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Could $1,000 in a Trump account multiply to $243,000?
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Allies of President Donald Trump are promoting a new type of tax-favored savings account that bears his name as a way for families to build savings over the long term.
Under the rules, babies born between Jan. 1, 2025, and Dec. 31, 2028, will receive $1,000 in seed money from the federal government to launch the account. Parents could make additional deposits but aren’t required to.
Trump’s allies say the accounts are a way for American families to accumulate savings over the long term.
In a Jan. 29 X post, U.S. Rep. Randy Fine, R-Fla., said that even with no additional deposits, a $1,000 account would grow to $6,000 by the time the child is 18; to $15,000 by age 27; and to $243,000 by age 55. (The White House shared similar figures.)
Those factors would substantially reduce Fine’s $243,000 figure, personal finance experts say. An analysis by Alan D. Viard, an emeritus senior fellow at the conservative American Enterprise Institute, found projections like Fine’s “grossly exaggerated.”
Vickie L Bajtelsmit, an emerita professor of finance and real estate at Colorado State University, said, “As usual, politicians like to provide the most optimistic outcomes without any of the caveats.”
Fine’s office did not respond to an inquiry for this article.
What are Trump accounts?
Trump first proposed these accounts as a 2024 presidential candidate; their enactment earned him a Promise Kept in our MAGA-Meter.
Starting July 4, parents will be able to open a Trump account for any child under 18 who has a Social Security number. Parents can deposit up to $5,000 a year into a fund that tracks the growth of the overall stock market. The $5,000 annual cap will eventually be indexed for inflation.
Employers can also deposit up to $2,500 per year (which counts against the $5,000 annual limit). The employer’s contribution would not count toward the employee’s taxable income.
Generally, the child cannot withdraw the funds before turning 18 without paying a 10% penalty plus taxes. Once they turn 18, the Trump accounts would be treated like a traditional Individual Retirement Account, with withdrawals taxed until the account holder is six months shy of 60 years old. However, withdrawals for education and home purchases get a break; they are subject to tax but not a penalty.
The Trump account has attracted the most attention for one feature: a $1,000 starter deposit from the federal government for qualifying babies.
An investment calculator maintained by the federal Securities and Exchange Commission shows that using an average annual investment gain of 10%, $1,000 would grow to almost $245,000 over 55 years, in line with the amount in Fine’s post.
Many account holders will likely withdraw their funds penalty-free for higher education or home purchases. This means the accounts would only accumulate investment gains for between 18 and 30 years, not 55, Bajtelsmit said.
Future stock market gains may not match the historical average
The historical annual average gain for the U.S. stock market is about 10%. But “most experts think that the average moving forward will be less than the historical average,” Bajtelsmit said.
Analysts say the stock market’s price is currently elevated by historical standards, making it harder for future gains to be as robust as past gains. Six major investment firms’ forecasts of annual U.S. stock returns over the next decade range from 3.1% to 6.7%, according to Morningstar, an investment research company, and projected returns over the next 30 years range from 4% to 7%.
At a 6.7% annual average return, $1,000 would grow to about $40,000 over 55 years.
Management fees also could eat into the average annual return.
What impact could inflation have?
The $243,000 figure sounds appealing, but what would its purchasing power be in 2081? Quite a bit less than that, experts say. “Regardless of what rate of return you assume, it will buy less than you think,” Bajtelsmit said.
Even a modest 2% inflation rate would take a big bite. An inflation-adjusted investment gain of 8% — a 10% investment gain minus 2% inflation — would produce about $81,000 after 55 years, or about one-third of the amount Fine cited.
However, “2% inflation for the next 55 years may be an overly optimistic guesstimate of future inflation,” Brookings Institution economist Gary Burtless said.
Combining 10% investment returns with 3% inflation would produce just under $47,000 over 55 years.
What could the tax bite be?
After accounting for inflation and returns potentially below 10%, the amount in the account would decline further upon withdrawal because of taxes.
Using less favorable assumptions — a 6.7% annual average return (rather than 10%) and 3% inflation — the initial $1,000 would be worth about $7,651 in today’s dollars in 55 years. Then, at withdrawal, a typical accountholder could be hit by at least a 12% federal income tax and a 4% state income tax, cutting their take to $6,427 — just 2.6% of the amount Fine’s post cites. (Some states, like Fine’s home state of Florida, don’t have an income tax; this calculation will vary depending on the accountholder’s state of residence.)
Experts say these caveats don’t necessarily undermine the idea behind Trump accounts — particularly the initial $1,000 in free money.
“The people who will benefit the most from this are those who might not otherwise have access or the ability to save a lot,” Bajtelsmit said. “The problem is the exaggeration of returns.”
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How to turn your child’s first phone into a money lesson – MoneySense
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Still, many parents can only hold off for so long on giving their child their first smartphone. And when you do, experts say the onus is on parents to set up the right guardrails on the device, especially as most phones are designed to make spending easier, and sometimes, invisible.
Turn a first cellphone into a money lesson
“Giving your child their first cellphone can be a really great teachable moment—an opportunity to build a money lesson naturally into your day-to-day lives,” said Robin Taub, author of the book The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life.
The first step, she said, is to sit them down and go over various costs associated with phone ownership, and lay out who’s responsible for them. There are some obvious costs—the phone itself, a phone plan, a case, and sometimes a phone protection plan.
Taub said if a child is on the younger side—around 13 or 14 years old—you can start by teaching them about data overages, connecting to wireless networks, and turning off data roaming when travelling to avoid a hefty bill. With older teenagers, she said parents can gradually shift the responsibility of paying the phone bill onto them.
How to pay for school and have a life—a guide for students and parents
When phone costs go beyond the bill
But there are many more less visible costs, such as in-app purchases or sign-ups for trials that can sneakily be added to a credit card.
Rebecca Snow recalled her kids playing a popular online world-building game, Roblox, which often requires in-app purchases for new avatars or outfits for the characters. “They used to ask me, ‘Can we get Robux?’” said Snow, co-founder of the Toronto chapter of Unplugged Canada, a group that advocates for smartphone-free childhoods. “They didn’t realize that that’s me actually spending money on Robux, buying these little digital tokens to get little outfits for their avatars.”
Certified financial planner Kalee Boisvert is also familiar with requests for game token purchases. When Boisvert’s 11-year-old daughter—who has a smartphone without a cellphone plan—asks for in-app purchases, it starts up a conversation. “It’s just that priorities conversation and reviewing with them what matters,” she said. For example, Boisvert reminded her daughter of an upcoming trip to Disneyland and how it could be better to save for something she may want to buy there.
Build financial literacy before digital independence
Snow said there’s a strong need for financial literacy before kids get their first smartphones. She said her 12-year-old son, who doesn’t yet have a smartphone, uses a pocket money app called Mydoh on the computer or Snow’s phone to understand the concept of savings and earnings through chores around the house.
“I can say, ‘Okay, if you take your lunch box out of your bag every day, click this button on Mydoh and you’ll get $2 a week for doing that,’” Snow said. She said these healthy online financial habits will come in handy when he eventually gets his first smartphone.
Margot Denomme likens giving smartphones to tweens and teens to driving. “It’s like our kids taking the car out right after they get their driver’s licence,” said Denomme, founder of an advocacy group Raising Awareness About Digital Dangers. “We don’t just give them the keys and not ask where they’re going.”
Before handing over their phone, Denomme said parents should disable in-app purchases and turn on parental approval for every purchase. Even after setting up their phones for use, she suggested checking in with kids weekly, or even daily at first and asking about what kinds of activities they’re engaging in online.
“I encourage parents to get involved with their children online so they’re understanding and they’re helping them point out red flags,” she said. Denomme said parents often take their kids’ privacy too seriously. “No—it’s your phone. You’ve purchased the phone and it’s OK to put these provisions in place,” she said.
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The best financial habits to start in January — backed by data
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After the glow of the holidays wears off, the gifts have been opened, and the credit card bills arrive, you may be ready for a financial reset. January is a natural time to adopt new financial habits, but if your to-do list is long, it can be tough to know how to start.
Below, we’ll explore the best research-backed financial habits to start in January so you can kick your new year off right.
It’s never a bad time to implement healthy financial habits, but January may be the perfect time to create new ones. That’s because of something called the “fresh start effect.” This is the psychological phenomenon that explains the motivational boost we get from temporal resets — for example, a new week, a new month, or a new year. This type of reset makes it easier to reflect, separate the past from the future, and envision yourself reaching your goals.
With the calendar on your side, use the beginning of the new year to adopt some healthy financial habits. Here are some solid ways to start:
Not only is a new calendar year a good logistical time to set goals, but it can also have emotional benefits, too. According to Fidelity’s 2025 New Year’s Financial Resolutions Survey, 65% of participants felt optimistic about the new year, believing they’d be in a better financial position in the year to come.
To set yourself up for success in 2026, set specific goals and create a plan to reach them. For example, instead of saying you want to “save more money,” your goal might be to increase your savings rate from 5% to 10% by the end of the year. Your plan could involve raising your savings rate by one percentage point every two months until you hit 10%.
Other sample goals to get you thinking include:
Whatever your goal, ensure it’s realistic. Fidelity’s survey results show that among respondents who successfully kept a financial resolution in 2025, the top reason they were successful was that their goal was realistic and easy to maintain.
Read more: Why your financial resolutions never stick and what to do instead
If you don’t try to negotiate your monthly expenses, you could be missing out on hundreds of dollars of potential savings. According to a 2021 Consumer Reports survey, about 70% of participants who attempted to negotiate their utility bills got a rate reduction or another perk on their bundled plans.
Early January is a great time to see if you can catch a break on any bills, as it’s often a time your expenses will rise (whether due to annual rate increases or, in the case of gas and electricity, winter weather). Make a list of your monthly bills and start negotiating with these tips:
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Research competitors so you can cite the lowest prices on the market — and actually be willing to switch providers.
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Ask to speak to the cancellations or customer retention department. These are typically the people who have the power to lower your bill.
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If you’re a long-time, loyal customer, make it known.
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Ask if there are any promotions or discounts you qualify for.
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Once you get a deal you’re happy with, get it in writing.
And remember, patience and kindness go a long way when asking for what you want.
Read more: Bill negotiation guide: How to secure lower rates and save money without cutting services
With tax season around the corner, January can be the ideal time to increase your retirement contributions. Fidelity’s 2025 quarterly retirement analysis found that 17.4% of participants increased their 401(k) contribution in the first quarter of the year, while only 4.9% cut back.
In this analysis, Fidelity notes that even though Q1 of 2025 “posed challenges for retirement savers,” they largely stayed the course and continued — or even stepped up — their savings behavior.
Often, you can increase your retirement contributions without making a meaningful difference to your current lifestyle — a win-win. When January hits, why not give it a try? At the beginning of the year, increase your contributions by a percentage point. If, in a month or two, you don’t notice a negative impact on your other financial obligations, try increasing it again. The sooner you make these adjustments, the longer you’ll benefit from them.
Read more: How much do you really need to save for retirement?
Along with increasing your retirement contributions, the start of the year is a good time to revisit your budget. Why? As mentioned above, January is a common time for bills and other expenses to increase. At the same time, the first month or quarter of the year is also a popular time to receive a raise. Whether you’re earning more or spending more, your budget will need a refresh.
Here’s how to start:
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Review your existing budget. See where you’re spending the most, assess your progress toward savings goals and debt payoff, and look for expenses you no longer need or want.
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Update inflows. If you recently got a raise, make sure it’s reflected in your budget. Similarly, if there are any other changes to your paycheck (for example, maybe you increased your retirement contributions), account for that, too.
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Add or subtract spending and saving categories. Did you sign up for a gym membership this month, cancel Netflix, or make some other change to your monthly expenses? If so, edit your budget categories so they accurately reflect your expenses moving into the new year.
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Plan for savings goals. If you set a new savings goal, it deserves a spot in your budget just like any other expense. For example, say your goal is to save $2,000 for a vacation by June. If you add a line item to save $400 each month, you’ll get to June with $2,000 ready to go.
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Recalibrate the numbers. You can’t add or subtract line items in your budget without adjusting the numbers, too. For example, if you add a new expense to your budget — like a $50 gym membership — you’ll have to reallocate $50 from somewhere else to pay for it. Play with the numbers until everything checks out. If things feel tight, you’ll have to prioritize your most important expenses.
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Don’t set it and forget it. January isn’t the only time you should revisit your budget. Check in and make any adjustments whenever your income or expenses change, you reach one of your savings goals, or your current plan just isn’t working.
Many financial experts suggest checking your credit report at least once per year to make sure it’s free of mistakes. While you’re already sitting down to negotiate bills, review your budget, and set financial goals at the beginning of the year, you may as well check your credit at the same time.
Don’t skip this task: A recent survey by Consumer Reports and WorkMoney found that of the respondents who successfully checked their credit, 44% found errors. Mistakes on your credit report can have major financial consequences, such as difficulty qualifying for credit cards and loans or renting an apartment. Finding these mistakes allows you to dispute them and make corrections.
Here’s how to do it:
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Visit annualcreditreport.com.
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Request free reports from each of the three major credit bureaus: Experian, Equifax, and TransUnion. (You’re entitled to free reports weekly.)
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Review each report to make sure your personal and account information is correct and up to date.
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If you find any mistakes, contact the credit reporting company to file a dispute (you can do this online or over the phone). Then, send a dispute letter to the company that provided the incorrect information. The CFPB provides a sample dispute letter you can use as a template.
Take advantage of the new year’s natural reset to establish financial habits that can serve you all year long. But don’t put yourself under too much pressure. If habits fade — as they sometimes do — don’t give up. Rather than an all-or-nothing mindset, aim to improve your financial situation without requiring perfection. Any step in the right direction will benefit you in 2026.
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Celebrate Your Financial New Year: A Q&A With Atlanta Community Manager, Laurie Winters
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As 2025 draws to a close, it’s a great time to reflect on the year and set yourself up for success in 2026. Whether you’re building new habits or refining your financial strategy, Laurie Winters, Chase Community Manager in Atlanta, shares practical tips to strengthen your financial health journey.
Q: What’s been a key financial health learning for you in 2025?
A: This year, I’ve been really inspired by the enthusiasm in Atlanta for financial education. People here aren’t afraid to dream big—buy a home, save for retirement, plan for college, or grow their business—and are really excited about the process to get there. One of the most rewarding parts of my job is helping connect them with the tools and knowledge to turn those dreams into reality.One trend that stands out is the increasing complexity of fraud and scams. These can have a serious impact on anyone’s financial wellbeing. That’s why I’ve made it a priority to host workshops focused on fraud prevention—covering the latest scams, warning signs, and practical steps to help safeguard your personal information. Staying informed and proactive is the best way to keep yourself and your loved ones safe.
Q: As the year wraps up, what should the Atlanta community keep in mind about their finances?
A: The new year is a fresh start, and it’s the great time to build habits that set you up for success. Here are a few ways to get started:- Think of your budget as your personal roadmap—it shows you exactly where your money is going and helps you steer toward your goals. Take a little time each month to track your income and expenses. When you set a budget that truly reflects your priorities, you’re not just managing money—you’re empowering yourself to make confident decisions
- Saving doesn’t have to be overwhelming. Even small, consistent deposits can grow into something meaningful over time. Try automating your savings so it happens without you even thinking about it—like paying yourself first. Watching your savings grow, no matter the amount, is a powerful way to build financial security and peace of mind.
- Your credit score is more than just a number—it’s a key that can unlock new opportunities, from buying a home to starting a business. Strengthen your credit by paying bills on time and keeping your balances manageable.
Q: What are some tips for your neighbors to start the new year on the right financial foot?
A: No matter where you are in your financial journey, I think everyone should do a year-end financial check-up. Review your budget and savings, set realistic goals, and make a plan you can stick to in the new year. Anyone can visit their local Chase branch and ask about getting access to a financial health check-up at no cost—available to all, no matter who you bank with. Our teams live, work, and are rooted here – and we are deeply committed to uplifting the communities and serving our neighbors every day.As Community Manager, I’m focused on financial education and community partnership to help strengthen financial health journeys. I host free workshops on essential topics like budgeting, saving, building credit, and preventing fraud and scams. These workshops are open to all, not just Chase customers, and can help you start the new year on the right foot.
Q: What financial health initiatives are you excited about in 2026?
A: I’m especially excited to help demystify credit for our community. Credit can feel intimidating, but it’s actually a powerful tool that can help you unlock new opportunities—whether that’s buying a home, starting a business, or simply getting better rates on everyday purchases. In my workshops, I break down the basics: why it’s important to know your credit score, how to check it, and simple steps you can take to improve it—like paying bills on time, keeping balances low, and avoiding unnecessary debt. We also talk about how your credit score can be a stepping stone to achieving your biggest goals. My advice? Don’t shy away from learning about credit. The more you understand, the more control you have over your financial future.Q: How can neighbors get involved and benefit from your community work?
A: Getting involved is easy—and it can make a real difference in your financial journey. We have Community Managers in every state and D.C., all dedicated to supporting their local neighborhoods. Our free workshops cover essential topics like budgeting, saving, building credit, and protecting yourself from fraud and scams. These sessions are open to everyone, not just Chase customers, and are designed to be practical and welcoming. Whether you’re looking for guidance, want to ask questions, or just want to connect with others who are working toward similar goals, we’re here for you. I encourage you to join us, bring a friend, and take advantage of the resources and support available right in your community.
Q: If you could give one piece of financial advice to the community for 2026, what would it be?
A: My top advice is to be proactive: take the time to review your finances, set clear and achievable goals, and create a plan to reach them. Don’t wait for a crisis or a big life event to get started—small steps today can lead to big results tomorrow. And remember, you don’t have to do it alone. Our team is here to help, whether you need a quick check-up, want to talk through your options, or need help building a plan. You don’t need to be a Chase customer to benefit from our expertise and support. We’re committed to helping our neighbors build a stronger, more resilient financial future—one step at a time.The bottom line
The end of the year is the perfect time to reset your financial goals and take positive steps toward a stronger future. Stop by your local Chase branch for a free financial check-up, sign up for one of my free workshops, and let our team help you start 2026 with confidence.
For informational/educational purposes only: Views and strategies described on this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.
Deposit products provided JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender.
© 2025 JPMorgan Chase & Co.
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New to Canada? Here’s how the Scotiabank newcomer offer can help – MoneySense
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As a newcomer, you can get personalized financial advice and apply for credit cards that don’t require a lengthy Canadian credit history. This gives you the chance to start building your credit score right away, so you can qualify for higher credit limits or better borrowing terms as you’re setting up life in a new country.
Why your credit score matters
It’s hard to overstate just how important your credit score is. This three-digit number reflects your financial habits and history, and it’s the number lenders and card issuers look at when they’re deciding whether or not to approve your applications for credit.
Essentially, your credit score tells lenders how risky you are to lend to.
People with low credit scores or those who don’t have a credit score at all will likely find it much harder to be approved for loans, credit cards, and mortgages. On the other hand, people with high credit scores will not only be more likely to be approved, but also may have access to better interest rates and loan terms.
How to establish a strong credit score in Canada
The credit monitoring bureaus, Equifax and TransUnion, look at your personal financial factors to determine your score, but they don’t weigh these factors equally. Here are the rough numbers:
- 35% of your score is determined by your payment history: This is your record of loan or credit payments. Since missed payments can damage your credit score, always make at least the minimum payment for all your accounts each month.
- 30% of your score is influenced by credit utilization: This is how much available credit you’re using. Using around 30% or less of your available credit will help boost your score.
- 15% of your score is determined by your credit history: Newcomers are at a distinct disadvantage with this factor since it takes into account the age of your Canadian credit accounts—foreign accounts don’t count.
- 10% of your score is dependent on your credit mix: Credit bureaus want to see a mix of credit types to see if you’re responsible with your finances. Having a mix of auto loans, lines of credit, credit cards, and even student loans on your history can help your score.
- 10% of your score is determined by requests for credit: Lenders pay attention to how often your credit report is pulled, like when you’re looking for new credit. Many pulls in a short time can indicate you’re struggling financially, so limit the number of credit applications you submit to protect your credit score.
Many of these factors take time to develop, which can make it difficult for newcomers to build a good credit score. Fortunately, Scotiabank has a powerful credit-building tool for new Canadians.
How the Scotiabank StartRight® Program works
As most newcomers to Canada find out quickly, you typically can’t bring your credit history with you when you move, so it’s hard to access loans and other credit products. That’s where Scotiabank’s StartRight® Program comes in.
StartRight™ allows you to set up your personal finances through Scotiabank, including a no-monthly fee chequing account for the first year, credit cards and specialized mortgage financing.
As a Scotiabank’s StartRight® Program member, you can get:
- Up to $700 when you bundle an eligible banking package, savings account, and registered account.
- No monthly account fees on a Preferred Package chequing account for the first year.
- Unlimited no-fee international money transfers from a Scotiabank chequing or savings account.
- Apply for credit cards even without an established Canadian credit history, so you can start building a credit score as soon as you’re approved
- 10 free equity trades when you invest at least $1,000 in a new Scotia iTrade® account.
You can make an appointment at any Scotiabank location to join StartRight™ if you meet the qualifications.
Permanent residents must show one piece of Canadian government-issued ID along with a permanent resident card or Confirmation of Permanent Residence (COPR) document. Foreign workers must show a work permit and one piece of Canadian government-issued ID.
FAQs
This article is provided for information purposes only. Any information, data, opinions, views, advice, recommendations or other content included in this article are solely those of the author and not of Scotiabank or its affiliates. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article is subject to change without notice.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited, and produced by MoneySense with assigned freelancers.
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Keeping Thanksgiving costs down with some help from AI
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Thanksgiving costs are down from last year, according to the American Farm Bureau Federation, but budgets remain tight for many this season. “CBS Saturday Morning” has some ways to save on your feast this year, including how to use AI to cut costs.
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Gen Z wants to retire in their 50s, not 60s. Good luck in today’s economy | Fortune
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One thing nearly the entire workforce has in common is the desire to retire. While there are undoubtedly outliers like Warren Buffett, who is finally retiring at the ripe age of 95, many professionals look forward to the day they can kick back and enjoy the fruits of their labor.
The average retirement age in the U.S. is 65 for men and 63 for women, according to the Center for Retirement Research at Boston College. But Gen Z has their sights set on an earlier retirement age, a Manulife John Hancock report released Tuesday shows.
Gen Z believes the ideal retirement age is 59, far lower than other generational cohorts: Millennials believe 61 is ideal, Gen X targets age 64 for retirement, and baby boomers say their ideal retirement age is 67, according to the report.
Results are based on a survey of more than 2,500 Manulife John Hancock Retirement plan participants and American retirees, run from May 9 through June 2. Even the retirement planning firm called this trend “eye-opening” in its report.
But just wanting to retire by a certain age doesn’t match reality. The report also illustrates the disconnect between the expected length of retirement and worker readiness. In other words, workers may want to retire earlier, but there’s a good chance they’re not financially prepared to do so.
“Our research over the past decade shows that Americans continue to feel the pressure of rising costs and competing financial priorities, which has impacted their confidence in their retirement planning,” Wayne Park, CEO of Manulife John Hancock, said in a statement.
That said, the study shows while Gen Z may want to retire in their 50s, they understand that may not happen. The report shows Gen Z expects to retire eight years later than they’d hope, at age 67, while millennials, Gen X, and baby boomers all expect 69 as their retirement age.
Why Americans can’t afford to retire early
Americans struggle to close the gap between the retirement age they want and when they actually do for several reasons.
The first is Americans aren’t saving enough. An October report from retirement planning firm TIAA shows nearly two-thirds of Americans say the dream of retiring between the typical ages of 65 and 70 is “unattainable,” with many planning to work until they physically can’t anymore.
“Americans clearly want peace of mind in retirement, but the reality is that too many people either aren’t saving enough or aren’t confident in their ability to plan,” Kourtney Gibson, CEO of Retirement Solutions at TIAA, said in a statement.
TIAA’s study shows 20% of Americans aren’t saving enough for retirement at all. And another recent TD Bankreport shows one-third of Americans aren’t setting aside money aside for retirement.
Meanwhile, we’re living through an economy marked by inflation, debt, and increased expenses. Home prices are up about 50% just from 2020, grocery prices are set to jump 50% to 100%, and wages are still failing to keep up with inflation. Even six-figure earners are feeling the pinch and are cutting back on expenses to make up for rising costs elsewhere.
People nearing retirement age also face their own set of challenges, including premature Social Security claims: If you retire at the earliest possible age (62), this could result in up to 30% lower monthly benefits compared to waiting—ultimately reducing long-term income security. The TD Bank report also showed more than half of Americans don’t participate in retirement savings plans at work, making them fall further behind.
The case for working longer
Some of the world’s most successful businesspeople have worked well past the average retirement age. The most prominent example, of course, is Buffett, who will retire at the end of this year at age 95.
In his recent letter to shareholders, Buffett said he didn’t really start feeling old until recently, crediting “Lady Luck” for his long and prosperous career.
“I was late in becoming old—its onset materially varies—but once it appears, it is not to be denied,” he said. “To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people. Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received.”
Media mogul Rupert Murdoch also didn’t officially step down as chairman of Fox Corp. until he was 92, although he still remains influential in the industry at age 94. Henry Ford, the founder of Ford Motor Co. also worked until his 80s, and Sam Walton, founder of Walmart, retired at age 70.
“High expectations are the key to everything,” Walton said.
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What Canadians want from their rewards programs—and how to actually get it – MoneySense
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Understanding what makes a credit card rewards program truly rewarding—things like flexibility, transparency, and everyday earning potential—can help you get more from your money. We’re exploring how to get the most value from your rewards, featuring the no annual fee PC Mastercard, showcasing how to turn everyday spending into everyday value.
What do you value most in a rewards program?
When asked to select the top factors that are important in a rewards program, nearly six in 10 Canadians (59%) said they place the most emphasis on how easy it is to redeem points. Other important features include:
- Earning rewards on everyday purchases (55%)
- Flexibility in how points can be used (49%)
- Transparency of points value (48%)
Although most Canadians want rewards programs that are valuable and straightforward to use, only 20% are satisfied with how quickly they earn rewards, and just 19% are happy with their program’s flexibility.
“Most Canadians love the idea of getting rewarded for spending on what they are already doing,” shares financial expert, Eduek Brooks “But many quickly realize that traditional programs are complicated, slow to deliver value, and hard to use. Between clunky apps, confusing point conversions, and long waits to earn meaningful rewards, people often feel the effort outweighs the benefit.”
Match rewards to your lifestyle and spending habits
You’re not going to maximize your earnings if your loyalty program is at odds with your spending habits or lifestyle. A card that offers premium rewards on flights won’t do you much good if you rarely travel. Your points will sit idle while your everyday spending earns next to nothing.
By switching to a program that rewards your highest spending categories—say groceries, gas, or recurring bills—you’ll rack up points much faster. Even better, look for a card that rewards you on every purchase, so you’re earning no matter where you spend. You’ll also want to use a program that lets you redeem points how you want, whenever you want. No one likes waiting a full year to redeem cash back, so select a program that puts you in charge.
“If you really want your rewards to work harder for you, start by using one program for most of your spending instead of spreading points across many programs,” suggests Eduek Brooks. “When you focus your everyday purchases in one place, the points stack up fast.”
If you’re looking for a credit card that participates in a flexible rewards program, PC Financial’s no annual fee Mastercard is a good option. You get 1% back in PC Optimum points everywhere you shop plus up to 4.5% back at Shoppers Drug Mart, and up to 3% back at their banner grocery stores—without any earning caps. Plus, you’ll get at least 3 cents per litre back on Esso and Mobil purchases. The card is a great example of how you can earn clear value with every purchase.
Card details
Interest rates 21.99% on purchases, 22.97% on cash advances and % on balance transfers Income required None specified Credit score 560 or higher Point value 1 PC Optimum point is worth $0.001 (redeem 10,000 points for $10) More value, more flexibility: The PC Mastercard approach
Let’s take a look at how the no annual fee PC Mastercard delivers what cardholders really want from a credit card rewards program.
Earning points should be transparent and easy
Complex earning and redemption structures likely contribute to Canadians’ dissatisfaction with most rewards programs. The PC Mastercard takes the opposite approach, with easy-to-use rewards through PC Optimum, without the need to track rotating categories or complicated tiers.
When you use your PC Mastercard, every 10,000 PC Optimum points equals $10 off at Loblaw banner stores or a free car wash at Esso, keeping things simple and transparent.
You can check your points balance anytime through the PC Financial app, making it easy to track your rewards on the go
Flexible redemption options
Having the flexibility to redeem points on your own terms is important for many. Once you’ve accumulated PC Optimum points you can start redeeming increments of 10,000 points, whether it’s on groceries or everyday essentials.
Plus, they have recently introduced a new feature to use points toward your credit card balance (10,000 minimum points to redeem $7), giving you even greater flexibility on where you want to use your points. With no waiting for reward cycles or card anniversaries, you can use your points on your terms and turn your everyday spending into everyday rewards.
Rewards programs are very popular with Canadians, with almost everyone belonging to at least one. But it’s worth asking: is yours really rewarding you?
“Rewards should be seamless and meaningful,” explains Eduek. “When points are easy to earn and easy to redeem, people feel the value immediately and keep coming back.”
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Jessica Gibson
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Great adventure items from biking gear to Pickleball kits up to 75% off with ABC Secret Savings
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As a participant in multiple affiliate marketing programs, Localish will earn a commission for certain purchases. See full disclaimer below*
This week, we’ve got everything you need to make the most of the great outdoors. Shop these great deals while supplies last.
CLIP: E-Bike Conversion Kit
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$419.30
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$599
Turn almost any regular bike into an e-bike in seconds with CLIP. No tools and no complicated setup are needed. The lightweight, super sleek device clips right onto your bike (commuter, road, hybrid, even shared bikes) – with a quick push of the handlebar remote, you get a smooth boost from the 450-watt motor. There are two battery options, depending on how far you want to ride. Free shipping!
Alpcour: Reclining Stadium Seats
Upgrade to the best seats at the game! If you’re spending weekends at soccer games, football fields, or cheer competitions, these portable stadium seats will upgrade your whole experience. These bikes are thoughtfully designed with a reclining back, anti-slip base, bleacher hooks, plus built-in storage for snacks, water bottles, or your phone. Also available are models with heated and massage features, too. Free shipping!
Shorties Golf: Golf Clubs for Kids
Shorties Golf: Golf Clubs for Kids
Ditch the plastic play sets and get your kid the real thing. Shorties Golf makes real, high-performance metal golf clubs designed specifically for kids as young as two years old. They come in four sizes to fit little golfers up to 51 inches tall, and you can choose from four fun colors, plus lefty or righty options. These clubs aren’t just adorable; they actually fit better, so kids learn to swing properly. Free shipping!
VYBZ: True Wireless Bluetooth Earbuds with Charging Case
True Wireless Bluetooth Earbuds with Charging Case
Give the gift of crystal clear sound. Engineered with the latest technology and designed for ultimate convenience, VYBZ earbuds redefine what it means to enjoy music, make calls, or interact with your smart assistant. LED intelligent power display keeps you in the loop with real-time battery level indicators. With just the push of a button, you can easily connect the earbuds to your device and activate the power display. Ultra-low latency and smooth binaural synchronization deliver an audio experience that’s in perfect harmony with your activities, with no lag.
Limitless: TotalBoost Mini Pro II
TotalBoost Mini Pro II Power Bank
Stay powered up on any adventure. TotalBoost Mini Pro II is a power-packed, yet small and portable charger compatible with the latest and most popular mobile devices. It’s ideal for slipping into your purse or pocket when leaving the house. The TotalBoost Mini Pro II offers endless compatibility with virtually any electronic device -no cords needed. It even has a mini flashlight!
CORE Pickleball: Pickleball Kits
CORE Pickleball: Pickleball Kits
For the pickleball lovers on your list, CORE Pickleball kits help you play anytime, anywhere in seconds. Serve up instant fun with an effortless setup, featuring everything you need: two paddles, three balls, and a net for the ultimate game play, anytime, anywhere. This kit is perfectly suited for beginners and pros alike, young and old. Free shipping!
* By clicking on the featured links, visitors will leave Localish.com and be directed to third-party e-commerce sites that operate under different terms and privacy policies. Although we are sharing our personal opinions of these products with you, Localish is not endorsing these products. It has not performed product safety testing on any of these products, did not manufacture them, and is not selling, or distributing them and is not making any representations about the safety or caliber of these products. Prices and availability are subject to change from the date of publication.
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KGO
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Most Canadians feel confident about affording life milestones—but many are still putting them off – MoneySense
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But long-term confidence doesn’t mean that Canadians are untouched by the current economic environment. While 68% said they’re confident they’ll ultimately meet their milestones, over half (51%) said that they’re currently putting off at least one major financial goal.
How can Canadians make sure that they hit the milestones they’re planning for? FP Canada’s survey highlights a huge confidence gap between those who currently work with a financial planner and those who don’t. Of those working with a financial planner, 79% say they’re confident about their goals, compared with just 59% of those without professional guidance.
Laura Bishop, Qualified Associate Financial Planner (QAFP) at IG Wealth Management, says that financial planners can help Canadians of all ages and income levels prepare for life milestones with the help of an expert who knows the market in and out. “It’s not just for the wealthy,” she says. “It’s for anyone who wants to make intentional decisions about their money.”
Find a qualified financial advisor near you
Search our directory of credentialled advisors providing financial and investing services across Canada.
The biggest challenges to Canadians’ financial plans come from daily life
Among the most significant challenges Canadians said they face when planning for life milestones include paying off debt (31%) and general economic uncertainty (35%).
But the biggest challenge of all? For 41% of Canadians, not enough is left over once their necessary expenses are paid. For survey respondents aged 35-54, nearly half (48%) named this as their primary challenge.
In other words, it’s not just the big swoops and dips of economic uncertainty, or the individual burden of debt, that’s putting a pause on some Canadians’ financial confidence. For many Canadians, daily life is too expensive to make steps toward big financial plans right now.
The generational planning split: Travel comes first for Gen Z
The three most common life milestones that Canadians are saving for today include retirement or semi-retirement (50%), travel (42%), and buying a home (19%). But for younger Canadians, travel takes top priority, while more traditional goals like retirement and homeownership are taking a back seat.
These are the top milestones for Canadians aged 18-34:
- 43% are saving for travel
- 38% are saving to buy a home
- 34% are saving for retirement
Compare those with the top milestones for the 35-54 age group:
- 61% are saving for retirement
- 47% are saving for travel
- 25% are saving for their children’s education
For both age groups, travel is a major financial priority, even beating out goals like retirement, homeownership, and education.
Best savings accounts in Canada
Find the best and most up-to-date savings rates in Canada using our comparison tool
A spending mindset
According to Bishop, Canadians’ love of travel isn’t just a coincidence. She links it to the COVID-19 pandemic, noting that since 2020 many Canadians have shifted away from just focusing on long-term savings goals to include short-term spending in their financial priorities.
“Since COVID,” she says, “a lot more people are looking at living their best life.”
“It’s about clarity”: How working with a financial planner can build confidence around money
Bishop doesn’t want Canadians to put off working with a financial planner out of a misplaced fear that they’ll lose control over their finances—or a belief that it’s only a service for the very wealthy.
Anyone can work with a financial planner, she says, and young people in particular can benefit from the financial education and insights they offer. “It’s not about giving up control; it’s about gaining clarity.”
For Bishop, the job of a financial planner is about more than expertise in markets or investment strategies. “Money is an emotional conversation,” she says. Many people, especially those who don’t feel confident about their financial goals, don’t tell even their closest friends about their financial situation—but Bishop has these honest, open conversations every day with her clients.
“A good planner will help clarify and simplify complex decisions,” Bishop says. “A great planner will align those decisions with your priorities, your goals, and a personalized plan for you.”
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Read more about financial planning:
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R.E. Hawley
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How districts can avoid 4 hidden costs of outdated facilities systems
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Key points:
School leaders are under constant pressure to stretch every dollar further, yet many districts are losing money in ways they may not even realize. The culprit? Outdated facilities processes that quietly chip away at resources, frustrate staff, and create ripple effects across learning environments. From scheduling mishaps to maintenance backlogs, these hidden costs can add up fast, and too often it’s students who pay the price.
The good news is that with a few strategic shifts, districts can effectively manage their facilities and redirect resources to where they are needed most. Here are four of the most common hidden costs–and how forward-thinking school districts are avoiding them.
How outdated facilities processes waste staff time in K–12 districts
It’s a familiar scene: a sticky note on a desk, a hallway conversation, and a string of emails trying to confirm who’s handling what. These outdated processes don’t just frustrate staff; they silently erode hours that could be spent on higher-value work. Facilities teams are already stretched thin, and every minute lost to chasing approvals or digging through piles of emails is time stolen from managing the day-to-day operations that keep schools running.
A centralized, intuitive facilities management software platform changes everything. Staff and community members can submit requests in one place, while automated, trackable systems ensure approvals move forward without constant follow-up. Events sync directly with Outlook or Google calendars, reducing conflicts before they happen. Work orders can be submitted, assigned, and tracked digitally, with mobile access that lets staff update tickets on the go. Real-time dashboards offer visibility into labor, inventory, and preventive maintenance, while asset history and performance data enable leaders to plan more effectively for the long term. Reports for leadership, audits, and compliance can be generated instantly, saving hours of manual tracking.
The result? Districts have seen a 50-75 percent reduction in scheduling workload, stronger cross-department collaboration, and more time for the work that truly moves schools forward.
Using preventive maintenance to avoid emergency repairs and extend asset life
When maintenance is handled reactively, small problems almost always snowball into costly crises. A leaking pipe left unchecked can become a flooded classroom and a ruined ceiling. A skipped HVAC inspection may lead to a midyear system failure, forcing schools to close or scramble for portable units.
These emergencies don’t just drain budgets; they disrupt instruction, create safety hazards, and erode trust with families. A more proactive approach changes the narrative. With preventive maintenance embedded into a facilities management software platform, districts can automate recurring schedules, ensure tasks are assigned to the right technicians, and attach critical resources, such as floor plans or safety notes, to each task. Schools can prioritize work orders, monitor labor hours and expenses, and generate reports on upcoming maintenance to plan ahead.
Restoring systems before they fail extends asset life and smooths operational continuity. This keeps classrooms open, budgets predictable, and leaders prepared, rather than reactive.
Maximizing ROI by streamlining school space rentals
Gymnasiums, fields, and auditoriums are among a district’s most valuable community resources, yet too often they sit idle simply because scheduling is complicated and chaotic. Paper forms, informal approvals, and scattered communication mean opportunities slip through the cracks.
When users can submit requests through a single, digital system, scheduling becomes transparent, trackable, and far easier to manage. A unified dashboard prevents conflicts, streamlines approvals, and reduces the back-and-forth that often slows the process.
The payoff isn’t just smoother operations; districts can see increased ROI through easier billing, clearer reporting, and more consistent use of unused spaces.
Why schools need facilities data to make smarter budget decisions
Without reliable facilities data, school leaders are forced to make critical budget and operational decisions in the dark. Which schools need additional staffing? Which classrooms, gyms, or labs are underused? Which capital projects should take priority, and which should wait? Operating on guesswork not only risks inefficient spending, but it also limits a district’s ability to demonstrate ROI or justify future investments.
A clear, centralized view of facilities usage and costs creates a strong foundation for strategic decision-making. This visibility can provide instant insights into patterns and trends. Districts can allocate resources more strategically, optimize staffing, and prioritize projects based on evidence rather than intuition. This level of insight also strengthens accountability, enabling schools to share transparent reports with boards, staff, and other key stakeholders, thereby building trust while ensuring that every dollar works harder.
Facilities may not always be the first thing that comes to mind when people think about student success, but the way schools manage their spaces, systems, and resources has a direct impact on learning. By moving away from outdated, manual processes and embracing smarter, data-driven facilities management, districts can unlock hidden savings, prevent costly breakdowns, and optimize the use of every asset.
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Shane Foster, Follett Software
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