For example, if you have a bacterial infection, you need to take antibiotics. If health care providers need to determine whether you have a broken bone, you’ll need to have an .

Some procedures, medications and services may be more ambiguous, as medical conditions are often complex and have multiple possible treatment plans. In those cases, you’ll want to talk with your provider about getting from your insurance company so that you can be sure your medical treatment is covered.

[READ: ]

What Counts as “Medically Necessary” Under Medicare?

You may hear use the term “medical necessity” when talking about services covered by your plan.

“(Medical necessity) refers to care that is reasonable, appropriate and essential for your health,” says Dr. Saamer Siddiqi, a Chicago-based board-certified internal medicine hospitalist and founder and CEO of LIVEMED, a company that supports rural and community hospitals. “It’s the kind of treatment a doctor determines is needed to diagnose, treat or prevent a serious condition, rather than something done for convenience, preference or cosmetic reasons.”

For the most part, clinics, hospitals and physician groups follow treatment protocols that are in line with broadly accepted standards of medical care. “For example, prescribing statins for someone with high cholesterol will generally meet the standard of medical necessity, so will X-rays to determine if a bone is broken or surgery for repair of a ,” says Whitney Stidom, vice president of consumer enablement at eHealth, an online health insurance marketplace..

Yet whether a procedure is medically necessary also may depend on the standard of practice for health care practices in your area, as well as any state laws governing medical necessity.

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The High Cost of a Medical Necessity Claim Denial

If you have or private health insurance, it’s important to understand the idea of medical necessity, as it can determine what your health care plan will cover or not cover. Each health insurance policy will define medical necessity and their standards and procedures within the policy. How they define medical necessity will impact which procedures they cover.

When you’re part of a health plan like Medicare, medical necessity matters because claims submitted for services that do not meet the criteria of medical necessity are typically denied, meaning the full cost is passed on to the patient.

“No one wants a surprise medical bill, and it can be especially frustrating to seek medical care at a doctor’s recommendation only for the claim to be ,” Stidom says.

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Do You Need a Certificate of Medical Necessity?

Previously, Medicare required a Certificate of Medical Necessity for coverage of certain services or medical equipment and supplies.

“While the form is no longer needed, providers still need to produce orders and provide documentation that the patient meets Medicare’s coverage criteria for the equipment or service,” says Christen Bergeron, founder of the Bedford, New Hampshire-based Navigating Senior Living, which helps families understand care options.

The definition of medical necessity will depend on national coverage decisions regarding Medicare as well as your state laws. Nationally, the Centers for Medicare and Medicaid Services (CMS) uses data and research to make national coverage determinations (NCDs), which determine whether or not a procedure is covered by . When a procedure does not fall under a NCD, it’s up to the Medicare contractors to make a local coverage determination (LCD).

Does medical necessity apply to Medicare Advantage plans?

Medicare Advantage plans can set their own standards for what is medically necessary, but they must cover, at a minimum, the same health services that covers. They may also set their own requirements for prior authorization, which may mean that the plan has to approve your services before you receive them.

What about medical necessity for Medicaid?

Since states are responsible for administering Medicaid, each state has a definition of “medical necessity” outlined for their Medicaid programs. You can find your state’s definition of what is “medically necessary” within the state Medicaid policy if you’re.

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Which Procedures and Medications Are Medically Necessary?

The best way to find out if medical treatments that you need are considered medically necessary is by reading the policy documents, says Barbara Hopkins, a licensed insurance agent and Medicare consultant based in South Portland, Maine. Although they may be hard to follow, they’re an important part of understanding your coverage.

Some examples of care that are typically considered medically necessary include:

— Anesthesia for many types of surgery

— Antibiotics for an infection

— Cardiac rehabilitation

—

— screening to detect breast cancer

— Oxygen when you can’t breathe

— X-rays to determine if you have a broken bone

Procedures and Medications Often Deemed “Not Medically Necessary”

Health services that may not meet the definition of medical necessity and therefore include:

Keep in mind that there are other types of health needs that Medicare Parts A and B do not cover. They may be medically important, but they are covered within different types of Medicare coverage, like Medicare Advantage (also called Part C) plans, Hopkins says. These include:

— for prescription glasses

— and the exams to fit them

—

How to Get Pre-Approved Before Your Procedure

If you’re unsure if a medication, test or treatment is necessary for your health problem, just , “Is this really necessary for me, or is it extra?” or “Should we ask for pre-approval?” Simply asking the question can help you assess if something is valuable for your time and may help you avoid an unexpected bill.

It also can be useful to work with your health provider’s office to determine if is needed for a test, treatment or service. This involves getting prior approval for a medication or treatment to ensure that it will be covered by your plan.

“If there’s any doubt, filing a prior authorization request with the insurer can save them a lot of worry and hassle, and potentially a lot of money, too,” Stidom says.

Each insurance plan, be it for Medicare or non-Medicare plans, will have a prior authorization process. Often, a provider will write a letter to explain a person’s condition and why the specific treatment should be approved. The provider also may send lab results or medical records to further support the care they are recommending.

It may take up to a few weeks to hear if a prior authorization request is approved. Final decisions are made by considering the information in the prior authorization request, the stipulated benefits and coverage of the health insurance plan, and broadly accepted standards of medical practice.

What to Do If Your Medicare Claim Is Denied

If your Medicare claim or prior authorization for a specific medication, service or treatment is , take a deep breath.

“It’s not a horrible, scary thing if you’re denied,” Hopkins says.

A 2025 Health Affairs found that 17% of claims through Medicare Advantage were denied, but 57% of those were ultimately overturned.

“Most people stop too early, but a lot of denials get overturned once the details are laid out,” Siddiqi says. “An appeal gives you a chance to add missing records, provider letters or other evidence that shows why the care is necessary.”

“A strong, well-written letter can open the door where a simple claim might have been turned away,” Siddiqi adds.

Work with your health provider toif a claim is denied. Your provider’s office can give more details in writing about why you need a certain type of treatment and share more background about your medical situation. You can also work with your State Health Insurance Assistance Program (SHIP), which has counselors who will answer questions for free regarding Medicare or Medicare Advantage, Bergeron says.

If you or someone you care for is in need of durable medical equipment, it also can be helpful to work with health providers to find alternatives if a certain item isn’t covered. For instance, Medicare may not cover the cost of a raised toilet seat, but it will cover a bedside commode chair. Plus, if you have Medicare Advantage, it may cover some items that original Medicare won’t pay for.

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Here’s what you need to know about Medicare Part B.

What Is Medicare Part B?

Medicare Part B is the portion of Medicare that helps cover outpatient services and care, such as:

— Visits to the doctor

— Certain

— Lab and services

—

—

—

Together, Medicare , which covers inpatient hospital care, and Part B are known as “original Medicare” or “traditional Medicare.”

[Read: ]

Medicare Part B Eligibility

You are Part B if:

— You are a U.S. citizen or legal permanent resident who has lived in the United States for at least five continuous years.

— You are age 65 and older.

— You are , but you have received Social Security Disability benefits for 24 months.

— You haveor amyotrophic lateral sclerosis, also known as .

[SEE: ]

Applying for Medicare Part B

You can Part B when you first become eligible, during what’s known as the initial enrollment period. This period stretches from three months before you turn 65 to the month of your birthday and three months afterward.

You can enroll in Medicare by:

— Applying online through the

— Calling 1-800-772-1213

— Visiting a local Social Security office

If you are already receiving Social Security payments — and are thus eligible for Medicare parts A and B — the government automatically enrolls you prior to your 65th birthday.

If you miss your initial enrollment window, you can sign up for Medicare during the general enrollment period (January 1 to March 31 every year) or during a special enrollment period, if you qualify.

Do you have to enroll in Medicare Part B?

Part B is optional and you can decline it, but most people choose to enroll when first eligible. If you delay signing up and do not have other creditable coverage like insurance through your job, you may face a of 10% for every year without coverage. However, if you do have what Medicare considers creditable coverage, you are eligible for a special enrollment period when that coverage ends and you won’t face late penalties. If you are 65 or older, and not yet drawing Social Security, the key determinant for enrolling in Medicare is the size of your employer. If the company has fewer than 20 employees, you should enroll during the initial enrollment period.

There are two reasons for enrolling, according to Edd Staton, a retirement expert and co-author of the book “Mission: Rescue Your Retirement”:

— Your small group insurer might be able to refuse to pay any portion of claims that Medicare would have paid.

— Whenever you do enroll in Medicare, you will be subject to a lifelong late enrollment penalty on Part B that continues to increase every year you delay.

“Also, if you are contributing to a , you cannot enroll in Medicare because to contribute pretax dollars, you cannot have health insurance other than a high-deductible health plan,” Staton explains.

If you do have employer coverage, you can sign up for Medicare without a penalty after you retire. Once you’re enrolled, keep in mind that you are no longer eligible to contribute to a health savings account.

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Medicare Part B vs. Employer Coverage: 2026 Rule of Thumb

To understand your original Medicare enrollment options, let’s walk through some scenarios.

Part B Out-of-Pocket Costs in 2026

Like most employer-based or healthcare exchange insurance plans, Medicare uses and other out-of-pocket expenses, such as copays and coinsurance, to help cover the cost. These costs fluctuate every year; below are the differences between 2025 and 2026.

How your Part B costs work

The different pieces you’re responsible for vary slightly:

— Premium ($202.90): Most people pay the standard premium, which is typically deducted from your Social Security benefit checks. If you don’t get these benefits, or they’re insufficient, Medicare will bill you.

— Deductible ($283): Under original Medicare, if the Part B deductible applies, you must pay all costs until you meet it.

— Coinsurance (20%): After you meet your deductible, Medicare begins to pay its share, typically 80%. You pay the remaining percentage of the Medicare-approved amount of the service. Keep in mind that there’s no yearly limit on what you pay out-of-pocket if you have original Medicare. To help cover those out-of-pocket costs, many sign up for a Medicare supplement plan, also known as .

Income surcharges (IRMAA) and financial assistance

Your costs may also be lower or higher depending on your income.

— Lower: You may qualify for Medicare-Medicaid or one of the for financial assistance with out-of-pocket costs. Eligibility for financial assistance programs vary by state. “The qualification process is more accessible in some states due to elevated income limits or the absence of asset requirements,” says Mary Johnson, a Medicare policy analyst with the Senior Citizens League.

— Higher: The is an additional surcharge added to your standard premium if your income exceeds certain thresholds. IRMAA is calculated using your modified adjusted gross income from two years prior. For example, your 2024 tax return determines your 2026 premiums, which means Medicare’s calculation may not reflect your current income, often catching beneficiaries by surprise. If you disagree with your IRMAA determination or your income has dropped due to a qualifying life event — retirement, reduced work, divorce or the death of a spouse — you have the right to the surcharge.

2026 IRMAA income tier table

New 2026 Coverage Highlights

Medicare coverage continues to , with changes reflecting a broader shift toward prevention, chronic disease management, strengthened cost control and whole-person care. The higher costs for beneficiaries are due to Medicare’s overall rising expenses, driven by increasing enrollment, longer life expectancy, more chronic conditions, higher and increased use of outpatient care.

Advanced primary care management

is a new Medicare Part?B care model designed to support more proactive, coordinated care for beneficiaries, especially those with chronic . Unlike traditional models that focus on episodic office visits when necessary, under APCM, providers are incentivized to manage a patient’s overall health needs. This approach includes 24/7 access to a care team, chronic care management, a personalized care plan, medication management and care coordination across providers and settings.

With this shift to more personalized, coordinated health management, the goal is to better support beneficiaries’ overall health, manage chronic conditions more effectively, catch minor issues before they escalate and help avoid unnecessary hospital or visits.

Drug price negotiation program

While the lower prices won’t take effect until 2028, this year Medicare is expanding its to include Part B physician-administered drugs for the first time. This initiative will reduce the 20% coinsurance patients typically pay for high-cost infusions and injections, such as Entyvio (for ), Xolair (for respiratory issues) and (for certain chronic medical conditions).

The aim is to make these high-cost drugs more affordable for beneficiaries while also containing overall rising costs and helping to protect the program’s long-term sustainability.

Expanded behavioral health coverage

Medicare is strengthening its coverage by making visits a permanent benefit. The in-person visit requirement, which dictates how often you must see a doctor face-to-face to maintain telehealth coverage, has been waived through 2027 to ensure access for rural and homebound patients with mental healthcare needs.

Proactive prevention is also expanding with $0 group counseling and enhanced annual wellness screenings for , anxiety and cognitive health. Medicare also increased reimbursement for key mental and behavioral health services, helping encourage more providers to accept Medicare patients and improve access to care.

Part B premium increase

In 2026, the standard Medicare Part B premium rose sharply, marking the third consecutive year that premiums have increased faster than Social Security’s cost-of-living adjustment, making affordability a challenge for many on a fixed income.

“Affording healthcare expenses, even with Medicare, is increasingly a struggle for many seniors,” Johnson says.

mandates that Part B premiums cover exactly 25% of the program’s total costs, so any significant increases in medical spending by the program translates directly into higher monthly bills for seniors.

Wasteful and inappropriate service reduction (WISeR) model

For those with original Medicare, the is a new Medicare pilot that requires for certain outpatient services in Part B if you live in Arizona, New Jersey, Ohio, Oklahoma, Texas or Washington. This model combines and clinical oversight to streamline the prior authorization process, with the goal to reduce usage of specific low-value or unnecessary services and lower overall costs and improve patient safety. This won’t change your benefits overall; it just changes how some services are approved. This also does not affect anyone enrolled in a (also known as Medicare Part C).

What Doesn’t Medicare Part B Cover?

Medicare Part B :

— Hospital insurance, which falls under the Medicare Part A coverage umbrella, including:

— Inpatient hospitalization

— stays

— Some home healthcare

—

— Prescription drug coverage, which covers

— , and , which some Medicare Advantage plans cover

— Long-term care

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“Underspending is a quiet but widespread crisis, and it carries a real irony,” said Ronnie Cox, investment director at Human Interest Advisors in San Diego in an email. “People spend their whole lives sacrificing to build freedom, then let fear stop them from enjoying it.”

In many cases, retirees can achieve a balance between and enjoying the retirement years.

[Read: ]

Why Underspending in Retirement Happens

For many retirees, the biggest hurdle is psychological rather than financial.

“Something I’ve observed over the years is that the habits that help people build wealth are usually the same habits that make retirement emotionally challenging,” said Rebekah J. Fero, certified financial planner and founder of Fero Financial in Port Charlotte, Florida, in an email.

Many retirees have spent decades , making thoughtful financial decisions, and consistently saving for the future. By retirement, those behaviors have become second nature. “Then retirement gets here, and suddenly they’re expected to switch form saving to spending,” Fero said.

This pattern of underspending can happen regardless of nest egg size. “Whether they’ve got $1 million or $20 million in their 401(k), most people are hesitant to spend their own money at first,” said Adam Spiegelman, certified financial planner and founder of Spiegelman Wealth Management in Alamo, California, in an email. “There’s a real psychological shift involved in going from getting a paycheck every couple weeks to relying on savings you spent decades accumulating.”

Finding the Right Balance

While retirees shouldn’t overspend, they also don’t want to become so cautious that they miss out on experiences they’ve been looking forward to enjoying for decades. “A balance comes from having a plan that gives you confidence,” Fero said. She recommends understanding where will come from, how taxes fit into the picture and how each investment supports your long-term goals.

Having a can also make it easier to budget for living expenses and experiences. For instance, if travel has always been meaningful to you, consider building an annual vacation fund into your retirement budget. If spending time with family is important, you can account for holiday gatherings or regular reunions.

“On the flip side, overspending is its own real risk, especially somewhere like the Bay Area, where I’ve seen clients with multimillion-dollar properties watch their liquid assets run down,” Spiegelman said. “Selling the primary residence to fund retirement means relocating plus a major tax hit. Either direction, underspending or overspending, comes back to the same fix.” You’ll want to plan, revisit the plan often and build in enough flexibility to adjust as life goes on.

[Read: ]

Give Yourself Permission to Spend

In some cases, it can be helpful to talk through your spending plans so that you can develop a healthy financial mindset. “I’ve had clients tell me at review meetings, after years of saving, that they finally upgraded to first class, bought the car or took the whole family on vacation, and I’m genuinely thrilled for them,” Spiegelman said. “Some literally ask me for ‘permission’ to spend their own money.”

Feeling comfortable about spending can become easier when retirees regularly revisit their financial plan. Evaluating investment performance, expected expenses and long-term goals with a can help you see if spending is within the plan. You can make adjustments as you look ahead and get ready for family events or activities with friends.

“The key is to stop starting with a withdrawal formula and start with the design of the income itself,” Cox said. “You help remove the anxiety by building a predictable income floor.” This can help you see that a certain amount will cover your regular expenses every month.

Don’t Wait Too Long

One of the greatest risks of underspending is waiting so long that you no longer have the stamina or health to enjoy the retirement experience you want to have.

“With clients in their 70s and 80s, the conversation becomes: ‘You’ve won the game,'” Spiegelman said. “At some point you won’t want to fly anywhere. So what’s the money for? It’s going to taxes, your kids, charity or you. We’ve already planned for long-term care and the big what-ifs. But make sure you don’t have regrets.” He suggests looking at your bucket list and talking to a financial advisor about what you’ll be able to accomplish while you’re still active.

[Read: ]

Retirement Spending Should Match Your Goals

If you’ve created a comprehensive retirement plan, accounted for , maintained an emergency fund and still regularly review your finances, you may be able to spend more comfortably than you realize. That could mean taking the dream vacation you’ve postponed for years, replacing aging furniture, upgrading your home or enjoying more dinners out with family and friends.

When you look at your goals, you’ll want to think about priorities and how big of an account balance you want to maintain. You might find that using the money you’ve accumulated in a way that reflects your values and lifestyle preferences allows you to more easily enjoy retirement.

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When mortgage rates are competitive, the cash-out refinance route often makes sense. Primary mortgages tend to have lower rates than second mortgages, and they leave you with a single monthly payment to make.

But when mortgage rates are high, cash-out refinances don’t tend to be as popular. And not surprisingly, with today’s , more homeowners are turning to products like to take advantage of the equity they’ve built.

Demand for home equity loans and HELOCs reached an 18-year high during the first quarter of 2026, according to Intercontinental Exchange’s . The report found that 3.9 million homeowners who took out primary mortgages from 2020 through 2022 now have a second lien.

The problem is that while mortgage rates today are elevated, so are home equity loan and HELOC rates. left its benchmark interest rate unchanged at its June meeting, but nine out of 18 policymakers signaled that rate hikes could happen by the end of the year. If rates rise, it could make home equity loans even more expensive and subject borrowers with variable-rate HELOCs to rising payments.

Are home equity loans and HELOCs the best option for tapping home equity, or is refinancing the better choice right now? Here’s what homeowners should know.

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It’s a Matter of How Much You’re Looking to Borrow

A cash-out refinance may be available to you at a lower interest rate than a home equity loan or HELOC. But it may also require you to borrow a very large sum of money, since that loan covers your existing mortgage balance plus whatever additional funds you need to borrow.

Jeremy Schachter, branch manager at Fairway Independent Mortgage in Phoenix, says the amount you want to borrow should play a big role in your decision. If it’s a relatively small amount, a home equity loan or HELOC could be the best option.

“If you have an ultralow rate on your current mortgage and are looking to take out a minimal amount, it might not make sense to redo your current mortgage and lose that lower rate to take out $30,000 to do a kitchen remodel,” he explains.

[SEE: ]

Your Current Mortgage Rate Matters

Another key consideration is your current mortgage rate, says TJ Tassone, mortgage broker and owner at Tayton Capital LLC in Denver.

“For many homeowners today, a home equity loan or HELOC makes more sense than a cash-out refinance because it allows them to preserve an existing first mortgage rate,” Tassone explains. “Many homeowners still have rates in the 2% to 4% range, and replacing that entire loan with a new mortgage at current market rates often increases the payment significantly.”

On the flip side, Tassone says, a cash-out refinance could be the better solution when the borrower’s existing mortgage rate is similar to current market rates. And if your credit has improved since you signed your mortgage, you may be eligible for a lower interest rate on a cash-out refinance than what you’re currently paying on your home loan.

[Read: ]

A Home Equity Loan May Be Safer Than a HELOC

If you’re sitting on a low mortgage rate and don’t want to lose it, a second mortgage could be a more optimal solution. But Schachter warns that if you value predictability in your monthly finances, a HELOC may not be ideal.

If the Fed raises interest rates, Schachter says, it could make HELOC borrowing more expensive, since HELOCs typically have variable rates. Home equity loans are fixed amounts with fixed interest rates, so payments are predictable throughout the life of the loan.

Mark Clark, founder and financial advisor at Prestige Advisors in Sarasota, Florida, says, “Variability does not make (a HELOC) inappropriate on its own.”

HELOCs are typically priced below unsecured debt and offer flexibility for phased or short-duration needs, Clark says.

“A borrower with stable income and a clear payoff plan can use a HELOC effectively, while a borrower treating it as open-ended debt takes on far more risk. The most common pitfall is payment shock when the draw period ends and principal repayment begins,” Clark explains.

It May Be a Good Time to Get the Ball Rolling

With interest rate hikes potentially on the horizon, borrowers may be wondering if now’s a good time to lock in a home equity loan or HELOC.

“Rushing blindly is unwise, but ignoring the rate environment is equally unwise,” Clark says. Borrowers who anticipate needing access to equity in the near term can benefit from establishing a line of credit now.

“Opening a HELOC creates access without requiring an immediate draw and preserves that access if lending standards tighten or rates rise,” he says.

Don’t Just Look at Rates

In the course of exploring your options for tapping home equity, it’s natural to focus on borrowing rates across the products you’re considering. But it’s important to look past the rate to the total cost.

“HELOCs and home equity loans generally carry closing costs of 1% to 5% of the loan amount and may include annual, inactivity, early-closure and conversion fees, while cash-out refinances typically run 2% to 5% of the new loan amount,” Clark says.

Equally important is matching the product to the purpose. “HELOCs suit flexible or phased needs. Fixed-rate loans suit known lump sums,” he says.

Tassone believes it’s important to consider affordability.

“The decision should focus on total monthly payment, not simply the interest rate on the new loan.”

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More than three years later, Pelosi is no longer Speaker, and congressional representatives are still allowed to buy and sell individual stocks as long as they disclose their trades within 45 days. In fact, stock traders on social media follow Pelosi’s trades closely due to the incredible returns she and her husband, financier Paul Pelosi, have generated in the past few years.

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Here are Nancy Pelosi and her husband’s eight most recent stock purchases:

— Intel Corp. (ticker: )

— Uber Technologies Inc. ()

— AllianceBernstein Holding LP ()

— Alphabet Inc. (, )

— Amazon.com Inc. ()

— Nvidia Corp. ()

— Tempus AI Inc. ()

— Apple Inc. ()

Intel Corp. ()

Intel is one of the world’s largest manufacturers of central processing units of personal computers, microprocessors and other . Unlike other U.S. chipmakers such as Nvidia Corp. () and Advanced Micro Devices Inc. () that outsource their production to Taiwan Semiconductor Manufacturing Co. Ltd. (), Intel fabricates most of its chips inside the U.S. In May 2026, Pelosi purchased 200 Intel call options with a $50 strike price expiring in March 2027. This large Intel investment comes after in Intel in August 2025. Intel has also received billions of dollars from the 2022 CHIPS and Science Act.

Uber Technologies Inc. ()

Uber Technologies has developed mobile applications that enable ridesharing service providers and Uber Eats food and delivery service providers to transact with end users. The company generates nearly all its revenue from fees paid by restaurants and drivers for use of its massive, global platform. In May 2026, Pelosi purchased 200 Uber call options with a strike price of $50 that expire in March 2027. In coming years, Congress will likely play a central role in shaping federal autonomous vehicle and robotaxi regulations, which will be critical to Uber’s success or failure in navigating the changing transportation environment.

AllianceBernstein Holding LP ()

AllianceBernstein is a leading investment manager. Pelosi has made several AB stock trades in the past few years. In February 2021, she made two purchases of AB stock totaling 40,000 shares. She purchased another 10,000 shares in January 2022. Pelosi then dumped 20,000 shares of AB stock in December 2022 for an $11,510 loss. Most recently, she bought 25,000 shares in January 2026. AllianceBernstein has been far from a home-run investment for the congresswoman. The stock’s roughly 2% return has underperformed the S&P 500’s by more 80% since her February 2021 purchase.

Alphabet Inc. (, )

Alphabet is the parent company of Google and YouTube and is a global leader in online advertising. In January 2025, Pelosi purchased 50 Alphabet Class A call options with a strike price of $150 expiring in January 2026. In December 2025, Pelosi contributed 7,704 shares of GOOGL stock to a donor-advised fund and purchased 20 Alphabet Class A call options with a strike price of $150 expiring in January 2027. In January 2026, Pelosi purchased 5,000 shares of GOOGL stock by exercising 50 call options. Since her January 2025 option purchase, Alphabet’s share price has gained about 68%.

[Read: ]

Amazon.com Inc. ()

Amazon is a market leader in e-commerce and public cloud services. In January 2025, Pelosi purchased 50 Amazon call options with a strike price of $150 expiring in January 2026. In December 2025, Pelosi sold between $1 million and $5 million worth of Amazon stock and purchased 20 AMZN call options with a strike price of $120 that expire in January 2027. In January 2026, Pelosi exercised 50 call options and purchased 5,000 shares of AMZN stock. Amazon has secured several large U.S. government contracts over the years, including cloud services contracts with the National Security Agency.

Nvidia Corp. ()

Nvidia designs and sells high-end graphics and video processing chips used for desktop and gaming personal computers, workstations, AI technology, and other advanced computing servers and supercomputers. In January 2025, Pelosi bought 50 Nvidia call options with an $80 strike price and a January 2026 expiration. In December 2025, Pelosi sold 20,000 Nvidia shares and bought 20 Nvidia call options with a strike price of $100 expiring in January 2027. NVDA has been one of the over the last 30 years, and in the past three years, NVDA stock is up around 370%.

Tempus AI Inc. ()

Tempus AI is an diagnostics and services provider. In January 2025, Pelosi purchased 50 Tempus AI call options with a strike price of $20 set to expire in January 2026. Pelosi’s purchase took place on Jan. 13, and Tempus launched its new AI-enabled personal health concierge app, olivia, eight days later. In January 2026, Pelosi exercised those 50 call options and purchased 5,000 shares of TEM stock. Pelosi’s investment was a major bullish catalyst. Tempus’ stock shot up more than 160% within three weeks of her initial disclosure but has since given up most of those gains.

Apple Inc. ()

Apple produces the iPhone, iPad, Apple Watch, Mac computers and other personal computing devices. In addition, its Services segment includes its App Store, Apple Music, iCloud and licensing businesses. In December 2024, Pelosi sold 31,600 Apple shares. In October 2025, Pelosi contributed 382 shares of Apple stock to Trinity University. In December 2025, Pelosi contributed 28,200 AAPL shares to a donor-advised fund. That same month, Pelosi sold 45,000 shares and bought 20 Apple call options with a strike price of $100 expiring in January 2027. Since her latest option purchase, AAPL stock is up more than 18%.

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One place the divide is showing up is consumer discretionary stocks.

Consumer discretionary is a sector of the stock market that covers goods and services people buy after paying for essentials like housing, food and utilities.

[]

Its broad reach includes segments spanning automobiles, retailers, hotels, restaurants, leisure products and more. When demand is high and consumers are spending, companies in this sector tend to shine.

And despite uneasy economic headlines, Americans’ buying power remains strong. Bank of America reported card spending rose 5.1% year over year in May, its strongest growth in nearly four years.

But gains aren’t evenly distributed. New York Federal Reserve researchers found real retail spending from 2023 through March 2026 rose 7.6% among high-income households, compared with 3% for middle-income households and just 1% for lower-income households.

So far in 2026, many standout consumer discretionary stocks have clustered at opposite ends of the market. Shares of premium brands serving affluent customers have flourished, while discount retailers are winning over shoppers focused on stretching every dollar.

Middle-market companies tell a more complicated story. They can get squeezed between wealthy consumers trading up and budget-conscious households trading down. Still, Target Corp. (ticker: ), Starbucks Corp. (), Cracker Barrel Old Country Store Inc. () and other familiar brands show how a strong turnaround story can overcome a choppy consumer backdrop.

Here are some of the best consumer discretionary stocks in 2026, along with a low-cost diversified ETF that can give you broad exposure to the entire sector:

*Denotes assets under management.

Viking Holdings Ltd. ()

Viking Holdings — best known for Viking River Cruises — has quietly become a rock star in the cruise industry since going public in May 2024. Shares have more than quadrupled since then, leaving better-known rivals Carnival Corp. Ltd. (), Royal Caribbean Cruises Ltd. () and Norwegian Cruise Line Holdings Ltd. () in the dust.

The Bermuda-incorporated company specializes in river, ocean and expedition cruises. Viking ended 2025 with 103 ships and entered 2026 with 86% of its available capacity already sold. Its market cap is roughly $45 billion.

The company’s balance sheet is also stronger than many rivals, with net debt equal to roughly one year of earnings, compared to over five years for Norwegian Cruise Line.

Viking’s revenue jumped nearly 22% in 2025, and company shares were up about 40% year to date through mid-July.

Ross Stores Inc. ()

Economic skittishness can be a boon for discount retailers like Ross Stores, which operates more than 2,200 Ross Dress for Less and dd’s Discounts locations nationwide.

In its latest quarter, comparable-store sales jumped 17%, almost triple the 6% growth reported by competitor TJX Cos. Inc. (), the parent company of T.J. Maxx and Marshalls.

Based in Dublin, California, Ross sells discounted apparel, footwear and home goods, with a market cap of $74.6 billion. The stock is up about 30% year to date as of July 23.

Cracker Barrel Old Country Store Inc. ()

The Lebanon, Tennessee-based company operates nearly 660 roadside restaurants, generating a lion’s share of its revenue from food and beverage sales and the rest from retail merchandise. Its market cap is roughly $1.2 billion, making it much smaller than restaurant peers Texas Roadhouse Inc. () and Darden Restaurants Inc. ().

However, Cracker Barrel’s stock is a turnaround story, and Wall Street is eating it up.

After a botched rebranding effort in 2025, the stock fell over 28% from Aug. 18 through Sept. 19 in response to customer backlash.

Cracker Barrel quickly scrapped the plan, reverting to its original logo and halting planned restaurant remodels. Shares have since rebounded.

Wells Fargo analyst Anthony Trainor upgraded Cracker Barrel on June 10 and raised his price target to $50 from $35.

In July, Cracker Barrel said it expected to meet or exceed its full-year revenue guidance. The company also divested Maple Street Biscuit Co., and a sale-leaseback of 26 properties generated about $77 million, which Cracker Barrel said it plans to use to pay off debt and improve profitability.

Shares jumped 9% in after-hours trading following the July 20 announcement. The stock has returned a staggering 108% year to date through July 23.

Marriott Vacations Worldwide Corp. ()

Marriott Vacations Worldwide gives investors exposure to travel spending without owning traditional hotels.

Headquartered in Orlando, Florida, the company develops and manages vacation-ownership resorts under brands such as Marriott Vacation Club, Westin, Sheraton and Hyatt.

It produces revenue through timeshare sales, management fees, consumer financing and rental activity. The company’s market cap was about $3.2 billion as of July 23.

Goldman Sachs analyst Lizzie Dove double-upgraded the stock from “sell” to “buy” on June 1, citing stronger company-specific improvement opportunities and resilient leisure demand. The company pays an annual dividend with a yield of about 3.4%.

Hilton Worldwide Holdings Inc. ()

Hilton Worldwide is benefiting from consumers’ continued willingness to spend on travel, especially at the upper end of the market.

Based in McLean, Virginia, the company franchises and manages more than 9,000 properties in 143 countries under brands like Hampton, DoubleTree and Waldorf Astoria.

Hilton also opened 131 hotels during the first quarter of 2026. About 527,000 rooms were under development as of March 31, up 5% from a year earlier.

The company reported a 28% increase in first-quarter net income and raised parts of its 2026 outlook.

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SharkNinja Inc. ()

SharkNinja has turned into an unusually strong growth story. Headquartered in Needham, Massachusetts, the company sells household appliances, including vacuums, blenders, coffee makers, hair tools and other products under the Shark and Ninja brands.

Analysts say SharkNinja’s rapid product development, growing advertising presence and international expansion could be bullish for the company’s earnings and sales growth.

First-quarter sales rose 15.6% to $1.4 billion, while adjusted net income jumped 25.1%, helping propel the shares roughly 30% higher year to date by mid-July. SharkNinja’s market cap is roughly $21 billion.

Starbucks Corp. ()

Starbucks operates and licenses more than 40,000 coffee shops worldwide from its Seattle headquarters.

Company-operated stores generate about 83% of revenue, licensed locations contribute roughly 12%, and packaged products and other sources supply the rest.

After declining traffic and long wait lines pressured the business in 2024, former Chipotle Mexican Grill Inc. () CEO Brian Niccol took the reins in September of that year. His “Back to Starbucks” plan focuses on faster service, more staffing and a better in-store experience.

Early results are encouraging: Fiscal second-quarter revenue rose 9% to $9.5 billion, and global comparable-store sales increased 6.2%.

Starbucks has a market cap just over $119 billion, and its shares have returned 24% year to date through July 23.

Ford Motor Co. ()

Ford is one of Detroit’s “Big Three” automakers, alongside General Motors Co. () and Stellantis NV (), and it remains one of the most recognizable names in American manufacturing. The Dearborn, Michigan-based company has a market value of about $58 billion.

Ford designs and sells cars, trucks, SUVs, commercial vans, performance cars and Lincoln luxury vehicles. Vehicle sales generate most of its revenue, while Ford Credit provides financing and leasing and Ford Pro sells commercial vehicles, software and services. The company generated $187.3 billion in revenue in 2025.

Ford is investing in hybrids and lower-cost , although its Model e EV division remains deeply unprofitable. Its dividend currently yields roughly 4.2%.

Vanguard Consumer Discretionary ETF ()

If you want exposure to consumer spending without betting on a handful of individual stocks, the Vanguard Consumer Discretionary ETF is worth exploring.

The passively managed fund holds about 283 stocks and has roughly $6.8 billion in assets under management.

VCR tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index, covering large-, mid- and .

Its largest holdings include Amazon.com Inc. (), Tesla Inc. (), Home Depot Inc. (), McDonald’s Corp. (), TJX and Starbucks.

Still, VCR is fairly concentrated: Two , Amazon and Tesla, accounted for about 37% of the underlying index as of June 30. VCR also has a very low expense ratio of 0.09%.

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What Is a Lift Chair?

A lift chair is exactly what its name suggests: a chair that lifts. They look like normal chairs, mostly recliner-style, but have a motorized lifting device under the cushion and are operated with a remote control. This gently lifts and tilts the chair forward, helping you stand or sit more comfortably and without assistance from another person.

Like any chair, you can find them in different styles, colors, price points and upholstery. While you may find these chairs at some regular furniture retailers, most likely there will be a larger selection if you go to a specialty medical device store. There are also many online options, but before deciding, you may want to try out the chair in person to make sure it has the firmness, recline and lift that you want.

Types of lift chairs

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How Does Medicare Coverage for Lift Chairs Work?

doesn’t consider a lift chair to be one single product. Instead, it separates it into two parts: the motorized lifting mechanism, which is considered durable medical equipment, and the chair itself, which is treated as a piece of furniture.

The lifting mechanism vs. the furniture

Think of a lift chair as two products in one:

— The lifting mechanism. This is the powered device that gently tilts the chair forward to help you move from sitting to standing. Medicare may cover this component if your doctor determines it’s medically necessary and you meet all coverage requirements.

— The chair. The seat, back, armrests, cushions, footrest and other furniture components are not considered medical equipment. Because Medicare views these as household furnishings, you’ll pay for this portion of the chair yourself.

As a result, Medicare’s payment is based only on the cost of the lifting mechanism, not the full retail price of the lift chair.

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Medical Requirements: How to Qualify for a Lift Chair

Medicare doesn’t cover lift chairs simply because they make standing easier. To qualify, your doctor must determine that the seat lift mechanism is medically necessary.

Qualifying medical conditions

Medicare generally covers a seat lift mechanism for people with diseases or disorders that impair muscle strength and mobility that significantly limits their ability to stand without assistance.

Your doctor must certify that:

— You have severe of the hip or knee, or severe neuromuscular disease, such as muscular dystrophy, or

— The lift chair is as part of your treatment plan

— You cannot rise from a standard chair without assistance

— Once standing, you are able to walk independently or with a walker or cane

— You are able to operate the chair safely on your own

Needing help because of age alone or wanting a chair for comfort or convenience isn’t enough to qualify for Medicare coverage.

The “Able to Walk” rule

One of Medicare’s lesser-known requirements is that you must still be able to walk once you’re standing.

The purpose of a lift chair is to help you transition safely from sitting to standing. After the chair raises you to a standing position, you must be able to walk independently or with the help of a walker, cane or other assistive device.

If you’re unable to walk after standing, Medicare generally considers a lift chair unlikely to provide a meaningful medical benefit and may . Likewise, if you can already stand from a regular chair without significant difficulty, you may not meet Medicare’s medical necessity requirements.

This requirement helps ensure that Medicare covers lift chairs only for people who need assistance with the sit-to-stand movement but can still safely walk once upright.

How Much Does a Lift Chair Cost with Medicare in 2026?

If you , Medicare Part B may help pay for the cost of the lifting mechanism because it is considered medically necessary to help you stand from a seated position. However, Medicare does not pay for the rest of the chair, including the upholstery, cushions, frame or reclining features. You’ll be responsible for paying those costs out-of-pocket.

Lift chairs range from a few hundred to several thousand dollars, depending on the model and features. Before shopping, consider your mobility needs, comfort preferences and budget, then compare brands, retailers and customer reviews to find the best value.

“It is important to note that if you want Medicare to help pay for the motorized lifting device, the chair must be purchased from a Medicare-participating durable medical equipment provider,” says Kelli Jo Greiner, a healthcare policy analyst with the Minnesota Board on Aging in St. Paul, Minnesota. “Be sure to verify this before buying, because if a supplier participates in Medicare they must accept assignment, which means they can only charge you for the coinsurance and deductible. Retailers who do not participate can charge you the full amount.”

You can find the list of Medicare-participating durable medical equipment providers .

After your 2026 annual deductible of $283 has been met, Medicare will pay 80% of the cost of the motorized lifting device, which typically ranges between $250 to $300. The remaining 20% and the cost of the chair itself is your responsibility. Medicare Advantage plans must cover what original Medicare does, so you should get at least the same amount of coverage, but check with your Medicare Advantage plan as you may be entitled to additional benefits or there could be different cost sharing, coverage rules and suppliers.

“Approval from Medicare is necessary before you qualify for coverage. Your physician must assess your condition and provide a prescription indicating medical necessity. Subsequently, your doctor will need to submit a form in order to gain approval,” Greiner says.

If you have a Medigap policy, it may help cover some or all of the 20% coinsurance for the covered seat lift mechanism after you’ve met your Medicare Part B deductible. However, Medigap does not cover the portion of the lift chair that Medicare excludes, such as the chair’s frame, cushions and upholstery.

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4 Steps to Get Your Lift Chair Approved by Medicare

If you meet Medicare’s medical requirements, following the correct approval process can help prevent delays or claim denials.

1. Schedule an evaluation with your doctor

Start by discussing your mobility limitations with your doctor or other Medicare-enrolled healthcare provider. They must determine that a seat lift mechanism is medically necessary and document why you need it as part of your treatment plan.

2. Obtain a prescription and medical documentation

Have your doctor write a prescription and submit a Certificate of Medical Necessity for the lift mechanism.

3. Purchase From a Medicare-approved supplier

To receive Medicare coverage, you’ll typically need to obtain the seat lift mechanism from a supplier enrolled in Medicare. Before purchasing, ask whether the supplier accepts Medicare assignment, which means they agree to accept the Medicare-approved amount as full payment for the covered portion of the equipment. If they don’t, you could pay more out of pocket.

4. Submit the claim and pay your share

If the supplier accepts Medicare assignment, they’ll usually submit the claim on your behalf. Once your Part B deductible has been met, Medicare generally pays 80% of the Medicare-approved amount for the seat lift mechanism, and you’re responsible for the remaining 20% coinsurance, unless you have supplemental coverage, such as Medigap, that helps cover those costs. You’ll also pay the full cost of the chair itself, since Medicare covers only the lifting mechanism.

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Even if a lender or debt collector can’t pursue you personally for payment, substantial balances can affect both of you once you’re married.

Here’s when you might be wedded to your spouse’s and how you can mitigate problems before and after walking down the aisle.

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Do You Inherit Debt When You Get Married?

First, the good news: The credit card debt your spouse acquired before marriage does not transfer to you, partly or wholly. It remains the financial and legal responsibility of the person who brought it into the marriage.

Should that person’s debt go unpaid, your assets would be protected from collections. On the other hand, if your spouse acquires debt during your marriage, you may be liable, whether or not you signed for an account or knew about it.

The debt can fall on both of your shoulders if you live in a state with community property laws, says Leslie Tayne, a financial attorney and founder and managing director of New York’s Tayne Law Group.

“If you didn’t sign a prenuptial agreement, debt incurred after you were married is typically shared if you live in a community property state,” Tayne says. “If you get divorced, debt incurred together after tying the knot will typically be divided, which is why it’s so important to be on the same page together and avoid unpleasant surprises down the road.”

The nine community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In Alaska, Florida, Kentucky, South Dakota or Tennessee, spouses can opt in to the community property system or designate certain assets as community property.

All other states use the common law system of property ownership. As within a community property state, you will not be liable for debt your spouse racked up before the wedding.

However, separate debts incurred during the marriage will not be split if you divorce, unless the charges benefited you when you were married. For example, if your spouse used a credit card to pay for such essentials as housing, food, clothing and childcare, you might have to pay, even if you didn’t make the charges.

Both of you will be responsible for debt on joint accounts, regardless of where you live.

What Can Happen if a Shared Debt Goes Unpaid?

A shared debt must be paid, even if your relationship isn’t working out.

If the marriage dissolves and your ex defaults on the debt, creditors may have the right to request that you pay. That goes for accounts your ex was assigned to pay, as per the divorce decree.

A judge in a divorce proceeding can divide shared debts, but that doesn’t mean your spouse will pay them, Tayne says.

“Your creditors don’t care who is named liable for a debt in a divorce or separation agreement, only that they get paid,” she says, “and they will go after those who are guarantors of the debt.”

For this reason, keeping abreast of mutual accounts is a good idea. If your former spouse starts , then that’s your cue to reach out and review possible remedies.

Does Your Spouse’s Debt Affect Your Credit Score?

Your spouse’s credit score and do not directly affect your own.

“You and your spouse will continue to have two separate credit histories and scores,” Tayne says. “If one person has credit problems, the good news is that it won’t affect the other partner’s credit reports or .”

But a joint account or an account where you are an or a cosigner will appear on your credit report. What’s the difference?

Joint account holders: You and your spouse are considered equals on the account. If one person racks up a big balance and fails to pay the bill, both cardholders experience the consequences. That could include a hit to both of your credit scores or the account sent to collections.

Authorized users: One spouse gets permission to use the other’s card account and gains the account’s positive payment history but is not liable for the bill. This can help your spouse build or rebuild credit. You can remove yourself as an authorized user if the account is not managed well.

Cosigners: If you are a cosigner on a spouse’s debt, such as a loan, this will appear on your credit report. A cosigner agrees to be legally responsible for paying a debt if the borrower does not pay as agreed.

Even if you are not liable for your spouse’s debt and it is absent from your credit report, your spouse’s credit woes can still affect you when you want to get a loan or line of credit together. Lenders will analyze both of your credit histories and scores to determine qualification and set terms. If your spouse’s debt is dragging you down, consider applying with your own credit and financial information.

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Who Is Responsible for Debt if Your Spouse Dies?

In most cases, you will not be responsible for paying off your deceased spouse’s debts. Exceptions vary by state.

A creditor could turn to you if you live in a community property state, or if you have joint accounts or cosigned a loan, according to Tayne.

“Joint account holders will have a commitment for the debt, but authorized users will not,” she says. “Auto and mortgage payments must be made after a spouse’s death, so the surviving individual may be held responsible for making these payments to avoid asset repossession. Most other debt, such as credit card and student loan debt, will be taken care of by the deceased’s estate.”

If debts are not satisfied, they can affect the amount you receive as an inheritance because these obligations are paid before the money is distributed.

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How to Discuss Debt Before Getting Married

If the thought of sharing debt causes your heart to palpitate — and not in a romantic way — start talking, preferably long before ring shopping, says Tracy Bagatelle-Black, a California-based licensed marriage and family therapist.

“People tend to not want to talk about money,” Bagatelle-Black says. “But you should begin when the relationship is getting serious. You have to be compatible financially, or the marriage will be troubled. There is a lot of shame about debt, so it’s best to get everything out in the open early.”

Arrange dates where you can cover the wide spectrum of financial topics, from budgets to credit products to goals, Bagatelle-Black says. You need to learn what money means to each of you.

“Some people feel it buys pleasure; others believe it buys security,” she says. “One may be a spender, the other saver.”

Dive into the subjects, and discuss your answers to questions such as:

— Where and how do you enjoy spending your money?

— How do you feel about consumer debt? Does it make you nervous or comfortable?

— How much debt does each of you owe, and what are your repayment plans?

— If your partner brings debt, will you assist with repayment to achieve common goals, such as homeownership?

— Are you organized, and do you always pay bills on time? Or are you haphazard, and do you miss payments?

— Do you want to share credit cards, or would you prefer to keep all accounts separate?

— Should you inform each other before making a large charge? What figure would trigger a check-in?

Honesty is vital, Bagatelle-Black says. If either of you hesitates to be candid, a few sessions with a couples counselor may be in order. After all, this is your opportunity to identify red flags, such as a shopping compulsion that can create havoc down the line.

Chats about finances shouldn’t end after the wedding but continue regularly. Unresolved money problems are the single best predictor of divorce, Bagatelle-Black says. Work them out with frequent talks, and you can increase your odds of marital success.

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are among the most commonly misunderstood and misused financial products. They can provide a host of benefits, from guaranteed income to some downside protection from market swings. But the term “annuity” encompasses a wide range of products with varying features, costs, risks and restrictions.

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The trouble is annuities are often sold and not bought. Consumers may be pushed into ill-fitting products because that’s what a is selling that month. That means the burden is still on consumers to be careful, ask questions and ensure that any product they choose matches their needs. Consulting a is also a good idea. Let’s look at the different types of annuities, how they work and whether they make sense for you.

Here are 10 things you need to know before buying an annuity:

— Start with what you need the annuity to accomplish.

— What are the different types of annuities?

— Match your goal to the annuity.

— Know what is actually guaranteed.

— How does a contract rider provide additional benefits?

— Understand annuity fees and compensation.

— How are annuities taxed?

— Understand the rules for accessing or getting your money back.

— Verify the professional and anything AI tells you.

— Is an annuity right for you?

Start With What You Need the Annuity to Accomplish

Like ice cream, there are many flavors of annuities, and each customer can have a different preference. This is why Tamiko Toland, founder and CEO of 401(k) Annuity Hub, says the first question to ask isn’t which annuity to buy, but rather what you want the annuity to do for you.

Do you want guaranteed income for life? A safe place to put your savings? Tax-deferred growth? A bit of downside protection from market swings? “The answers to these questions and your own understanding of your preferences for certainty or risk-taking will then make it clear what type of product fits,” Toland says.

What Are the Different Types of Annuities?

Annuities can be categorized in several ways, including when payments begin, how the contract’s value grows and how the income is ultimately provided. Annuities can also fall into one of two camps based on when they start paying income:

— Immediate annuities are annuitized, meaning converted to an income stream for the buyer, immediately. These are usually purchased with a lump sum and payments often begin within one year.

— Deferred annuities begin paying income at a future date determined by the owner. These have an “accumulation period” during which the owner can continue to add funds and that money grows tax-deferred.

Annuities can also be categorized based on their interest structure:

— Fixed annuities pay a guaranteed minimum rate of return and provide a fixed series of payments under conditions determined when you buy the annuity.

— Variable annuities have their performance and eventual return based on underlying investments in .

— Fixed indexed annuities have a minimum guaranteed rate of return with total returns based on an underlying index like the .

— Registered index-linked annuities, or RILAs, have their returns linked to a market index and include a specified level of downside protection. Unlike fixed indexed annuities, however, RILAs can lose value.

These categories can overlap. For example, an annuity can be both fixed and deferred.

Annuities Have Payment Options

There’s a lot of flexibility in how annuity payments are handled. Annuities can make payments for a fixed number of years to you or your heirs or for the rest of your life. They can also provide a combination of both lifetime income with a guaranteed “period certain” payout. A “life with period-certain annuity” pays you income for life, but if you die during a specified time frame (the period-certain years), the annuity will pay your beneficiary the remainder of your payments.

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Match Your Goal to the Annuity

With the different types of annuities in mind, you can start to match your goal to the right product type. For example, “someone who is interested in guaranteed income primarily should start by looking at an income annuity or a fixed annuity with an income benefit,” Toland says. Meanwhile, if you just want principal protection for your savings, she says a fixed annuity without an income benefit could be better.

This table may help get you started:

Know What Is Actually Guaranteed

Most people buy an annuity for its guarantee, but the word “guaranteed” can refer to many different features, so buyers need to identify exactly what a contract promises and what it doesn’t.

An annuity’s income benefit, for example, doesn’t necessarily guarantee that its account value will remain intact. A guaranteed income lifetime withdrawal benefit may allow you to withdraw a specified amount for life, even if poor investment performance and withdrawals eventually reduce the contract value to zero.

Before signing, ask the person selling the annuity to you to identify the contract’s:

— Current account or contract value

— Cash surrender value

— Income benefit base (a bookkeeping value used to calculate guaranteed income)

— Guaranteed annual withdrawal or income adjustment

— Conditions that could reduce or end each guarantee

The other trouble with guarantees is that they are never absolute. It’s the insurance company (not the federal government) that guarantees annuity payments. So when you buy a retirement annuity, consider the financial strength of the insurer.

States have guarantee associations that cover an insurer’s annuity obligation to a state-determined coverage level limit. While , most states cover at least $250,000.

How Does a Contract Rider Provide Additional Benefits?

You can attach additional benefits or protections to your annuity contract through contract riders. Riders can be used to enhance an annuity’s income, legacy or long-term-care provisions.

For example, an income rider attached to a deferred annuity enables you to turn on your lifetime income stream whenever you want instead of the age you specified when you signed the contract. Meanwhile, with a death benefit rider, if you die before the annuity has returned all of your premium payments, the insurance company will pay your estate or beneficiary the difference.

“There are no ‘good’ or ‘bad’ features,” Toland says. “They all have situations where they work well and can really provide a benefit, even if they are expensive.” The important question is whether the rider solves a need you have and if you understand the trade-offs.

Before adding one, ask what triggers the benefit, what it costs and whether withdrawals could reduce or eliminate it. And all riders come with an additional fee that’s charged for the life of the policy. So be sure to determine whether the rider increases the amount available to you or merely changes how you can access the contract’s value.

A should be able to explain not only why the feature fits your financial situation today, Toland says, but also how to use it when the need arises.

Understand Annuity Fees and Compensation

Annuity costs are not always easy to spot. Variable annuities may charge contract fees, underlying investment expenses and fees for optional riders. Meanwhile, fixed annuities, fixed indexed annuities and RILAs don’t always have explicit ongoing fees, but they may carry indirect costs, such as lower credited interest, caps or other limits on potential gains. Surrender charges and contract adjustments can also reduce the amount you receive if you withdraw money early.

The best approach is to ask for a written explanation of every explicit and implicit cost and how each one could affect your return before purchasing. Also ask whether a bonus or enhanced benefit comes with higher expenses, a longer surrender period or less favorable contract terms.

The professional selling the annuity may also receive a commission, advisory fee or other compensation. Don’t be afraid to ask them outright how they’re compensated and whether they would earn more by selling one annuity or contract rather than another. Compensation schemes can create a potential financial incentive for the professional to recommend one over another.

Most importantly of all, remember that just because an annuity doesn’t have a visible commission or annual fee doesn’t mean it’s cost-free.

How Are Annuities Taxed?

Annuities are tax-deferred, which means you don’t pay taxes on the money while it’s in the annuity. Like a 401(k) or traditional IRA, you only pay taxes on the money when you withdraw it.

If you fund your annuity with pretax dollars, called a “qualified annuity,” then everything you withdraw will be taxed at your ordinary income rates. If, however, you used after-tax dollars to fund your annuity, called a “nonqualified annuity,” you won’t be taxed on the portion of your withdrawal that represents a return of your original principal. Only your earnings will be taxed in a nonqualified annuity.

Qualified annuities held inside qualified retirement accounts, like traditional IRAs, or those funded with pretax dollars are considered “retirement accounts” by the IRS. This means they are subject to the IRS’ required minimum distribution, or RMD, rules.

The RMD age is 73 (rises to 75 for those born in 1960 or later). If a retiree or beneficiary misses a required withdrawal, the IRS excise penalty was lowered from 50% to 25% (and drops to 10% if corrected in a timely manner).

If a qualified annuity is held in a retirement plan, the beneficiary will also be subject to this penalty tax if they fail to take withdrawals in time. And they’ll need to abide by inherited retirement account rules, such as time limits on when the account must be fully emptied.

Non-spouse beneficiaries who inherit a qualified annuity must generally follow the 10-year rule established by the SECURE Act. It requires the entire account balance to be distributed by the end of the 10th year following the owner’s death (unless the beneficiary qualifies for an exemption, such as a disabled individual). Nonqualified annuities have more flexible rules.

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Understand the Rules for Accessing or Getting Your Money Back

Like , deferred annuities have surrender charges if you withdraw your money early. Surrender periods vary from two years to 10 years or more, and the corresponding charges typically decline with time. For example, a deferred annuity with a 10-year surrender period could charge 10% on money withdrawn the first year, 9% the second year, 8% the third year and so on.

However, some contracts may have a free withdrawal feature that lets you take out a portion — such as 10% — of your contract each year.

Bear in mind that as with IRAs and 401(k)s, earnings withdrawn before age 59½ may be subject to a 10% federal tax penalty.

If you end up in an annuity that isn’t right for you, you can always get out free of charge during the free-look period. The free-look period is the length of time annuitants can receive a full refund of their contracts. If you cancel during the free-look period, you get everything you paid back, no questions asked. Free-look periods vary by state and most are anywhere from 10 to 30 days.

Verify the Professional and Anything AI Tells You

“One of the biggest changes to retirement planning is the availability of AI-assisted explanations and strategies,” Toland says. White AI can help explain annuity terminology and suggest questions to ask, it’s best not to use it to interpret a specific contract or determine whether a product fits your goals.

“I don’t want to discourage people from feeding their curiosity,” Toland says. But AI-generated information may be inaccurate or omit important contract conditions. She encourages people to seek out reliable sources of information and always talk to a professional.

Any professional you speak to “should be able to explain their qualifications, including training and licensing, and their compensation,” she says. They should also be able to clearly tell you why a particular annuity fits your needs and what alternatives are available.

“You should feel that they understand your personal needs and goals,” Toland says, and any plan or product they suggest should meet those objectives.

Is an Annuity Right for You?

Annuities aren’t for everyone. If you aren’t worried about running out of income — for example, if you have enough money from Social Security and other retirement assets — you may not need an annuity.

Likewise, if you don’t expect to reach your life expectancy, an annuity may not make sense, unless you have a spouse you want to provide for.

If you do buy an annuity, make sure you have enough other funds available to cover emergencies and near-term expenses.

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However, large-cap companies that have steady or growing profits and leading market shares in stable industries can provide the type of reliability that investors are looking for. These types of firms often tend to pay dividends, and dividends can play a particularly important role in long-term returns. In fact, dividends have accounted for about 40% of total stock market returns over the past 90 years.

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The seven stocks included below are all attractively valued dividend stocks that offer investors a compelling mix of security, income and upside potential, according to Bank of America analysts:

*Based on the July 22 market close.

UnitedHealth Group Inc. ()

UnitedHealth is the largest U.S.-managed , providing health plans and healthcare services to a wide range of customers. Its operations include its UnitedHealthcare health insurance business, its OptumRx pharmacy benefit manager business and its Optum Health integrated care delivery business. Analyst Kevin Fischbeck says UnitedHealth’s recent guidance hike provides improved financial visibility for investors, and he anticipates the company will reach between $24 and $37 in earnings per share in 2028. Fischbeck says managed care operators have significant earnings upside. Bank of America has a “buy” rating and $512 price target for UNH stock, which closed at $431.31 on July 22.

Sector: Healthcare Yield: 2.2%

Chevron Corp. ()

Chevron is a that operates exploration and production, petrochemical and refining, and marketing businesses. In 2025, Chevron acquired Hess following nearly two years of regulatory uncertainty. Analyst Jean Ann Salisbury says Chevron has further upside than its 29% year-to-date gain given its low exposure to Middle East risk and its relatively high upside from normalization of Venezuela operations. Salisbury says Chevron has an impressive asset portfolio and is her top overall pick among integrated energy and refining stocks. Bank of America has a “buy” rating and $210 price target for CVX stock, which closed at $192.98 on July 22.

Sector: Energy Yield: 3.7%

Coca-Cola Co. ()

Coca-Cola is a leading non-alcoholic beverage company. In June, Coca-Cola announced it is exploring a potential 2027 of Hindustan Coca-Cola Holdings, the parent company of the largest Coca-Cola bottler in India. Analyst Peter Galbo says Coca-Cola is a best-in-class operator with a clear strategic vision and a healthy balance of profitable, stable developed markets and potentially high-growth investment markets. Galbo says Coca-Cola’s strong balance sheet gives it exceptional flexibility, and its asset-light model insulates it from inflationary pressures in a resilient demand environment. Bank of America has a “buy” rating and $95 price target for KO stock, which closed at $82.20 on July 22.

Sector: Consumer staples Yield: 2.6%

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Procter & Gamble Co. ()

Procter & Gamble produces household consumer products and owns a number of popular brands, including Pampers, Tide and Gillette. Galbo says Procter is one of the giants of the and has multiple billion-dollar, global brands that have leading market shares of their respective markets. He says the company’s initiative to focus on its core product portfolio has helped it navigate a challenging environment and is starting to bear fruit in the profitability department. Galbo predicts P&G could report consistent sales beats in coming quarters. Bank of America has a “buy” rating and $166 price target for PG stock, which closed at $149.13 on July 22.

Sector: Consumer staples Yield: 2.9%

Home Depot Inc. ()

Home Depot is one of the largest North American home improvement retailers. The company caters to both professional contractors and do-it-yourself home improvement amateurs, selling a wide range of building, decorating, and lawn and garden products and services. Analyst Christopher Nardone says Home Depot’s Pro business now accounts for about 50% of total sales, which will allow the company to outgrow its home improvement competitors even in a lukewarm housing market. Nardone says Home Depot has a track record of market share gains and superior execution. Bank of America has a “buy” rating and $374 price target for HD stock, which closed at $331.45 on July 22.

Sector: Consumer discretionary Yield: 2.8%

Merck & Co. Inc. ()

Merck is one of the world’s largest , and its leading products include cancer drug Keytruda and HPV vaccine Gardasil. Analyst Jason Gerberry says a combination of strong ongoing performance from Keytruda and other core Merck commercial drugs coupled with new drug launches and a favorable risk-reward balance makes Merck an excellent investment. Gerberry says the company’s recent acquisitions have also de-risked its outlook beyond 2027. He sees a path for cancer drug sacituzumab tirumotecan to generate peak annual sales of greater than $10 billion. Bank of America has a “buy” rating and $141 price target for MRK stock, which closed at $127.47 on July 22.

Sector: Healthcare Yield: 2.7%

International Business Machines Corp. ()

IBM is a global that provides enterprise software, infrastructure and services. The company’s four major segments include Infrastructure, Consulting, Software and Financing. IBM’s stock plummeted in July after the company reported a surprise preliminary second-quarter sales and earnings miss, but analyst Wamsi Mohan says IBM remains well positioned to generate impressive software segment growth if investors can overlook the execution issues that led to the poor quarter. Mohan says IBM’s cost-cutting opportunities, solid balance sheet and recurring revenues make it a quality defensive investment. Bank of America has a “buy” rating and $280 price target for IBM stock, which closed at $205.77 on July 22.

Sector: Technology Yield: 3.3%

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The corporate bond market, however, has become increasingly active as companies race to finance the buildout. Beyond soaring equity valuations, many of the largest technology companies have turned to the debt market to fund massive capital expenditure programs without issuing new shares and diluting existing shareholders.

Since the beginning of 2025, Alphabet Inc. (ticker: , ), Meta Platforms Inc. (), Amazon.com Inc. () and Oracle Corp. () have collectively issued more than $300 billion of corporate debt. More recently, Nvidia Corp. () issued $25 billion of investment-grade bonds in June 2026, while Space Exploration Technologies Corp. () followed shortly after its initial public offering with a $25 billion corporate bond offering.

Most of these companies enjoy investment-grade credit ratings of BBB or higher, allowing them to borrow at relatively attractive interest rates. Still, the surge in issuance means investors should look beyond average maturity or credit quality when evaluating bond funds. Those seeking to avoid concentrated exposure to the , for example, may also want to review the underlying bond holdings and issuer weights within the portfolio.

Tax treatment is another important consideration. Unlike Treasury securities, whose interest is exempt from state and local income taxes, or many municipal bonds, whose interest may be exempt from federal income taxes, corporate bond interest is generally taxed as ordinary income at both the federal and, where applicable, state level. For investors in higher tax brackets holding these funds in brokerage accounts, that can materially reduce total returns.

That being said, corporate bonds typically offer higher yields than Treasury securities of similar maturity to compensate investors for taking on additional credit risk. Holding them through an exchange-traded fund, or ETF, also provides greater diversification and the convenience of monthly income distributions rather than the semi-annual coupon payments typical of individual bonds.

Here are seven of the best ETFs for investing in corporate bonds:

VanEck Moody’s Analytics BBB Corporate Bond ETF ()

“When considering a corporate bond ETF, evaluate both the product fees and bid-ask spreads, as well as the costs of buying the underlying securities,” says Joy Yang, head of index product management and marketing at MarketVector Indexes. “Consider the liquidity of both the ETF shares and the underlying securities, and how they trade in both primary and secondary markets.”

MBBB specifically focuses on the BBB segment of the corporate bond market. This is the minimum for a company’s debt to be considered investment grade. The ETF’s benchmark screens for issuances trading at attractive valuations with a lower probability of ratings downgrades. After deducting a 0.25% expense ratio, MBBB currently pays a 5.3% 30-day SEC yield with a monthly distribution cadence.

iShares Broad USD Investment Grade Corporate Bond ETF ()

In addition to BBB-rated issuers, companies may also carry A or AA ratings, while a select few, including Microsoft Corp. () and Johnson & Johnson (), continue to hold the coveted AAA credit rating. Investors seeking exposure across the full investment-grade spectrum may prefer USIG, which holds more than 11,000 corporate bonds with just shy of $17.3 billion in assets under management.

USIG’s portfolio remains dominated by debt issued by large U.S. financial institutions, with companies representing another significant allocation. Technology issuers, however, have steadily increased their presence as AI-related borrowing has accelerated and now account for 8.9% of the fund. USIG currently pays a 5.3% 30-day SEC yield after deducting a minimal 0.04% expense ratio.

iShares iBoxx $ Investment Grade Corporate Bond ETF ()

Investors looking to actively trade the investment-grade corporate bond market rather than simply buy and hold may prefer LQD. Although its 0.14% expense ratio is higher than USIG’s, the fund offers excellent liquidity, with a 0.01% 30-day median bid-ask spread and average daily trading volume of about 29 million shares. LQD currently pays a 5.4% 30-day SEC yield with monthly distributions.

LQD is also popular with options traders, who can use strategies such as selling to generate additional income. Investors who prefer to outsource that approach can instead consider the iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (), which systematically writes covered calls on LQD in exchange for greater yield, albeit with higher fees and reduced upside potential.

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State Street SPDR Portfolio Corporate Bond ETF ()

“With over $2 billion in assets, and a fee of just 0.03%, SPBO represents a transparent, diversified, low-cost and liquid solution to seek the macro beta associated with U.S. corporate bonds,” says Matthew Bartolini, managing director and global head of research strategists at State Street Investment Management. This ETF passively tracks the Bloomberg U.S. Corporate Bond Index.

SPBO’s underlying portfolio is highly diversified with over 4,100 bonds, requiring a minimum $300 million par amount outstanding with at least one year until maturity. It basically represents the corporate bond segment of the popular Bloomberg Aggregate Bond Index. Income potential for SPBO matches USIG at 5.3% 30-day SEC yield, and the ETF is also fairly liquid with a 0.03% 30-day median bid-ask spread.

State Street My2030 Corporate Bond ETF ()

Unlike individual bonds, most bond ETFs do not mature and return principal at maturity. Instead, ETFs such as USIG and LQD continuously sell bonds that no longer meet the index’s requirements and purchase new ones. However, target bond ETFs such as MYCJ combine the defined maturity profile of an individual bond with the diversification, intraday liquidity and monthly distributions of an ETF.

“With MYCJ, investors gain access to a diversified portfolio of corporate bonds aligned to a specific maturity date, making it easier to build a bond ladder and plan for future cash-flow needs,” Bartolini explains. “Unlike traditional corporate bond ETFs with a continuously rolling maturity profile, MYCJ offers greater precision around income and reinvestment planning.” The ETF pays a 4.8% 30-day SEC yield.

Invesco Fundamental Investment Grade Corporate Bond ETF ()

“PFIG offers investment grade corporate bond exposure through a fundamentals-based index approach,” says Jason Bloom, head of fixed income and alternatives ETF product strategy at Invesco. “The ETF tracks the RAFI Bonds U.S. Investment Grade 1-10 Index, which weights holdings using measures such as assets, sales, dividends and cash flow, rather than simply emphasizing the largest debt issuers.”

Compared with traditional market-cap-weighted corporate bond ETFs, PFIG places less emphasis on the largest debt issuers, resulting in a more balanced sector allocation. For example, banks account for just 8.5% of PFIG’s portfolio. The ETF charges a 0.22% expense ratio while offering a 4.7% 30-day SEC yield. However, liquidity for PFIG is slightly poorer due to a wider 0.17% median bid-ask spread.

Invesco BulletShares 2035 Corporate Bond ETF ()

State Street is not the only ETF issuer offering target maturity bond funds. Invesco’s popular BulletShares lineup includes BSCZ, an investment-grade corporate bond ETF designed to terminate on or about Dec. 15, 2035. At that point, the fund is expected to distribute its remaining net asset value to shareholders, much like an individual bond returning principal. Until then, investors receive monthly distributions.

“Longer-maturity corporate bond ETFs like BSCZ may be useful for investors looking to extend income visibility or better align fixed-income exposure with future cash flow needs,” Bloom explains. “The trade-off is that longer-dated corporate bond exposure can be more sensitive to changes in interest rates and credit spreads.” BSCZ charges a 0.1% expense ratio and pays a 5.3% 30-day SEC yield.

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Reliable blue-chip dividend payers in industries such as consumer products and fast food have lagged while tech stocks continue to propel the S&P 500.

But have a role when it comes to creating income regardless of market price performance. In particular, companies with long histories of paying and boosting dividends, throughout every type of market and economic cycle, may be worth considering for investors seeking income.

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Here are seven widely owned blue-chip dividend stocks that have raised their shareholder payouts for decades:

*Trailing-12-month price-to-earnings ratio, as of June 30.

Procter & Gamble Co. ()

This consumer products maker has a 70-year history of increasing its dividend. Its 12-month trailing yield is 2.9% on a quarterly dividend of $1.09. Earnings grew 4% in 2025, to $6.83 per share on sales of $84.3 billion, essentially flat year over year.

This is one of those stocks that investors hold because of its reliability; brands like Pampers, Tide, Crest and Gillette typically hold up even in poor economic conditions, as people are going to continue doing laundry, cleaning their houses and taking care of personal grooming.

“Procter & Gamble has been benefiting from a durable brand portfolio and disciplined execution,” wrote analysts from Zacks Equity Research in a June 29 report.

There are potential downsides, however. Zacks notes that Procter & Gamble shares recently underperformed industry rivals such as Colgate-Palmolive Co. () and Kimberly-Clark Corp. (), due to factors such as the company’s own spending in an inflationary environment.

Johnson & Johnson ()

With a forward dividend yield of 2.1% and solid growth estimates for the next two years, Johnson & Johnson is a staple for many .

“JNJ is a core holding I added to client dividend portfolios about three years ago, and it has been one of the more rewarding decisions in that sleeve, with the stock appreciating more than 50% over that stretch,” says Richard Siminou, founder of Siminou Wealth Management in New York.

“What kept us in it the whole way is the quality underneath the price,” he adds. “In April, JNJ raised its dividend for the 64th consecutive year, lifting the quarterly payout to $1.34 per share.”

That track record puts the stock in the ranks of Dividend Kings, which have a history of boosting their dividends for 50 years or more. Siminou notes that Johnson & Johnson carries one of the few stellar AAA credit ratings from bond raters such as Moody’s and S&P Global Ratings. Microsoft Corp. () is another company in that category.

He adds that Johnson & Johnson’s payout ratio has also improved meaningfully over the past year, which indicates the dividend has plenty of room to grow.

“For income clients who want without betting on any single drug pipeline, JNJ remains the standard,” Siminou says.

Coca-Cola Co. ()

As with other blue chips, institutional ownership of Coca-Cola holds steady year in and year out. Institutional investors aren’t dumping shares, but there’s not a lot of new ownership coming in, either.

That stability reflects Coca-Cola’s history as a dependable defensive stock, rather than a high-growth portfolio addition.

“Coca-Cola is one of and has long been one of Berkshire Hathaway’s largest holdings,” says Robert Johnson, professor of finance at the Heider College of Business at Creighton University in Omaha, Nebraska. “He first started buying KO in the late 1980s. He likes KO so much that Berkshire Hathaway owns 9.3% of the company, and it represents 9.2% of the marketable securities portfolio at Berkshire.”

Coca-Cola has a current dividend yield of 2.6% on a quarterly payout of 53 cents per share. The company has increased its dividend for 64 consecutive years, a testament to its ability to command pricing power due to its brand recognition and other strengths, such as what Johnson calls a “massive logistical system that ensures products are readily available at virtually any retail point globally.”

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Chevron Corp. ()

Chevron has a 39-year history of boosting its dividend. The company last increased its dividend in March 2026, extending that streak. Its current trailing-12-month yield is 3.7% and the annual payout is $6.98 a share.

Chevron has been correcting since late March, which could allow investors to get in at a lower price before the next rally. It regained its 200-day moving average on July 7, “which is the kind of technical behavior I want to see before adding to a position,” Siminou says.

The stock is up roughly 30% year to date, despite the current correction.

“Fundamentally, the setup has improved as well. Chevron is expanding production agreements in Iraq and exploring a pipeline that would bypass the , moves that position the company to benefit from the current geopolitical environment rather than simply be exposed to it,” he adds.

Analysts’ consensus estimate on the stock is a “moderate buy,” with a price target of $206.63, a potential upside of about 7% in the next 12 to 18 months.

Altria Group Inc. ()

If smoking is on the decline in Altria’s market, the U.S., how is the tobacco company, spun out of Philip Morris International Inc. () in 2008, continuing to grow earnings?

For starters, Altria, whose brands include Marlboro, Parliament and Virginia Slims, isn’t bothering to recruit new smokers. It does regularly raise prices of Marlboro, the best-selling cigarette in the U.S., capitalizing on strong brand loyalty.

Of course, the growth bets have been vaping and dissolvable nicotine products, but those have underperformed relative to expectations.

“Altria is having a strong 2026,” says Vince Stanzione, CEO of First Information, which publishes derivatives-trading educational materials. Up 29% year to date while paying a forward yield of 5.9%, the company still offers good value on a forward of 12.

Altria has a 56-year history of increasing its dividend. That happened as a result of the split from Philip Morris; owners of Altria got shares of both companies. Altria’s dividend decreased but shareholders also got a payout from Philip Morris. Together, that meant shareholders earned more, keeping the dividend streak intact.

That streak is the attraction for investors who want reliable income; you won’t find many investors who expect growth from this stock.

McDonald’s Corp. ()

The fast-food giant’s stock price has been languishing, although investors shouldn’t be expecting supersized gains; Mickey D’s is another stock whose steady dividend is the story. The company has increased its payout for 49 years in a row. Its forward yield is 2.8% on a quarterly dividend of $1.86.

Alex Fasciano, an analyst at CFRA Research, wrote in a July 11 report that he considers McDonald’s shares to be undervalued. “MCD possesses industry-leading operating margins (mid-40% range), unmatched global scale with $140 billion in systemwide sales and a fortress balance sheet supporting nearly 50 years of consecutive dividend growth,” he wrote.

Fasciano noted that risks include concerns about consumer spending, particularly among lower-income households. “Guest counts have been volatile, and sustaining traffic growth requires promotional intensity that may pressure margins,” he adds.

His 12-month price target is $317, a potential upside of about 20.5% as of July 23.

PepsiCo Inc. ()

Shares of the food and beverage maker have lost their fizz, skidding 3.5% year to date. That’s underperforming the broader S&P , which is up about 8% this year.

With a trailing dividend yield of 4.2% and a 54-year record of increasing its payout to shareholders, the company has a solid base of institutional ownership. The company most recently raised its dividend in February. For the second quarter, PepsiCo beat sales estimates. Revenue grew by 6%, and net income grew by 4%.

However, according to analysts Taylor Conrad and Charlie Searby at Argus Research, writing in a July 10 report, “We are concerned about consumer sentiment and cautious spending impacting Pepsi’s sales, as well as impact on margins from higher costs and lower realized prices in certain segments.”

They noted that they have a positive view of prospects for volume growth through price reductions, but consider the stock to be a “hold” at this time, although the company’s “digital operations, efficient distribution, strong brands and improved supply chain are all causes for optimism” .

“On the positive side, we like its better-for-you portfolio, which taps into the health-conscious market with more nutritious products, capitalizing on the growing trend,” Conrad and Searby wrote.

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is an emotional journey, so that feels safe, comfortable and welcoming is essential. But while most families naturally compare care levels, location and pricing, one critical factor often goes overlooked: community size and total resident population.

“One size doesn’t fit all, especially now that senior living has become more individualized with more choices,” says Matthew Hollinghead, executive director for NewBridge at the Charles in Boston, a Hebrew Senior Life community.

Whether you’re looking for a small residential care or board and care home, a smaller assisted living community or a on a large campus, don’t underestimate the importance of size in your decision.

“It’s important to consider size options that align with your parent’s personal preferences and lifestyle and to consider in the process not just what their needs are now, but what they will be as they continue to age,” says Elissa Sherman, president at LeadingAge Massachusetts, a trade association representing nonprofit providers of housing, healthcare and services for older adults.

Decoding Senior Living Sizes: The Bed Size Standards (BSL)

Residential care communities are grouped into three bed-size levels:

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Small Senior Living Communities (4-10 Beds)

The small residential home model is typically a single-family house in a residential neighborhood that’s been adapted to provide care for seniors. These communities are intimate and family-like. The ratio of caregivers to patients is generally higher than at larger facilities, and the daily care and assistance is more personalized, flexible and adaptable to individual residents.

Small residential homes generally provide 24/7 supervision, medication management and help with , such as bathing, showering and dressing, in a quiet setting. Residents typically share a dining room, living room and sometimes a bathroom and have either private or semi-private bedrooms.

These communities are best for those who need care but not at the level of . Because these homes are small and quiet, they may be a good fit for residents with or memory problems who can’t handle overstimulation.

“Small senior homes composed of between four and 10 residents are typically beneficial for those who are anxious in large settings, enjoy the feel of home and sometimes for those who need a lot of hands-on care from a staff at their beck and call,” says Sanela Graziose, chief marketing officer at Atria Senior Living.

Pros of Small Communities:

— High staff-to-resident ratios

— Individualized, intimate and beneficial care for those who need significant help

— Home-like, quiet atmosphere

— Familiar staff and a small number of residents foster close relationships

— Flexible and adaptable to the individual

— Shorter hallways and fewer obstacles make navigation easier while reducing the risk for falls and other accidents

Cons of Small Communities:

— Limited amenities unlike larger communities that offer extensive or luxurious options

— Less privacy and possible shared bedrooms and bathrooms

— Lack of space for residents to escape to if they crave solitude

— No 24/7 on-site doctors or nurses and no complex skilled nursing care

— May be unable to accommodate new or worsening care needs, necessitating a relocation

— Fewer residents, limiting the opportunity to find peers with similar sensibilities

— Potential lack of staff readily available to fill in when others are sick or leave

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Medium-Sized Senior Living Communities (11-25 beds)

Boutique senior living communities are smaller , assisted living and designed to bridge the gap between small residential homes and larger, more institutional-feeling corporate facilities.

Many of them cater to like-minded residents, and most are designed to . These communities typically emphasize the preservation of dignity, self-direction for residents, personalized care and .

Cultivating a bed-and-breakfast type atmosphere with a limited number of residents, staff-to-resident ratio is high, with personalized hands-on care being the norm. This approach allows staff to get to know the residents well and generally allows residents to move at their own pace when getting dressed, walking to the dining hall and throughout the day.

in these mid-sized communities are typically cross-trained in tasks such as , basic clinical and wellness support, cognitive or memory impairment care and hospitality. As a result, they often behave more as companions to residents than solely as health-related caregivers. Staff typically get to know residents so well that they can detect subtle changes in health and behavior before they become crises.

When there are sudden spikes in a resident’s medical or memory care needs, these communities will often bring in a third-party Medicare-certified and outside nurses and other specialists to supplement the daily staff, allowing residents to get 24/7 high acuity care without having to be transferred to a .

Pros of Medium-Sized Communities:

— High staff-to-resident ratios

— Individualized, relationship-centered care with staff learning personal routines and preferences

— Home-like and cozy with private and public spaces that reduce overstimulation and confusion

— Safe layouts that create a lower risk for falls and confusion, less foot traffic, lower noise level

— Shorter response times to calls for assistance

— Better communication due to its small size and staff familiarity with residents and their families

— Calm environment with predictable staff

— Some allow residents to age in place

Cons of Medium-Sized Communities:

— Varied but less diverse activities than larger communities

— Less anonymity and privacy than in larger facilities

— Staffing disruptions if a staff member is out

— Some not equipped for high acuity care, which means a resident may have to relocate

— Less social diversity than in a large community

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Large and Extra-Large Senior Living Facilities (26-100+ beds)

Corporate communities and CCRCs are typically located on sprawling, resort-like campuses, some of which contain independent, assisted, memory care and skilled nursing care living. Residents can transition through care levels as their needs progress without having to move.

Well-suited to self-sufficient seniors who want to and no longer want the responsibilities that come with home ownership, these communities typically offer lots of activities, perks, planned social events and .

Independent and assisted living residents generally have their own apartments with bathrooms located in large, multistoried buildings with long corridors, elevators and common areas that may require a lot of walking.

Staff-to-resident ratios tend to be high, with specialized staff members and less personalized care, causing campuses to feel more regimented than in a smaller facility. Residents will likely see many caregivers who can’t spend too much time with them.

Medical staff may be on site for or brought in from outside to help, and staffing on night shifts may be minimal.

Pros of Large and Extra-Large Communities:

— Extensive amenities, such as beauty salons, swimming pools, dining options and organized events

— On-site services, including pharmacies, physical therapy, concierge service and valets

— Large, diverse population to socialize with

— Private apartments for residents

— Care continuity, especially for residents of CCRCs

Cons of Large and Extra-Large Communities:

— High caregiver-to-resident ratios, often high staff turnover, may have fewer staff during off-peak hours

— Potential long waits for open spots

— Less personalized, more regimented care

— Mobility challenges, including large campuses that require walking to common areas or rooms placed far from elevators

— May have an institutional, impersonal feel

The Matchmaker Matrix: How to Choose the Right Size for Your Parent

Before determining the size of the community your parent would be most comfortable in, it’s important to consider how independent they are. Then, visit the facility more than once at different times of the day, including at meal time, to get a feel for the community and its size and prepare a list of .

14 questions to ask on a community tour

1. How many residents live in the community when it’s at full capacity?

2. What kinds of living spaces are there? Are there apartments? Are there single and double rooms? Are living spaces and bathrooms private, or are they shared?

3. How many caregivers are on each shift, and what are their roles on each shift?

4. What is the caregiver-to-resident ratio on all shifts?

5. Is there a nurse on staff, and if so, when are they on duty? What kind of medical support is available in the facility on every shift?

6. How well do staff generally know residents?

7. What is the average length of employment of staff members?

8. How long has the community’s executive director been at the community?

9. What is the response time when a resident needs help?

10. What does the community offer to support independence?

11. How does the physical set-up nurture meaningful connections, encourage and ?

12. How far are the dining and activity areas from the living quarters of the residents?

13. When needs increase, can my parent continue to age in the community?

14. What kinds of amenities and does the community have?

Bottom Line: Finding the Right Fit for Peace of Mind

When trying to determine what size community would suit your parent the best, focus on their lifestyle, including their level of , care needs and whether a small, medium or large community would best suit their personality and sense of security and belonging.

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Recognizing depression symptoms is an important first step toward getting an evaluation and finding effective treatment.

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What Is Clinical Depression (Major Depressive Disorder)?

Clinical depression, or major depressive disorder, is a that causes persistent changes in how a person feels, thinks and functions.

“It’s different than when somebody says colloquially, ‘Oh, I feel depressed because the Dodgers lost their baseball game,” says , an adult and geriatric psychiatrist and director of the Pacific Brain Health Center at Pacific Neuroscience Institute in Santa Monica, California.

It is more than temporary sadness following a disappointment, stressful day or difficult event. These normal feelings of sadness usually lessen with time and do not affect every aspect of daily life. With clinical depression, symptoms are more persistent and disruptive.

The difference between sadness and depression can be observed in the frequency, intensity, duration and level of impairment, says , a research associate professor and assistant professor of psychiatry and behavioral sciences at the University of Miami.

For a diagnosis of major depressive disorder, a person generally must experience at least five of nine symptoms during the same two-week period. The symptoms must represent a change from the person’s usual functioning and cause significant distress or interfere with important areas of life.

A clinician will also consider whether the symptoms could be caused by a medication, substance use, a medical condition or another mental health disorder.

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Clinical depression vs. normal sadness

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What Are the 9 Symptoms of Depression?

Depression is often pictured as visible sadness: low energy, frequent crying or an inability to get out of bed. Those can be signs, but depression may also appear in more vague or subtle ways, such as , fatigue or a decline in self-care.

“Signs people most often miss because they don’t look like sadness vary from irritability or anger to fatigue, pain, sleep disturbance and such as poor concentration or memory,” Blanc says.

Healthcare professionals often use the , commonly called the PHQ-9, to screen for depression and track symptoms over time. The questionnaire asks how often a person has experienced each of the nine major depression symptoms.

Symptoms for major depressive disorder:

— Feeling sad, hopeless or despondent

— Loss of pleasure or interest in things you once enjoyed

— Sleep disturbances

— Loss of energy or fatigue

— Feelings of guilt or worthlessness

— Significant fluctuations in weight or appetite

— Difficulty concentrating

— Agitation or restlessness and psychomotor retardation or slowing

— Recurrent thoughts of death or suicide

1. Feeling sad, hopeless or despondent

A depressed mood may involve an overwhelming and persistent sense of sadness, hopelessness or despair. These feelings persist beyond the normal ups and downs of life and may make it hard to work, attend school, maintain relationships or complete basic tasks.

2. Loss of pleasure or interest in things you once enjoyed

Also called anhedonia, this looks like a pervasive and enduring lack of enjoyment or interest. A person may stop enjoying hobbies, social activities, food, intimacy or other experiences that once felt rewarding.

It does not always mean completely abandoning an activity. Someone may continue participating but feel numb, detached or unable to get the same satisfaction they used to.

3. Sleep disturbances

Sleep disturbances could mean sleeping too much or not enough.

A person with insomnia may have trouble falling asleep, wake frequently or awaken unusually early and be unable to return to sleep. Others may experience hypersomnia, meaning they’re sleeping much longer than usual but still feel exhausted during the day.

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4. Loss of energy or increased fatigue

Depression-related fatigue can be more severe than ordinary tiredness. Everyday responsibilities such as showering, preparing food, responding to messages or getting to work may feel overwhelming.

It’s important to evaluate the degree of disturbance that a lack of energy imposes on the person’s quality of life, says , associate professor of psychiatry at the Zucker School of Medicine at Hofstra/Northwell in New York.

For example, if someone expresses that they don’t have as much energy as they used to, that may be mild depression. But if they say, ‘It’s been really hard to get to work, and I’ve been late a few days,’ then that may point to moderate depression.

Sullivan says more severe depression could look like someone who is having difficulty leaving the house or getting out of bed.

5. Feelings of guilt or worthlessness

The guilt category includes feeling guilty or feeling like you let yourself or others down. A person may feel inadequate, blame themselves for things outside their control or become consumed by past mistakes.

“That’s the question that usually brings out the tears because it’s the thing that they’ve been ruminating about,” Sullivan says.

For those who are people pleasers by nature, this one can be tough to distinguish. However, if there’s a significant change in your degree of guilt from how you normally are, or you’re specifically hung up on events that have triggered a depressive episode — like survivor’s guilt, for example — that may be a sign of something more serious, Merrill says.

He adds that survivor’s guilt can also become a part of , highlighting that there’s a lot of overlap among mental health disorders like depressions, anxieties, and cognitive disorders, such as .

6. Significant fluctuations in weight or appetite

Some people lose interest in food or skip meals, which may result in unintentional weight loss over a short period of time. Others eat more, experience cravings or turn to as a way to cope, leading to weight gain. Either pattern can point to depression.

7. Difficulty concentrating

Depression may make it hard to follow a conversation, complete work or chores, remember appointments or make even simple decisions.

“Milder manifestations of that would be, ‘Tests are hard for me to read. I keep rereading the same sentence over and over,'” Sullivan explains.

From there, a moderate depressive symptom may mean someone who’s become forgetful. “They’re forgetting appointments and assignments,” Sullivan says.

Someone with severe depression is unable to complete cognitive tasks of which they should otherwise be capable, he says. “They can look at a newspaper, but it’s like they’re staring at it, nothing’s getting in.”

8. Agitation or restlessness and psychomotor retardation or slowing

Depression symptoms can include noticeable changes in a person’s movement, speech and reactions. These changes must be observable to other people, rather than only an internal feeling of restlessness or sluggishness.

Examples of psychomotor agitation may look like:

— Pacing or having trouble sitting still

— Fidgeting, hand-wringing or tapping the fingers or feet

— Appearing unusually impatient or on edge

Agitation or restlessness is particularly common in the elderly, Sullivan says.

Conversely, it is also common to see psychomotor retardation or slowing during major depressive episodes. This manifests as things like:

— Walking, speaking or responding more slowly than usual

— Taking longer to get dressed or complete other routine tasks

— Speaking quietly or in a flat, monotonous voice

— Moving sluggishly or appearing to stare into space

9. Recurrent thoughts of death or suicide

This can range from more passive thoughts about death to making a plan to kill oneself to actually having the intent to do it.

If people talk about it and share their feelings, there are effective options to intervene. Asking someone directly if they are thinking about hurting themselves does not encourage suicidal behavior and can open the door to getting them help.

Call or text 988 to reach the Suicide & Crisis Lifeline 24/7 if you or someone else is in emotional distress. You can also talk to someone online at . Call 911 or go to the nearest emergency department if there is immediate danger.

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How Signs of Depression Vary Across Ages and Gender

Depression symptoms can vary largely from person to person. Symptoms can vary by age, gender and culture, and, according to Blanc, many people continue working, parenting or caring for others despite significant distress.

Some frequently overlooked signs that people may not recognize in themselves or others include:

— Irritability, or impatience

— Unexplained pain or symptoms

— Withdrawing from others

— Using or to cope

— Staying constantly busy or working excessively to avoid emotions

Blanc says focusing too heavily on visible sadness and low energy can contribute to missed diagnoses. In her clinical work, she has also seen depression accompanied by poor hygiene or dissociation, a sense of disconnection from yourself or your surroundings.

However, here are common ways in which depression may manifest across ages and gender:

— Kids and teenagers

— Women

— Men

— Older adults

Kids and teenagers

Depression symptoms can manifest differently in kids than adults. may appear irritable, argumentative or angry rather than sad. Because they may not have the words or self-awareness to explain what they are feeling, depression can be mistaken for defiance or a behavioral problem.

For example, a kid who has temper tantrums, or talks back to their parents may actually be depressed but may not be able to say so, Sullivan says. “They lack that capacity to see, ‘Why did I do what I did?'”

Other signs can include withdrawing from friends, falling grades, difficulty concentrating in class and trouble completing assignments.

“Difficulty with schoolwork is often where things first pop up and may look more like irritability or argumentativeness,” Sullivan says.

Adolescents with depression are also more likely to engage in risky behaviors, like and self-harm behaviors.

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Women

Hormonal changes during pregnancy, and around menopause may affect depression risk.

The loss of estrogen and hormonal fluctuations during can disrupt the balance of the brain’s neurotransmitters, potentially leading to mood changes and depression.

Early menopause also can pose risks for late-life depression and dementia, Merrill says.

However, persistent symptoms should not automatically be dismissed as a normal part of hormonal change.

Blanc notes that depression may be underrecognized in women, including Black women, when it appears as sleep problems, irritability or physical symptoms rather than sadness. Some may also feel pressure to remain strong, suppress emotions and care for others despite their own distress, a pattern sometimes described in research as the “,” Blanc says.

Men

may be more likely to show irritability, anger or frustration than sadness or vulnerability. Others may suppress emotions entirely and appear stoic on the outside.

Especially in men, you can have irritable depression, Merrill says.

Some may withdraw, work excessively or appear emotionally detached, making depression harder to recognize.

Older adults

“ are less likely to explicitly endorse that they feel depressed,” Merrill says. This is likely due to generational differences.

Depression can also manifest more often as physical symptoms than emotional symptoms in older adults. For example, they may complain of chronic pain, headaches, fatigue and digestive issues, which — though it could point to signs of another medical condition — could be signs of depression. They’re also likely to feel more irritable and agitated.

New memory or concentration problems also warrant evaluation because depression can resemble or occur alongside cognitive disorders.

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What Causes Depression?

Depression is thought to be the result of a combination of .

As outlined by the NIMH, risk factors associated with higher rates of depression include:

— Having a personal or family history of depression

— Experiencing major life changes

— Trauma

— Stress

— Brain chemistry

— Certain physical ailments and medications, including drugs prescribed for conditions from controlling high blood pressure to treating asthma to helping with smoking cessation

— Serious and chronic medical illnesses, such as and

— Early life adversity like — including physical or sexual abuse — which has also been linked to higher rates of depression, not only around the time of the trauma but later in life as well.

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How Is Depression Treated?

Depression treatment depends on the type and severity of symptoms, medical history and individual preference.

Psychotherapy, often called , and are commonly recommended together, especially for moderate to severe depression. Whether a person is or trying different medications, it can take time to find the right fit.

Below is an overview of common therapies for depression:

— Psychotherapy. Cognitive behavioral therapy, interpersonal therapy and other forms of talk therapy can help people identify unhelpful thought patterns, build coping skills, improve relationships and address stress or trauma.

— Antidepressant. It can take time for you and your healthcare provider to find the medication and dose that provide the best balance of benefits and side effects. Here are some common medications:

— Selective serotonin reuptake inhibitors, commonly called SSRIs, are often used as a first-line treatment for depression because they are generally effective and well tolerated. Examples include sertraline (Zoloft) and escitalopram (Lexapro).

— Serotonin-norepinephrine reuptake inhibitors, or SNRIs, are another common option. Examples include duloxetine (Cymbalta) and venlafaxine (Effexor).

— Other antidepressants include dextromethorphan-bupropion (Auvelity), a newer combination medication approved for major depressive disorder in adults, and older options like tricyclic antidepressants.

— and lifestyle support. Extensive research shows that physical activity, such as strength training, yoga and moderate-intensity like walking or jogging, can help reduce depression symptoms. Healthy sleep habits, nutritious meals, social connection and limiting alcohol also support overall mental health and well-being, but these steps do not replace professional care when depression symptoms are severe.

— -based treatments. Intravenous ketamine is sometimes used off-label for difficult-to-treat depression. Esketamine nasal spray (Spravato) is FDA-approved for treatment-resistant depression, either alone or with an antidepressant, and for depressive symptoms in adults with major depressive disorder and acute suicidal ideation or behavior. It must be given in a certified health care setting with monitoring for at least two hours after administration.

— Hospital care. In severe cases, individuals may benefit from inpatient hospitalization — either voluntarily or against their will in some cases. When someone is an active danger to themselves or those around them, this may be the most appropriate course of treatment. For example, if there’s an active intent to commit suicide, “where they have both formulated a plan, and they have the intent to carry that out,” Merrill says, then they’re likely in need of hospitalization for round-the-clock care.

— Brain stimulation. With treatment-resistant depression — which is when those have long-lasting and hard-to-treat depression that does not respond to traditional medications — your psychiatrist may determine you’d potentially benefit from further interventions such as transcranial magnetic stimulation (TMS), electroconvulsive therapy (ECT) or.

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Types of Depression Disorders

In addition to major depressive disorder, there are a number of other types of depression.

The National Institute of Mental Health lists several examples:

— Persistent depressive disorder

— Perinatal or postpartum depression

— Psychotic depression

— Seasonal affective disorder

— Depression occurring with bipolar disorder

Depression is commonly accompanied by as well, requiring individuals to manage both at the same time.

Persistent depressive disorder

Persistent depressive disorder, formerly called dysthymia, is a long-lasting form of depression. Depressed mood is present most of the day, more days than not, for at least two years in adults or one year in children and adolescents.

In addition to depressed mood, at least two of these symptoms are present:

— Poor appetite or overeating

— Insomnia or excessive sleep

— Low energy

— Low self-esteem

— Poor concentration or trouble making decisions

— Hopelessness

This is a separate symptom list from the nine symptoms used to diagnose a major depressive episode. A person with persistent depressive disorder can also experience periods that meet the full criteria for major depression.

This form of chronic, low-to-moderate levels of depression is not as severe as major depression, but the ongoing nature of this disorder can significantly interfere with a person’s life and relationships.

Perinatal or postpartum depression

Perinatal depression occurs during pregnancy or after delivery — which, in the latter case, is typically referred to as . Symptoms may include intense sadness, anxiety, crying, exhaustion, appetite changes, trouble sleeping even when the baby sleeps and difficulty bonding with or caring for the baby.

Treatment can include psychotherapy and prescription antidepressants. , brand name Zurzuvae, is an oral medication approved specifically for postpartum depression and is taken for 14 days.

Depression with psychotic features

Severe depression can occur with symptoms of psychosis, including — seeing or hearing things that aren’t there. These delusions and hallucinations are frequently related to the person’s depressed feelings, such as believing they have committed an unforgivable act or hearing a voice that says they do not deserve to live.

Treatment can include psychotherapy and prescription medications, including antidepressants and/or antipsychotics. Hospitalization is sometimes necessary.

occurs after childbirth, involving symptoms such as hallucinations, delusions, severe confusion or mania and requires urgent medical care.

Seasonal affective disorder

Also referred to as seasonal or winter depression, is depression that follows a recurring seasonal pattern, most commonly beginning in fall or winter and improving in spring.

Treatment approaches include light therapy — or exposure to artificial light — as well as therapy and medication traditionally prescribed for depression. (available as a generic drug and under brand names Wellbutrin XL and Aplenzin) is an antidepressant that’s used to treat depression and is also specifically FDA approved for seasonal affective disorder.

Depression in bipolar disorder

is not the same as major depressive disorder, but it is a mood disorder that includes episodes of depression.

The two main subtypes are:

— Bipolar I disorder. Requires at least one manic episode. Mania involves a period of unusually elevated, expansive or irritable mood and extreme energy that lasts at least one week or is severe enough to require hospitalization.

— Bipolar II disorder. Involves at least one major depressive episode and at least one hypomanic episode. Hypomania lasts at least four days and is less severe than mania.

Some people have bipolar disorder with mixed features during which they experience both manic and depressive symptoms within the same episode.

Treatment typically involves and prescription medications, including mood stabilizers, antipsychotics and/or antidepressants.

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When to Seek Help for Depression

Experts advise people who suspect they or a loved one are suffering from depression to seek professional help so they can be properly diagnosed and treated. In particular, anyone who is having suicidal thoughts, experiencing psychosis or whose safety might otherwise be compromised is urged to get help immediately.

“Depression is a very serious mood disorder that you should not take lightly,” Blanc says. “The moment you start noticing that changes in your feelings, thoughts and behavior persist for at least two weeks in a row, you should seek professional help.”

You do not need to wait until you have every symptom or can no longer function.

Blanc encourages affected individuals and their loved ones to seek help from a licensed for an evaluation and to identify the best treatment strategies for their circumstances. Earlier support may keep symptoms from worsening and even save lives.

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Investors fighting inflation today can take a similar approach with their fixed-income portfolio: The goal isn’t for each bond investment to outpace inflation every year, but rather to outmaneuver it by preserving purchasing power, generating dependable income and supporting an overall portfolio that can weather .

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Fortunately, today’s bond market offers investors competitive yields. As of July 21, the 30-day yield for core U.S. bonds was 4.6%, according to data from the Bloomberg U.S. Aggregate Bond Index. That’s more than three times higher than what investors received from core U.S. bonds around the same time in 2021, which was only about 1.5%. That gap alone explains why bonds have re-earned a place in inflation-conscious portfolios.

The total returns for the U.S. Aggregate Bond Index over the last three, five and 10 years have been 4.35%, 0.45% and 1.7%, respectively, through June 30. BlackRock’s expected, central return for aggregate bonds over the coming 10 years is 3.91%.

To better understand how fixed income can help investors keep pace with inflation, we asked some expert strategists and fixed-income specialists to weigh in on three strategic topics:

— Where is inflation headed?

— Prioritize real returns over headline yield.

— Build a portfolio that can adapt.

Where Is Inflation Headed?

While the consumer price index (CPI) fell to 3.5% in June, leading market strategists’ outlook on whether inflation will continue to cool in the short run remains mixed.

Kristina Hooper, chief market strategist at Man Group, says AI capital expenditure, restrictive immigration policy, tariffs and the current war in the Middle East will keep inflation elevated for a while longer. She comments, “I expect inflation will remain persistently and materially higher than the Fed’s target of 2%. More specifically, I expect core CPI to be at or above 3% year over year for the next one to two years.”

Chi Chen, managing director and portfolio manager in BlackRock’s Fixed Income Investment Group, on the other hand, believes core inflation is likely on a downward slope. She says her team expects “core inflation to moderate through the second half of the year as some of the earlier tariff effects fade and housing inflation continues to cool. Recent inflation data reinforce our view that core inflation has likely moved past its local peak, and the direction of travel should be continued moderation barring a significant new economic shock.”

Meanwhile, the Federal Reserve Bank of Cleveland’s own 10-year outlook for core inflation is currently 2.43%.

With strategists split, the more actionable question for investors isn’t which forecast wins, but how to position a portfolio that holds up either way.

Prioritize Real Returns Over Headline Yield

It’s easy to compare bond yields and assume the highest number represents the best investment strategy. But a bond’s stated yield tells only part of the story. What ultimately matters is a portfolio’s total return, which is the amount after accounting for inflation, taxes and fees.

A bond yielding 5% may sound attractive, but if inflation averages 4%, your purchasing power has increased by only about 1% before taxes.

Jeff Given, senior managing director, portfolio manager and head of developed-market fixed income at Manulife Investment Management, notes, “Real yield is the appropriate metric to focus on if your objective is to measure whether fixed income yields are exceeding prevailing inflation rates. On a positive note, nominal yields are well above 20-year averages and provide an attractive opportunity to generate a high level of income exceeding current inflation levels.”

In practical terms, his team estimates real 10-year yields are running about 1.5 percentage points above their 20-year average versus core CPI — a meaningful cushion for investors focused on preserving purchasing power.

Professional bond managers often focus less on headline yields and more on whether a portfolio can deliver positive real returns over a full market cycle. That’s practical wisdom for investors, too. Maintaining purchasing power over time is more important than simply collecting income today.

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Build a Portfolio That Can Adapt

One of the biggest decisions bond managers make is how much duration, or interest-rate sensitivity, to maintain in their portfolios.

If inflation falls and , longer-term bonds generally perform well. If inflation remains elevated and rates stay higher for longer, shorter-duration bonds may hold up better while giving investors opportunities to reinvest at higher yields as bonds mature. Bonds are inherently sensitive to changes in interest rates and are subject to default risks as well.

Still, rather than making an all-or-nothing bet, many professional managers build portfolios designed to perform reasonably well under several economic scenarios.

Washington took the same approach on the battlefield. Aside from the occasional calculated strike, like the Delaware crossing, he generally avoided staking the entire war on a single engagement, choosing instead to preserve his army’s flexibility to fight another day. across maturities, sectors and credit quality serves a similar purpose in a bond portfolio: It helps investors avoid relying on a single forecast proving correct.

“It’s still the ‘Golden Age of Income,’ but the current phase requires greater selectivity,” Chen says. “Income remains the primary driver of fixed-income returns, while the move higher in real yields means investors are beginning to get better compensated for owning some duration.”

Winning the Campaign, Not Every Battle

Washington understood that winning the war required patience, discipline and the ability to adapt as circumstances changed. Investors face a similar challenge with inflation. No one knows exactly where inflation or interest rates are headed next. But by focusing on real returns, diversifying across fixed-income sectors and building a portfolio that can adapt to multiple outcomes, investors can improve their chances of preserving purchasing power over the long run.

As you evaluate your own fixed-income strategy, remember that successful investing isn’t about winning every battle against inflation. It’s about building a portfolio that can win the campaign.

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Update 07/23/26: This story was published at an earlier date and has been updated with new information.

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