Personal Finance
This 79-year-old lost home to California wildfires, hopes to rebuild
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3 hours agoon
Remains of Karen Bagnard’s Altadena, California, house after it burned in the January 2025 Los Angeles-area wildfires.
Courtesy: Chelsea
On the night of Jan. 7, Karen Bagnard sat in her Altadena, California, house in the dark.
Forceful winds had caused her home to lose power, and she also had no running water, save for one bathroom.
“My daughter called and said, ‘Mom, do you realize there’s a fire?'” said Bagnard, who is 79 years old and legally blind. “I had no idea there was a fire.”
At that point, the evacuation zone for the Eaton Fire was far enough away for her to feel safe.
“I thought, ‘Oh, they’ll never get to my house,'” Bagnard said.
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About 30 minutes later, her daughter Chelsea Bagnard called back. With the fire spreading quickly, Bagnard’s home was now near the border of the evacuation zone.
After Bagnard’s grandson, Dalton Sargent, who is 32 and also lives in her home, came back from work, the two decided to leave for the night.
In the more than 50 years she lived in the house, Bagnard had been close to evacuating before but had never actually left.
“I thought, ‘Okay, we’ll evacuate this time, but we’ll be back,'” she said.
That was the last time she stepped foot in her home.
The next day, Bagnard’s daughter and grandson returned to the neighborhood to check on the home before authorities sealed off the area. What they found was a “smoldering pile of debris,” her daughter wrote on Facebook, with only larger appliances such as the refrigerator and stove recognizable.
It was Jan. 22 before Bagnard was able to return to her neighborhood to see the devastation for herself.
“They brought a chair for me, and I sat in the driveway, and what I could see was just the land,” Bagnard said of the surreal scene. “I started looking at it in terms of, ‘How would we rebuild?'”
Karen Bagnard, 79, sits in the ruins of her Altadena, California, home, after it burned in the Los Angeles-area wildfires of January 2025. “I hope to live long enough to see it rebuilt,” she said.
Courtesy: Chelsea Bagnard
Older adults especially vulnerable to natural disasters
The Los Angeles-area wildfires destroyed tens of thousands of acres, ruining homes and entire neighborhoods. Insured losses could climb to $50 billion, according to estimates from JP Morgan.
Additionally, an unknown number of residents have been left homeless.
For older individuals, the catastrophe comes at a vulnerable time in their lives, when relocating and coping with physically difficult conditions can be more challenging.
By 2034, we’ll have more people over 65 than under 18 in our country, according to Danielle Arigoni, an urban planning and community resilience expert and author of the book “Climate Resilience for an Aging Nation.”
Yet those demographics are not used as a lens for climate resilience planning in most cases, she said.
“In two decades, we have not seen any improvement in the fatality rate of older adults in these kinds of disasters,” Arigoni said. “When you see that kind of trend line, to me that just screams for a different approach.”
The LA-area wildfires forced some assisted living facilities to evacuate, and some burned down, according to Joyce Robertson, CEO and executive director of Foundation for Senior Services.
In the aftermath of the fire, the public charity is focusing on providing supplies, including wheelchairs, and is working with nursing and assisted living facilities to help fill gaps for services and resources.
“You can imagine the stress for all those seniors having to evacuate,” Robertson said.
For older individuals who live on their own, the risk is that they will not be able to leave their homes, said Carolyn Ross, co-executive director of the Village Movement California, a coalition of 50 neighborhood-based community organizations that provide community programming and expertise to help older residents age in place.
“In natural disasters, they are disproportionately affected, more likely to be the ones found in their homes because they couldn’t evacuate,” Ross said.
The hardest hit of the Village Movement’s communities — Pasadena Village — had around 60 members displaced by the fires, and 19 lost their homes entirely, including Bagnard.
“It’s been heartbreaking,” said Katie Brandon, executive director at Pasadena Village.
“But it’s also been really beautiful to see the older adults really support each other, be there for each other, and see the communities of support that they’ve built over the last months and years really work for them,” Brandon said.
As Bagnard searched for a new residence, one of the Pasadena Village members stepped up to offer her a six-month temporary lease to live with her in her home, though the two women had not previously met.
Bagnard has been a valued member of the Pasadena Village for many years, according to Brandon, having hosted many events and programs at her “beautiful house, outside on her patio.”
As Bagnard regroups, the Pasadena Village is replacing the computer she lost with the accessibility features she needs due to her vision loss. The community organization is working with other affected area residents to help provide the equipment they need, such as air purifiers and computer printers. Where possible, it’s also encouraging older residents to continue to gather socially.
“The insurance companies seem to be pretty good at reacting and seeing what they can replace, but sometimes it’s quite a process,” Brandon said. “The sooner we can get our older adults the resources and equipment that they need, the better off they’ll be in this recovery period.”
Older victims face greater health, financial risks
Experts emphasize that older individuals may face a prolonged recovery.
In the aftermath of a disaster, there tends to be a lot of people helping, providing donations and other support, said Joan Casey, associate professor at the University of Washington’s School of Public Health.
Yet in the rebuilding period that follows, there’s often a lull, where volunteer efforts and donations dry up, she said.
Yet more than a year from now, those same disaster victims may still be displaced from their homes, she said.
“It’s that medium-term disaster period where we still want to check in on people,” Casey said.
They may be more susceptible to certain health and financial risks, particularly if they do not have a community safety net.
Nearly 80% of older adults have two or more chronic conditions, according to research from the National Council on Aging. If that includes respiratory or heart disease, the worsened air quality may be even more harmful to their health.
Older adults may also have paid off their homes, which means they may not be required to have homeowners’ insurance. Consequently, some may be completely uninsured, while others may be underinsured in an effort to keep their monthly expenses down, Arigoni said.
Scientific literature on how disasters affect older adults is “pretty mixed,” especially with regard to mental health, according to Casey. Some neurologists have found natural disasters may be a tipping point in cognitive function for older adults, she said.
Yet there’s also evidence that older individuals may be more resilient because they have developed better strategies to deal with stress over time, Casey said. They may have already experienced a disaster before, and therefore may be better prepared to handle another event.
‘I hope to live long enough to see it rebuilt’
Remains of Karen Bagnard’s Altadena, California, house after it burned in the January 2025 Los Angeles-area wildfires.
Courtesy: yesterday, my mom saw her home of over 50 years for the first time since it burned
Prior to losing her home in the wildfire, Bagnard, a professional visual artist, had recently gone through a big life adjustment as she dealt with her vision loss.
In early 2024, she held a show of her work at Pasadena Village, where she talked about coming to terms with blindness. Her favorite piece — of a sphere falling — played on darkness and light amid a color scheme of blue, teal and black, a symbol of her own journey.
“Knowing that you’re going blind is like a free fall into the darkness, and then at some point you realize that you bring the light with you, so it isn’t really dark,” Bagnard said. “You have a different kind of light; the light is inside.”
That piece was destroyed and is now among her home’s ashes, along with most of her other artwork.
For most of her life, Bagnard did pen-and-ink drawings with watercolor washes. Since the onset of her vision loss, she has transitioned to other methods, using decoupage and handmade papers as well as writing haikus.
The process of coping with her vision loss has helped her to keep the more recent loss of her home in perspective, she said, though she admits she still has moments of frustration.
To help rebuild, she has applied for a Small Business Administration loan, and her daughter started a GoFundMe account.
Other community organizations, in addition to Pasadena Village, have also stepped in to offer support.
A local nonprofit organization, Better Angels, has provided grant money to Bagnard and her grandson. And Journey House, a provider of foster care services, has promised to help Bagnard’s grandson, a former foster youth, who also lost everything in the fire.
Amid her home’s rubble, Bagnard said she has also seen signs of hope. A Danish plate with a mermaid, which Bagnard considers an art muse, survived the fire, as well as cement stairs she had painted with images of the four seasons.
She has told her two daughters and grandson it is up to them to decide what to do with the property they will eventually inherit.
“I’m going to be 80 next month, and I hope to live long enough to see it rebuilt,” Bagnard said.
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Personal Finance
These are the 10 most underrated places to travel, say travel agents
Published
1 day agoon
February 1, 2025Klaus Vedfelt | Digitalvision | Getty Images
Looking for travel inspiration for 2025 and beyond?
Look no further: CNBC asked 10 travel agents for their recommendations of the most underhyped destinations in the world. We compiled their written answers below, including can’t-miss activities for each locale and the best times of year to visit.
You’ll also find average round-trip airfare from U.S. airports. The data, provided by travel app Hopper, is based on average fares that were available to book from Jan. 15 to Jan. 22. Prices are for May-July 2025, when most Americans plan to take their longer vacations, Hopper said.
Travelers should aim to book over the next few weeks to score the best prices, it said.
Albania
Valbona National Park, Albania.
Eduardo Fonseca Arraes | Moment | Getty Images
Recommended by: Scott Abbott, managing director of Wilderness Travel
Why to visit: “The Albanian Alps, also known as the Accursed Mountains, are a mountain range very few people know about, so are totally untouched by tourism. But have some of the most gorgeous and dramatic hikes in all of Europe. They also have guesthouses, mountain huts and hotels that feel like what the Alps were like 30-plus years ago, all owned by local families and run in a traditional way very authentic to the place and culture.”
Can’t-miss: Hiking in Valbona Valley National Park
Best time to go: June to September
Average flight price: $926 to Tirana, Albania
Ecuadorian cloud forest
Cloud forest in Ecuador.
Gerard Puigmal | Moment | Getty Images
Recommended by: Allie Almario, South America and Galapagos expert at Premier Tours
Why to visit: “Most people think of Costa Rica when they think of cloud forest, but Ecuador also has the lure of the Galapagos Islands, so it’s a terrific combination. About three hours from the capital city of Quito, Ecuador, the cloud forest feels primeval and otherworldly.
“I love the Mashpi Eco Lodge, which is on the cusp of the rain and cloud forest in a private sanctuary. You’ve got incredibly rich biodiversity in this remote area — so remote the silence is almost deafening.”
Can’t-miss: “Mashpi Lodge offers an activity called the Dragon Fly — it is up to an hour ride in an open air cable car (seating only for four guests at a time and a naturalist) where you soar over the tree canopy. You hear nothing but the wind and bird calls and the distant crash of waterfalls 500 feet below you. The butterflies are like confetti.”
Best time to go: “Temperatures are pretty consistent throughout the year, but the main difference is rainy vs. dry season. Be prepared and either way, hiking in the cloud and rain forest will always be an adventure.”
Average flight price: $588 to Quito, Ecuador
Hamburg, Germany
The canals of Hamburg, Germany
Inigo Cia | Moment | Getty Images
Recommended by: Kareem George, CEO of Culture Traveler
Why to visit: “This ultra chic city is beautiful, sophisticated and extremely fun, with a variety of attractions for diverse ages and interests. The setting of the city is quite picturesque, nestled between the Elbe River and Alster Lake with many canals in between. It is an extremely walkable city with many historic attractions in the city center — such as the Rathaus (City Hall) and St. Nikolai Church — flanked by very cool neighborhoods such as the Speicherstadt (Warehouse) District, raucous St. Pauli and the quirky Schanzenviertel.”
Can’t-miss: “Two of the many must-see attractions are the iconic Elbphilharmonie and the unique Miniatur Wunderland. Advance tickets are highly recommended for both.”
Best time to go: “Hamburg is truly a destination for all seasons, however I particularly enjoyed a recent visit in the fall. The weather was perfect and it was wonderful to stroll along the lake, canals and to explore several neighborhoods on foot.”
Average flight price: $1,090
Kyushu, Japan
A hot spring resort in Kurokawa Onsen, in Kyushu, Japan.
Bohistock | Moment | Getty Images
Recommended by: Kristin Braswell, founder of CrushGlobal Travel
Why to visit: “Brimming with natural beauty at every corner, the southern island of Japan’s Kyushu may be overlooked for its popular northern neighbors like Tokyo and Kyoto, but it’s just as thrilling. Teeming with active volcanoes, palm-forested coastlines and bubbling onsens [hot springs] to retreat in, you will be enamored at every turn by the great, wide outdoors here. I highly recommend visiting the electric metropolis, Fukuoka, and Beppu, a mountainside jewel that is home to the most spring waters in the country.”
Can’t-miss: “Visiting the famous onsens, particularly the Jigoku Circuit, which are all grouped and within walking distance. They are a sight to see.”
Best time to go: “In spring, during cherry-blossom season and when the weather is pleasantly warm, or the fall, as the foliage begins to change with the seasons.”
Average flight price: Top three airports in Kyushu, by popularity from U.S. cities based on search demand:
- Fukuoka: $1,326
- Nagasaki: $1,617
- Kumamoto: $1,594
Lençóis Maranhenses National Park, Brazil
Lençóis Maranhenses National Park, Brazil.
Ignacio Palacios | Stone | Getty Images
Recommended by: John Lansdell, planner at Trufflepig Travel
Why to visit: “Remote and staggeringly beautiful, this park of sand dunes, mangroves and freshwater lagoons is prime for both relaxing in and exploring — swimming, dune walks and quad tours, birding, etc.”
Can’t-miss: Swimming in the lagoons.
Best time to go: “When to visit is subjective, but high season is July and August: Full lagoons; warm, not too hot; rains have passed, but the gateway towns are busy. Either side of these months may be the best bet, although the park itself, a UNESCO World Heritage Site, is vast and won’t feel overly busy in high season.”
Average flight price: $1,069 to Sao Luis, Brazil
The Nordic countries (Sweden, Denmark, Finland, Norway)
Old town and town square in Stockholm, Sweden.
Leonardo Patrizi | E+ | Getty Images
Recommended by: Melissa Wu, founder of Woodlyn Travel
Why to visit: “The Nordics offer a great variety of destinations and activities, from the bustling nightlife and modern hotels of the cities, to rural pastimes like dog sledding and gazing up at the amazing northern lights. Classic Nordic activities like saunas and cold plunges share the stage with farm-to-table culinary extravaganzas. And the dollar is very strong right now, so you’ll get your money’s worth on some of the best seafood you’ll ever eat.”
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Can’t-miss: “Sweden’s capital and largest city, Stockholm, is known for a great museum scene with some truly unique attractions. The ABBA museum is a must-see for music lovers, while the Viking Museum and Vasa Museum, which houses a salvaged 17th century ship, pay tribute to Sweden’s history. And no visit would be complete without a stop at the Spiritmuseum, which celebrates Sweden’s drinking culture.”
Best time to go: “The Nordics offer something unique no matter what time of year you visit. Long summer days give way to amazing fall foliage, followed by Christmas markets and ice hotels during the wintertime, and lovely island-hopping adventures in spring. Stockholm’s cherry-blossom trees bloom in mid- to late-April, with a gorgeous display that rivals more well-known (and crowded) spots like Washington, D.C. and Kyoto.”
Average flight price:
- Copenhagen: $769
- Helsinki: $890
- Oslo: $826
- Stockholm: $801
The Philippines
Boats on the serene, azure waters near Coron Palawan, Philippines.
Travelstoxphoto | Moment | Getty Images
Recommended by: Tesa Totengco, founder and CEO of Travels with Tesa
Why to visit: “Although it is very much a part of Southeast Asia, the Philippines is off to the side from the rest of its neighbors. I suggest devoting your entire trip to the country and island-hopping.
“It has some of the most beautiful white powdery sand beaches (Palawan, Boracay, Bohol). There is a thriving contemporary art scene (Art Fair in Manila, held in February), and galleries supporting local artists (Silverlens, Artinformal, Gravity Art Space, Orange Project). In the capital, you can tour Old Manila and learn of the past from the 16th century Spanish colonialization right up to the American War liberating the country from Japanese occupation. There are pop-up shops throughout the year that celebrate Filipino design, and celebrated chefs with their own restaurants celebrating Filipino cuisine. It’s a predominantly English-speaking country, so the traveler will never feel lost.”
Can’t-miss: “This country is made up of over 7,000 islands, each unique in culture, history and flavor. It’s best to make a ‘halo-halo’ (meaning ‘mixed’) experience: Not just beach, for which the country is most famous.”
Best time to go: “It’s a tropical country, so the Philippines is hot and humid year round. Avoid the rainy season from June to October and come from December to February when the country is at its coolest.”
Average flight price:
- Manila: $1,296
- Cebu City: $1,446
- Angeles City: $1,461
Tunisia
Sidi Bou Said, a town in northern Tunisia.
Max Shen | Moment | Getty Images
Recommended by: Sofia Markovich, owner of Sofia’s Travel
Why to visit: “Tunisia is home to some of the world’s most well-preserved Roman ruins, including the iconic El Jem Amphitheatre, a UNESCO World Heritage site that rivals Rome’s Colosseum in grandeur. Carthage, once a powerful city-state, showcases the remnants of an ancient civilization that shaped Mediterranean history.
“From the rolling dunes of the Sahara Desert to the pristine beaches of Hammamet, Sussa and Djerba, the country offers a variety of settings for adventure and relaxation. Matmata’s troglodyte homes, famously featured in Star Wars films, add a touch of cinematic wonder to the experience.”
“Tunisia’s cuisine is a highlight that captivates food lovers. With its bold flavors and Mediterranean influences, dishes like brik (a savory pastry), couscous and harissa-infused stews offer an authentic taste of the region. The country’s burgeoning wine industry adds to its allure.”
Amphitheatre of El Jem in Tunisia.
Westend61 | Westend61 | Getty Images
Can’t-miss: “Sidi Bou Said, with its white-washed houses and blue doors; and Carthage.”
Best time to go: “Tunisia is great to visit year-round”:
- Spring (March-May): “Warm, ideal for exploring ruins and nature.”
- Summer (June-August): “Hot, perfect for beaches but avoid inland heat.”
- Autumn (September-November): “Mild, great for both beaches and culture.”
- Winter (December-February): “Cool, best for the Sahara and fewer crowds.”
Average flight price: $1,360 to Tunis
Uzbekistan
Bibi Khanum Mosque in Samarkand, Uzbekistan.
Izzet Keribar | Stone | Getty Images
Recommended by: Jonathan Alder, CEO of Jonathan’s Travels
Why to visit: “This incredible melting pot of cultures is one of the most stunning destinations in the world, with architecture, history and nature that would surprise even the most experienced traveler.
“Its cuisine — a melting pot of Persian, Indian, Italian, and Chinese with hints of Russian — is a foodie’s dream. Once the heart of the Silk Road, the architecture doesn’t look like anything else you’ve ever seen. I love to start in the capital of Tashkent, which is a modern metropolis, then head to the ancient side of the country at the far end of the desert to step back in time. The mosque of Samarkand is one of the most incredible architectural highlights you’ll see in your life.
“Getting out of the cities, you can head into the mountains, which are essentially the back of the Himalayas, for incredible nature and green valleys outside of the stark, dramatic desert that you get for most of the rest of the country.”
The Old Town in the City of Bukhara, Uzbekistan.
Mlenny | E+ | Getty Images
Can’t-miss: “Samarkand. This was once the capital of the Silk Road, the crossing point for all trade routes between Europe and Asia. The sites here are the biggest in the country and some of the top highlights.”
When to go: “Spring and fall. The summers are quite hot and the winters get very cold. You can also make this a ski destination in the winter and combine it with the rest of the country.”
Average flight price:
- Tashkent: $1,470
- Samarkand: $2,226
Western Australia
James Price Point, Western Australia.
Luke Mackenzie | Moment | Getty Images
Recommended by: Kemi Wells-Conrad, founder and president of Wells Luxury Travel
Why to visit: “Everyone typically thinks of Sydney and the East Coast of Australia — and don’t get me wrong, it is a beautiful coastline. But I have always been a huge fan of Western Australia. It is incredibly diverse, and the landscapes are truly magnificent.
“Perth is your starting point and known as one of the most isolated cities in the world. There is world-class wine further south in Margaret River. The coast is filled with some of the most beautiful beaches in the world, such as Monkey Mia and Ningaloo Reef, which also are teeming with amazing marine life. The Kimberleys are wild, rugged and unique.”
Bungle Bungles, beehive-shaped sandstone towers in Purnululu National Park, in Eastern Kimberleys, Western Australia.
Michael Runkel | Imagebroker | Getty Images
Can’t-miss: “Ningaloo Reef. Forget the crowds of the Great Barrier Reef out of Cairns — imagine a pristine reef with no crowds. You can also swim with whale sharks here March to August. The luxury glamping experience at Sal Salis is a unique experience.”
When to go: “April to September. This is the sweet spot, their ‘winter.’ The temperatures are mild, however still much warmer than our northern hemisphere winter. And it would allow you to travel further north to the Kimberleys — outside of their wet season and before it heats up again from October on.”
Average flight price:
- Perth: $2,043
- Broome: $3,094
Personal Finance
2025 is a renter’s market — here’s how to take advantage
Published
2 days agoon
January 31, 2025Vgajic | E+ | Getty Images
If you’re a renter, the market may be shifting in your favor.
As of December, the median asking rent price in the U.S. was $1,695, down 0.5% — or $8 — from November, according to a new report by Realtor.com.
The latest rent price is 1.1% lower — or $18 — from a year before, and down 3.7% from peak highs in July 2022.
We’re calling it a renter’s market.
Daryl Fairweather
chief economist at Redfin, an online real estate brokerage firm
Rental affordability is improving in part because of a “construction boom” of new apartment buildings during the pandemic, according to Daryl Fairweather, chief economist at Redfin.
“There are still units coming online now from projects that were started back in 2021, 2022,” she said.
With more new units available, some property managers are considering lowering their asking prices to attract tenants, experts say.
This means renters should have more negotiating power when it comes to the terms of their leases, Fairweather explained.
“We’re calling it a renter’s market. We think that’s going to continue for the next year,” she said.
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To be sure, the volume of newly built apartments is concentrated in some areas more than others, making rent prices decline faster in certain parts of the country.
By way of example, Austin, Texas, where the median rent is $1,394 as of December, saw some of the highest levels of multifamily housing construction over the past few years, according to Redfin. That figure is down from $1,482 in August when the median price fell 17.6% from a year prior.
Rents in Austin are likely to continue to fall as supply grows and demand balances itself out, experts say.
What you’re able to leverage as a renter will depend on what’s happening in your current market or where you plan to live.
Here are three key steps to consider if you’re on the rental market this year:
1. Find out what other units are renting for in the area
You might live in an area that is becoming more affordable. To find out, compare what other units in the neighborhood similar to yours are renting for — it’s the “best way to arm yourself” in negotiations with your landlord or property manager, Fairweather said.
“If your property manager is trying to raise your rent, you can come to them with information to show them that your rent shouldn’t be increased,” she said. “In some markets, it should even go down.”
If you’ve been living in the same unit for a couple years and have consistently paid rent on time, try to use that history to negotiate for a lower monthly rent, said Joel Berner, a senior economist at Realtor.com.
A “good point to negotiate from” is to show your landlord that rent prices are coming down for similar properties but you have no desire to move ― unless you can save money elsewhere, he said.
Tenant turnover can be expensive for landlords, especially if the property sits unoccupied for a few months.
2. Negotiate any additional fees you pay
On that note, think about what other costs you pay for in addition to your rent, Fairweather said. These can be fees for parking space or access to other amenities.
Fees for amenities like a parking garage, a shared community space, an on-site fitness center or bike storage can range from $30 a month for basic offerings or one-time charges of $200 to $500, according to Apartment List.
If you see ads where other properties are calling out concessions like waived parking costs or reduced fees for an amenity, see if your landlord is willing to match that.
3. Consider teaming up with housemates
Meanwhile, if you’re living in an area that’s still “really expensive to rent,” consider splitting a larger unit with other people, Berner said.
Having roommates or housemates is a tried-and-true way to lower housing costs. It’s more effective now because the cost for larger units in some places is not growing as fast as rents for smaller units, he said.
“You can find a pretty good deal on maybe a three-bedroom apartment and split it with other folks,” he said.
Personal Finance
2 moves retirees may make now to boost benefit checks
Published
2 days agoon
January 31, 2025A customer walks by a display of fresh eggs at a grocery store on Sept. 25, 2024 in San Anselmo, California.
Justin Sullivan | Getty Images
The first Social Security benefit checks for 2025 include a 2.5% increase — the lowest annual cost-of-living adjustment since 2021.
For retirees, that amounts to an increase of about $50 per month, on average, according to the Social Security Administration.
Still, amid stubborn inflation and persistent elevated costs for everyday items, some retirees may feel that the increase is not enough.
“I think overall folks are glad to see the raise,” said Jim Blair, founder at NSSA Professionals and a former Social Security administrator. “It’s not necessarily keeping up with everything, but it’s better than nothing.”
The latest government inflation data shows the measure used to calculate the annual Social Security COLA — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — was up 2.8% over the last 12 months as of December.
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Another measure used by the Federal Reserve to gauge long-run inflation — core inflation excluding food and energy under the personal consumption expenditures price index — was up 2.8% in December, according to data released on Friday.
For retirees who would like to see bigger Social Security benefit checks, there are a couple of strategies they may consider trying, Blair said.
Adjust your tax withholdings
Social Security beneficiaries may have up to 22% of their benefits withheld for taxes.
“If you’re struggling a little bit, particularly if you’re not in too high of a tax bracket, you can always adjust that,” Blair said.
If you’ve been getting refunds, reducing how much you have withheld will allow you to access those funds sooner, though you will get back less during next year’s tax filing season, Blair said.
But there may be a risk you may owe money at tax time next year, depending on your personal circumstances, he said.
Beneficiaries can adjust the tax withholdings on their benefits by filing Form W-4V with the Social Security Administration.
Ask to have your Medicare premiums adjusted
Most retirees pay a standard monthly premium rate for Medicare Part B, which covers preventive care, medically necessary services and durable medical equipment.
In 2025, that standard monthly premium is $185 per month.
But higher-income retirees pay more for what’s known as an income-related monthly adjustment amount, or IRMAA.
That also applies to monthly premiums for Medicare Part D prescription drug plans, which have average estimated monthly premiums of $46.50 in 2025.
The premiums are based on income tax filings from two years prior. If you’ve since had a life changing event that has prompted your income to go down — such as if you’ve retired, sold an income-producing business or survived the death of a spouse — you can apply to have your Medicare withholdings adjusted.
To do that, complete Form SSA-44 and submit it to the Social Security Administration.
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