enRICHed: volume 134

bringing the heat

Jun 15, 2025

Volume 134

Hey Besties!

Do y’all feel a lil burnt out right now?? After months and months of what felt like constant sprinting at work, we have reached the summer and things seem to have finally calmed down. I’m not on a plane every other day, my inbox reached 0 for the first time in months, and I have found a tiny bit of zen. It won’t last forever, so I’m making sure to take the time to relax while I can and enjoy quality time with the people I love. But just because I’m relaxing, DOESN’T MEAN my money won’t be hard at work! This is your PSA to INVEST INVEST INVEST this summer! The best time to start investing was yesterday but the next best is today! So before you blow all your hard earned cash on frozen drinks by the pool (frozen spritz is a love language I’m fluent in), take a second to secure your financial future. You won’t need to stress about your spending when you already have a plan, so you can enjoy your summer to the fullest while making money for future you!

Plus, keep up with the podcast on Instagram and TikTok!

As a reminder:

HYCU, pronounced haiku: how the news impacts you and your wallet, aka How You Can Use
The Prosperitea: think discount codes, non-boring finance articles, sales, and personal links from the week. The fun stuff 😉
We love your comments, but please remember to keep it positive! And don’t take investing advice from anyone who isn’t your registered financial advisor!

Now that you’re up to speed, let’s get you enRICHed.

A Serious Note

Bestie, I can’t lie to you—it would be foolish not to address everything happening in the country right now. If you haven’t been keeping up, President Trump has been deploying Marines and the National Guard to repress protestors who have been marching against the sweeping deportations of undocumented immigrants in this country. It’s an unusual and rather violent move, and TBH, it’s been weighing a lot on my mind.
Families being ripped apart and thrown into unmarked vans should appeal to your humanity. But even beyond the heart-wrenching news, what also gets me is how ridiculous the economic impacts are going to be. The Pentagon estimated that the troop deployment is going to cost $134 million (that’s in taxpayer dollars, FYI), and Trump’s deportation plan is estimated to cost several billions—yeah, that’s billions with a B. If you ask me, that’s money that could be better spent supporting our education system, giving kids lunch, fixing our roads, making a high-speed railroad (please, someone hear this prayer), or generally just putting money back into our pockets.
It’s also concerning politically, since Trump deployed the military without permission from California Governor Gavin Newsom, who actually sued Trump over it, and has warned the country that this action is an indicator of declining democracy. Marines have even reported to The Guardian that “morale is not great,” since they don’t want to fire at their own neighbors.
HYCU; Look, there’s no doubt about this—at the bottom line of this news, these deportations are going to be worse for your wallet. The reason why food, construction, and service businesses can keep costs low is usually because of cheap, undocumented labor (see my video explainer here). The deployment is also using taxpayer money for something that no one even really wants, including many of the troops who are being deployed. Everything in this life leads back to money. It’s always in your best financial interest to stay informed.

A Tip on Tipping 💸

New data is revealing where the best tippers live, according to new data from payment system Toast: and, as it turns out, on average, people in Delaware, West Virginia and New Hampshire leave nearly 21% or more.
Overall, nationwide tips at full-service restaurants rose from 19.3% in Q4 2024 to 19.4% in Q1 2025 on average, per Axios. The worst tipping states? California and Washington state, where average tips run under 18%. Jinkies!
Of course, this is not an entirely accurate picture of tipping, as this data only includes whatever exists inside Toast’s system—it doesn’t include cash tips, which is also how many people tip their servers.
HYCU; Tipping culture is at a weird point right now, with payment systems like Square and Toast often intentionally guilting people into tipping more and more. No one is entirely sure how much to tip and when it’s appropriate. If you’re wondering, I usually tip 20% whenever there’s a service involved (like a salon, restaurant or rideshare service like Uber or Lyft), and don’t typically tip for transactions where there wasn’t a full service (like a coffee shop, flower vendor or pharmacy). If you want to see my full rules and guidelines on tipping, as well as learn more about this shift in tipping culture, you can read all about it on the member’s lounge.

Social Security’s Surge 📈

Social Security retirement claims tend to follow a seasonal pattern each year, increasing over time with the aging of the population—but this spring, something different happened: a surprising spike in the number of people applying for retirement benefits, according to new reporting from NPR. Between January and May, the number of claims was almost 18% higher than the same period last year.
The Social Security Administration said there were a few reasons they thought this spike was happening: an influx of retiring Baby Boomers; a rule change that increases Social Security benefits for some people with pensions; and a spike in people who were collecting spousal benefits, and are now re-filing to claim a higher benefit based on their own records.
Most notably, NPR reported there are a lot of people claiming Social Security now because they’re worried about the direction of the economy, federal program cuts, and especially the Trump administration’s Project 2025, which is trying to make changes to resources like Medicaid. As a result, there have been significant year-over-year claim increases by 62-year-olds, which is the youngest age you can file.
HYCU; Usually, the longer you wait to claim your Social Security benefits, the more it grows, so it’s considered financially smarter to postpone your claim as long as you possibly can. That being said, Trump has stated that he doesn’t intend to touch Social Security benefits, so if you don’t absolutely need the money right now, it seems to still be in your best interest to let it sit as long as you possibly can. (But this also hinges on how much you personally believe the words of our current sitting president, and given that there is literally an acronym about how Trump Always Chickens Out—T.A.C.O.—so it’s hard to say whether or not we can trust the promises made).

Caitlin asks “How does planning for retirement change when you have a pension?”

Hey Caitlin! Fantastic question! Totally understandable that when you have a pension, your retirement planning can take on a different vibe compared to relying solely on personal savings and investments.

Here’s what to consider:

Understand Your Pension Benefits: Start by diving into the specifics of your pension plan. Know how the benefit formula works, what payout options are available, and any risks like underfunding or lack of cost-of-living adjustments (COLAs). This knowledge helps you estimate your future income.
Integrating Income Sources: A pension provides a stable income stream, which is fab! But it’s essential to coordinate it with other income sources like Social Security and personal savings. This holistic approach ensures you have a more resilient financial plan.
Planning for Inflation: Many pensions don’t keep pace with inflation, which can erode your purchasing power over time. To combat this, consider incorporating investments that offer growth potential and inflation protection, like stocks or inflation-protected securities.
Tax Implications: Pension income is typically taxed, so understanding how it impacts your tax situation in retirement is crucial. Consulting with a tax professional can help you strategize to minimize tax liabilities and maximize your after-tax income.
Healthcare Costs: Healthcare expenses can rise significantly in retirement. Evaluate your pension plan’s provisions for healthcare benefits and consider additional coverage options to ensure you’re fully protected.
Regular Reviews: Regularly review your retirement plan to make sure it aligns with your evolving financial situation and goals. Adjust your savings and investment strategies as needed to maintain financial security throughout retirement.

Key differences between pensions and traditional retirement accounts:

Predictability vs. Flexibility: Pensions offer a predictable income, while retirement accounts provide flexibility and control over your investments. Utilizing a balance of both can help you secure your financial future.
Risk: With pensions, the employer takes on the investment risk, whereas with retirement accounts, you do. How much risk are you comfortable with? That might (and should) change with age!

A well-planned approach can enhance your financial security and help you enjoy a more comfortable retirement.

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SEE YOU IN THE COMMENTS BESTIES