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Anyone can use the standard tax deduction, but older adults now get an extra perk.
Recent temporary changes to the tax code via the One Big Beautiful Bill offer people older than 65 the ability to deduct an additional $6,000. That’s on top of the standard deduction. While up to 85% of Social Security benefits are taxable, the added deduction can help you get lower your taxable income and overall tax bill.

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What the deduction is (and what it doesn’t do)
The deduction is for $6,000 per person from tax years 2025 through 2028, and qualifying couples get to deduct $12,000 each year. That’s on top of the standard deduction, which ultimately reduces how much you pay in taxes.
While the tax deduction can reduce Social Security taxes, you can use it even if you delay Social Security benefits until you turn 70. As long as you are at least 65 years old, you can get an extra $6,000 deduction.
A $6,000 deduction does not reduce your final tax bill by $6,000. That’s what tax credits do, which is why they’re considered more valuable. Still, a $6,000 deduction will reduce your adjusted gross income by that amount for tax purposes. It’s an effortless way to save a few hundred dollars from your annual tax bill.
The deduction does not affect the income thresholds that are used to determine whether your Social Security benefits are taxable. If you qualify, you can claim the senior deduction on Schedule 1-A when you’re doing your taxes whether you claim the standard deduction or itemize.
Income limits for the senior deduction
The $6,000 senior deduction gets a little smaller for every dollar above $75,000 in modified adjusted gross income (MAGI) for a single filer, and $150,000 for a couple filing jointly.
It’s a gradual cliff, with single filers completely ineligible for the $6,000 deduction if their MAGI reaches or exceeds $175,000. The limit is $250,000 in MAGI for couples filing jointly.
How and why to stay up to date on the rule
The current tax code has this rule expiring in 2028 — though that could change if Congress passes legislation that extends it.
You can confirm the current rules on the IRS’s website before filing your taxes. It’s an extra tax break you can count on for now, but it’s a good idea to be attentive in 2027 and 2028 when details about the rule’s future may be established.

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Key Takeaways

Mortgage applications move from a soft credit check to prequalification, preapproval, underwriting, appraisal and closing; most borrowers apply online.
Online applications take 10 to 15 minutes to complete; tools such as bank linking and automatic document pulls vary by lender.
Missing paperwork is the top hurdle, per Veterans United’s Katie Rose; have pay stubs, W-2s, two years of tax returns and bank statements ready.

For many homebuyers, applying for a mortgage can feel daunting, especially if it’s your first loan. But the application process has become much easier than the days of making copies and hauling boxes of documents.
Although you’ll still need to provide plenty of paperwork, from income verification to credit reports, most loan applications can be completed online in minutes, especially with an experienced lender to guide you through every step.
Not every mortgage is the same, though, nor is every mortgage application. Here’s what to expect when you apply for a mortgage, and how it can differ from lender to lender (or even loan to loan).
How the mortgage application process works
The conventional mortgage application process is usually pretty straightforward. You start by clicking an apply button, submitting a lead, and providing basic information: whether you want a purchase or refinance loan, your name, location, Social Security number, and income.
Using that information, the lender will run a soft credit check and prequalify you for a loan amount based on that preliminary information. Somewhere along this timeline (it varies by lender), you’ll be asked to create an account on the lender’s loan portal. On this secure site, you can upload all required documents if you decide to continue with the application.
At this point, you’ll need to provide all required documentation, including your most recent pay stubs, W-2s, tax returns for the last two years, and bank statements. Your lender will provide a full list of the documents you’ll need to complete your application.
Once you’ve submitted all the paperwork, the lender reviews it and can issue a preapproval letter, which provides a more accurate estimate of how much you can borrow than a prequalification.
An underwriter will then verify all the information you’ve provided and ensure your application meets all the loan requirements. If it does, the lender will usually send an appraiser to assess the home’s value, then move the loan to closing. This is when you finalize the loan documents and pay any closing costs.
That process can get more complicated with a government-backed loan like an FHA loan, and even more so with a specialized loan like a VA mortgage, which has additional service and documentation requirements. It can become even more complicated for borrowers stationed overseas or being assigned to new duty stations.
Fortunately, most lenders let you complete your mortgage application online, which is the most popular option among today’s borrowers, according to Katie Rose, NMLS 860643, a senior loan officer with Veterans United.
“Most people like to do [the application] online because they don’t have to leave their house or they’re active duty and it’s difficult to go into a facility,” Rose says.
How applications vary across lenders
A mortgage application does two things: verify who you (and your co-borrower) are and ensure you can cover your mortgage payment for the foreseeable future.
That means every application will ask for information about your job, income, assets, debts and credit. It will also need info about the price range you’re shopping in (or the property you’re eyeing, if you’ve already found one) and your personal details, like name, Social Security Number and contact info.
That doesn’t mean every application is the same, though. As Rose explains, the information collected stays pretty much the same from lender to lender; the difference comes down to the tools built into the application.
“Some tools can link bank accounts and pull statements automatically, or upload documents right from your phone, so you’re not chasing down paperwork on your own,” Rose says. “Specialized lenders can often go a step further too. For military borrowers, that might mean verifying service-related eligibility automatically instead of tracking down paperwork yourself.”
Money reviewed the loan application processes of four national lenders: loanDepot, Veterans United Home Loans, Churchill Mortgage and Georgia’s Own Credit Union. This is how their applications work:
loanDepot
The loanDepot application is a streamlined seven-step process that requires personal info, property details, financial assets, and other basics found in other loan apps. It also includes secure bank linking, allowing the lender to automatically pull bank and asset statements instead of requiring the borrower to scan and upload them manually.
Its conclusion is the most notable part of loanDepot’s application process. Instead of simply entering your information and hitting submit, at the end of the application, borrowers are given a grid of “loan offers.” These detail the loans, terms, monthly payments, and interest rates loanDepot is offering you based on the details you just input. You can then choose the loan that works best for you.
For veteran and military applicants, loanDepot also asks some additional questions regarding military service and can pull their COE directly from the VA.
Veterans United
Veterans United is a mortgage lender specializing in VA loans, mortgages backed by the U.S. Department of Veterans Affairs. As such, it’s no surprise that its mortgage application process has a military slant.
Veterans United has developed an application that simplifies and accelerates the process. You’ll provide information about your pay, grade, years of service, branch, Permanent Change of Station (PCS) orders, and Expiration Term of Service (ETS) dates.
However, automation is what makes the application and review process stand out. You can link your myPay account directly to the Veterans United myVU app, letting them access your Leave and Earnings Statement and bank statements in minutes instead of waiting for you to upload them. The lender will also instantly pull the applicant’s Certificate of Eligibility (COE) directly from the VA, a process that can take a non-VA lender several days.
Once you submit an application, a Veterans United loan officer will contact you within a couple of hours to finalize a plan.
Overall, Veterans United’s application is quick and streamlined. You can complete it entirely online, though you can get help by phone if you need it. The process took us about 15 minutes, though you could get a preapproval decision in as little as 12 minutes.
Churchill Mortgage
Churchill Mortgage also offers an efficient, streamlined mortgage app. The online application takes about 15 minutes (it may take slightly longer if you add a spouse or co-borrower) and requires similar information about housing history, personal info, property details, work history, and more. Using the information you provide, you’ll work with a loan specialist to discuss your options, which can include conventional, FHA and VA loans.
One standout element of Churchill’s process is that, after you submit, you’re sent to your personal dashboard, where you can see your remaining to-dos. You can also run payment calculations, connect your bank accounts, upload documentation, and monitor your loan application’s progress.
VA loan process
If you’re seeking a VA loan, you’ll indicate military service in the application. You’ll then be asked to enter what branch you served in and for how long. This lets the loan officer know a VA loan may be an option for your purchase. If you choose a VA loan, you’ll be asked for additional information. There are also questions about whether you’re a first-time homebuyer or if you’ve taken a homebuyer education course (the answers to these can affect your loan options and pricing, a Churchill rep says).
Georgia’s Own Credit Union
Georgia’s Own Credit Union has a streamlined application for all their loan types, but we looked at their FHA process. The application takes 10 to 15 minutes to complete if you have all your documents on hand.
A borrower starts the initial application process through the credit union’s website by answering four basic questions: whether you want to buy a home or refinance it, your existing debts, your gross monthly income and the state you live in.
You’ll then be asked whether you’re a first-time or repeat buyer, the address and zip code of the property, the type of home, the number of units, purchase price and down payment. With this basic information, you will get an initial estimate of your loan amount.
Answer a few more questions about your credit score, whether you served in the military, how long you plan to stay in the home, and whether it will be your primary residence. You’ll then be given a loan estimate for a 30-year and 15-year FHA loan. You can click a button to see a list of estimated closing costs, and you can also see how your loan estimate changes if you decide to buy points to lower your quoted rate.
If you choose one of the offered options, click a button to start the full application. You’ll need to create a credit union account, where you can securely upload all required documents (pay stubs, W-2s, bank statements, etc.) and track your loan. After you submit your application, a loan officer will contact you within a day to discuss next steps, including starting underwriting and scheduling an appraisal.
Common hurdles and how to make your mortgage application go more smoothly
Though loan applications can vary slightly by lender, mortgage professionals say a few common snags are universal.
Documentation is the big one. No matter the lender, mortgage applications require a lot of paperwork to back up your information. You need tax returns, bank statements, pay stubs, statements for your investment and retirement accounts, and more. If you don’t have these pulled and organized before applying, it could hold up your application and delay underwriting. Depending on market conditions, you could even miss out on a lower interest rate.
“Documents seem to be the biggest hiccup,” Rose says. “If everybody’s got their documentation ready, it makes for smooth sailing.”
You don’t necessarily need physical copies of everything, though. Digital versions can work — but make sure you can access those items easily before starting your application.
“Know how to log into the various things. Your bank account or the payroll service that your employer uses, for example,” says Chris DeRuischer, home loan specialist at Churchill. “Can you log in and get a copy of your 401(k) statement? It might not all be requested, but just knowing the log-ins and having all of that organized is very helpful.”
Frozen credit is another common issue in the application process. Lenders almost always need to pull a borrower’s credit to verify debts and assess how they pay and manage bills. If their credit is frozen, a common strategy to stave off identity theft and fraudulent charges, it can stop an application in its tracks.
“It’s a pretty popular thing to do,” DeRuischer says. “If you have your credit frozen, you will need to go on the app with each of the bureaus, unfreeze your credit score, thaw those, and then we’ll be able to pull the credit report after that.”
Deruischer recommends keeping your credit unfrozen for at least 30 days, since most lenders will need to re-pull credit just before closing. (They often do this to make sure nothing major has changed about your debts or payment history since applying.)
Ray Hicks, home loan specialist at Churchill Mortgage, also notes that getting hung up on the nitty-gritty details can hold an application back, too. While you should always enter the most accurate numbers and data possible, a few slightly off details won’t derail your mortgage.
“What I tell my clients when filling out their application is to do their best,” Hicks says. “They aren’t going to mess anything up. Of course, put in your correct personal info, but anything past that, if there’s an error, we’ll get it corrected on our end.”

Key Takeaways

Chronic conditions like arthritis, allergies and dental disease are making pet care more expensive than ever, according to research from Money.com and Healthy Paws Pet Insurance.
Most pet owners spend up to $250 a month on chronic issues, but emergencies often run between $1,000 and $5,000, if not higher.
Many owners rely on credit cards or savings to cover vet bills, while a smaller share use pet insurance to help manage sudden expenses.

Veterinary medicine has advanced significantly in recent years, but so has the price tag attached to the treatments and services pets need to thrive.
Costs are particularly steep for owners of cats and dogs with chronic issues like arthritis, joint pain, allergies and dental illnesses, common conditions and ailments that afflict pets. New research from Money.com and Healthy Paws Pet Insurance found that owners of pets with multiple medical conditions spend more not just on routine pet care, but on medical emergencies triggered by their pets’ health challenges.
Let’s get into it.

Arthritis and joint problems
Nearly a quarter (23%) of respondents said their pets struggle with arthritis or joint problems. This includes hip dysplasia and ligament tears that are common among some breeds, like German Shepherds and Maine coon cats, as well as injuries sustained during accidents or while playing.
Once a pet is diagnosed with arthritis, it needs lifelong care to slow down the progression of the disease and minimize joint pain. This includes diet changes, physical therapy, daily pain medications, supplements and more modern treatments like injections to block the pain. By some estimates, these injections cost between $40 to $155 per dose, depending on factors like the animal’s size and weight. Because these shots are typically given monthly, this adds up to nearly $500 to $1,800 annually, on top of your pet’s regular care, along with other supplements and pain medications your vet may recommend.
Food and environmental allergies
The second most common condition in pets is allergies to ingredients in their food or the environment, marked in the report by 20% of people caring for a sick pet.
When an allergic pet eats or touches a trigger, their immune system overreacts. This can cause itchiness, hair loss and stomach problems.
A single allergy test can set you back about $300, on average, and pets often require multiple tests to correctly identify the allergen. Future expenses depend on what your pet is diagnosed with and whether your vet recommends routine allergy shots. These cost an average of $78 per shot, according to data from medical financing provider CareCredit. Other treatment plans, like oral allergy meds, steroids or medicated sprays, cost anywhere from $1 to $275 per dose, according to rates available on Vetster, a vet telehealth platform.
Dental disease
In our survey, 17% of pet owners reported dealing with dental disease in their pets. In particular, periodontal disease — inflammation or infection of your pet’s gums — affects roughly 50% of dogs, according to a risk analysis published by the Journal of Small Animal Practice.
CareCredit data shows that professional dental cleanings range from $300 to $702 for both cats and dogs, but complications like extractions or advanced gum disease that require surgery or lifelong care can derail your budget by thousands of dollars.
How much do pet owners spend yearly on chronic conditions?
According to data from Money and Healthy Paws, 66% of pet owners caring for chronically ill pets spend up to $250 a month to manage conditions like arthritis, dental disease, joint problems and diabetes. About a quarter spend $5,000–$10,000 annually, and report higher levels of financial stress.
And that reflects only baseline expenses. If a chronically ill pet has an emergency, the yearly cost of care shoots up. Almost half (45%) of pet owners who rushed to the vet because their pet suddenly got very ill said they paid between $1,000 and $5,000 for urgent care.
These pet owners aren’t paying with cash, for the most part. The survey found that 38% would charge these bills to their credit cards or set up a payment plan with their veterinarian, while 20% said they would dip into their savings.
This financial reality has led many owners to consider pet insurance as a way to manage risk, particularly among the younger generation. About half of Gen Z owners currently have pet insurance, compared with roughly 1 in 10 baby boomers, according to a separate report by Money and Healthy Paws.
Pet insurance can help keep your cash flow predictable. For instance, if you charge an emergency vet bill on your credit card and file a claim with your insurer as soon as possible, you could get your reimbursement within a few weeks and settle the credit card debt relatively quickly. While pet insurance does not eliminate your pet’s health care expenses entirely, it can buffer the financial hit of a veterinary emergency.

FAQs
What is the average cost of pet cancer treatment?
Chemotherapy averages over $4,000 for cats and over $5,000 for dogs, according to pet care financing provider CareCredit. Surgical removal may cost $500 or more, and radiation can set you back around $1,000 to $1,800. Ultimately, the cost depends on your pet’s size, where the cancer is located and which treatment plan you choose.
Does pet insurance cover chronic conditions?
Yes, pet insurance covers chronic conditions if they’re diagnosed after you bought coverage and after the waiting period is up. Most illnesses are covered after two weeks, except for orthopedic conditions. These typically have a six- to 12-month waiting period.
Does pet insurance cover periodontal disease?
Yes, some pet insurance companies cover periodontal disease. That said, the range of benefits vary by provider. Many providers limit coverage to specific teeth and set a $1,000 annual payout limit.

More from Money
How Gen Z Is Managing the Rising Cost of Pet Ownership
6 Costs to Budget for Before Getting a Pet
Is Pet Ownership Becoming a Luxury?

Many of the country’s largest retailers and marketplaces — brands like Target, Home Depot and eBay — now accept Apple Pay wherever you check out.
Amazon, the biggest online retailer in the U.S., is a key exception.

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Amazon has never publicly commented on why it doesn’t accept Apple Pay, and neither has Apple, which did not respond to Money’s inquiries. But with Walmart finally breaking, announcing in August that it would accept Apple Pay after years of customer demands, shoppers are wondering whether Amazon could be next.
The stats around Apple Pay’s penetration are impressive — but perhaps unsurprising for Apple, which ships more than half of U.S. smartphones. Apple says its payment service is now accepted at over 85% of U.S. retailers, giving its users millions of places to shop even without a wallet. Double-press the side button, tap, pay, go.
Walmart now accepts Apple Pay. What about Amazon?
Recognizing that digital wallets are gaining popularity, Walmart is adding tap-to-pay in all its stores by the end of 2026. Shoppers have rejoiced in online forums (and, in at least one instance, at a night club).
However, it’s notable that Walmart has not added Apple Pay as a payment option online. The change applies to the company’s 4,600 stores, not Walmart.com.
Amazon declined to comment on Money’s questions for this story but did confirm that Whole Foods, which it has owned since 2017, accepts Apple Pay in its 540 brick-and-mortar locations in the U.S. In this respect, Amazon and Walmart are now on similar footing: Both accept Apple Pay in stores, but not online.
Eric Cohen, founder and CEO at Merchant Advocate, predicts that Amazon will continue holding out. Regular Amazon shoppers, including Prime members, generally have a card number on file, and the Amazon Buy Now button already makes payment easy.
“Amazon has their one-click. It’s frictionless,” he says. (It’s also one of the most famous patents in software history.)
Where Apple Pay could make a difference for Amazon is in attracting new customers, Cohen says. With Apple Pay, you don’t have to get out your wallet, find your credit card, type a 16-digit card number and complete the fields on a tiny mobile device. The experience would be seamless for new Amazon customers shopping on an iPhone.
Amazon has over 200 million paying members in the U.S.; Apple Pay is used by hundreds of millions globally. These are the kinds of numbers Cohen says Amazon is likely crunching behind the scenes.
What Amazon would lose by accepting Apple Pay
Amazon’s reticence to accept Apple Pay likely has little to do with cost — Apple doesn’t charge merchants a special fee to accept Apple Pay in stores or online.
“It’s about control of data,” Cohen says.
By accepting Apple Pay, retailers give up a whole lot of valuable information: a customer’s actual payment card number and associated data. Apple Pay masks this information for security.
Instead of seeing an actual card number, Amazon would see a tokenized number for those transactions, which could create several issues for the company. Card data helps Amazon build its risk models, which indicate the likelihood of fraud and chargebacks, says Aaron McPherson, principal and founder of AFM Consulting.
Because these are expensive problems to solve, Amazon has a vested interest in preventing them — hence its desire to hang on to customers’ card data.
Also, on debit card transactions, companies like Amazon benefit from a legal requirement that debit transactions must give retailers a choice from at least two unaffiliated networks for routing, helping them save on fees, McPherson says. Amazon could lose that ability with Apple Pay.
Is the Big Tech rivalry to blame?
The long history of competition between Amazon and Apple likely factors into why you can’t use Apple Pay on Amazon.
“When you’re talking about these giants, there’s got to be a little bit of this… ego,” Cohen adds. “They’re like friendly enemies, but I think it would be really hard for Amazon to go, ‘OK, let’s put that Apple logo on.’”
As two of the world’s most valuable companies, they inevitably compete in many areas. Earlier this month, for example, Apple unveiled its HomeView smart home hub, powered by Siri, which will challenge Amazon’s Echo lineup, powered by Alexa.
The two firms have also clashed over payments for more than 15 years. In 2010, then-Apple CEO Steve Jobs and other executives were internally discussing how to respond to an Amazon commercial promoting Kindle. Phil Schiller, then Apple’s senior vice president, wrote in an email that the ad shows a customer using an iPhone to purchase books with the Kindle app.
“The woman then switches to an Android phone and still can read all her books,” Schiller added. “Not fun to watch.”
In response, Jobs suggested that “the first step might be to say they must use our payment system for everything, including books… let’s force them to use our far superior payment system,” he wrote.
The emails first surfaced in 2013 as part of the U.S. Department of Justice’s 2012 e-book case against Apple. More recently, the emails became the opening example in the department’s 2024 “smartphone monopoly” antitrust complaint against Apple.
The year after the ad, Apple started requiring a 30% cut from Amazon and other retailers on in-app e-book purchases, prompting Amazon to turn off the purchase feature in the app.
The dust still hasn’t settled.
“They [Amazon] definitely see Apple as a big rival, and so I think it’s unlikely that they would do anything to help Apple out,” McPherson says.
Amazon Pay vs. Apple Pay
The 2024 DOJ case is ongoing, and Apple is reportedly in settlement talks. The case involves allegations that Apple has kept its No. 1 spot, in part, by blocking other digital wallets from using its near field communication (NFC) chip for tap-to-pay.
“While Apple actively encourages banks, merchants and other parties to participate in Apple Wallet, Apple simultaneously exerts its smartphone monopoly to block these same partners from developing better payment products and services for iPhone users,” the complaint read.
Google Pay is Apple Pay’s most direct parallel, functioning as the Apple Pay for Android users. But Amazon has its own wallet, too: Amazon Pay.
Amazon’s goals for Amazon Pay are part of the reason you likely won’t see Apple Pay on Amazon anytime soon, according to Tony DeSanctis, vice president at Cornerstone Advisors. Amazon Pay not only powers payments on Amazon.com — it’s also accepted at thousands of non-Amazon retailers, including Grubhub, Casper and Fashion Nova.
“They’re trying to generate revenue off of that by bringing smaller merchants into their ecosystem, and so they’re actually doing exactly what Apple’s doing,” DeSanctis says. “They’re not going to embolden their own competitor, Apple Pay, by giving them all of that Amazon volume.”
For everyday shoppers, the benefit of both services is convenience. Third-party merchants that add the Amazon Pay button to their checkout processes enable shoppers to use payment info already stored in their Amazon account.
In a January 2024 comment to the Consumer Financial Protection Bureau, Amazon said that digital wallets “are additive, not limiting, in terms of consumer options” and “often promote consumer safety.”
An Amazon spokesperson did not answer Money’s question as to whether it sees Apple Pay the same way.

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A comfortable retirement doesn’t necessarily just come down to how much money you have saved up. Your lifestyle plays a major factor.
A $1 million nest egg is enough for some people, while others aim to save closer to $5 million. Living a comfortable retirement comes down to your ability to reliably cover monthly bills with Social Security, portfolio withdrawals and other income sources. Considering these monthly bills can help.

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The bills you can’t skip: housing and health care
Mapping out how much you need for a comfortable retirement starts with your biggest, unskippable bills. Homeownership still has costs even after you have paid off the mortgage, including property taxes, homeowners insurance, utilities and applicable homeowners association (HOA) fees. You also have to be prepared for repairs and maintenance costs.
Writing down all of your housing expenses can help you determine how much money you need. It can also inspire you to seek alternatives to your current lifestyle, such as downsizing, relocating or selling your home and renting. Lowering your expenses makes it easier to live a comfortable retirement, especially if you focus on housing costs.
Regardless of where you live, health care costs will also add up. While Medicare offers some coverage, you will have to factor in premiums, prescriptions, dental, vision and other costs. A Fidelity report estimates that a 65-year-old who retired last year can end up spending $172,500 on health care and medical expenses throughout retirement.
Everyday costs: food and transportation
The next two bills address everyday costs. All food-related purchases, including groceries, dining out and delivery, count as one category. Your habits — such as if you cook or dine out — and location influence how much you spend on food.
Transportation is another essential cost that includes car payments, insurance, gas, maintenance, rideshares, public transit and other methods of travel. You may only need one car instead of two if you and your spouse are both retired.
Debt, taxes and insurance obligations
Debt, taxes, and insurance obligations can take up a large portion of your budget. Factoring these into your financial planning can prevent unpleasant surprises and ensure a comfortable retirement instead of a rude awakening.
Any credit card debt, loans, mortgages and other debt will compete with basic living costs. It’s optimal to pay off this debt as quickly as possible — even if that means picking up a part-time job or cutting back significantly on spending. While Social Security can help, don’t forget that it’s eligible for taxation. Pension income and withdrawals from traditional retirement plans are also taxable.
Long-term care is a cost that’s often forgotten, especially early in retirement. But it can become a large line item down the road. Getting a long-term care insurance policy can reduce your costs if you end up needing long-term care, but you will have monthly premiums chipping away at your budget.

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Managing your finances can be so stressful that you lose sleep, but researchers suggest a solution: putting money into a saving account every month, even if it’s just a small amount.
According to an analysis from the University of Bristol’s personal finance research center, located in England, people who save regularly get higher-quality shut-eye than those who don’t. Folks who save money are also much more likely to feel relaxed most of the time.

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“Regular savers tend to feel more optimistic, are more satisfied with life and sleep better,” Susan Allen, chief executive officer at the Yorkshire Building Society, which sponsored the research, said in the July 2024 report.
The researchers posit that saving money leads to less anxiety about money and greater well-being overall. Put simply, the ability to pay for unexpected expenses gives people with savings less to worry about: “Building a safety net — no matter how small — really does pay off in peace of mind and providing security,” Allen said.
However, it’s crucial to make saving a regular habit in order to get those benefits.
How saving money can help you sleep
To draw these conclusions, the Bristol center analyzed a long-running United Kingdom study with survey data going back more than 10 years. Called Understanding Society, the study bills itself as “the largest longitudinal household panel study of its kind.”
According to the researchers, the amount you save isn’t the end-all-be-all. Even if you’re not in a position to put away huge sums of cash, making it a goal to save something is often rewarding.
Among people who don’t save, only 72% say their sleep quality is “very” or “fairly” good. That figure rises to 78% for those who save something each month, no matter the amount.
The report also found that low-income people who save money regularly have similar life satisfaction levels as people in much higher income brackets who do do not save.
With that said, saving larger amounts appears to make a bigger difference: Higher shares of people who saved at least £500 (the equivalent of about $650) per month responded that they sleep well, feel relaxed and have optimism about the future than those who save smaller amounts.
There are many reasons to save money for people in basically all financial situations. Early on in your career, it’s important to build up enough of a fund to weather an emergency like a job loss or medical crisis. Saving money can also get you on the path to major purchases like a first home, and it’s never too early to save for retirement.
In the United States, high-yield savings accounts and other savings tools are currently earning savers significant returns due to the Federal Reserve’s high interest rates. Investing in the stock market can be more unpredictable, but folks with longer-term goals should consider investing options in addition to savings accounts.
Getting into a routine where you save consistently is the key to success — and, apparently, catching some z’s.

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When determining at what age you should claim Social Security, you’ll likely want to consider longevity.
If someone waits to claim Social Security until age 70 to get the maximum benefit but passes away soon after, they could have benefited from claiming earlier. Because you typically need to live into your 80s for waiting to become worth it, you may consider how long your parents lived. But that’s not necessarily a strong predictor for how long you will live. Here are some key details to consider as you assess the best time to take out Social Security.

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Should you consider genetics?
The age your parents passed away isn’t a full predictor of how long you will live. Lifestyle, healthcare and treatments likely matter more than your family’s health history. Plus, health care has advanced to make certain causes of death easier to treat and prevent.
It makes more sense to look at your own health and body when assessing how long you will live. Some people pass away in their early 60s due to bad health, while their children may live into their 70s and 80s thanks to healthy habits and an emphasis on fitness. In other words, just because your parents passed away in their 70s does not mean you will, too.
The Social Security Administration’s tool
The Social Security Administration offers a life expectancy calculator that projects how long the average person will live. It’s a way for people in their 60s to assess how much longer they will live, but it offers no guarantee.
The life expectancy calculator only asks for your date of birth and sex. That information lets the Social Security Administration offer a rough estimate, but it doesn’t factor critical details, such as your health history, fitness, eating habits and daily hours of sleep.
Splitting the difference
When it comes to claiming Social Security, you don’t have to choose between the two extremes of claiming at age 62 and age 70. Some people wait a little later until they reach 64 or full retirement age before committing to benefits.
Receiving benefits before reaching full retirement age may make a portion of your benefits eligible for withholding, depending on whether you still work. However, those withholding rules go away the moment you reach full retirement age. There is a lot of flexibility regarding when you claim benefits. You don’t have to claim the moment you turn 62, and you also don’t have to wait until your 70th birthday.
What married couples should consider
Married couples have another key factor to consider when planning out their claiming window. If the higher-earning spouse secures a higher benefit, that also results in a higher survivor benefit for the lower-earning spouse.
If the lower-earning spouse is younger than the higher-earning spouse, then it may make more sense for the higher earner to delay claiming benefits for as long as possible. However, they have more flexibility regarding when they claim Social Security if their spouse is significantly older than them.

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You can claim Social Security the moment you turn 62, even if you are still working. However, getting government checks while working has trade-offs, which may include a portion of benefits being withheld if you are still bringing in a salary.
Claiming early may be the right move for some people, but it’s important to understand the full picture before making that significant financial decision.

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The 2027 limits
If you claim Social Security before reaching full retirement age, and you still earn a salary, some of your benefits may be withheld. This does not mean that you permanently lose your benefits. Any withheld benefits are redistributed across future Social Security checks when you reach full retirement age.
Withholding starts when your income exceeds $25,560 in 2027, excluding your Social Security check. Once you reach that threshold, $1 is withheld for every $2 earned. In the year you are approaching full retirement age, the only threshold you have to worry about is $67,920, at which point $1 will be withheld for every $3 in excess earnings.
Let’s look at an example. If a worker earns $35,560 at age 63 in 2027, they are $10,000 over the first threshold, which means $5,000 will be withheld from their Social Security benefits. For most people in their early 60s, that translates into multiple months of Social Security checks being withheld.
This withholding can be significant for people who are on tight budgets and need Social Security to keep up with living expenses. It can be an unpleasant surprise for many people, especially individuals with higher annual salaries who are still living paycheck to paycheck.
How you receive the withheld money back
Withheld benefits return when you reach full retirement age. That’s when Social Security raises your monthly benefit to credit the withheld months, and you get to keep that Social Security boost for the rest of your life. Withholding limits will not apply anymore, even if you choose to work when you reach full retirement age.
It can be good in the long run to have a portion of Social Security withheld, assuming those withholdings do not affect your ability to cover daily expenses. For many people, it may make sense to accept a job promotion, work extra hours or pick up a side hustle while receiving Social Security without letting withholding scare them away from the opportunity to earn a higher income during the last few years of their career.
Is claiming early worth it?
It’s often better to wait before claiming Social Security if you are still earning a paycheck. Most of your benefits may be withheld, depending on how much you earn. Also, your Social Security checks will continue to grow faster in the background if you wait to claim. But for others, claiming early makes sense. It depends on your specific situation.
If you decide to claim Social Security early, it’s a good idea to report your expected earnings to the Social Security Administration upfront. That way, you can avoid an overpayment bill later.

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The Rule of 72 is a formula to predict how long it will take to double your investment portfolio, and demonstrates the power of compound growth. While it’s a useful guide for calculating how long it will take your money to double give a certain annual rate of return, it’s a general guideline — not a promise.
The key to growing your wealth is to consistently save and contribute to your investment accounts.

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How the rule works
Divide 72 by your expected rate of return to estimate how many years it will take for your money to double. For instance, if the expected rate of return is 6%, the calculation would look like this:
72 / 6 = 12
Therefore, it would take 12 years to double your portfolio if you average a 6% return per year. However, you may be able to estimate an even higher rate of return depending on your investment vehicle. If you average an 8% return per year, you will double your money faster:
72 / 8 = 9
Jumping from a 6% annualized return to an 8% annualized return allows you to double your money three years faster.
Why compounding is so powerful
Compound interest is the interest you earn on interest — and though compounding can start slowly, it becomes more powerful as your portfolio grows.
Say $1,000 grows at an annual rate of 7%. After one year, you’d have $1,070. Then, the 7% interest grows on $1,070. After the second year, you’d have $1,145.
You can reinvest dividends and interest payments so that they compound.
Cutting fees and taxes
Despite compound growth, fees can eat away at your portfolio. Mutual funds and exchange-traded funds (ETFs) come with expense ratios, or the cost of someone managing your account. While many ETFs that follow market benchmarks like the S&P 500 and have expense ratios below 0.10%, some actively managed funds have expense ratios of 1% or even higher. That can significantly hurt your returns.
If your ETF produces an annualized 8% return and has a 1% expense ratio, you only end up with a 7% return. Instead of doubling your money in nine years, the lower 7% return results in you doubling your money in 10 years.
Taxes can also weigh on returns if your fund distributes cash that is treated as ordinary income. Because of this, you may want to pick an index fund with a low expense ratio and cash distributions that are not treated as ordinary income.
Putting the rule into action
You can use the 72 rule to gauge how long it will take for your portfolio to double using a fund’s historical returns to predict future annualized returns — though keep in mind that past returns don’t guarantee future ones. Having an estimate for how long it will take to double your money can help with your retirement goal planning.

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Financially planning for retirement can be complex. But there are simple moves you can make to potentially boost your lifetime income.
Here’s a brief checklist you can use to review your current situation and determine whether you might be leaving money on the table.

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1. Verify your earnings record
Start by getting a snapshot of your current Social Security information. You can create or log into your Social Security account via the Social Security Administration’s website to see your lifetime earnings and an estimate of how much you will receive in benefits.
This snapshot lets you see how much you can receive from Social Security, but it also gives you the opportunity to detect any errors with your income. Addressing any errors now could result in higher checks in the future.
2. Assess when you should claim Social Security
If you delay claiming Social Security, you can end up with a larger benefit. In 2026, if you claim at 62, the maximum benefit is $2,969 per month, depending on your lifetime earnings. However, the maximum grows to $5,181 per month if you wait to claim it until you turn 70.
Your benefits go up each year that you wait, but the growth of your checks accelerates to 8% per year when you reach full retirement age, which is 66 or 67, depending on when you were born, until age 70.
While it makes financial sense to wait until you are 70, that isn’t feasible for everyone. Some people need money to make ends meet now, and while a full-time or part-time job is an option, not everyone can return to or stay at work.
3. Plan for taxes and Medicare
Social Security doesn’t get taxed as much as ordinary income, but it’s still taxable, depending on how much income you report each year. Remember, any withdrawals from a traditional retirement account are treated as ordinary income, so you can end up with higher tax rates than you may expect.
Depending on how much you earn from Social Security, traditional retirement account withdrawals and other sources, up to 85% of your benefits may be taxable. That’s why it is often makes more sense to take out Social Security when you have already retired and your income is lower than when you are still working.
You also have to factor in Medicare Part B premiums, which are automatically deducted from your Social Security check, as long as you are receiving Social Security while enrolled in Medicare. You will be billed directly for Medicare premiums if you delay Social Security, so you can’t avoid these premiums either way. However, it’s smart to calculate if Social Security is enough while considering Part B premiums, which will trim your checks.

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