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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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After months of anticipation, Anthropic filed a registration for its initial public offering, or IPO, with the U.S. Securities and Exchange Commission (SEC) on Monday, Sept. 26. When the AI powerhouse officially goes public, it reportedly could be valued as high as $2 trillion, which would make it the biggest IPO in history.
According to Bloomberg News, the creator of the Claude chatbot is set to begin formally marketing for its IPO as soon as the week of Nov. 9, while aiming to match or beat the size of SpaceX’s IPO. The Financial Times, which was the first to report the $2 trillion figure, cited several backers of the five-year-old AI lab.

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Proponents of that lofty valuation have argued that expected annualized revenue of up to $120 billion would justify that record-breaking valuation. However, according to Anthropic’s S-1 filing with the SEC, full-year revenue for 2025 was $4.585 billion. Through the first six months of 2026, that figure has accelerated to $16.286 billion, suggesting that Anthropic’s recent financial performance is failing to live up to the estimated annual revenue that would justify a $2 trillion valuation.
A $2 trillion valuation, which would place Anthropic among the eight most valuable companies in the world, would soar past SpaceX’s blockbuster $1.77 trillion IPO in June. Elon Musk’s company — which serves as an umbrella for businesses including rocket launch services, direct-to-device Starlink satellite connectivity and xAI — briefly hit a $2 trillion valuation on its first trading day before falling. At press time, its valuation is once again above $2 trillion.
While excitement around Anthropic’s public debut is running high, the options for ordinary investors who want to gain exposure to the company ahead of its IPO are limited.
Earlier this year, Anthropic announced that it was curtailing sales of pre-IPO shares through special-purpose vehicles (SPVs). These legal entities pool investors’ money for a specific purpose — in this case, holding private shares of a not-yet-public company. Anthropic warned that scammers could try to mislead investors. “If someone offers you a way to participate, even on an indirect basis, in an investment in Anthropic, assume that it is invalid,” the company warned on its website.

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You can get exposure, but ‘you have to be really picky’
The buzz and the huge dollar amounts being projected around Anthropic’s IPO have increased demand — as well as the stakes for investors with FOMO.
“I do think there’s so much media attention around this that people are going to be excited about the debut,” says Brian Mulberry, chief market strategist at Zacks Investment Management.
This isn’t to say investors should avoid investments that offer early exposure to hot pre-IPO AI companies, Mulberry says. But you’ll want to look under the hood and make sure you understand exactly what you’re paying for — and how much you’ll be paying to do so.
“There are some decent offerings out there, but you have to be really picky,” he cautions.
Investors have their pick of a handful of exchange-traded funds, or ETFs, that hold Anthropic. The iShares AI Innovation & Tech Active ETF (BAI), the T. Rowe Price Technology ETF (TTEQ) and the KraneShares Public-Private AI & Technology ETF (AGIX) each hold shares of Anthropic (the first two also have pre-IPO stakes in Anthropic rival OpenAI). Investment firm Fred Alger Management holds pre-IPO shares of Anthropic in three ETFs: the Alger 35 ETF (ATFV), Alger AI Enablers & Adopters ETF (ALAI) and Alger Concentrated Equity ETF (CNEQ).
Investor caveats abound
For most of these funds, though, Anthropic represents only a tiny fraction of their overall holdings. (As a percentage, the ETF mentioned above with the greatest share of Anthropic is CENQ, with a little less than 4% of its holdings in the Claude parent company.) Another drawback all have in common: higher-than-average expense ratios. “Pay attention to what kind of a drag that’s going to have on your return,” Mulberry advises.
High-profile tech investor Cathie Wood’s firm, Ark Invest, also has a fund that holds Anthropic, the ARK Venture Fund (ARKVX). This isn’t a run-of-the-mill ETF, though; it is a closed-end fund, or CEF, which means investors should exercise extra vigilance before buying shares.
Along with a minimum purchase requirement $500 and a net expense ratio of 2.9%, the fund’s semi-liquid structure means you can’t just cash out and sell your entire holding if you change your mind.
Financial technology company Fundrise promises exposure to Anthropic and other hot pre-IPO startups via its Fundrise Innovation Fund (VCX), with the added appeal of a low $10 minimum buy-in. It’s worth noting, though, that this fund is also a CEF, which introduces some caveats that might give investors pause, according to financial research and ratings provider Morningstar.
“This CEF is trading at a massive premium,” Jack Shannon, an equity strategies principal at Morningstar, noted in a March blog post. Shannon also pointed out that a significant portion of the securities in the fund are held via third-party financial instruments rather than outright owned.
While not inherently bad, more complexity can mean lower transparency and higher costs, according to Shannon, who notes that these expenses “can eat meaningfully into returns.”
Some detractors are more blunt. In a May 15 blog post, Case Western Reserve Law School professor and visiting scholar at Harvard Law School Anat Alon-Beck criticized what she referred to as “shadow-equity structures… designed to mimic ownership of stock without necessarily delivering shareholder rights.”
Take the low-cost shortcut
If you want exposure to Anthropic without having to become a financial pro, though, Mulberry has good news. “There’s a much safer way to go about this,” he says.
Investors can get indirect exposure via other tech titans that have invested in Anthropic, such as Amazon, Google parent Alphabet, chipmaker Nvidia and Microsoft. “There’s a sideways or pass-through exposure by owning Google or Nvidia,” Mulberry says. Even holding passively managed, low-cost index funds give you exposure to these companies.
Mulberry says it’s not surprising that interest in Anthropic is so high, but investors can’t let themselves get carried away. “The metrics and monetization Anthropic has been able to demonstrate are really strong,” he says.
In the high-stakes, high-cost arms race for AI dominance, “this one could be the unicorn,” although he adds, “It’s always a wild card.”

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With tightly contested campaigns leading into November’s midterm elections, it’s no wonder Americans are worried about how the results could impact their portfolios.
According to a Nationwide Retirement Institute study, 75% of investors agree that the outcome of the midterm elections could have a meaningful impact on their long-term financial plans. Additionally, 76% say they believe that if the party they support doesn’t win or maintain control of Congress, it could have significant impacts on the economy.
Historically, however, stocks have performed well in the year following a midterm election cycle.

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“As the big takeaway, [investors] are best off not formulating their investment strategy on political outcomes,” says Gina Martin Adams, chief market strategist at HB Wealth.
Taking a closer look at the current state of the stock market in the lead-up to Election Day can provide a more holistic picture of how the midterms could impact investors’ futures.
Typical stock performance after midterm elections
After hitting a record high on Oct. 6, the S&P 500 experienced an AI-fueled selloff in the middle of the month, slipping by more than 2%. The index has since recovered and is trading less than 1% below its all-time high.
But concerns about a bubble persist. Outside of the mega-cap companies that dominate the index, nearly 40% of the stocks in the S&P 500 are down 20% or more, placing them firmly in bear markets. Yet the odds of the index finishing 2026 in positive territory are currently 89%, according to prediction market platform Kalshi.
Data from Deutsche Bank shows that, in the short term, the stock market has risen in 21 of the last 23 midterm election cycles (from one month before the election to two months after). And in the year following each of the last six midterm elections, the benchmark index has posted a gain:

Nov. 5, 2002, to Nov. 5, 2003: 14.9%
Nov. 7, 2006, to Nov. 7, 2007: 6.7%
Nov. 2, 2010, to Nov. 2, 2011: 3.7%
Nov. 4, 2014, to Nov. 4, 2015: 4.5%
Nov. 6, 2018, to Nov. 6, 2019: 11.7%
Nov. 8, 2022, to Nov. 8, 2023: 14.5%

In half of those instances, the S&P 500’s one-year performance exceeded its long-run average return of 10% dating back to the index’s inception in 1957.
But there are circumstances beyond elections to consider for those years’ underperformances.
In 2006, the midterms were held in the wake of the housing bubble bursting and in the lead-up to the global financial crisis that persisted through 2008. In May 2011, six months after the 2010 election, the S&P 500 declined 19% through October, bottoming just shy of the threshold for a bear market. And in August 2015, nine months after the 2014 election, the index suffered a single-day flash crash of more than 5% in response to slumping Chinese markets and concerns about global economic fallout.
Outliers aside, the index still finished up in those years, which fits a historical pattern.
“Year two, which is the year we’re in during the current presidential cycle, tends to be the weakest [for stocks],” Adams says. “Year three, which follows the midterms, tends to be the strongest.”
Moreover, federal elections land in the fourth quarter, which has seen historically strong performances over the past 13 years. Going back to 2013, the S&P 500 has only finished down in the last quarter of the year once, according to data from Carson Investment Research.
Over that span, the index has had a median return of 6.5%.
How investors should approach the midterms
Nationwide’s study also found that 40% of investors say they made changes to their retirement savings or portfolio in anticipation of the 2026 midterms. That includes 15% of respondents who have moved money into more conservative or lower-risk investments and 13% who diversified into different asset classes or sectors.
But 88% of respondents did not consult a financial advisor about potential election-related risks. Of advisors who were consulted, nearly 1 in 4 warn strongly against making portfolio changes based on election-related anxiety.
“There’s no historical evidence that a meaningful shift in Congress will have a materially stronger impact on markets,” Adams says.
That shift has become commonplace. Since 1894, the party of the president has lost seats in the House of Representatives in all but three midterm elections. In the Senate, that has occurred in two-thirds of midterm elections.
But according to research conducted by HB Wealth in September, that change in the balance of power has been followed by fruitful results for investors.
“In all of the election years in which we’ve had a midterm shift that resulted in a Republican president with a divided government, the next year’s return averaged 17%,” says Adams.
Market-timing typically results in missed gains
On the other hand, investors who altered their strategies in the lead-up to previous elections and attempted to time the market were the most likely to miss out on the S&P 500’s ensuing gains.
Financial services firm Charles Schwab analyzed 80 separate 20-year periods involving five different investing styles. In every scenario, it found that investors who leave money in cash or cash alternatives in the hopes of timing the bottom of a pullback or correction, yet who fail to deploy those funds, perform the worst.
Adams says that this election cycle is unlikely to deviate dramatically from historical precedent. But that doesn’t stop investors from being nervous about the potential impact of midterm elections on their portfolios.
“I think they tend to be over-captivated with policymaking out of Washington as a major market driver,” she says. “It wouldn’t surprise me if investors are letting their political perspective seep into their investment plans.”
More than 6 in 10 advisors who responded to the Nationwide study said that in an election year, the best course of action is not adjusting their or their clients’ investment strategies. That marks an 11-percentage point increase from the 52% of advisors who said the same during the 2024 election cycle.
“[Stocks’ performances] are very persistently positive in the year after a midterm,” Adams says. “In the end, profitability and interest rates are the only two things that really and have extraordinary meaning over time.”

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Best Banks for High-Yield Savings Accounts

High-yield savings accounts, or HYSAs, offer annual percentage yields (APYs) that are much higher than traditional savings accounts. But those APYs are also variable and can change at any time.
Methodology: Money collected data from roughly 60 HYSAs offered by some of the largest and most popular commercial banks, credit unions and online banks. While APY was the main factor considered, we also reviewed minimum opening balances, fees and more.
Criteria: Some banks have high opening balance requirements or may require you to keep a certain amount in your HYSA to earn the advertised APY. In addition, some banks have tiered rates, with higher balances earning more.

Whether you’re growing your emergency fund, saving for a new car or planning a dream vacation, it’s important to put your money somewhere where it’s easily accessible. But with interest rates so low on traditional savings accounts, you’re not likely to see that money grow much more than you would if you stuck it in a piggy bank.
But high-yield savings accounts (HYSAs) offer annual percentage yields (APYs) that are much higher than traditional savings accounts. Read on for our list of the banks and credit unions offering the best HYSA rates right now, as well as a guide on how these savings accounts work and how to choose the best one for you.
How we chose our top picks
Our editors and writers collected the rates on roughly 60 HYSAs from some of the largest and most popular commercial banks, credit unions and online banks. While APY was the main factor we considered, we also assessed factors such as minimum opening balances and fees. The best banks for high-yield savings accounts are listed below in alphabetical order.
Read the full methodology to learn more.
Our top picks for the best banks for high-yield savings accounts for November 2026

Axos Bank Axos ONE Savings Account
Bread Savings High-Yield Savings Account
BrioDirect High-Yield Savings
EverBank Performance Savings
Forbright Bank Growth Savings
Happen Bank LevelUp Savings
Newtek Bank APY Savings
Openbank High Yield Savings
Pibank Savings
TAB Bank Save High Yield Savings

*Rates and APYs are subject to change. All information provided here is accurate as of Oct. 23, 2026.

HIGHLIGHTS

APY
4.21% on balances up to $249,999.99, 3.5% for balances $250,000 and over

Minimum opening requirement
$250

Minimum balance for advertised APY
Average daily balance of at least $1,500 in an Axos ONE checking account

Axos Bank‘s Axos ONE savings account offers a highly competitive APY on the first $249,999.99, with a still-competitive APY for additional balances above that figure. Customers have access to a fee-free ATM network that includes more than 95,000 locations.
The account does carry a higher-than-average minimum deposit requirement of $250, but there are no monthly maintenance fees, no minimum balance requirements and no overdraft fees. In order to unlock the highest available APY for the savings account, customers must satisfy one of two options: (1) Receive at least $1,500 in total monthly qualifying direct deposits and maintain an average daily balance of at least $1,500 in an Axos ONE checking account, or (2) receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of at least $5,000 in an Axos ONE checking account.

HIGHLIGHTS

APY
4.05%

Minimum opening requirement
$100

Minimum balance for advertised APY
$100

With Bread Savings, you can earn a highly competitive APY on a wide range of balances with a $100 minimum deposit on up to a balance of $1 million. While there are no physical branches for this online-only bank, you can get customer service by phone seven days of the week.
There are no ATM or debit cards, but Bread Savings’ high-yield accounts do not charge monthly maintenance fees and feature free incoming wire transfers and unlimited mobile check deposits. There is a $5 for paper statements, but online statements are available for download at no cost.

HIGHLIGHTS

APY
3.75%

Minimum opening requirement
$5,000

Minimum balance for advertised APY
$25

BrioDirect offers one of the highest-earning HYSAs on our list with a minimum deposit of $5,000 and a minimum balance of $25 to earn the top APY. The account, which is offered by a brand from the longstanding, Connecticut-based Webster Bank, is an ideal instrument for making the most of your savings. Its high-yield savings account boasts a strong APY and no monthly maintenance fees. Additionally, there are no limits on how many withdrawals you can make.
You can fund your account via transfer from an external bank; BrioDirect allows customers to link up to five accounts at one time. One big change since last year is that the online bank now offers mobile check deposits via its app. While there are no physical branches for in-person deposits, BrioDirect accepts checks for deposit by mail, as well as wire transfers.

HIGHLIGHTS

APY
4.2%

Minimum opening requirement
$0

Minimum balance for advertised APY
$0

EverBank’s Performance Savings account doesn’t offer one of the highest APYs on our list of Best Banks for High-Yield Savings Accounts, but the APY for its HYSA is still strong and will handily outperform those offered by traditional savings accounts. The account doesn’t require a minimum balance, doesn’t charge monthly maintenance fees and interest is compounded daily.
Unlike many of our top picks, EverBank does have brick-and-mortar branches, although they are only in Florida, California and New York. Unlike some online banks that offer customer service seven days a week, EverBank doesn’t have service hours on Sundays, and its Performance Savings account is only available online or via phone.

HIGHLIGHTS

APY
3.85%

Minimum opening requirement
$0

Minimum balance for advertised APY
$0

Forbright Bank’s Growth Savings account offers a highly competitive APY on all balances that is nine times the national average savings rate. It doesn’t require a minimum opening deposit or a minimum balance requirement. The account also doesn’t charge monthly maintenance fees, has no hidden fees and interest is compounded daily.
If you’re looking for human interaction, however, you’ll want to look elsewhere. While Forbright has branches in Maryland and Virginia, the HYSA is a digital-only product.

HIGHLIGHTS

APY
4.2%

Minimum opening requirement
$0

Minimum balance for advertised APY
$0

Happen Bank, formerly LendingClub, may be best known for its personal loan offerings, but it also offers a highly competitive APY for its HYSA product. However, that advertised APY is only applicable if you meet the requirement of depositing at least $250 per month into your LevelUp Savings account. The account doesn’t charge monthly maintenance fees, nor does it require a minimum opening deposit or a minimum account balance.
The bank still offers a competitive standard APY if you’re unable to meet the $250 monthly deposit requirement. However, that APY is not among the best HYSA rates available today. On the plus side, the account comes with a free ATM card.

HIGHLIGHTS

APY
4.2%

Minimum opening requirement
$100

Minimum balance for advertised APY
$0

Newtek Bank may focus on business banking, but it also has an HYSA that offers a very competitive APY. Additionally, the bank doesn’t have minimum opening or minimum balance requirements, and the account provides interest at a rate 11 times the national average.
The federal government no longer requires banks to limit withdrawals from savings accounts to six per month, but some banks still do. Newtek is one of them. Plus, you cannot withdraw to multiple other banking or investment accounts; you can only withdraw to the original funding source. So overall, the withdrawal options are limited.
One caveat to note: As of October 2026, Newtek has paused new applications for the account amid strong demand and moved to a waitlist, onboarding customers in batches. If you’re interested, you’ll likely need to join the waitlist and wait for an email when new slots open rather than opening an account on the spot.

HIGHLIGHTS

APY
4.35% (inclusive of 0.35% APY boost)**

Minimum opening requirement
$500

Minimum balance for advertised APY
$500

Openbank currently offers an APY that is nine times the national average. That applies to all balance tiers with its HYSAs, and the accounts are fee-free. While you will need to open the account with at least $500, the bank claims on its website that you can get started in just five minutes.
As an online brand of Santander Bank, customers will not be able to visit a physical branch. However, Openbank does have a “click-to-call” feature for when you need to speak to a human. There are no debit cards or checks available with this account.
The introductory promotional APY Boost includes a 0.35% APY boost (“APY boost”) added to the account’s current variable APY (“standard variable APY”) of 4.00%. The APY Boost will apply for (6) months from the date the account is opened (“Promotional Period”). The standard variable APY for your account remains variable and subject to change at Openbank’s discretion at any time and any frequency without notice. If the standard variable APY changes during the Promotional Period, the APY boost will continue to apply through the end of the Promotional Period, subject to applicable terms. After the Promotional Period ends, the account will earn the standard variable APY in effect at that time without the APY Boost.
**This is a limited time offer, effective as 12:01 am Eastern time 10/14/2026. To qualify for the APY boost, an eligible account must be opened while the offer is available. All applications are subject to approval. Completing and submitting an application does not, by itself, establish an account. The introductory promotional APY boost is valid for new Openbank customers. If your account is determined to be ineligible, Openbank reserves the right to terminate the APY Boost at any time without notice, and the account will then earn the standard variable APY in effect at that time. Existing accounts opened prior to 09/23/2026, are not eligible for the APY Boost and will continue to earn the standard variable APY. The APY Boost promotion may not be combined with other bonus offers by Santander Bank. Additional terms, conditions, and eligibility requirements may apply.
**Openbank reserves the right to modify, suspend, or terminate the APY Boost at any time without notice.
Other Terms & Conditions: This offer is available only when stated on the Openbank High Yield Savings page

HIGHLIGHTS

APY
4.4%

Minimum opening requirement
$0

Minimum balance for advertised APY
$1

Pibank stands out for its high-yield savings that offers a top-tier APY that applies to customers’ entire balances. There is no minimum opening requirement and no fees, and the account can be accessed anywhere via a mobile app.
Despite its stand-out APY offering, Pibank’s savings account is wire-transfer only — it does not support ACH or Zelle. But that is a convenience tradeoff for those looking for one of the most competitive APYs on the market today.

HIGHLIGHTS

APY
3.95%

Minimum opening requirement
$0

Minimum balance for advertised APY
$0.01

TAB Bank offers a HYSA with an attractive APY that is nine times the national average. There is no minimum opening requirement and the minimum balance to receive the advertised APY is just 1 cent. The account doesn’t charge monthly maintenance fees and there are no balance caps.
If you’re looking for a bank that offers both a savings and checking account, TAB may be a good option for that, too, since its TAB Spend Rewards Checking account is interest-bearing and also doesn’t charge maintenance fees. The bank offers limited customer service hours on weekends, with service only available 9 a.m. to 3 p.m Mountain Time Saturday and not at all on Sunday.

Other HYSAs we considered
We assessed many HYSAs that ultimately did not make our list. Below are several companies that were not named on our list but have attractive APYs and may be a fit depending on your needs.
SoFi
SoFi’s HYSA has a competitive rate up to 4.4% APY for up to six months with SoFi’s +1.1% Boost⁸ on new accounts with eligible Direct Deposit. There is no monthly maintenance fee or minimum balance. The online bank offers a hybrid savings and checking account option, so when you open a SoFi savings account, it will automatically open a checking account in your name. SoFi’s account is a solid option for savers, but its advertised APY is only good for up to six months, which then reverts to 3.30% APY.
⁸1.1% Savings APY Boost
Earn up to 4.2% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.1% APY Boost (added to the 3.3% APY as of Oct. 23, 2026) for up to six months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by Dec. 31, 2026. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Bask Bank
Bask Bank offers an HYSA with a competitive APY and no minimum balance requirement or monthly fees. There’s also no minimum to open the account, though you’ll need to fund the account within 15 days or it will be closed. However, once the bank’s promotional period of up to six months ends, the APY on its Interest Savings account is below most of the banks chosen for Money’s list.
CIT Bank
CIT Bank’s Platinum Savings account has no monthly maintenance fee and competitive 3.75% APY for its HYSA. However, that APY only applies to balances of at least $5,000. Balances below that earn a significantly lower APY of 0.25%.

Best HYSA rates FAQs
What is a high-yield savings account?
A HYSA is a type of savings account that offers higher interest on your cash than its traditional counterparts.
Are high-yield savings accounts safe?
HYSA banks insured by the Federal Deposit Insurance Corporation and credit unions insured by the National Credit Union Administration protect your money up to $250,000 per depositor per ownership category should the financial firm collapse.
What is a good APY for a high-yield savings account?
The best APYs for high-yield savings accounts are generally higher than the Federal Reserve’s benchmark effective federal funds rate (EFFR). According to the Federal Reserve Bank of St. Louis, the EFFR is 3.88% as of Oct. 23.
Which banks offer the highest HYSA interest rates?
The highest HYSA rates are typically offered by online banks and credit unions, which have lower overhead costs than traditional brick-and-mortar banks with branch networks. That allows them to pass on those savings to customers in the form of higher APYs.

How we chose the best banks for high-yield savings accounts
To find the best HYSAs, Money collected rates from around 50 of the largest and most popular banks, credit unions and online banks. We not only compared the advertised APY but also how much of your balance that APY would apply to. For example, there were some institutions with APYs higher than what we included on our list, but that only applied that yield to the first $1,000. We also excluded some credit unions with limited eligibility. We only included HYSAs that came with no monthly maintenance fees.
While APYs were our main focus, we also collected information on the accounts’ minimum opening deposits, minimum balances required to earn the advertised APY and fees. All of the banks we included are FDIC-insured. AI was not used in the sourcing of Best Banks’ data, the analysis of that data or the content subsequently produced by Money’s editorial team. You can read our full methodology here.
More from Money
Best National Banks
Best Regional and State Banks and Credit Unions
Best Banks for Seniors

A credit card offering 0% interest may sound like a financial reset button. You know the drill: Buy now, pay later, with seemingly no penalty.
But while these teaser-rate cards sell the illusion of breathing room, Americans are racking up record levels of credit card debt and carrying balances that stick around long after the so-called “free” period ends.

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According to a December 2025 report from the Consumer Financial Protection Bureau, the average credit card annual percentage rate, or APR, reached 25.2% in 2024 for standard cards and 31.3% for store cards. That same year, consumers paid a record $160 billion in interest charges (up from $105 billion in 2022) and another $31.3 billion in fees. Meanwhile, about 15% of cardholders now make only the minimum payment each month — the highest share in at least a decade.
One reason those balances are proving so stubborn is the rapid growth of credit cards offering 0% introductory APRs.
In 2024, cards with promotional 0% interest rates accounted for $899 billion in purchases and $352 billion in outstanding balances by the end of the year, according to the CFPB. That’s about one-third of all card spending and revolving debt.
While these promotions can temporarily reduce the cost of carrying a balance, the CFPB found that accounts with teaser rates ultimately tend to wind up with higher long-term balances than cards without them.
The problem is that most people don’t use the introductory period to zero out their balance. Only about 21% of cardholders with 0% APR promotions fully pay off their balances before the promotional period ends. And most (79%) carry a balance past the deadline, at which point interest kicks in — often at rates more than 25%.
“Zero percent APR cards encourage overspending because there is no urgency,” Eric Croak, a certified financial planner and president of Croak Capital, tells Money. “Once interest is eliminated, time becomes infinite. Spending $4,000 over 15 months doesn’t sound so bad when you break it up into $267 payments. The purchase amount doesn’t change, but the perception of it does.”
Card issuers don’t rely on low interest alone to pull people in. Nearly two-thirds of credit card offers with introductory 0% APRs also include a rewards-based welcome bonus, often tied to a spending threshold that has to be met in the first few months. Nearly all these cards charge no annual fee, which can lower the perceived costs of opening — and using — a new account.
The result, the CFPB notes in the report, is that these promotions encourage people not only to open credit cards but to continue spending well after the introductory period ends.
“Your brain recognizes the reward now, and your payment is some undefined time in the future,” Croak says. “Psychology changes actions quickly.”
Even after the promotional period ends, most cardholders stick around. Approximately 83% of cardholders do not cancel their credit cards when an introductory APR period ends, meaning fewer than 1 in 5 consumers close the account once the “free” borrowing period expires. More than half continue spending on the card after the promotional period.
That persistence matters, because the same cards that encourage overspending often remain open after higher interest rates kick in — allowing balances to linger and interest charges to accumulate.
“They give you time to ‘figure things out,’ but the reality is they allow you to forget,” says Croak. “There is a mental disconnect between spending now and paying off later that only expands with time.”

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Key Takeaways

Allegiance Gold is the best overall gold IRA company, with high customer satisfaction ratings, transparent pricing, simplified ordering and a vast library of education resources.
Methodology: We analyzed over a dozen gold IRA companies and compared them with their competitors to highlight the best options for various precious metals investment needs.
The best gold IRA companies operating in this space facilitate insurance and secure storage, as required by the IRS, and ensure that the precious metals held in these accounts meet minimum purity standards.
Reputable gold IRA companies also offer educational resources, responsive customer service, competitive pricing and easy account setup.

How we chose our top picks
We analyzed over a dozen gold individual retirement account (IRA) companies and compared them with their competitors to highlight the best options for various precious metals investment needs. Whether you’re a novice or a seasoned investor, our guide to the best gold IRA companies can help you make the right decision.
For our complete methodology, click here.
Our top picks for best gold IRA companies for November 2026

Allegiance Gold: Best Overall
Augusta Precious Metals: Best for Educational Resources
Advantage Gold: Best for Customer Satisfaction
American Hartford Gold: Best for Low Fees
JM Bullion: Best for Transparent Pricing
APMEX: Best for Customer Support and Accessibility
Noble Gold Investments: Best for Diverse Storage Options
Orion Metal Exchange: Best for Small-Balance Investors

Best gold IRA company reviews

Pros

Top ratings from the BBB, BCA and Trustpilot
Transparent pricing on its website
Online learning center provides extensive educational resources

Cons

Fees are not listed on its website

Why we chose it: Allegiance Gold scores the highest overall of all the gold IRA companies Money reviewed.
While many companies force customers to call for pricing and orders, Allegiance Gold is very transparent with its pricing. Costs for all products are listed on its website, and customers can order through an online cart, simplifying the process. The company also provides users with extensive educational resources through its online learning center.
Allegiance Gold’s fees are not listed on its website, and there is a $10,000 minimum investment requirement. The gold IRA provider holds an A+ rating with the Better Business Bureau (BBB) and a AAA rating with the Business Consumer Alliance (BCA).

Pros

Expansive offering of informative articles, news, blogs and videos for educational purposes
Supports investing diversity
Potential for fee waivers of up to 10 years

Cons

High minimum purchase order of $50,000
Hard to find fee information online
Pricing for gold and silver products isn’t transparent

Why we chose it: Founded in 2012, Augusta Precious Metals offers precious metals investment options and a wealth of free educational resources on gold, silver and precious metal investing.
Augusta Precious Metals uses the Delaware Depository — a popular choice among gold IRA providers — to hold customer assets, including gold coins and bars. But what stands out about the company is its array of educational resources for investors looking to learn more about investing in precious metals. Augusta Precious Metals features an online library that includes news, articles, blogs and a video series.
Such content from Augusta Precious Metals highlights the company’s transparency in an industry where many companies use scare tactics or play on investors’ fear of a meltdown of the entire financial system and a wholesale collapse of U.S. currency.
The gold IRA provider holds an A+ rating from the BBB and an AAA rating from the BCA.

Pros

Top ratings from the BBB, BCA and TrustPilot
Transparent pricing on its website
Multiple options for custodian and depository
$5,000 minimum investment requirement is lower than most competitors

Cons

Limited account fee information provided online
No live chat option

Why we chose it: Founded in 2014, Advantage Gold boasts top-notch reviews, including around 1,900 reviews on Trustpilot alone. At 97%, almost all of them are five-star ratings.
Advantage sells gold, silver, platinum and palladium. It uses STRATA Trust Company and Equity Trust Company as gold IRA account custodians, and Brink’s Depository and Delaware Depository vaults. The company’s website offers transparent pricing, a diverse range of product offerings, learning resources and video content.
The company’s $5,000 minimum investment requirement is lower than many of its competitors. The gold IRA provider holds an A+ rating from the BBB and an AAA rating from the BCA.

Pros

Company charges no setup fee or transfer fee
Relatively low minimum order threshold
Frequent promotions to waive storage fees for two to three years
Multiple choices for custodian, storage providers

Cons

Need to provide email address to access full customer education resources

Why we chose it: American Hartford Gold doesn’t charge its gold IRA customers outlandish fees compared to some other gold IRA providers.
Founded in 2015, American Hartford charges no setup or transfer fees and runs frequent promotions that waive storage fees for two or three years. Customers must pay a $50 fee for the account custodian to establish their precious metal IRAs. The company charges an annual IRA fee of $75 for accounts valued at $100,000 or less and $125 for accounts of $100,001 or more. In addition to its annual fee, the company charges a $100 annual storage fee in most cases.
American Hartford works primarily with custodian Equity Trust Company, and when you set up your account, you have the choice to keep your precious metals in either segregated or unsegregated storage. There is a $10,000 minimum order requirement for its gold IRAs. American Hartford Gold holds an A+ rating from the BBB and an AAA rating from the BCA.

Pros

Transparent pricing for all products and payment methods
Volume and military discounts
No minimum purchase requirement

Cons

$1,000 minimum buyback policy
Price may be higher for some payment methods

Why we chose it: JM Bullion offers an array of precious metal options with each product page containing detailed information about the item, including its history, weight, condition and more.
The price you pay for any given item will vary depending on your chosen payment method. The different costs are outlined on the product page before you add the item to your cart. (You’ll pay the least per item if you purchase via eCheck, paper check or bank wire transfer.) JM Bullion also accepts debit cards, Bitcoin (or other cryptocurrency) and PayPal, but you’ll pay a bit more per item when you use those payment methods.
If you purchase a large amount, JM Bullion offers a volume (or bulk) discount. There is also a discount for active military service members. All orders over $199 ship for free with insurance. The gold IRA provider doesn’t have a minimum purchase amount, and it holds an A+ rating with the BBB and a BB rating with the BCA.

Pros

Customer service available via live chat, phone or email
Free shipping on domestic orders of $199 or more
Minimum purchase requirement of just $500

Cons

Cancellation fee of $50 or 5% of the total, whichever is greater
Price may be higher for some payment methods

Why we chose it: American Precious Metals Exchange (APMEX) offers live chat with auto-prompts for commonly asked FAQs, transparent pricing on its website and customer support available via its aforementioned chat service, phone or email.
APMEX offers customers a wide range of investment choices, with more than 30,000 products listed on its website. With over 20 years in business and positive third-party ratings, APMEX is among the market’s most trusted online gold dealers. Of its nearly 10,000+ Trustpilot reviews, 85% are five-star ratings.
The company offers secure storage of precious metals through Citadel, which is backed by Brink’s Global Services. There is a 4% discount if you pay with paper checks, eChecks, bank wire or trade. APMEX’s minimum purchase requirement for online orders is just $500 — among the lowest on Money’s list of the best gold IRA companies. It holds an A+ rating from the BBB and an AAA rating from the BCA.

Pros

Fee information easy to find online
Unique Texas-based depository option
Accessible blog with a comprehensive catalogue of coins and bars

Cons

No online pricing or online ordering

Why we chose it: Founded in 2016, Noble Gold Investments offers customers a diverse range of precious metals storage options.
In addition to Delaware Depository and Brink’s Global Services — two well-known precious metals depositories — Noble Gold also uses International Depository Services (IDS) in Texas, giving customers an additional option for storing the precious metals they purchase. Additionally, real-time account information is available through the gold IRA custodian.
Customers pay two annual fees: an $80 account fee and a $150 fee for insurance and segregated storage, in which customers’ holdings are stored individually rather than pooled together. There are no prices listed on its website; however, the gold IRA provider holds an A+ rating from the BBB and an AAA rating from the BCA.

Pros

No fees for setup, transfer or annual maintenance

Transparent pricing on its website, as well as live chat service
Storage fees could be waived for up to three years

Cons

Site lacks info about custodial fees
Suggests investing up to 20% of assets in precious metals — far riskier than conventional investing advice

Why we chose it: Investing in precious metals doesn’t always require a significant amount of capital. While other gold IRA companies have a $50,000 minimum, Orion Metal Exchange offers a much lower barrier to entry.
For its gold IRAs, Orion Metal Exchange has an order minimum of just $5,000 (or $10,000 to qualify for promotions, according to a company customer support representative, which can offset its custodial fees). The company, founded in 2017, runs limited-time promotions offering free storage and touts no fees, though there is a $50 setup fee paid to the IRA custodian. If your precious metals IRA is worth $500,000 or less, your combined annual cost for custodial administration, storage and insurance is a flat $190, according to the company.
The gold IRA provider offers live chat and lists prices for all its products on its website. Orion Metal Exchange holds an A+ rating with the BBB an a AAA rating with the BCA.

Other gold IRA companies we considered
Lexi Capital
Why it didn’t make the list: Founded in 2010, Lexi Capital is not on our main list because its website says the company does not keep “regular” phone hours, even though customers’ exchanges or returns must be approved by phone within three days of purchase.
Additionally, Lexi Capital receives an F rating from the BBB. As of July 29, 2026, the company’s webpage includes the BBB-accredited business logo but isn’t currently a BBB-accredited business and has not responded to BBB requests to remove the unauthorized logo. However, the precious metals firm receives an AAA grade from the BCA and price quotes include 3% discount for cash payments.
Patriot Gold Group
Why it didn’t make the cut: Patriot Gold Group is not on our main list because it employs scare tactics to sell precious metals.
Founded in 2016, the company has limited customer reviews on Trustpilot and the BBB, and it receives an AAA grade from the BCA.
American Coin Co. (formerly Red Rock Secured)
Why it didn’t make the cut: In May 2023, the Securities and Exchange Commission (SEC) announced charges against Red Rock Secured, its CEO Sean Kelly and two former employees, Anthony Spencer and Jeffrey Ward, in connection with a fraudulent scheme that included markups of 130% and $30 million of clients’ money misappropriated.
Since then, the company rebranded as American Coin Co., but it doesn’t have an official website. The newly formed company is not accredited by the BBB and has zero reviews on the BCA website.
Silver Gold Bull
Why it didn’t make the list: Founded in 2006, Silver Gold Bull is not on our main list because its website provides very little of the information investors need to know about IRS-approved precious metals investing.
The company receives an A+ grade from the BBB, but it is isn’t listed on the BCA website. According to its website, the Silver Gold Bull does not allow order cancellations.
Monetary Gold
Why it didn’t make the list: Although Monetary Gold maintains an A+ BBB accreditation and generally positive reviews, limited independent reviews on major platforms like BBB and Trustpilot make it harder to assess a consistent customer experience compared.
How we evaluated the best gold IRA companies
Money evaluated gold IRA companies’ websites as well as the company’s profile with consumer advocacy organizations like the Better Business Bureau, the Business Consumer Alliance and Trustpilot. We considered each of the gold IRA companies’ reputations, pricing transparency and ease of ordering, as well as whether or not the companies provide high-quality online educational resources.
Additionally, we compared the companies’ fee structures, minimum balance requirements (when available) and how easy it was to find this information on their websites. We also analyzed the user-friendliness and responsiveness of their customer service.
We regularly update our list of best gold IRA companies to ensure that our highlighted picks continue to meet these requirements.

Gold IRA FAQs
Is copper a precious metal?
Although copper is an important industrial commodity that is used to manufacture goods ranging from car exhaust systems to plumbing pipes, it is not a precious metal as defined by the IRS for gold IRA investing.
What is the best gold IRA?
What qualifies a company as the “best” gold IRA is highly subjective and is ultimately decided by your personal financial situation and retirement saving goals. Gold IRAs are best for sophisticated investors with experience buying and selling precious metals. It’s smart to avoid any gold investment company that uses high-pressure sales pitches or scare tactics as engaging with those companies could mean you could wind up with an investment that doesn’t fit your goals or encountering scams. Make sure to diversify your portfolio and mitigate risk.
How do I open a gold IRA?
Start by researching guides such as this one to find the best gold IRA company for your needs. Once you choose a company, they will help you establish and fund your new IRA, most likely via a rollover from another IRA. A direct transfer of funds will ensure that you don’t have negative tax consequences. Keep in mind that a gold IRA is subject to the same annual contribution limits as any IRA: For 2026, you can contribute up to $7,500 — or $8,600 if you’re 50 or older, thanks to the $1,100 catch-up contribution.
What is a precious metals IRA?
The term “gold IRA” tends to be the most popular, but a gold IRA — or a silver IRA, for that matter — is the same as a precious metals IRA. These are classified by the IRS as self-directed IRAs, which are a specific category of tax-deferred retirement accounts that let you invest in alternative assets such as physical precious metals, real estate or cryptocurrency.
How do I invest in precious metals?
There are multiple ways to invest in precious metals. One option is to do so via gold IRA. You can also buy physical precious metals outside of an IRA, or you can invest in gold-backed assets — stocks, mutual funds or ETFs that hold physical gold or stocks of gold companies. There are also gold futures contracts and other derivatives that professional traders use to hedge their positions, but those aren’t recommended for retail investors because of their complexity and the potential for outsized losses.

Summary of Money’s Best Gold IRA Companies of November 2026

Allegiance Gold: Best Overall
Augusta Precious Metals: Best for Educational Resources
Advantage Gold: Best for Customer Satisfaction
American Hartford Gold: Best for Low Fees
JM Bullion: Best for Transparent Pricing
APMEX: Best for Customer Support and Accessibility
Noble Gold Investments: Best for Diverse Storage Options
Orion Metal Exchange: Best for Small-Balance Investors

Average mortgage rates today

Mortgage Type
Label
Rate
APR

30-Year Fixed
Most Popular
7.08%
7.12%

30-Year FHA
Lower Credit
6.67%
7.87%

30-Year VA
Military
6.76%
6.93%

30-Year Jumbo
High Balance
7.35%
7.37%

15-Year Fixed
Shorter Term
6.44%
6.52%

7/6 ARM
Shorter Term
6.6%
6.67%

HELOC
Home Equity
8.02%
8.02%

Home Equity Loan
Home Equity
8.23%
8.23%

Updated on 10/25/2026

Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, LLC, NMLS# 1907, Equal Housing Opportunity, Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and Product details

Mortgage rates decreased over the weekend, with the 30-year fixed-rate loan averaging 7.12%, down 0.05 percentage points. Lower rates are good news for prospective homebuyers.
Key mortgage rate averages:

The 30-year fixed-rate mortgage averaged 7.12% APR
The 30-year fixed-rate FHA mortgage averaged 7.87% APR
The 30-year fixed-rate VA mortgage averaged 6.93% APR
The 30-year fixed-rate jumbo mortgage averaged 7.37% APR
The 15-year fixed-rate mortgage averaged 6.52% APR
The 7/6 adjustable-rate mortgage averaged 6.67% APR
The rate on a HELOC averaged 8.02% APR
The rate on a home equity loan averaged 8.23% APR

Mortgage rate trends
Mortgage rates are trending lower this week as housing starts and pending home sales showed weakness. At the same time, jobless claims were lower than anticipated, showing a stable labor market. Yields on the 10-year Treasury note have fallen nearly three percentage points since early October, pushing interest rates lower.
Despite the recent decline, rates remain above 7% and are likely to stay in that range. Inflation concerns and the rising national debt mean rates are unlikely to fall significantly in the near term.
Which loan is best for you?
When shopping for a mortgage, you may be offered several loan options to meet different needs. Here’s a rundown of the most common loan types you’ll find, and who they work best for.
30-year conventional mortgage: Conventional loans work best for borrowers who have a credit score above 620, have saved enough to make a down payment of at least 3% and are looking for flexibility in the type of property being purchased.
30-year Federal Housing Administration (FHA) mortgage: FHA loans are good for first-time homebuyers, borrowers with less-than-perfect credit scores or those with a high debt-to-income ratio.
30-year U.S. Department of Veterans Affairs (VA) loan: Specifically designed for active-duty and retired service members, members of the National Guard and Reserves, and surviving spouses. Offers 0% down loan options, competitive rates and accepts less-than-perfect credit scores.
30-year jumbo loan: Good for homebuyers purchasing property that is priced above the Federal Housing Finance Agency (FHFA) conforming loan limit. In 2026, that limit is $832,750 in most of the U.S. but increases to $1,249,125 in high-cost areas.
15-year fixed-rate loan: Borrowers who prefer a shorter loan term and can afford to make higher monthly payments will pay less overall interest with a 15-year mortgage and pay off the loan faster.
7/6 adjustable rate loan: Good for a buyer who wants to lock in a favorable interest rate for a set period of time and either plans on selling the home before the interest rate starts, is willing to make a higher monthly payment once the rate becomes variable or is open to refinancing the loan.
Home equity line of credit (HELOC): A good option for a homeowner who wants to access the equity they’ve accumulated in their home and have an open line of credit to use as needed.
Home equity loan: Another option for a homeowner who wants to access their home equity and have the financial capacity to take on a second mortgage.

How mortgage rates affect affordability
Your mortgage rate can make a big difference in how much home you can afford and how large your monthly payments are. That’s true whether buying your primary residence, an investment property or refinancing an existing loan.
Here’s an example. If you bought a $250,000 home and made a 20% down payment of $50,000, your starting loan balance would be $200,000. On a $200,000 home loan with a fixed rate for 30 years, here’s what you would pay:

At a 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
At a 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
At a 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
At an 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

Using a mortgage calculator lets you see how a lower rate or other changes could affect what you pay. A home affordability calculator can also estimate the maximum loan amount you may qualify for based on your income, debt-to-income ratio, mortgage interest rate and other variables. The Consumer Financial Protection Bureau can also provide a range of rates lenders offer in each state.

Current mortgage rates FAQs
What is today’s current mortgage rate?
The average rate on a 30-year fixed-rate mortgage is 7.17% as of October 22, according to Money’s rate data. Other rate surveys show 30-year rates averaging above 7.3%.
What are mortgage rates today?
As of Oct. 22, the rate on a 30-year fixed-rate mortgage was averaging 7.17%, according to Money’s rate data. The average rate for a 15-year fixed-rate loan is 6.56%
Will mortgage rates get to 4% in 2026?
No, they won’t. The current average rate for a 30-year fixed-rate mortgage is 7.18%, and most housing experts expect rates to stay near or above 7% through year’s end.
How much is a $300,000 mortgage at 7%?
The monthly payment on a 30-year, $300,000 conventional mortgage at 7% is $1,995.91, excluding taxes, insurance and HOA fees. Your actual payment will vary depending on your credit score, down payment, lender and location, among other factors.

While the claiming time that’s best will vary from one person to the next, the amount you have saved for retirement in your 401(k), individual retirement accounts (IRAs) and other accounts impacts when you should claim Social Security.
Retirees with at least $1 million saved likely have more financial flexibility when it comes to claiming Social Security than someone with less saved. They have more time to wait until they turn 70 so they can collect the maximum benefit — though waiting is not necessarily the right decision for everyone. Here’s how you can assess when to claim benefits if you have a large nest egg.

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What $1 million in savings produces
If you use the 4% withdrawal rule, a $1 million nest egg can safely provide $40,000 per year. Though again, each person’s situaiton is unique, and other factors such as how much you have in savings and investment accounts may necessitate a lower withdrawal rate.
Using the above figure, $40,000 per year comes to $3,333 per month. The average monthly benefit for a retired worker was $2,088.79 per month as of September. Combining those income sources produces $5,421.79 per month, which can help give you an idea of how much a $1 million nest egg offers you in retirement.
Use savings as the bridge
Some people in this financial situation withdraw more money from their nest egg to delay access to their Social Security benefits. Each year you wait, your benefits go up, especially after full retirement age. Each year past full retirement age adds 8% to your benefit, inflation-adjusted, for life.
Once you take out Social Security, you only get annual cost-of-living adjustment (COLA) increases. Delaying Social Security offers the best opportunity to boost your government checks.
Some people take out Social Security early because it’s the only way they can make ends meet. A $1 million portfolio offers more flexibility, making it more feasible for people to wait until they turn 70 to claim their benefits.
Taxes and Medicare costs
Although a $1 million nest egg lets you delay access to Social Security, there are some financial consequences if most of your withdrawals come from a traditional retirement plan. The withdrawals from these plans are treated as ordinary income, which can push your income past Medicare’s surcharge threshold.
Once your annual income exceeds $109,000 as a single taxpayer or $218,000 as a married couple filing jointly, Medicare premiums start to get more expensive. Plus, up to 85% of your Social Security benefits may be taxable.
The calculation for spouses
Marriage adds another layer of financial strategy with claiming Social Security. If the higher earner waits a little longer to claim benefits, it will raise the survivor benefit, in the event that the lower-earning spouse is the survivor.
Because of that, higher earners may want to wait as long as possible, ideally until they turn 70, to claim Social Security. Mapping out your withdrawals each year leading up to your 70th birthday can help you determine the best course of action. A financial advisor can guide you along the journey and discuss options.

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A spouse who never worked can still receive Social Security, but the math works a little differently than for people who did work. It’s important for couples to carefully consider when it makes sense for each spouse to claim their government benefits.
The non-working spouse can get Social Security equal to up to half of the working spouse’s full benefit. Just like with the working spouse’s benefit, the check amount for a non-working spouse will be reduced if they claim before full retirement age.

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The spousal benefit
A non-working spouse is entitled to up to 50% of the worker’s full retirement age benefit.
For instance, if the working spouse is set to receive $3,000 per month at full retirement age, the non-working spouse can receive up to $1,500 per month if the benefit is claimed at full retirement age.
The worker has to file first
One notable difference about spousal benefits is that the non-working spouse must wait for the working spouse to claim benefits before they can also claim benefits.
For instance, it may be optimal for a non-working spouse to claim the spousal benefit at 67. However, if the working spouse is 62 and isn’t ready to retire or claim benefits, the non-working spouse must wait before claiming benefits.
There is no backpay based on claiming a little later, and the spousal benefit does not grow beyond 67. In other words, there is no incentive for a non-working spouse to wait past 67 to collect Social Security.
Although delaying after 67 will not boost the spousal benefit, it can boost the benefit checks for the working spouse. Each additional year increases the working spouse’s Social Security benefit, which will ultimately give the couple more financial flexibility.
The survivor benefit is the big lever
One key detail when planning out the claiming window is the survivor benefit. The surviving spouse can get up to 100% of the worker’s benefit. Not only does that incentivize the working spouse to wait a little longer, but the compound growth that takes place while waiting until age 70 will result in a higher survivor benefit for the non-working spouse.
Of course, this assumes that the non-working spouse is the survivor. While it’s impossible to predict which spouse will be the survivor, keeping the survivor benefit in mind will provide the non-working spouse with an extra layer of financial protection.
Review your Social Security details
Both spouses should create “my Social Security” accounts and check estimates. That way, they can map out the most optimal time to claim benefits that align with their finances. It’s best to discuss this together and establish goals instead of brainstorming separately.
But keep in mind that the exact time at which spouses should claim Social Security will vary from one couple to another. If you can, it’s best to speak with a financial advisor who can help you determine what makes sense for you based on factors such as your retirement account savings, other sources of income, goals and cost of living.

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