If you die without naming a beneficiary for your 401(k) account, the rules for your retirement plan will likely require that funds in the account be considered part of your estate and have to go through probate. The probate process is governed by state laws that vary significantly, but can often add considerable cost and delay to settling your estate. You can avoid this by naming beneficiaries, including both primary and secondary ones, and reviewing your selections periodically or when major life events occur. You can plan your estate with the help of a financial advisor.
401(k) Beneficiaries
A 401(k) plan is a tax-advantaged way to save for retirement that many employers offer as a benefit. Plans often allow you to select how funds in the account will be invested, and all allow and encourage if not require you to name one or more beneficiaries.
The beneficiary can be almost anyone you want to be able to control and benefit from the assets in your 401(k) plan after your death. A beneficiary can be a person, such as a spouse or child, as well as a nonprofit charity, religious or educational institution or even a business or other legal entity.
Typically, 401(k) plans will ask you to name beneficiaries when you open these accounts. If you don’t, your plan may remind you from time to do this. It is to your benefit to do so because it enables easy and cost-free transfer of control of assets after your death.
Naming a beneficiary or beneficiaries helps ensure your assets will quickly and efficiently go to provide for family members or support favorite causes. When you name a beneficiary to your 401(k), that person or entity acquires a partial right of ownership to the account. On your death, that partial right becomes full ownership.
This process generally happens automatically on your death. One possible exception occurs when you name a beneficiary other than your spouse. In that case, some plans may require a letter of approval from your spouse before another beneficiary can take control of the account.
A beneficiary has a strong position when it comes to taking control of assets naming that person as beneficiary. For instance, if your will directs an asset to one person while the asset account lists another person as beneficiary, the account goes to the one named on the account, not the one named in the will.
You can name multiple beneficiaries, splitting assets in the accounts in any way you like. You can also name backup beneficiaries in case the person or persons named aren’t able or willing to take control of the 401(k). It’s a good idea to review the beneficiaries you have named from time to time or after major life events such as marriage, divorce or birth of a child, and possibly update them. Otherwise, you run the risk of someone such as an ex-spouse receiving assets you would rather direct elsewhere.
401(k) Without Beneficiaries
If you don’t name anyone as beneficiary to your 401(k), what happens to the assets in the account is determined by the rules on default beneficiaries set out in the documents controlling your retirement plan. These vary depending on the plan, but usually the spouse is the first default beneficiary, followed by any children and, finally, your estate.
If the default beneficiary comes into play, the process is different than if you had named a beneficiary. A named beneficiary gains control of the 401(k) automatically on your death without any delay or cost. However, a default beneficiary can take ownership of the account it generally will have to go through probate.
Probate is an estate-settlement process governed by state laws that vary widely. Sometimes probate can take years to complete and require paying significant fees and other costs. While this is going on, assets in your estate may be frozen so your surviving family members can’t access them.
A person named as beneficiary to your 401(k) may, at their option, be able to roll over the assets in to an IRA. This can help reduce taxes, among other advantages. However, if you don’t name a beneficiary and the plan directs the assets to a default beneficiary, a rollover may not be possible. That can lead the default beneficiary to have to pay more taxes on the transfer than otherwise.
Bottom Line
If you don’t name a beneficiary for your 401(k) plan, your plan’s rules will likely direct the assets to a default beneficiary, such as your spouse or children. Before a default beneficiary can gain control of the account, however, it will likely have to go through probate, adding time and cost to the process of settling your estate. You can avoid this by naming one or more beneficiaries, as well as backup beneficiaries, either when you establish the account or later on.
Retirement Tips for Beginners
You can get help saving for retirement from a financial advisor. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
SmartAsset’s Retirement Calculator can help you turn a few data points including your location, age, income, current savings and amount and frequency of future contributions, into a forecast of how much money you’ll have when you are ready to retire.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
An IRA is a simple little thing. It’s a common, garden-variety retirement vehicle, basically nothing more than a savings account with initials — right? Wrong.
The rules regulating IRAs are varied and vexing; IRS Publication 590 [PDF], the definitive source for Uncle Sam’s shalls and shan’ts regarding IRAs, weighs in at a hefty 108 pages. And then there are all the guidelines about employer-sponsored plans — e.g., 401(k)s and 403(b)s. Whew! Seems like all this would be enough to fill a two-day conference focusing on nothing but retirement accounts.
Actually, it is. I know, because I attended one — Ed Slott’s two-day IRA workshop (fun!). Slott, a CPA and the operator of IRAHelp.com, is recognized as one of America’s foremost authorities on individual retirement arrangements (yep, that’s what the “A” in “IRA” actually stands for). At the conference, he and his team led 100 financial-services pros (and one Fool) through a 430-page manual that described the care and feeding of retirement accounts, as well as several real-life examples of people who made mistakes that cost them thousands of dollars.
Some examples:
A teacher withdrew $67,553 from her 403(b) to pay her daughter’s college expenses. She paid the income taxes, but thought she’d be exempt from the 10% penalty since the money was used for higher-education expenses. Sadly, that exemption applies only to IRAs, not 403(b)s or 401(k)s. Oops.
A widow inherited a $2,646,798 retirement account from her deceased husband. She transferred it to her own IRA, then withdrew $977,888. She wasn’t yet 59-1/2 but figured she’d be spared the 10% early withdrawal penalty since she inherited the account. Indeed, distributions from inherited accounts are exempt from the 10% penalty. However, since she transferred the account to her own IRA, she owed Uncle Sam $97,789. Bigger oops.
It would be the ultimate in stinkiness if you spent years — nay, decades — saving in a retirement account, only to lose thousands due to one simple mistake. Here are just some of the guidelines you must follow to prevent just such a mistake from happening to you.
Stuffing It The maximum you can contribute to an IRA in 2011 is $5,000 — or $6,000 if you’re 50 or older. Granted, the biggest source of your IRA’s funds is likely a transfer from a 401(k) or other employer plan, but contributing $5,000 annually is nothing to sneeze at. For one thing, sneezing at something is rude — but more importantly, contributing $5,000 a year to an account that earns 8% annually would result in $78,227 after 10 years and $247,115 after 20 years. Not shabby at all.
While contributing to an IRA can pay off over the long term, most people first contribute to their employer’s retirement plan, especially if the boss matches contributions. After that, you may want to contribute additional savings to an IRA; if you have money in a retirement plan with a former employer, moving that to an IRA also makes sense.
Here are the advantages of an IRA over a 401(k) or other plan:
More investment options. The typical 401(k) offers a menu of five to 15 mutual funds, whereas an IRA with a discount brokerage allows the owner to choose from among thousands of stocks, exchange-traded funds (ETFs), mutual funds, individual bonds, CDs, and, if approved, alternative strategies such as options.
Lower costs. This depends on the plan and the IRA provider, but the cost-conscious investor will have more ways to limit fees in an IRA, such as investing in index funds, ETFs, or stocks that you hold for many years (avoiding the annual expenses of funds).
There are two reasons not to transfer an employer plan to an IRA:
If you retire between the ages of 55 and 59-1/2, you can take money out of the plan from your last employer penalty-free, whereas withdrawals from an IRA before age 59-1/2 might result in a 10% penalty.
If you own stock in your employer, you’re likely better off transferring it to a taxable account to take advantage of net unrealized appreciation (NUA).
Getting It There From Here The easiest and best way to move money from one retirement account to another is with a “trustee-to-trustee transfer.” Contact the company to which you wish to move the money, complete the paperwork they send you, and they’ll handle the rest.
You want to avoid being sent a check payable to you alone. If that happens, you’ll generally have 60 days to get the money into the new account. Wait any longer and it may be considered a distribution from your previous plan, subject to taxes and possible penalties. In addition, 20% of the distribution may be withheld; you’ll have to cover that gap with personal funds when you move the money to a new account, but you’ll get a refund when you file your taxes. If you don’t make up that 20%, it, too, will be considered a distribution subject to taxes and penalties. This is all very bad.
If your current account provider insists on sending you a check, request that it be made payable to the new financial institution — for example, “XYZ Bank as trustee of IRA of John Doe” or “ABC Firm FBO Jane Smith” (FBO means “for benefit of”).
Spending It As mentioned earlier, you generally have to wait until age 59-1/2 before tapping retirement accounts, whether IRAs or 401(k)s — if you don’t, you’ll be charged a 10% early-distribution penalty. However, there are several exceptions. Some apply to both IRA and employer-sponsored plans, others to just one. (Any exceptions apply just to the 10% penalty; regular taxation will still apply.)
The chart below lists the possible exceptions. If you find yourself in any of these situations, take the time to know all the details before you make a withdrawal. Most exceptions are restricted to certain groups, but Substantially Equal Periodic Payments are available to everyone; they’re explained in IRS Code 72(t), but they’re complicated and can trigger the penalty if not done properly. For all the details, visit www.72t.net.
Note: The very first exception listed is also available to everyone, but it’s a large price to pay to avoid an IRS penalty.
Medical expenses that exceed 7.5% of adjusted gross income
?
IRS levy
?
Active reservists
?
Distributions from inherited accounts
?
Higher education, for self or qualified relatives
?
“First-time” home buyer, up to $10,000 per account owner (can be used for qualified relatives, or for yourself if you didn’t own a home in the previous two years)
?
Health insurance if unemployed
?
Age 55
?
Age 50 for public safety employees
?
457 plans
?
Dividends from employee stock ownership plans
?
Qualified Domestic Relations Order
?
Totally insane prices on flat-screen TVs at an after-Christmas sale
Contributions to a Roth IRA can be withdrawn tax- and penalty-free at any time, while earnings will be subject to the age 59-1/2 rule (as well as the five-year rule, which is a whole other complicated ball of wax). A Roth 401(k) is a different matter; all withdrawals are a proportional mix of contributions and earnings, with any taxes and penalties being assessed against the earnings only.
When You Gotta Take It Owners of traditional IRAs as well as traditional and Roth employer plans must begin taking annual required minimum distributions (RMDs) the year they turn 70-1/2. Alternately, they can wait until the following year but take two distributions in that year. Otherwise, they’ll pay a 50% penalty. Yes, even a Roth 401(k) has RMDs, but they can be avoided by transferring the money to a Roth IRA — the only account not subject to forced liquidation.
Surprisingly, beneficiaries of inherited retirement accounts must also take RMDs beginning in the year following the death of the original owner. This is true regardless of age — even if the account is a Roth IRA. The only exception: a surviving spouse who elects to make the inherited account her own (i.e., has it re-titled in her name) or rolls over the inherited account to her own existing account.
While non-spouse beneficiaries can roll an inherited 401(k) to an inherited IRA, they can’t avoid the RMDs. The account must remain titled something along the lines of “Joe Smith, deceased, IRA for the benefit of Joe Smith Jr. as beneficiary.”
Bequeathing It If you’re interested in passing on wealth to your family, you probably want as little to go to taxes and lawyers as possible. Start by naming living, breathing human beings on your account beneficiary forms. Doing this means the account bypasses your will and probate (which can cost time and money), and the beneficiary or beneficiaries can “stretch” the account over their lifetimes. If the form is blank, or the listed beneficiaries are themselves deceased, the money will go to the estate. In that case, the account may have to be liquidated within five years, and it will lose all the tax advantages of an IRA or 401(k).
Keep in mind that the beneficiary form often trumps other legal documents, such as wills and prenuptial agreements. If your beneficiary form says your IRA should be split between your son and daughter, but your will says it should just go to your daughter (because your son has turned out to be an irresponsible spendthrift — or a banker), the account may end up being split. And to minimize the risk of lost or messed-up beneficiary forms (it does happen!), keep copies in your own records.
It’s important to name primary beneficiaries as well as contingent beneficiaries (the people who will inherit your accounts if the primaries are deceased, or if they’d rather the contingent beneficiaries get the money). If you’ve inherited an IRA, make sure you name new beneficiaries.
Protecting It Finally, here are three other considerations for protecting your retirement accounts, during this life and beyond:
Creditors and bankruptcy. The money in your employer-sponsored retirement account most likely can’t be lost to bankruptcies, creditors, or lawsuits. IRAs receive bankruptcy protection up to $1 million. However, the amount of protection from other creditors varies by state.
IRA fees paid with non-IRA money. Many IRA providers charge an annual account fee, which is automatically taken from your account assets. However, you can instead send a check to the custodian and leave more money in the IRA to grow. This also applies to annual “wrap” fees, though not to commissions and mutual fund expenses.
Estate taxes. Retirement accounts, including Roths, are included in a gross estate for tax purposes. Recent laws increased the federal estate tax exemption to $5 million per person and $10 million per couple, but the limits drop in 2013. Twenty states also impose estate taxes, with exemptions as low as $338,333. If your estate is or will be worth a few million dollars or more, see a local, qualified estate-planning attorney.
Remember: Get help if you need it. If you’re going to make a significant change to your retirement accounts, you might want a little professional help to make sure you’re doing everything right. IRAHelp.com features a listing of advisors in your area who have taken extra training about IRAs and 401(k)s. Also, the fee-only financial advisors at the Garrett Planning Network charge by the hour (among other methods), which makes it easier to get your questions answered without having to turn over your entire financial life.
California newspaper The Daily Breeze recently published an article about a man who was issued a $35 ticket for failing to come to a complete stop, which became a $234 ticket after added penalties. (State legislators have been adding new penalties, such as a “state conviction fee,” since 2009, thanks to a $10 billion budget deficit. The base fine for running a red light is $100 in Los Angeles County, for example, but after added penalties the ticket will cost a grand total of $480.)
Even if you live in a state without these hefty additional penalties, the cost of a traffic violation doesn’t end with the cost of the ticket. If you want to keep the infraction off your driving record, there’s the added cost of a traffic school fee and the cost of the traffic school course. If you choose to pay the ticket and not attend driver’s ed, your ticket might get even more expensive — you’ll incur the long-term costs of higher auto insurance.
Violations can Raise Premiums by 50 Percent
According to an Insurance.com analysis of more than 32,000 insurance policies, drivers who purchased a one-car, single-driver policy in 2010 and had one violation on their record paid about 18% more on average than drivers without any violation. Drivers with two paid 34% more for their policy, while drivers with three violations paid a staggering 53% more for auto insurance than those with zero violations.
The following are the average annual premiums paid, according to the analysis:
No violations: $1,119
One violation: $1,318
Two violations: $1,497
Three violations: $1,713
Violations aren’t equal in the eyes of the insurance company, of course. A speeding ticket might not bump up your premium much, but two in quick succession could and might even get you dropped by some insurers. More serious offenses, such as driving while intoxicated, will send your rates up even more. The Insurance.com analysis lists the following as violations that can raise your insurance rates:
Speeding
Driving under the influence
Reckless driving
Running red lights
Failure to yield or stop
Fleeing from police
Driving the wrong way
Improper passing
Illegal u-turn
Failure to use proper child restraint
The cost of each type of violation will vary by state, insurance company, and driving record. Also, not all traffic violations will affect your insurance rate. More than likely, tickets for offenses like talking on your cell phone while driving (a violation in some states) and parking citations won’t raise your premium.
What to Do if Your Insurer Raises Your Rates
If your rates go up after a traffic violation, take steps to see if you can lower your premium, such as the following:
Shop around to compare several car insurance quotes. It’s easy enough to compare quotes from different companies to find the lowest rate. First, figure out how much auto insurance you need. Compare it to your current coverage and rate, then start making calls for quotes.
Don’t discount your current insurer too quickly. Shopping around is always a good idea, but if the savings turns out to be negligible, there are good reasons to stay put. First, some violations will affect you more if you’re shopping for a new insurance policy than if you stay with your insurer. Why? A prospective insurer will pull your driving record, but your current company won’t necessarily check to see if you’ve had recent violations because it’s simply too costly to check up on every customer every year. Second, some insurance companies offer accident forgiveness policies and will waive accident surcharges for their long-time customers. If you find much lower rates with another company, however, you’re probably better off switching.
Complete a defensive driving class. In some states you can expunge marks on your record, called ticket masking, if you take a driver’s safety course. If you live in one of these states, your insurance company might be required to lower your rate after you’ve successfully completed the course. Note that you can only take defensive driving to expunge points once in a set time period (usually 18 months). If you get another ticket within that time period, your rates will probably increase.
Increase your deductible. If you’re willing to take on more risk, you can lower your annual premium by raising your deductible. This means you’ll need enough money in savings to pay the deductible, so consider your financial situation carefully before deciding if it’s the right move.
Maintain (or improve) your credit rating. The majority of auto insurers consider a low or bad credit rating a sign of greater risk when it comes to auto insurance, and hike rates accordingly. While there doesn’t seem to be solid evidence of the link between the two, the bottom line is that bad credit likely means a more expensive car insurance premium. Maintaining or improving your credit score can save you money on auto insurance.
Even if you have a few points on your record, you should be able to find a policy, though it’ll be a more expensive policy than if you had a clean driving record. There also are additional tips in this past GRS article on lowering car insurance rates, such as removing extras like towing and car rental from your policy.
I think a combination of luck and being a decently cautious driver have spared me from many a ticket. To date, I’ve had one speeding ticket, and I took an online defensive driving course to keep my driving record clean. (Despite being online, it was still a time-consuming experience that I don’t want to repeat!)
Do any of you have experience with lowering your premium after a traffic violation? Leave your tips in the comments!
Forward-looking housing data flipped in November, so HousingWire created the weekly Housing Market Tracker to provide real-time forward-looking housing data. I also recently joined Mike Simonsen’s Top of Mind podcast to talk about what’s happened in housing over the past year. Forward-looking housing data might not be sexy, but it works.
From FHFA: U.S. house prices rose 4.3 percent between the first quarters of 2022 and 2023, according to the Federal Housing Finance Agency House Price Index (FHFA HPI). House prices were up 0.5 percent compared to the fourth quarter of 2022. FHFA’s seasonally adjusted monthly index for March was up 0.6 percent from February.
How and why did the index reach this high, and what should we expect in the future?
Inventory is still near record lows
The easiest economic discussion right now is the housing inventory story in the U.S. and that it’s historically low. However, it’s also the most-lied-about topic in recent economic history. People claim inventory isn’t low because “shadow inventory” is on the verge of adding millions of homes into the marketplace any second now. Another myth is that we’ll have a silver tsunami where every Baby Boomer lists their home in one month, flooding the marketplace with inventory.
The NAR total active listings data is between 2 million and 2.5 million in a normal market between 1982-2023. Post COVID-19, we broke to all-time lows and it’s hard to get it back to those levels: we’re currently at 1,040,000 active listings. This is a fact that some people have a hard time believing because they believe the shadow inventory or vacant home thesis.
These are often middle-age male stock traders or anyone from the anti-central bank movement who has been part of a borderline crazy bearish American economic crash squad that only can be matched by the Russian troll movement spreading disinformation about the state of the U.S. economy. Economic cycles come and go, but the 24/7 doom porn people are a one-trick pony that will fall into the grave with all American bears who have failed since 1790.
NAR total inventory since 1982:
I prefer the Altos Research weekly single-family data to the NAR data because it gives us a fresh look at not only active listing data but new listing data. This way, nobody can be surprised when old stale data comes to the marketplace. This is also why we created the weekly Housing Market Tracker article. We want to connect the dots with supply and demand.
The Altos Research new listing data is essential in tracking the supply aspect of housing, which is why I include it as part of the Tracker. Even in 2022, when we had the most significant home sales collapse ever recorded, the new listing data never exploded higher; in fact, it was trending at all-time lows in 2021 and 2022, and now is at a new all-time low in 2023.
The data in the charts above should clear up any shadow inventory and vacant home nonsense we have heard for over 11 years. Let’s talk about the second significant factor: demand!
Last year was a whirlwind for housing economics. The first three months of 2022 were so bad that I deemed it the unhealthiest housing market post-2010. I coined the term savagely unhealthy because we had too many people chasing too few homes. More than 70% of the marketplace saw multiple bids on properties.
In February of 2021, I talked about how we needed higher rates to cool down the housing market because this wasn’t the housing bubble of 2005. However, by February 2022, it was too late; so much home-price growth in such a short time meant that demand would collapse when mortgage rates did rise.
Mortgage rates going from 3% to 5% had been the norm for the markets; mortgage rates going from 3% to 7.37% was another story altogether. As a result, home sales collapsed in 2022 in the most prominent fashion ever recorded in U.S. history.
So what has changed? Well, starting Nov. 9, 2022, mortgage rates fell and mortgage demand got better. We didn’t see a recovery in demand, it just stabilized.
Since Nov. 9, purchase application data has had 17 positive prints versus nine negative prints after making some holiday adjustments. Year to date, we have had 10 positive prints and nine negatives, and tomorrow purchase applications should be negative, which shows the stabilization in demand so far in 2023.
It is simple supply and demand economics. Last year, home sales crashed because mortgage rates exploded higher after the most significant short-term home-price gains ever in history. However, after Nov. 9, that reality changed from crashing home sales to stabilizing.
So the moral of the story is that the market dynamics were very historical last year; active inventory and monthly supply were low, but home sales were crashing, and the inventory that was on the market, especially in the seconnd half of 2022, required price cuts to sell.
In my 2023 forecast for prices, I stated that mortgage rates needed to stay higher, above 5.875%, for prices to have a mild decline, in contrast to the massive price gains we have seen in 2020 through 2022. I chose 5.875% because my affordability index model was shot, but I also saw that the housing market changed when rates moved from 7.37% to 5.99%.
Imagine what the housing data would look like if rates were in the low 5% for 2023. This is why tracking weekly housing data is critical. We don’t have a housing demand recovery as we saw with the COVID-19 recovery, we just have a stabilization in demand, and total active listings are still near all-time lows.
As you can see in the FHFA home price index below, the growth rate of prices cooled down a lot with higher mortgage rates, but those didn’t crash prices like in 2007 and 2008, a period in time with much higher active supply.
Also, to go along with the FHFA home price index, not only was housing inventory over 4 million in the NAR data in 2007, but we also had massive growth in forced sellers. As we can see in the chart below, we had massive credit stress in the system.
So, as we get ready for the second half of 2023, we will track the weekly housing data. We will focus on the actual data that matter, positive or negative. The most significant change this year is that home sales are not collapsing in the same fashion they were last year.
When your stomach is grumbling, you may not feel inclined to debate dining plans. But if you are new to a city or have found an apartment in a different part of town, you might not know just where to indulge your taste buds.
[find-an-apartment]
Why not hop on the Internet and check out the food scene in your town with online guides and apps, like these fabulous foodie finders?
Yelp Yelp is a great go-to site when you are looking for reviews of even the tiniest of eateries. This foodie-friendly review site is driven by communities of locals who write the entries, chiming in with their 2 cents. You can search by cuisine, neighborhood or ranking, and get insider info about whether the restaurant has unique features like large group seating or TVs in the lounge. Yelp is also tied in with our next good-eats guide, OpenTable, so you can make reservations on the spot.
Read more: How to Dine Like a Professional Foodie (and Not Spend a Fortune!)
OpenTable OpenTable makes it really easy to make a reservation at a restaurant. In fact, this digital dining tool started out primarily as a reservations service. As the user base grew, however — and more restaurants began depending on the site to handle online reservations — restaurant reviews were also added. Now you can search for an open table on Friday night, for instance, and feast your eyes on the latest comments about the cuisine.
The other cool feature about this site is that you can earn dining rewards points for booking your reservations online. After racking up enough points, you’ll earn gift certificates to use at participating OpenTable restaurants.
Urbanspoon Like many of these online tools for finding food reviews, Urbanspoon helps you focus on locally-ranked neighborhood restaurants organized by cuisine or neighborhood. They also provide specific lists in categories like the “Talk of the Town” and “Kid Friendly” to help you navigate the food scene in your city. One of the neatest tricks that Urbanspoon serves up is an app which allows you to search nearby neighborhoods so you can consider restaurants most convenient to you.
No idea what you’re in the mood for? Take a gamble with their fun slot machine widget!
Zagat If you are really into ratings, then Zagat is a great destination for you to make dining decisions. These guides were around well before the Internet, spotlighting the finest dining in major cities. Zagat surveys its members about their favorite restaurant picks, then uses those results to create their well-respected ratings. Zagat also has a food-tastic blog written by in-the-know gourmands from around the country.
Read more: Table for One: How to Dine Alone (and Love It!)
GrubHub Sometimes going out to dinner can be a drag. Not to worry: now, you can explore the local food scene without leaving your house.
GrubHub is the newest player in food pickup and delivery. Just tell them where you live and what you want to eat. GrubHub will do the work to find you a nearby restaurant that delivers or has easy pick-up options. You can order online or by phone, then track your order with their mobile app or text updates. Finding food has never been so easy!
Dig in to your next food search with these awesome online food guides. And for the most up-to-date local foodie information, stay on the lookout for dining guides featured in your city’s digital publications.
On a budget? Read more about Cooking Smart for One!
Family travel is a whole other ballgame. The strategy, gear, planning, expectations and number of times you may answer “Are we there yet?” make it an entirely different sport than solo or adults-only trips.
While traveling with kids is arguably quite different than taking a trip without a child (notice we didn’t call it a “vacation” with kids), it doesn’t have to be intimidating. In fact, there are countless ways to experience memorable moments and make lifelong memories with your kids, whether you hike the mountains of Machu Picchu or ride the newest coaster at Disney World.
Related: TPG’s 10 top family vacation destinations
To make the journey a little easier, we’ve compiled our 43 favorite family travel tips. Whether you’re traveling with infants, teens or some of both, these tried-and-true tips are bound to ease travel headaches and ensure your family travels are as fun and carefree as possible.
Travel tips for infants and toddlers
Having a baby does not mean the end of your time as a traveler. It may cause you to temporarily pause your adventures, and it will certainly change how you travel. But traveling with a baby is still worth the effort.
While it’s true that your baby may not remember the details of your trips during the first few years, quality time together is invaluable. You will always remember their first big vacations.
Some travel is often easier with a small, snuggly baby than with a growing, active toddler, so don’t be afraid to plan something while your little one is still young.
Use the right travel stroller
If you plan on traveling with a stroller, you want one that is lightweight and easy to maneuver through the airport or rough terrain, if necessary, once you reach your destination.
Related: These are the 13 best travel strollers for your next trip
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If you choose to gate-check your stroller, foldability isn’t as important. Instead, prioritize protecting your stroller from dirt and damage by investing in a stroller with a bag. For long layovers, you can request to have your gate-checked stroller delivered to you between flights so that your baby has a safe and comfortable place to rest while you navigate the airport. Just ask the gate agent when you check your stroller.
Baby-wear
To keep your hands free and your baby snuggled, you may choose to baby-wear through the airport or on a flight (though most airlines don’t allow it during takeoff and landing).
The Transportation Security Administration rules state that infants may be carried in a sling or carrier while going through the walk-through metal detector, so you shouldn’t have to remove them for security — at least, according to the rules.
If it’s not too hot, baby carriers and slings also come in handy at theme parks, which allow baby-wearing on many family-friendly attractions. Just be sure you ask about safety restrictions before you ride.
Breastfeeding mamas should consider carriers that allow easy access for on-the-go nursing, such as those in sling or wrap styles.
Consider a Doona
If you don’t want to lug both a car seat and a stroller and your baby weighs between 4 and 35 pounds, you’re in luck: The Doona can serve the function of both. It transforms very easily from a stroller to a car seat and back again, all while your baby is strapped in.
Because of their convenience, Doonas are great for flights, cab rides, Uber rides and, frankly, any part of your busy life with a baby.
Think twice about flying with a lap infant
Most airlines allow children younger than 2 to fly as lap infants instead of purchasing separate seats for them.
The cost savings can be hard to pass up, and during those early months when the little one is nursing or sleeping a lot, it can be the easiest way to go. However, if your baby is fussy or you are flying solo, you may feel more comfortable keeping them in their car seat. If they can sleep through anything or you have someone you can split baby-care duties with, you may have more success flying with a lap infant.
If you do purchase a seat for your baby, there are dozens of portable car seats out there that are much easier to travel with than the bulky car seat you may have at home.
Get a car seat just for travel
The Cosco Scenera is a perennial favorite when it comes to travel car seats. At around 10 pounds and only $50 to $60, this car seat is a winner for travel when you need something easy and affordable. It’s rated for rear-facing little ones weighing between 5 and 40 pounds or forward-facing kiddos weighing 22 to 40 pounds.
Another model to consider is the WAYB Pico portable car seat, which was recommended by several TPG readers.
Use a car seat on the plane
Every kid is different, but if your little one sleeps well in a car seat in the car, they may do the same on a plane. If your kids are generally comfortable in car seats and have their own seat assignments on the plane, consider bringing the car seat on board for a secure flight experience.
Related: Car seats that are airline approved
Bring a Boppy pillow if you’re holding an infant
TPG’s senior director of engineering Mitchell Stoutin recommended using a Boppy nursing pillow for long flights with an infant. In addition to being handy for nursing, it gives your baby a comfortable place to rest. He also advised stashing your Boppy in a vacuum Ziploc bag to save space when not in use.
Sign your kids up for frequent flyer programs
Once you make the transition to buying your child a seat — either because they turn 2 or because you think having a separate seat will work best for your family — sign them up for a frequent flyer account and let the miles start rolling in.
No minimum age requirements exist for kids, so enroll them while they’re young to maximize their earnings.
Related: Earning frequent flyer miles for your kids just got a little easier
Board last
Most airlines let families with young children board early in the process, but as long as your family has assigned seats, you don’t need to worry about rushing to board before others.
Instead, have one parent get all the gear ready and board first while the other waits as long as possible before bringing the baby on board. This will help minimize the amount of time you have your little one in tight quarters, reducing the likelihood of a meltdown or further disrupting their schedule.
Pack your carry-on strategically
Think about everything you may need to easily access for yourself and your baby before organizing your carry-on. That way, you don’t forget any of your must-have items or struggle to find them while on board.
Consider packing food, diapers and extra outfits for at least twice as long as you think you’ll need them for your little one while in transit. Don’t forget to also bring clothes, snacks and drinks for yourself so you have everything you need.
As a general rule of thumb, it’s a good idea to have enough essentials to survive at least 24 hours off of what you bring on board, as you never know what is going to happen.
Bring large Ziploc bags and black trash sacks
Avoid packing a suitcase without tossing in a few Ziploc bags, grocery bags or trash bags. They can be used to stash snacks and store wet or dirty clothing.
As TPG executive editor Scott Mayerowitz shared, large black garbage bags can also work as blackout shades in a pinch.
Related: The best family beach vacation destinations to kick off summer
Find a space in your hotel for the baby to sleep
In the best-case scenario, you’ll have accommodations with at least two bedrooms so your baby has a dark, quiet place to sleep while you relax without disturbing them. However, there are times when having multiple rooms isn’t possible.
If you only have one bedroom, try putting a crib in a hotel closet or bathroom to achieve the same result.
Travel with gear that will help your baby sleep in the hotel
When it’s time for the baby to sleep, there are numerous sleep tents, shades and white noise machines to choose from. Here are a few of our most trusted options:
You don’t always need to buy new gear for a successful trip, though. One reader suggested using painter’s tape to cover outlets as a quick, cost-effective way to baby-proof your hotel room.
Related: These are the best New York City hotels for families to check out
Have diapers and essentials shipped to your final destination
While you need plenty on hand for that first day or two, you can purchase what you need from Amazon and have it shipped directly to your destination instead of traveling with an entire week’s worth of needed items like diapers and wipes.
Alternatively, you can use a service like Shipt or Instacart to have essentials delivered to your hotel or home rental after you arrive.
Pack the snacks
This is true for all ages but especially applies when traveling with infants.
Don’t ever assume anything baby-appropriate will be available while you are in transit. The last thing you want is the stress of scrambling to find what you need at the last minute.
To avoid this potential headache, pack enough formula, snacks and more so you have whatever your little one may need to stay happy and content.
Related: How to pack — and prepare — for travel with a baby
Travel tips for preschoolers
The good news is that when kids are old enough for preschool, they don’t need quite as much sleeping and transportation gear.
With preschoolers, you’ll want to pay particular attention to toys and activities that will keep them entertained, night lights that will help keep the “scaries” away and a few other important travel essentials.
Bring mess-free toys
When choosing toys to pack for a flight or road trip, keep in mind that you don’t want anything that will create a mess or get lost easily, such as Legos or slime.
For mess-free coloring, we love Crayola Color Wonder Markers and coloring pages. If you’re taking a long flight or road trip, consider suction toys that can stick to a car or airplane window.
Related: 14 mistakes parents make when traveling with kids
Pack hidden toys to reveal during your trip
A surefire way to keep your child content for extended periods of time is to hide some toys until your travel day arrives so they feel new and exciting. You can even wrap them up or dole them out periodically throughout your trip — we recommend packing one toy for each hour of a flight — to add an element of surprise.
Try visiting a dollar store or dollar aisle in a store to dial up the surprise factor. Trust us, the $5 investment will pay off in spades.
Related: Your guide to flying with kids of every age
Consider an inflatable booster seat
If your child has graduated to a booster seat (congrats!), there are inflatable and fold-flat booster seats available that are easier to haul when traveling by car.
While there are several options currently on the market, the BubbleBum inflatable booster seat is a TPG reader favorite.
Use a stroller
Should you find yourself covering lots of miles on your trip, having a stroller can come in handy, even if you don’t normally use one at home.
For example, at a large theme park like Disney World, you may find yourself needing a stroller until your kid is 6, 7 or even 8 years old if you are moving quickly and want them to easily keep up (or if you know they will fall asleep before you are ready to call it a night). This may mean renting one when you get there, though you may prefer to have your own if you’re doing more than spending time at Disney.
Get stroller straps
Because it isn’t socially acceptable to AirTag children (though they do come in handy for finding lost luggage), we instead suggest getting stroller straps that bigger kids can hold on to while you push younger children in the stroller. We’re particularly fond of the Tagalong Stroller Accessory.
Preschedule car service from the airport
If you need car seats or want to be sure you have a ride waiting for you when you land, Uber and Lyft now both have options for prescheduling a ride if you need one.
While the best service depends on where you are going, one option to try is Blacklane. Consider having your driver meet you inside at baggage claim if you’re traveling with a lot of gear.
Pack a night light
For kids who are afraid of the dark, night lights may come in handy. This affordable nightlight is small, sleek and easy to pack.
If you are going on a cruise and don’t have access to traditional power outlets, TPG senior travel editor Erica Silverstein suggests bringing along battery-operated tea lights instead.
Travel somewhere with a kids club
A magical milestone in travel is when your child turns 3 and is potty trained, as this unlocks access to a variety of kids clubs.
Whether you’re on a Disney cruise (like the new Disney Wish cruise ship, pictured below) or at a resort with a kids club (some of which are free to use), children’s clubs are great for preschoolers.
By going somewhere that caters to younger children, you’ll be able to get a well-deserved break while the kiddos are taken care of.
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Plan down days and afternoon rest
Even if your preschooler has dropped daily naps at home, it’s still smart to build some downtime into your vacation schedule. This is especially important because it’s likely that their sleep schedule will be a little off while you’re traveling and that your vacation will be more action-packed than what they’re used to at home.
To help your overtired kid adjust, plan a relaxing pool day or take an afternoon break in your hotel room to keep crankiness at bay.
Travel tips for elementary-age kids
As kids get older, they can do more while on vacation with less help, but the tried-and-true tricks for keeping them entertained may no longer work.
Because their brains are developing and becoming more complex, elementary-age kids will need to have access to more activities while they’re away from home. As a result, you’ll need to adjust your strategy for vacations so they continue to have a good time.
Use packing cubes for the family
This tip applies to all age groups but can be especially helpful when your child starts taking more of an interest in choosing their own clothes. By relying on packing cubes, you can keep clothing for every member of your family organized while saving space.
If you decide to use packing cubes, there are a couple of good methods to choose from.
You can have a packing cube for each day of your trip and put your family’s clothing for each day in one cube. This works well if you will be making multiple stops and don’t want to pack and unpack everything.
You could also pack each family member’s clothing in a separate packing cube, which is helpful when you are encouraging kids to get dressed on their own and choose their own outfits.
Leave 1 day free in the schedule
We’ve already covered the importance of leaving some flex time in the afternoons, but if you are traveling for more than a long weekend, we highly recommend leaving an entire day unscheduled. That way, the kids can either rest and chill or you have the ability to say yes to something they spot along the way.
Depending on your child’s interests, you may want to use your free day for activities like splashing around at a water park, checking out some animals at a zoo, enjoying an epic ice cream-tasting adventure or spending more time at the kids club.
The key is to leave this day flexible so you can cater some activities to what your kid is enjoying the most.
Take advantage of your hotel’s club lounge
Club access can be invaluable when traveling with kids.
If you stay in a club-level room at a hotel, you’ll often have daily access to breakfast, snacks and drinks. An added bonus is that the club can serve as a gathering spot for enjoying more time (and often gorgeous views) with them.
Related: Can you use a World of Hyatt club lounge access award for someone else?
Plan trips with another family
This is the age where having other kids around really starts to matter.
If at all possible, try planning the trip to at least overlap with time spent with cousins or friends. Doing so will virtually guarantee the kids will have a better time, which means you will, too.
For these types of trips, you may want to look into finding a good vacation home rental.
Related: Why the best big family vacation may be skiing
Travel tips for tweens and teens
Traveling with tweens and teens is completely different than traveling with younger kids — something you probably know all too well if you are currently living with them.
At this age, kids are well on their way toward becoming full-fledged adults. As a result, they deserve a taste of the space, privacy and independence that comes along with adulthood.
Build an activity bag
It’s easy to assume the phone will do the trick, but TPG editor Kristy Tolley is a proponent of custom activity bags to keep kids (including older ones) occupied on long trips.
For your activity bag, consider anything from snacks to quiet toys to new games for their Nintendo Switch to art supplies — whatever will keep them entertained while you get to your final destination.
Double-check downloaded content
Wi-Fi on airplanes can be quite finicky. Even if you pay for it, there’s never a guarantee it’ll work for the entirety of your flight. Because of this, download movies, music, games and more to your device (or your child’s) before your trip.
When downloading movies or TV shows, turn to multiple sources like Netflix, Disney+ and Apple. That way, if you run into issues with one provider, you still have content from the others.
Also, remember that messaging others is free on many flights, so be sure your teen has the airline app downloaded if you want them to be able to keep using services such as iMessage while in the air.
Enroll your child in TSA PreCheck
Until they turn 13, kids traveling with a parent or guardian with TSA PreCheck will be allowed to go through the expedited security line even if they themselves don’t have TSA PreCheck.
Even after they turn 13, kids 17 and younger can typically use the TSA PreCheck lines with their parent or guardian as long as the teen has the indicator on their boarding pass.
If you have a credit card that reimburses fees for TSA PreCheck, you can recoup the cost of your child’s application. Note that Clear continues to work to bring kids through until they turn 18.
Related: Why you should get TSA PreCheck and Clear — and how you can save on both
Consider connecting rooms
The days of squeezing two or three kids into one queen-size bed are probably long gone once they reach their teenage years. Not to mention, trying to have the whole family use one bathroom is an ordeal you likely won’t want to go through.
To keep the peace, consider reserving connecting hotel rooms.
With connecting rooms, you’ll have double the beds, bathrooms and storage space. Plus, teens and tweens will have the space and privacy they need without you being too far away to keep an eye on them.
Related: Big news for families: Hilton to guarantee adjoining rooms with ‘Confirmed Connecting Rooms’
Let kids choose a few activities (or plan the whole day)
At this age, kids are not just along for the ride. Give them some input (and independence) by allowing them to help plan your trip. Odds are they’ll be more engaged by being involved in the planning.
Bring a friend
While planning trips with other families is a good strategy with elementary-age kids, by the time kids are teens, just bringing along one of their friends could be sufficient.
To keep the costs down, consider using an airline companion certificate to bring along that friend without spending extra.
Go somewhere with a teens club
If you are visiting a resort or destination where you may be going light on activities, lean into places that have a space just for teens.
Cruise ships are fantastic when it comes to this, as they often have kid-focused spaces divided into pretty distinct age ranges. For example, Disney Cruise Line has a club for kids ages 3 to 12, another for those between 11 and 14 and then one for teens ages 14 to 17.
By taking advantage of clubs that are broken up into designated age groups, your teen can have plenty of fun without the annoyance of hanging out with younger kids.
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Related: Child turning 18? Here’s everything you need to know before the next time they travel
General family travel tips
Some family travel tips transcend age groups.
Regardless of how old your kids are, where you’re traveling or how you’re getting to your vacation destination, there are a few tips you’ll always want to keep top of mind.
Utilize airport lounges
Airport lounges are becoming more and more kid-friendly, as they offer dedicated family rooms with toys and kids shows on TV, plus food that will please picky eaters. Additionally, if you have a long layover or are dealing with flight delays or cancellations, you’ll be much more comfortable waiting in a lounge instead of at your gate.
You can purchase a day pass to many lounges but may be able to get yourself and your family in for free with certain credit cards or airline status. For example, The Platinum Card® from American Express grants the cardmember and one guest complimentary access to Priority Pass lounges and access to Centurion and Escape lounges, though complimentary guest access depends on how much you spend annually.
Related: Best credit cards for airport lounge access
Upgrade to a suite
Similar to springing for connecting rooms, upgrading to a suite will buy you additional space and, sometimes, a pullout sofa that adds another sleeping option.
You’ll also have more room for your family’s belongings and areas for relaxing and dining so your kids don’t spend all their time jumping, eating and lounging on the beds.
Check for reciprocal zoo and museum memberships
If you have a membership to your local zoo or museum, you may be able to use reciprocal benefits for free or discounted entry to other zoos and museums that you can visit on vacation.
This information is usually available on your zoo or museum’s website, but you can also check lists on the Association of Zoos & Aquariums’ page about reciprocal admissions or on the North American Reciprocal Museum Association website.
Get a travel tracker that doubles as a memento
There are so many unique travel souvenirs you can get that also serve as keepsakes for remembering your child’s travel “firsts.”
These Junior Frequent Flyer flight logbooks allow you to record your child’s flights while teaching them about aviation.
If a national park visit is in your future, order a standard or junior National Parks Passport and collect stamps every time you visit a new park.
Don’t forget important medicines
When you are away from home, you have to be prepared for anything. That includes unexpected sicknesses and accidents.
Pack kid-safe and grown-up medicines, as well as Band-Aids, antibiotic ointment and other first-aid necessities in your carry-on bag so you won’t be without them if your checked luggage is delayed or lost.
Bring an extra bag
If you are traveling between a cold climate and a hot one, pack a lightweight tote bag that can fold into your carry-on so you can easily gather up everyone’s coats once on the plane. By keeping this tote tucked away until you’re on board the aircraft, you’ll enjoy an extra allowed bag, saving you the headache of trying to determine where to put bulky coats.
Get Global Entry for each family member
Unlike TSA PreCheck, which allows kids to travel with an eligible adult until they turn 18 (in most cases), anyone wishing to use Global Entry to expedite reentry into the U.S. needs to apply for the program.
Global Entry can save valuable time spent waiting in line. However, you’ll need to apply well in advance of your trip so you have time to submit your application, complete an in-person interview and await approval.
Similar to TSA PreCheck, you can use a credit card that will reimburse your child’s Global Entry application fee.
Try out the games built into many spaces
It’s easy to miss, but many resorts, theme parks and cruise ships have a hidden layer of fun that ranges from traditional scavenger hunts to interactive activities you can unlock with an iPhone or similar device.
While the youngest travelers won’t benefit from these types of experiences, they can be fun for a variety of age ranges, especially elementary-age kids and tweens.
Related: Disney World rolls out all-new MagicBand+: Here’s what this wristband can do for your trip
Bottom line
Family travel has its own built-in challenges, but it also comes with immense rewards.
By knowing all the tips and tricks to traveling with kids, having the right gear with you, mapping out a game plan and having the right attitude and realistic expectations, you can have a memorable vacation every member of the family enjoys.
You may not get to do everything you want or sometimes feel like it’s more of a hassle than a vacation. However, if you’re willing to be flexible and appreciate when things go according to plan — even if the end result isn’t quite what you had hoped for — you’ll find yourself eager to book your next family trip before you have the bags unpacked and put away.
With mortgage rates currently at 7.04%, many first-time homebuyers – typically millennials – will be forced to continue to rent.
But the U.S. housing market is not a monolith, so today we’re going to look at some markets where affordability is within the normal renter’s reach.
In a study published this week, First American economist Ksenia Potapov analyzed the share of homes that are affordable to the median renter in any given market. She defined an affordable market as one in which the median renter can afford 50% or more of the homes for sale based on the renter’s household income, the prevailing 30-year mortgage rate, and the assumption that one-third of pre-tax income is used for a mortgage with a 5% down payment.
Here’s what she found:
There are only four markets in the U.S. in which the median renter in that market could afford half or more of the homes – Buffalo (59%), Pittsburgh (56%), Detroit (54%) and Cleveland (54%).
Meanwhile, the least affordable markets were Los Angeles (1%), San Diego (2%), San Francisco (2%), Salt Lake City (4%), and San Jose, Calif. (4%). The California cities are stalwarts on lists such as these, but Salt Lake City — which attracted tech workers during the pandemic — is a new entrant.
“Pre-pandemic, Salt Lake City was an affordable market that fell in the middle of the pack out of the top 50 U.S. markets,” Potapov wrote. “However, rapid house price appreciation during the pandemic dragged Salt Lake City near the bottom of the affordability list. In the fourth quarter of 2019, the median renter could afford 69% of the homes for sale in Salt Lake City. Now, the median renter can only afford 4% of homes.”
According to data from Altos Research, the median home price listed in Salt Lake City last week climbed to $785,000, up from about $540,000 in the fourth quarter of 2019.
Jake from State Farm to California: Drop dead!
California markets like the ones listed above already face a number of challenges, but news over the weekend could make it even more challenging for buyers. Last week we talked about the cost of flood insurance going up by over 200% for some homeowners in the Southeast as both the federal government and private insurers determine how to price the soaring cost of climate risk, or abandon insuring them altogether.
Well, State Farm last week announced that it would halt home insurance sales in California. State Farm is the nation’s largest car and home insurer by premium volume. The insurance giant said it “made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market.” Existing home-insurance policyholders won’t be affected, though this is clearly not a positive development for the state.
You might remember that a year ago, AIG notified 9,000 wealthy clients that it wouldn’t renew home insurance policies in California. The change was part of a plan by AIG to stop selling home policies in California through a unit regulated by the state’s insurance department. Policyholders were instead directed to another unit, where policies could cost three-to-five times higher than what clients paid under the old plan, with less-generous coverage to boot.
California has experienced record wildfires in the past six years. The state experienced eight of the largest fires in U.S. history and three of the top five deadliest fires.
I am not sure if we should even get into the reconstruction costs in California, which are so high they are almost beyond belief.
What does this all mean for Californians? For starters, I expect that other insurance companies are going to follow suit and availability is going to be a serious problem for homeowners and prove a problem for buyers and sellers alike. As is true in Florida, California has an insurer of last resort — FAIR Plan — for wildfires, but homeowners will still need significant wrap-around coverage. The premiums are quite high under FAIR, too and they cover the dwelling at actual cash value versus replacement cost value.
Cali LOs and agents: Have you had any deals held up because of home insurance issues? Let me know at [email protected]
In our weeklyDataDigest newsletter, HW Media Managing Editor James Kleimann breaks down the biggest stories in housing through a data lens. Sign up here! Have a subject in mind? Email him at [email protected]
More than one million wineries currently operate worldwide. Each produces at least three different wines, and plenty of them stomp out 20 or more.
That’s a lot of potential hangovers. But if you sip responsibly you can enjoy the taste, the history, and the geography of the grape without any concurrent headaches.
And if you have champagne tastes but a Boones Farm budget? Buy the fruit of the vine online. A discount comes in handy at this time of year, given the expenses associated with the holidays. In the next couple of weeks you might be:
Having people over for your only fancy meal of the year, which surely calls for a grown-up beverage
Making mulled wine or glogg for a holiday open house
Looking for a good deal on bubbly for New Year’s Eve
Or maybe you’re just an everyday wine enthusiast who likes a glass with dinner. No matter what your reason, there’s no need to pay through the nose, so to speak, for a decent bottle. Thanks to increased competition, better technology, and smarter winemaking, there’s never been a better time to be an oenophile, according to wine critic Natalie MacLean.
“I’m a wine cheapskate at heart. Why pay more than you have to for pleasure? These days you can get a wine that tastes twice as expensive as it costs,” says MacLean, author of Unquenchable: A Tipsy Quest for the World’s Best Bargain Wines.
Although talking with an experienced wine seller can be a pleasure, not everyone is lucky enough to live near a wine store, or even a liquor store or a supermarket that sells wine. And let’s face it: Your local booze emporium or grocery store probably doesn’t have the space to devote to a truly huge selection of vino.
Online sites like Wine.com and WineExpress.com have deep cellars, and sell enough of the stuff to offer discounts. Specialty sites exist, too, with somewhat smaller lists but interesting back-stories — and competitive prices.
Kissing vinous frogs It isn’t just the discount that’s attractive, but the chance to try dozens (or hundreds) of vintages you might not find in the local carafe-a-teria.
Don’t know where to start? The online sites make it easy:
You’ll see sections like “90 under $20,” i.e., bottles that have received 90 points or more from wine critics.
You can search by price point, by region, by type of wine — or even by clearance sales.
When you click on a wine title, the next screen may also include suggestions à la Amazon.com, “Customers who bought Mad Dog 20/20 also bought…”
Another way to find new varieties: Natalie MacLean and other wine critics have Facebook pages and Twitter feeds, as well as homepages. There you can learn their hottest (and cheapest!) new discoveries. MacLean tastes at least 30 varieties per day. Nice work if you can get it, huh? Yet as she puts it, “I’m kissing a lot of vinous frogs to find those princes for you.”
Or prospect at a specialty site like People’s Wine Market or the Accidental Wine Company, both of which offer discounted sips with interesting backstories. The former buys overstock vintages from artisan, environmentally-friendly wineries. “Overstock” means that only a few cases are left and a wine distributor won’t bother with such a small order. The producers sell it cheaply just to make back their production costs, according to company spokeswoman Ashley Sytsma.
Three varieties, “usually the last case or two in existence of that vintage,” are featured each week. The lowest price was $7; the most expensive was a 2006 Philippe Delavaux Grains Nobles for $49, which would normally retail for as much as $125 per bottle.
The Accidental Wine Company’s original niche could be described as “oops”: vintages whose labels were applied crookedly or got soaked by a bottle broken in transit. If I were an oenophile I’d be all over the scratch-and-dent stock, i.e., focusing on the inside of the bottle. (Then again, I bought “slightly irregular” cloth diapers for my daughter. True story.)
Accidental Wine still sells irregular vino but also sells end-of-season stock and other special deals. Some of the best prices aren’t advertised prominently on the site due to agreements made with the producers. A couple of recent examples:
2006 Six Sigma cabernet sauvignon for $12 (normally as much as $50)
Reds and whites bought in Spain last summer, $7 to $10 per bottle. “If it was made in America we’d be getting $20 a bottle,” says David Forbes, the “grape wrangler” who did the buying.
How to find non-posted prices? Poke around on the website, or e-mail the company ([email protected]) with the types or varieties you typically drink.
Finding the best prices If you already know which wine you want to buy, use a price comparison site such as PriceGrabber.com or CheapUncle.com. Type in “box of white zin” or whatever you’re looking for, and wait for prices to pop up.
These sites have online coupons to make the offers even more attractive. Or look for coupons through aggregators like Savings.com and RetailMeNot.com.
We now pause for a really stupid joke:
Q. What did the grape say when the elephant stepped on it?
A. Nothing — it just let out a little wine.
Before you place an order, check to see if the wineseller is affiliated with a cash-back shopping site such as Extrabux, Mr. Rebates or Fat Wallet. These sites also provide online coupons (including free or nearly free shipping) along with rebates of 3% to 7%.
Note: If shopping through a cash-back site, use only the coupons you find on that site. Any “outside” discount codes will void your rebate.
Aggregators like Cashback Comparison Tool or Cashbackmonitor.com offer side-by-side comparisons from some of the better-known cash-back sites; be sure to double-check the posted rates, which can change without warning.
Wine on wheels About that shipping: An order might be in transit for days. You might wonder whether your order will become a winesicle (North Dakota truck version) or an expensive bottle of vinegar (Florida truck version).
But all wine has to be shipped at some point, or it would never leave the vineyard.
The folks who do this for a living use extreme care, to the point of adding cold packs during certain times of the year.
Some sellers have a “hold until safe” option, i.e., they’ll store your purchase for weeks or months until the weather improves. Or you can opt to pay more for overnight delivery.
Note: Make sure your order will arrive when someone who’s at least 21 years old will be home to sign for it. No, it can’t be left on the back porch.
Obviously shipping adds to the per-bottle cost. But maybe not, thanks to deals and discounts like:
WineExpress.com ships some items free and offers 99-cent shipping for its “wine of the day.”
GetWineOnline.com has a “50/50 Club,” which means you can get half off standard shipping for an annual fee of $48.
Wine.com’s “Wine Steward-Ship” program provides a year’s unlimited shipping for $49.
UltimateWineShop.com has free shipping on some varieties if you buy in multiples of 12 (which could be a deal-breaker for some and an enabler for others).
Another way to keep costs low: Watch for social marketing deals. Recently I’ve seen deals like:
The “Holiday Gift Set” through LivingSocial, with two bottles of wine, two glasses, a gift bag and a “tasty treat” for $34
Four wines (three reds and a white) for $49 through KGB Deals
$70 worth of wine for $35 through Eversave
Watch for these deals, but be sure to do the math.
Tip: Depending on the social buying site you use, you can get credit for the next purchase or even an outright free order if friends buy using your referral code.
Haute sips or house swill? I am not suggesting that you ignore local winesellers. But casting your net a little further than the neighborhood state store or Safeway can improve your enjoyment of wine and stretch your fun budget.
Of course, plenty of people are perfectly happy with Charles Shaw or the super-cheap Aussie vintages to be found at the local liquor locker. A good friend of mine is content with boxed wine, which she cheerfully refers to as “the house swill.”
So if you have a proletarian palate and know that good stuff will be wasted on you, or if you simply can’t afford to dream past three-buck Chuck right now, then continue to do what works for you. But if you want to branch out a little, give the online vintners a try.
Myself, I never drink…wine. (Extra geek points if you got the Bela Lugosi reference before clicking on the link.) I don’t know red from white or white from plaid. I don’t know whether Night Train is an aperitif or a cough syrup. But vinous beverages sure are important to a lot of people. Hey, it’s in the Bible that you should drink a little wine for your stomach’s sake. And did Jesus turn the water into Kool-Aid, or 2% milk? He did not.
A bottle of wine is like any other non-essential treat. No one needs cable TV per se, and few of us would actually die without a piece of chocolate now and then. Knitters probably should consider using up the yarn they currently have, music lovers could back off on completing their Murray Perahia collections, and someone who owns four cats would do well to consider the cost of adding another.
But those small pleasures enhance our lives. That’s why we budget for them. So go ahead: Crank up “The Big Bang Theory.” Enjoy some chocolate and a kitten (not together). Craft a scarf while listening to The Goldberg Variations. And enjoy an affordable chardonnay or merlot whenever you want. Wine: It’s not just for breakfast anymore.
Embarking on a downsizing journey as a senior can be exciting and overwhelming. It’s a time filled with anticipation for a new chapter in life, but it also involves making tough decisions about belongings accumulated over the years. A comprehensive checklist can be an invaluable resource to ensure a smooth and successful downsizing process. Whether you’re considering downsizing for retirement, transitioning to a smaller home or exploring senior living options, this checklist will help simplify the process and pave the way for a stress-free transition. You can also work with a financial advisor to help you with a retirement budget, which can often help you decide what and when to downsize.
Downsizing Checklist for Seniors
When creating a downsizing checklist for seniors, it’s essential to consider specific needs and goals, efficiently declutter and organize belongings and effectively plan for the move. Here are key items to include in the checklist.
1. Gather Important Paperwork
To get started, the first thing you should do is organize your essential documents in a neat and organized way. It’s a good idea to keep important information safe by storing it in a secure place like a safe deposit box or a fireproof safe. That way, you can have peace of mind knowing that your documents are well-protected.
Next, consider making digital copies of all your vital documents. This will provide an extra layer of security in case anything happens to the physical copies. Store these digital copies securely online using a reliable and encrypted storage service. This way, even if something happens to the originals, you’ll still have access to them whenever you need them.
Lastly, remember to let your loved ones know about the whereabouts of these crucial documents. It’s important to share the location with them and provide clear instructions on accessing them. This ensures that your loved ones can easily find and retrieve the necessary information in case of an emergency or when important decisions need to be made.
Remember, taking these steps will give you peace of mind and make it easier for you and your loved ones to access important documents when needed.
Documents to Include
Here are some documents you’ll want to save and organize:
Contact information for professionals like your attorney, doctors, financial advisor and insurance agent
A list of personal assets like property and investments
A list of liabilities and debts like auto loans, mortgages and credit cards
Social Security and Medicare cards
Copies of your federal and state income tax returns for the last five years
List your checking account, savings account and credit card numbers and accounts
Legal documents, including trusts, wills or amendments and necessary directives like the durable power of attorney and advance directives
A letter addressing any personal matters or issues you want to communicate or document
2. Pack and Organize Your Belongings
You can greatly simplify the packing and moving process by organizing and planning ahead. Here are some key tips to make your packing more efficient:
Enlist the help of family members, friends or the moving company to assist with packing tasks. The moving process will be much more straightforward, with everything labeled adequately in advance.
Ensure you have markers and labels available for labeling boxes.
Label each box with its intended destination room or area in the new residence. This will make unpacking and organizing much more efficient.
Consider utilizing specialized containers the moving company provides, such as wardrobe boxes for keeping clothes on hangers or protective boxes for flat-screen TVs.
Prepare an “open first” box or boxes. These should contain essential items for setting up sleeping accommodations and the bathroom. Include fresh bedding, toiletries, nightclothes, towels, utensils, a change of clothes, a flashlight, tape, scissors and cash for ordering dinner since moving often takes longer than expected.
Pack essential items that you’ll need to keep during the move separately. These may include the new lease or residence contract, keys, medications, legal documents, checkbook, cell phone, address book and a first-aid kit. Remember to label this container. Valuables like jewelry should be kept in a safe-deposit box unless regularly worn.
3. Prepare for Moving Day
Preparing for moving day is crucial to ensure a smooth transition to your new home. Some important tasks to complete include:
Organize a moving binder that includes important information like critical contacts, estimates, receipts and an inventory of the items you’ll take.
Confirm the final details with your mover or moving coordinator.
Arrange utility disconnects according to your moving schedule.
Schedule post-move-out cleaning services to ensure a smooth transition.
Ensure you have a written contract from the moving company that clearly outlines coverage for lost or damaged possessions.
Obtain a specific arrival time from the moving company for your old and new residences.
Verify the available payment options for the moving company, such as credit card or check.
4. Wrap Up the Remaining Moving Day Tasks
When the moving day finally arrives, there are a few last-minute details that can assist you in completing the downsizing process smoothly.
Assign someone to meet the movers at your new residence, ensuring they have a key and that the community manager is aware of your arrival.
Begin by cleaning out the pantry and deep freeze, remembering to reduce your cleaning supplies.
Double-check inventory lists to ensure everything is accounted for.
Properly label all boxes to facilitate organized unpacking.
Ask a neighbor for any mail that might arrive after your move.
If you bring a pet, pack their food and medications to ensure a smooth journey and safe arrival.
Pack a suitcase with your clothes and medicines, so you’re ready for the first day after your first night in the new home.
Personally pack valuables and belongings that you don’t frequently use.
Use the “open first” boxes to set up the bedroom and bathroom immediately.
Be prepared to spend a few days unpacking and organizing. Enlist someone to help you. Work efficiently to make your new home feel comfortable quickly.
Tips for Downsizing Seniors
It’s not always easy to know when or how you should be downsizing. You need to first understand your budget before moving forward with the whole process so you know how much money you want or need to save. Here are six recommendations to make downsizing a smooth transition.
Start Early
Downsizing can be daunting, especially for seniors who have resided in their homes for an extended period. The mere thought of downsizing can easily lead to feeling overwhelmed, causing individuals to become paralyzed and delay the process. Unfortunately, this only adds to the difficulty of the task.
You gain the advantage of time by starting early, even before embarking on the search for a senior living community. This approach reduces stress for everyone involved and provides an opportunity to cherish memories while sorting through old family photographs and keepsakes throughout the house. Taking it slowly ensures a smoother downsizing experience.
Prioritize the Essentials
Take an inventory of the possessions you hold dear and cannot let go of. Consider the limited space you will have in your new home. Additionally, create a separate inventory for belongings that hold significance but may need to be relocated to a friend or family member’s home.
Safeguard Your Valuables
The process of downsizing and relocating can often be chaotic, especially when you’re preparing to sell your home. To simplify matters and mitigate risks, consider renting a storage space or utilizing a family member’s garage or basement to temporarily store your cherished possessions. This precautionary step not only safeguards these items but also creates a more spacious and appealing environment for potential buyers.
Design a Layout
If you have decided on a senior living community or a condominium, obtain the measurements of each room. Next, measure the furniture you intend to bring along. Utilize these dimensions to develop a comprehensive floor plan for your new home. You can use either graph paper or user-friendly online tools like RoomStyler or Homebyme.
This process will visually represent how many of your belongings can be accommodated in the new space. Therefore, helping you determine what will fit and what may need to be left behind.
Develop a Strategy for Discarding Unwanted Stuff
Determining the best action for disposing of unneeded items requires careful consideration. Although your community may have several nonprofit organizations that accept donations, it may take some effort to determine which items they are willing to receive. Disposing of older electronics can also pose additional challenges.
Fortunately, specific charities provide pick-up services, which can be particularly helpful if you have larger furniture pieces or multiple boxes of smaller items to donate. Lastly, remember to request a receipt from each charity, enabling you to claim tax deductions for your donations.
The Bottom Line
Downsizing offers seniors a transformative experience. It enables you to embrace new opportunities and discover a more manageable lifestyle. With a comprehensive checklist, seniors can confidently navigate the process, from assessing needs to organizing belongings. By planning ahead and making informed decisions, you can ensure your new living space is filled with cherished possessions.
Retirement Tips
Retirement brings its own set of challenges, but financial worries shouldn’t be one of them. If you aspire to have a substantial nest egg when you retire, consider seeking guidance from a financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
When planning for retirement, it is crucial to accumulate a solid savings portfolio. However, it’s equally important to factor in your Social Security benefits. Utilize SmartAsset’s Social Security calculator to estimate the potential benefits you may receive.
Ashley Kilroy
Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
According to a recent U.S. News & World Report collaboration with HomeLight to list Memphis, Tennessee’s top real estate agents, Crye-Leike’s Danny Freeman eclipsed all other agents in the region.
The listing, an unbiased recommendation created using in-depth key performance indicators, ultimately helps home buyers and sellers with the best-qualified professionals in Memphis. The following is a rundown on each of the top 5 agents listed alongside their recent transaction information. I’ve also included a spot check on each agent’s digital presence on Facebook, which readers may find interesting.
Danny Freeman has been in the real estate business for over 35 years. A top rates agent perenially, Freeman has had 208 recent transactions and is Move Safe™ Certified by HomeLight on account of his COVID-19 strategies for keeping his clients safe. Overall, he’s listed as having created over 600 transactions with an average sale price above 175k. The Freeman Home Team on Facebook shows mediocre engagement, but Freeman’s ratings at Realtor dot com are rock solid.
Second on the U.S. News list is Keeler William’s Chuck House, who is also a Zillow Premier Agent. House, who has been in the business for almost 20 years. He is also Move Safe™ Certified and has had over 160 recent sales. Overall, House has 412 sales with an average selling price in excess of 260k. A Memphis area resident for over 40 years, House is not the supreme ruler of digital real estate, but I did find his personal Facebook page interesting. Web-wide, the Keeler Williams broker has stellar reviews on every major real estate platform.
Next on the list Mark Sallerof Premier Realty Group. This longtime Memphis agent has superhuman sales numbers with over 2,300 sales (HomeLight shows 68 recently) over the last 10 years, averaging 230 sales per year. He specializes in wholesaling, so his transactions are listed at lower sales prices (69k). A public speaker, Saller’s Reedy & Company Facebook profile is a train wreck which reminds me that almost all of Memphis’ property professionals just don’t get it online.
Melinda Crosslin of Crye-Leike is fourth on the list with 134 recent transitions of between $123,000 and $324,400. With over 20 years of experience, Crosslin has sold over 650 properties, most of which were single-family homes. Eddie and Melinda Crosslin Crye-Leike Realtors Facebook presence is not quite as pitiful as most of the others, but its all but useless for sure. Crosslin’s overall digital footprint seems demonstrative of agents stuck in the age of brick and mortar business, but her record on Zillow is fairly impressive.
Rounding out the list is Tyler Tapley, another Zillow Premier Agent affiliated with Crye-Leike Memphis. A buyer’s agent primarily, Tapley has more than a decade of experience in the industry. His accolades include Multi-Million Dollar Club Active Member, PINNACLE PRODUCER AWARD WINNER, and Certified Relocation Specialist. He and his wife Meatha’s Facebook presence is, like all the others, simply a placeholder, but one made a lot more interesting because of Mrs. Tapley’s superstar videos showing the couple are indeed real people.
Interestingly, I ran across a few other top Memphis agents via Top Agents Ranked. The funny thing being, not one of the HomeLight agents was on the email list sent me when I engaged the service that is supposed to connect the best agents with clients. Tops on the list sent me was Michele Johnston – Dream Maker Realty, followed by Verna Littleton of KAIZEN Realty.
I’m sure the rating criteria is to blame for the discrepancy here, but in fairness, I thought mentioning these other Memphis professionals appropriate here. Also, none of the agents in either list seem to put much stock in social media, or even their websites. The lone exception being Kaizen Realty. More on this in another report. And as a parting note, it seems like a lot has not changed in Memphis, except that previously profiled area agents don’t seem to have made either one of the lists mentioned in the current story. This seems like another prompt for a follow-up, don’t you think?
To be continued…
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.