMSThe committee urged lawmakers to address disparities in maternal mortality and treatment for substance abuse. Members also called for lawmakers to set aside money to research rising suicide rates among African American youth.Another suggestion is to fund wellness centers in historically Black neighborhoods to address mental health issues and refer patients for psychiatric or medical care.PAYMENTSThe recommendations include paying Black Californians who lived in the state while certain discriminatory policies were in effect. The task force voted to limit eligibility to people descended from free or enslaved Black people living in the United States by the end of the 19th century. The panel stopped short of endorsing a fixed dollar amount for individuals. But the members recommended calculations from economists projecting the state is responsible for more than $500 billion for overpolicing, mass incarceration and housing discrimination.AGENCYThe task force recommended creating an agency to implement and oversee reparations programs and help people research their family history to find out if they may be eligible for compensation.NEXT STEPSAny policy changes must come through legislation signed by the governor. State Sen. Steven Bradford and Assemblymember Reggie Jones-Sawyer, both Los Angeles-area Democrats on the task force, have both said they plan to introduce legislation. Bradford has previously cautioned that it would be difficult to get large cash payments approved.
It was a report two years in the making — one that details how California, a state that never officially sanctioned slavery, can confront decades of policies that have kept Black residents from living in the neighborhoods they choose, being treated fairly at doctor’s visits and building generational wealth.
California’s reparations task force completed its work Thursday and turned more than 100 recommendations over to the Legislature, the first work of its kind in the U.S. The nearly 1,100-page document recommends the state formally apologize and suggests how to calculate monetary reparations.
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Here’s what the task force examined:
HOUSING DISCRIMINATION
The report recounts California policies that have kept Black families from retaining property and living in certain neighborhoods. The effects of redlining, which led to Black families being denied home loans; and eminent domain, where residents’ property was seized by the government, still linger, the report states.
The panel recommended returning property unjustly seized from Black residents. It also urged lawmakers to offer property tax relief to African American homeowners living in historically redlined neighborhoods.
OVERPOLICING AND MASS INCARCERATION
The task force condemned policies and practices that have led to Black Californians being disproportionally stopped by police, killed by law enforcement or imprisoned.
Recommendations include ending the death penalty, banning cash bail, requiring anti-bias training for police officers and funding education for more African American prospective lawyers. The panel also called on lawmakers to bar searches by law enforcement based on a person’s consent alone.
HEALTH HARMS
The committee urged lawmakers to address disparities in maternal mortality and treatment for substance abuse. Members also called for lawmakers to set aside money to research rising suicide rates among African American youth.
Another suggestion is to fund wellness centers in historically Black neighborhoods to address mental health issues and refer patients for psychiatric or medical care.
PAYMENTS
The recommendations include paying Black Californians who lived in the state while certain discriminatory policies were in effect. The task force voted to limit eligibility to people descended from free or enslaved Black people living in the United States by the end of the 19th century. The panel stopped short of endorsing a fixed dollar amount for individuals. But the members recommended calculations from economists projecting the state is responsible for more than $500 billion for overpolicing, mass incarceration and housing discrimination.
AGENCY
The task force recommended creating an agency to implement and oversee reparations programs and help people research their family history to find out if they may be eligible for compensation.
NEXT STEPS
Any policy changes must come through legislation signed by the governor. State Sen. Steven Bradford and Assemblymember Reggie Jones-Sawyer, both Los Angeles-area Democrats on the task force, have both said they plan to introduce legislation. Bradford has previously cautioned that it would be difficult to get large cash payments approved.
Las Vegas might have once lured travelers with its gambling halls and affordable $9.99 steak and lobster dinners. However, the Las Vegas Strip of today is a thoroughfare dominated by sprawling luxury resorts — and accompanying hotel bills that almost require a jackpot at a slot machine to offset the financial blow.
MGM Resorts’ Aria Resort & Casino stands out among this wave of newer Las Vegas resorts for being among the first to rely less on a theme (no circus gimmicks, Italian-inspired water features or faux Parisian architecture here, thank you very much). Instead, this glitzy, glassy complex is more about luring in guests with a bevy of bars and restaurants, pools, a spa and, of course, an extensive casino floor.
Aria was one of my favorite places to stay in Las Vegas prior to the pandemic, so I checked in earlier this month to see what’s changed in the last few years. Here’s what it was like to stay there.
CAMERON SPERANCE/THE POINTS GUY
What is the Aria Resort & Casino?
Moving to a stay at Aria following three nights at a conference at Caesars Palace just up the Strip was like experiencing Vegas resort whiplash. That’s no knock against Caesars, but that resort leans heavily into its Roman theme — which certainly keeps the place packed with tourists.
Aria, however, makes a point of not leaning into the various themes its competitors or sister properties embrace, like the Bellagio (Italy’s Lake Como), Paris Las Vegas (France), Luxor (Egypt) or Excalibur (medieval times). Instead, this MGM Resorts-affiliated property is the namesake of Aria Campus — a high-end hotel and casino complex featuring the Aria Resort & Casino, as well as the Aria Sky Suites and Vdara Hotel & Spa. The Shops at Crystals, a luxe shopping mall featuring retailers like Dior and Gucci, connect to the hotel.
While the Aria is on the Las Vegas Strip, it’s set back farther than some of its siblings and competitors. However, the Aria Express Tram connects visitors from Aria and the Shops at Crystals to the Bellagio and Park MGM (both part of MGM Resorts along with Aria).
If Aria did lean into any theme when it first opened in late 2009, it was its high-tech features — something I noticed during my stay amid posters all over the property encouraging guests to text a digital concierge or use a tablet in their room to communicate with staff and make reservations. More on that later.
Related: 17 best hotels in Vegas with suites that are worth it
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How to book the Aria Resort & Casino
Because of the reciprocity between MGM Resorts and Hyatt, there are a variety of ways to book a stay at Aria and earn loyalty points and on-property elite benefits. As a World of Hyatt Explorist member, I booked my Friday and Saturday night stay directly through Hyatt for a Deluxe Strip View King guest room that averaged $435.44 per night, including taxes and fees.
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Room rates are higher on the weekends, but the silver lining is that, because I’m an Explorist, I also have MGM Resorts Gold status when I book directly.
That comes with waived resort fees and an enhanced room upgrade (the staffer at check-in moved me up to the 33rd floor compared to a room on the 21st floor that was initially available), which saved me $90 over the span of my two-night stay. There is also a dedicated check-in counter in the lobby for MGM Gold members and above, which saved me some time upon arrival.
CAMERON SPERANCE/THE POINTS GUY
Luxury on the Strip
The first time I visited Aria years ago, my taxi driver referred to it as “glassy and classy” when she dropped me off at the resort. That moniker still holds as the hotel’s curved glass towers leave an imposing, modern presence among the wide variety of architectural styles that characterize the Las Vegas skyline.
I wouldn’t lump Aria in with the ultra-luxury vibes of the adjacent Waldorf Astoria Las Vegas or the Wynn and Encore resorts farther north on the Strip. However, Aria still has an elevated, less-chaotic vibe than some of the other Las Vegas properties.
CAMERON SPERANCE/THE POINTS GUY
New York’s famed Carbone restaurant and celebrity chef Jean-Georges Vongerichten have venues on the property, and you’ll be hard-pressed to find an affordable meal here save for the food hall and outposts of on-the-go chains like Starbucks and Pressed Juicery. The prices might make your wallet cry, but it certainly adds to an aura of exclusivity lingering around certain parts of the resort.
That said, this is still a Las Vegas resort: There’s plenty of boisterous fun taking place on the casino floor and on Aria’s sprawling pool decks during the daytime.
CAMERON SPERANCE/THE POINTS GUY
Spacious room with a view
I was eager to return to Aria because my last time here was prior to my time as a hotel reviewer. I remember being blown away by the size of the rooms, and that part still rings true.
My panoramic room had ample space for stowing luggage — two closets plus a dedicated, built-in shelf for storage — and a marble bathroom that was great for couples or friends traveling thanks to the double vanity.
CAMERON SPERANCE/THE POINTS GUY
My room featured an incredible, panoramic view of the southern swath of the Las Vegas Strip: The Cosmopolitan, Planet Hollywood, MGM Grand, Vdara, the Waldorf Astoria, Park MGM Las Vegas, Tropicana, Mandalay Bay and Delano were all visible from the room. Also, I work at TPG and am obviously an aviation geek, so I spent quite a while with my flight radar app on my phone and taking in the sights of planes landing and taking off from nearby Harry Reid International Airport (LAS).
The sprawling layout for a non-suite guest room plus the impeccable views put Aria in the higher category of resorts that I’ve stayed at in Vegas. However, the room also showed signs of needing a refresh.
CAMERON SPERANCE/THE POINTS GUY
The room featured a comfy king-size bed and blackout shades that were controlled by a wall-mounted switch (curiously, they could be closed from a nightstand switch but only opened from one out-of-bedside reach in the guest room foyer).
There was a tablet intended for making restaurant reservations and accessing hotel information, but I found it to be terribly glitchy (breakfast options one morning took several minutes to actually appear on the tablet). Google was my friend during this stay more than Aria’s supposedly stellar digital concierge infrastructure.
One of the reading lamp lights wasn’t working, which I thought would have been checked during turnover before my arrival. Additionally, many of the light switches seemed as glitchy as the tablet or didn’t work at all. The hotel room’s TV offered device connectivity, but I stuck to just reading from my phone or laptop.
CAMERON SPERANCE/THE POINTS GUY
There were two large chairs, a workstation and the hotel minibar. However, I could have used a fainting couch after checking out some of the minibar prices. It was nearly $25 for a bag of cashews or almonds. Want a liter of Fiji water? That’ll run you $24.75. I highly recommend grabbing snacks and beverages at the CVS nearby on the other side of the Waldorf Astoria on the Las Vegas Strip.
There was a large soaking tub and shower (Aria uses KiNU products) behind a glass door. I always find these layouts a little pointless because you end up getting the tub wet for no reason when you take a shower. A grip pad on the shower floor would also have been nice, as I was always extra cautious trying not to slip while rinsing off. There’s a separate water closet behind a frosted glass door.
CAMERON SPERANCE/THE POINTS GUY
One of my sink drains was clogged, but I didn’t bother calling maintenance during my stay since the other sink worked perfectly fine — again, something you’d think would have been noted during turnover.
The bathroom lights were a little glitchy in that you’d press a button several times to get the light on in the shower — another slight stand-alone problem that can swell to an overall annoyance at a hotel touting its tech prowess on many advertisements throughout the property.
Overall, I think the hotel is going to need an interior design overhaul in a few years. The furniture and dark wooden cabinetry all felt like they were teetering on the intersection of dated and wear-and-tear, and the linens all seemed dull and in need of replacing (or at least an iron). I know wear and tear are going to inevitably happen at a highly visited hotel in Las Vegas, but a hotel leaning into its luxurious reputation like Aria needs to start thinking about this sooner before long-time guests start looking elsewhere for a stay.
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CAMERON SPERANCE/THE POINTS GUY
Pricey eats and drinks
As the minibar might suggest, mealtime at Aria can be stressful if you’re trying to dine on a budget.
My “affordable” dinner at Din Tai Fung, a famous Taiwanese dumpling and noodle restaurant that opened a Las Vegas outpost at Aria in 2020, came to $92.50 for a yuzu margarita, pork xiao long bao (soup dumplings), steamed shrimp and pork dumplings and spicy noodles. The food, recommended by the very friendly waitress, was delicious, but I felt a little rushed (I was in and out in under 40 minutes). It was fun, however, to watch the chefs make the dumplings in the display kitchen near the host stand at the restaurant.
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CAMERON SPERANCE/THE POINTS GUY
I purposefully didn’t make a reservation at any restaurant ahead of my arrival, as I wanted to see how well the “Fine Dining Priority Reservations” benefit of MGM Gold status worked on a last-minute booking. It didn’t exactly pull miracles for me, as I didn’t find any availability at Carbone or at Salt & Ivy, a clearly popular breakfast spot based on the Saturday brunch wait that rivaled any TSA security line during the holidays. (I recommend just sitting at the bar at Catch just off the lobby for a full breakfast if you’re looking for something heartier than Starbucks.)
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CAMERON SPERANCE/THE POINTS GUY
The check-in agent during my arrival recommended Jean Georges Steakhouse. At the time, I figured he was trying to send me to the most expensive spot at the hotel for dinner (The restaurant is known for being one of the few in the U.S. to serve actual Kobe beef). Alas, it had availability, so I took myself to dinner solo on a Saturday night.
CAMERON SPERANCE/THE POINTS GUY
Let’s say I went the “bargain” route at the luxe restaurant by ordering a $23 wedge salad, a $74 8-ounce filet mignon and a $21 side of crunchy potatoes served with chili yogurt and herbs. By no means was this cheap, but I was surprised to see a gin martini here going for “only” $20 when a glass of 2021 George Pinot Noir Ceremonial went for $25. A scoop of ice cream ($8) and a double espresso ($7) rounded off the meal.
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CAMERON SPERANCE/THE POINTS GUY
Was it worth it? There were certainly some amazing points: The staff was wonderfully attentive without being suffocating, and I loved the variety of four sauces to come with the steak: a habanero sauce, soy miso, barbecue and bearnaise.
That said, I ordered my steak medium and found it to be teetering into the well-done territory — a grilling mishap I’d imagine a patron paying $67 per ounce for the A5 Certified Kobe Beef on the menu wouldn’t be too thrilled by.
Fast casual options that (mostly) won’t break the bank
Since my last visit to Aria, the buffet was replaced by Proper Eats Food Hall. This features a mix of fast-casual options for all taste buds, like Laughing Buddha Ramen, Egghead, Lola’s Burgers, Proper Bar and even a speakeasy: Easy’s Cocktail Lounge.
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CAMERON SPERANCE/THE POINTS GUY
The hotel has signs everywhere noting how easy it is to order via your phone or from a self-service kiosk to cut down on wait times. However, I noticed during peak hours, these features were turned off, and you still had to wait in a long line at Egghead. Again with the tech failures!
I grabbed a burger, fries and soft drink one day at Lola’s for $33.81, including tax and tip. That’s pretty hefty for what’s essentially fast food with no sit-down service, and I knew Aria was getting to me when a voice inside my head said, “Well, that’s not bad, relatively speaking, compared to everything else here.”
To ensure I wasn’t letting the luxury prices go to my head, I ducked into an In-N-Out farther down the Strip before I flew home. A burger, fries and a soft drink there came to only $9.75.
For those in a bit of a rush in the morning, the mobile ordering at Aria’s second-floor Starbucks consistently worked. Also, the Pressed Juicery across the hall is a healthy alternative (though a costly one considering a wellness shot of ginger and lemon juice plus an acai bowl came to $16.50).
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CAMERON SPERANCE/THE POINTS GUY
Fitness and poolside fun
I didn’t book a treatment at the Aria Spa & Salon but passed through every day of my stay en route to the gym. Both spaces are very modern and sleek, and there’s an inviting seating area with a fireplace just outside the gym.
The hotel fitness center overlooking the pool area was spacious and had all the cardio and weightlifting equipment one needs for a variety of workouts. There’s even a rock-climbing wall and bowls filled with chilled towels to cool off post-workout.
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I came out of the gym each morning just before the pool’s 9 a.m. opening time to an extraordinarily long line of folks jockeying to stake the claim to a lounger outside. This deterred me from checking out the pool daily until mid-afternoon when things calmed down. Aria features three pools; though one is a private pool for Sky Suites guests only.
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I didn’t feel like I was missing out by hanging out at just the “regular” pools both afternoons I ventured down. While you hear a lot about Sin City’s infamous pool parties, Aria’s pool scene was a relaxing spot to read a book, sip on a (tiny) margarita ($21.82) and listen to early 2000s Gwen Stefani music belt out over the speakers.
Related: The best hotel pools in Las Vegas
CAMERON SPERANCE/THE POINTS GUY
Checking out
Aria Resort & Casino arrived at the height of the Great Recession at perhaps a misplaced time. Late 2009 likely wasn’t the best time to launch a luxury casino resort in Las Vegas, but it found success and a following by courting high-end travelers with its glamorous accommodations and restaurants.
The resort is still riding high on luxury, but there are signs a refresh needs to happen sooner than later. After all, nobody wants to stay at the hotel relying on stories of the glory days.
If MGM gets ahead of this now, there will still be plenty of reasons to keep returning to Aria for years to come.
Convinced that Aria is the right property for your next trip to Vegas? You can book here.
Don’t get too excited, but the median price paid for a Southern California home rose above the year-ago level for the second consecutive month in January, according to DataQuick.
The median price paid for all houses and condos sold in the Southland last month was $271,500, down 6.1 percent from $289,000 in December, but up 8.6 percent from $250,000 a year earlier.
It was actually the first month-to-month decline in eight months, though that was driven more by seasonality and foreclosure sales than any real underlying trend.
“The January stats underscore just how atypical this market remains. A huge chunk of what’s selling is still distressed,” said John Walsh, MDA DataQuick president, in the release.
“Investors and first-time buyers continue to dominate many areas, while the move-up market has yet to kick in. For many, the financing to buy high-end homes remains difficult, if not impossible, to obtain.”
More home sales are occurring in the cheaper inland areas as well, with 35.2 percent of sales in the hard-hit Inland Empire (Riverside and San Bernardino counties), up from 32.3 percent in December.
Meanwhile, jumbo financing on higher-priced homes remains constrained, with the loans accounting for just 14.2 percent of all home purchase loans during the month.
And that includes anything over the old conforming loan limit of $417,000, not the new conforming-jumbo limit.
Buyers who appeared to pay in cash accounted for 28.9 percent of January sales, up from 25.7 percent in December and 22 percent in January 2009.
Home “flipping” also trended higher during the month, with 3.5 percent of home sales previously sold between three weeks and six months prior.
In total, 15,361 new and resale homes closed escrow last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, down 31.2 percent from December’s 22,328 sales, but up 0.9 percent from the 15,227 sold in January 2009.
Citi announced today that it will let borrowers stay in their homes for six months if they agree to a deed-in-lieu of foreclosure.
In exchange for the deed on their property, homeowners will also get a minimum of $1,000 for relocation assistance and counseling, as well as coverage for certain property expenses if Citi determines the borrower can no longer afford them.
Borrowers must continue to pay utilities on their own, though homeowner’s association and escrow fees will be determined on a case-by-case basis.
So what’s the catch? Well, as part of the agreement, homeowners must maintain the property in its current condition and agree to bi-monthly meetings with relocation specialists.
The upside with a deed-in-lieu of foreclosure is that the borrower is released from the mortgage liability, but the obvious downside is losing their home.
The win for the bank/mortgage lender is avoiding foreclosure costs, and the possible damage/theft to the home that comes with that; the program may also reduce downward pressure on home prices.
The pilot program, which is expected to help as many as 1,000 families in places Texas, Florida, Illinois, Michigan, New Jersey and Ohio, will begin on February 12.
To be eligible for the program, dubbed the “Foreclosure Alternatives Program,” borrowers must be at least 90 days delinquent, occupy the property in question, and hold a first mortgage with clear title owned by CitiMortgage.
Homeowners will only be considered for the program after being evaluated for a permanent loan modification; for those who don’t qualify, CitiMortgage will also explore the possibility of a short sale.
“At CitiMortgage, we’re committed to finding every solution possible to help families facing foreclosure. However, the reality is that not every homeowner has the financial ability to remain in their home,” said Sanjiv Das, CEO of CitiMortgage, in a release.
“The goal of the program is to help homeowners make a smooth transition into the next chapter of their lives. The Foreclosure Alternatives Program is another tool in our ongoing efforts to find creative, innovative ways to help our customers across a variety of difficult financial situations.”
Late last year, mortgage financier Fannie Mae unveiled a foreclosure prevention tool called the “Deed for Lease Program,” which allowed borrowers to lease their homes after agreeing to a deed-in-lieu of foreclosure.
Depending on the loan amount you need and where you’re buying a home in Maine, you may find it difficult to find financing beyond the conforming loan limits. If this is the case, you may need a jumbo loan.
What is a jumbo loan?
So what are jumbo loans in Maine? They are large loans that exceed the loan limits set by the FHFA for conforming loans. Jumbo loans allow borrowers to finance homes that exceed the conforming loan limit (CLL), making it possible to buy high-end properties that may not be otherwise affordable.
If you’re considering purchasing a home that requires financing beyond the CLL, then you’ll need to apply for a jumbo loan. It’s important for homebuyers to understand the requirements and implications of obtaining a jumbo loan in Maine. For instance, borrowers typically need a higher credit score and a larger down payment to qualify for a jumbo loan.
What is the jumbo loan limit in Maine?
In Maine, the conforming loan limit is $726,200 across all counties. For example, the conforming loan limit in Cumberland County is $726,200, so any mortgage that surpasses the loan limit designated for your county by even one dollar is classified as a jumbo loan.
As a reminder, the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home. So, if you were to put $50,000 down on a $750,000 home in Cumberland County, the mortgage would be $700,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
To identify the conforming loan limits where you’re considering buying a home in Maine, check out this FHFA map.
What are the requirements for a jumbo loan in Maine?
Borrowers must meet stricter requirements to qualify for a jumbo loan than they would for a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Maine.
Higher credit score: To qualify for a jumbo loan, borrowers typically need to have a credit score of at least 720. However, some lenders may be willing to accept scores as low as 660, although less frequently. A higher credit score demonstrates a borrower’s ability to manage credit responsibly and is a crucial factor that lenders evaluate when reviewing jumbo loan applications.
Larger down payment: Jumbo loans are a popular financing option for homebuyers looking to buy high-value homes. However, compared to conventional loans, jumbo loans typically require a larger down payment. While the exact amount varies depending on the lender and the borrower’s financial profile, down payment requirements for jumbo loans can be as high as 20% or more. It’s worth noting that putting down a larger sum upfront can often help borrowers secure a better interest rate on their jumbo loan.
More assets: To qualify for a jumbo loan, lenders require borrowers to demonstrate that they have sufficient liquid assets or savings to cover at least one year of loan payments. The exact amount of assets needed can vary depending on the lender and the size of the loan, but having more assets can increase the chances of approval and potentially lead to better terms and interest rates.
Lower debt-to-income ratio (DTI): To qualify for a jumbo loan in Maine, lenders typically look for a debt-to-income (DTI) ratio of no higher than 43%, and ideally closer to 36%. The DTI is calculated by dividing the sum of all monthly debt payments by the borrower’s gross monthly income. This requirement ensures that borrowers have a strong ability to repay their loan and manage their debt.
Additional home appraisals: For a jumbo loan, your mortgage lender may require a second appraisal to ensure that the property’s value is accurate. This is particularly true in regions where there are few comparable home sales. The additional appraisal acts as a second opinion and helps the lender to mitigate their risk. It’s important to note that the cost of another appraisal may be higher than a typical home appraisal, particularly in areas with fewer sales.
If you’re wondering which mortgage company originated the most home loans last year, stop wondering and take a look.
Most people know Wells Fargo is king when it comes to mortgages, and 2015 was no different. But what about the other top 39 lenders?
Well, thanks to some great visualization software from Tableau and some generosity from Richey May and Co., we can see who the major (and slightly less major) players are.
The graphs below are based on Home Mortgage Disclosure Act (HMDA) data, which covers about 95% of all residential mortgages. The raw data was made readable thanks to the pair mentioned above.
Wells Fargo Remained Mortgage King in 2015
Unsurprisingly, San Francisco-based Wells Fargo retained its crown as the top residential mortgage originator in 2015, registering volume of $119.2 billion.
That gave it about 7.3% of the total market share in the United States. While it might not seem like a lot, its closest competitor had nearly half that share.
For the record, its market share has fallen for the past couple years, from 10.5% in 2013 to 7.8% in 2014.
Before we talk about the others, let me add that Wells’s production was 88% conventional and just 5% FHA. There was a sliver of USDA lending in there too.
As far as transaction type, 52% was for a home purchase and 48% was for a refinance.
Quicken Grabbed the Second Spot
Coming in a relatively close second was Quicken Loans, with $74.6 billion in total volume representing a 4.6% market share.
The nonbank mortgage lender saw its market share rise just slightly from a year earlier, but volume was way up from the $55.8 billion seen in 2014.
While conventional loans made up the lion’s share of its production (70%), FHA accounted for a decent chunk (19%) and VA home loans accounted for 11%.
After their very public lawsuit with the Department of Justice over alleged faulty FHA underwriting, my guess is FHA lending will be a lot lower in 2016.
More interestingly, 80% of their total production was refis, with just 20% of volume involving a home purchase. We’ll see if Rocket Mortgage can eventually propel them to the top.
Chase took the third position overall with $62.7 billion in total production, representing a 3.8% market share. That was up from $42.2 billion and 3.5% a year earlier, respectively.
The big New York City-based bank doesn’t seem to like FHA lending seeing that 98% of their production was conventional. It was split fairly evenly between refi (56%) and purchase (44%).
Bank of America came in fourth with $51.9 billion and 3.2% market share. Production was actually up from 2014 but market share still slipped slightly.
They too eschewed FHA, with 96% of production coming via the conventional route. Refis accounted for 59% of production with 41% purchases.
Rounding out the top five was Loan Depot, a nonbank that managed to grab about 1.6% of total market share on a healthy $25.8 billion in production.
The company exhibited a solid mix of lending, with 68% conventional, 18% FHA, 14% VA, and a bit of USDA as well.
They too had a heavy share of refis (67%) versus purchases (33%), which is common with the nonbanks.
People tend to get purchase mortgages from the big banks they already do business with, though it’s not always the case.
The lower half of the top 10 included the likes of US Bank, Flagstar, Citi, Freedom Mortgage, and Caliber Home Loans.
You can see the rest of the names in the graphic above.
Independent Mortgage Lenders Saw Gains in 2015
As you can see from this graph, independent mortgage lenders have been chalking gains over the past few years as the big boys lose market share.
The indie group saw its market share rise from 36% in 2013 to 45% last year. Part of that had to do with the rising number of independent mortgage companies. Perhaps they’ll surpass 50% in 2016.
Meanwhile, the large commercial banks saw their market share fall from 54% in 2013 to just 45% in 2015. The number of commercial banks has also dwindled, which could explain some of the decline.
Credit unions have held a fairly steady ~5% share for the past several years and mortgage companies owned or affiliated with a depository have held a similar share.
And now a few more interesting tidbits:
Top conventional mortgage lender in 2015: Wells Fargo Top FHA mortgage lender in 2015: Quicken Loans Top USDA mortgage lender in 2015: PrimeLending Top VA mortgage lender in 2015: Freedom Mortgage Top purchase mortgage lender in 2015: Wells Fargo Top refinance mortgage lender in 2015: Quicken Loans
Choosing to adopt a child is an exciting milestone in life, but it’s also one that takes a lot of planning and effort. Future adoptive parents can opt for either a domestic adoption or international adoption, but there are a lot of differentiating factors that may influence the decision.
If you’re considering adoption, you’ll want to understand the distinctions between domestic and international adoptions, from the process and timeline to the costs involved, so you can decide what’s best for you.
The Domestic Adoption Process
One of the major advantages of choosing a domestic adoption is that you have the potential to adopt a newborn. However, the timeline is not set in stone and may depend on whether you opt for an open, semi-open, or closed adoption. Most domestic adoptions are considered at least “semi-open.”
Depending on the agency you work with, you may need to be chosen by a birth mother based on your profile. Once you’re selected, the timing depends on the expected (and actual) due date. The process usually takes a few months. Typically, you get access to the child’s medical records as well as the birth mother’s family history.
An open adoption also allows some contact and conversations with the birth mother before the baby is born. In a semi-open adoption, personally revealing information is withheld between the adoptive parents and the birth mother.
Once the baby is born and you officially adopt the child, the adoption agency may facilitate sending updates to the birth mother, as well as pictures so she can see the baby is well taken care of.
Domestic Adoption Eligibility Requirements
American adoption requirements vary by state and by the adoption agency you choose to work with. Generally, you must be at least 18 years old, and there’s often a minimum age difference required between you and the child.
Most states allow domestic adoptions regardless of marital status; parents can be married, single, divorced, or widowed and still qualify.
Explore your state and city adoption websites for more details on additional requirements unique to your area.
The International Adoption Process
International adoption, thanks to rules and clearances, typically will not involve a newborn, so you’ll need to be open to welcoming an older baby or toddler to your home.
With international adoption, there are issues that could affect your ability to adopt, even in the middle of the process. New international laws and relations between the United States and other countries have the potential to derail families who are in the middle of an adoption. The process varies by country but typically takes between 1.5 and 2.5 years.
While you can find out about the child’s medical history, you likely won’t know anything about the family history. Once you adopt a child from abroad, you won’t have any contact with the birth family.
International Adoption Eligibility Requirements
Each country has its own eligibility requirements for adoptive parents, which are typically much stricter than domestic requirements. Often you’ll need to meet income requirements, which may include a higher amount if you already have children. Some countries also have net worth requirements.
In addition, you may discover that some countries restrict the type of families that are allowed to adopt from there. For example, some only offer adoption to married couples or single women.
These rules vary by country, and there are some countries, such as Colombia, that allow single men and same-sex partners to adopt.
International vs Domestic Adoption Costs
The costs vary greatly with both international and domestic adoptions, but the common thread is that it can be expensive if you’re not adopting a foster child.
For international adoptions, expect to pay anywhere from $20,000 to $50,000, depending on the country.
In South Korea, for example, adoptions may cost between $32,000 – $38,000. In China, the range is $35,000 to $40,000. Adoptions from India may span $21,000 to $25,000.
Choosing an international adoption also requires you to travel to the country (often more than once) in advance of actually adopting your child.
Domestic adoptions through a private agency may cost between $30,000 and $60,000.
It is much less expensive, and potentially even free, to adopt through foster care. However, as a foster parent, your goal is to help reunite the child with the existing family. Adoption may become an option, but it is not the primary objective.
Recommended: Common Financial Mistakes First-Time Parents Make
Funding Options for Adoptions
Adoption costs are often out of reach for many U.S. families. But even if you can’t tap into your savings (or don’t want to), you can explore other options for funding your adoption.
Recommended: 5 Tips for Saving for a Baby
Employer Benefits
Some companies offer adoption assistance funds as part of their employee benefits packages. In addition, about 34% of employers offer paid adoption leave and 25% provide paid foster child leave. This provides flexibility to transition when a new family member arrives.
You may want to check with your HR department to make sure you don’t miss out any adoption benefits offered by your company.
Adoption Federal Tax Credit
The federal government provides some tax benefits for adoptions. First, if you use employer benefit funds to pay for the adoption, that money is excluded from your income so you don’t have to pay federal taxes on it.
The tax code also offers an adoption tax credit that can help offset some of the costs involved in adoption, whether you adopt for a domestic or international adoption. Qualified adoption expenses include things like adoption fees, legal costs, and travel expenses.
The tax credit amount changes every year, so it’s a good idea to talk to an accountant for more specifics.
There are income limits for qualifying for both the tax exclusion and credit.
Friends and Family
Many adoptive parents ask friends and family members for financial support when starting the adoption process. You could even start a crowdfunding campaign as a way for your broader community to donate to your adoption fund.
Hopeful parents may want to include a compelling personal story about the path to adoption to help draw in potential donors from their community.
Just remember that if you use a crowdfunding platform, you generally have to pay fees taken out of the money you’ve raised. This usually ranges from 3% to 8% when including both fundraising fees and processing fees.
Recommended: New Parent’s Guide to Setting Up a Will
Personal Loan
Another option for financing your domestic or international adoption is with an unsecured personal loan.
This type of loan typically comes with a fixed interest rate and repayment period, which allows you to make a set monthly payment over a set number of years.
You’ll need good credit to qualify for the best interest rates. Lenders may also take your debt-to-income ratio into consideration. You may qualify for a larger loan amount if your existing debt is low compared to your monthly income.
Sometimes referred to as an adoption loan, the proceeds from this type of loan can be used for just about anything. That means not just the agency and legal fees but also soft costs like travel and meals, which can get expensive if you’re adopting from abroad.
The Takeaway
Choosing to adopt a child can be life-changing, but an international or domestic adoption usually carries a high price tag. Fortunately, with tax benefits and funding options available, you can worry less about how to pay for all of the costs associated with the process and focus more on the joy of growing your family.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
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