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If you’d like to do a thorough review of your portfolio and plan, here are the key steps to take. I recommend doing them over a series of sessions, not all at once. Step 1: Gather your documentation This could be your current investment statements, plus Social Security and pension. Pro tip: Set up a My Social Security account to get an overview of your benefits and earnings history. Step 2: Ask and answer: How am I doing? To find out if you’re on track to reach your financial goals, review your current portfolio balance, combined with your savings rate. Tally your contributions across all accounts. A decent baseline savings rate is 15%, but higher-income folks will want to aim for 20% or more.Also factor in other goals you’d like to achieve, such as college funding or a home down payment. Are they realistic? Make sure you’re not giving short shrift to retirement.If you’re retired or about to be, the key gauge of the viability of your total plan is your withdrawal rateyour planned portfolio withdrawals divided by your total portfolio balance. The 4% guideline is a good starting point, but aim for less if you can. Step 3: Check up on your long-term asset allocation Does your total portfolio’s mix of stocks, bonds, and cash match your targets? High-quality target-date series such as those from Vanguard and BlackRock’s LifePath Index Series can help benchmark asset allocation. My model portfolios can also help.A portfolio that tilts mostly or even entirely toward stocks makes sense for younger investors.If your portfolio is notably equity-heavy and you’re within 10 years of retirement, shifting to bonds and cash is more urgent. Just mind the tax consequences when you rebalance. Step 4: Assess liquid reserves Holding some cash is crucial to ensure you don’t have to tap your investments or resort to credit cards in a financial crunch.For retired people, I recommend holding six months to two years worth of portfolio withdrawals in cash investments.For those still working, holding three to six months’ worth of living expenses in cash is a good starting point. Step 5: Assess suballocations, sector positioning, and holdings Your broad asset-class exposure largely determines how your portfolio behaves. But your positioning within each asset class also deserves a look. Market strength has recently broadened, but growth stocks and funds that own them have outpaced value by a wide margin over the past decade.Finally, check up on your sector positioning, allocation to foreign stocks, and actual holdings. Step 6: Identify opportunities to streamline Why have scores of accounts and holdings if a more compact portfolio could do the job just as well?If you’ve changed jobs, you may have multiple 401(k)s and rollover IRAs. Consider consolidating into a single IRA. If you have several small cash accounts, you may be losing out on a (slightly) higher yield.Could you reduce the number of holdings in your portfolios? Index funds and ETFs provide pure asset-class exposure and a lot of diversification in a single package. I also like target-date funds for smaller accounts to provide diversification without any maintenance obligations. Step 7: Manage for tax efficiency At this point, if you think changes are in order, be sure to take tax and transaction costs into account. Focus any selling in your tax-sheltered accounts, where you won’t incur tax costs and you can usually avoid transaction costs, too. Within your taxable accounts, review the tax implications and/or get tax advice before executing trades.Also review whether you’re managing your portfolio with an eye toward tax efficiency. Are you making contributions to your tax-sheltered vehicles? Are your taxable accounts as tax-efficient as possible? For a lot of people, this is as simple as holding equity ETFs and/or municipal bonds and bond funds for their taxable accounts. Finally, think about tax-efficient withdrawal sequencing. Step 8: Troubleshoot other risk factors Uninsured long-term-care risk is a significant factor for those who are neither well off nor eligible for Medicaid. Develop a plan in case you have sizable long-term-care outlays later in life.Another common risk factor is providing help to loved ones. In this case, it’s often helpful to talk to a financial advisor and/or estate planner to figure out how you can help without jeopardizing your financial future. This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.Christine Benz is director of personal finance and retirement planning for Morningstar.Related Links 5 Smart Ways to Diversify Your Portfolio for 2026https://www.morningstar.com/portfolios/5-smart-ways-diversify-your-portfolio-2026 8 Reasons You Might Need to Tweak Your Portfoliohttps://www.morningstar.com/portfolios/8-reasons-you-might-need-tweak-your-portfolio An Investing Guide for Every Life Stagehttps://www.morningstar.com/personal-finance/an-investing-guide-every-life-stage Christine Benz of Morningstar
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E-Commerce
Heinzs newest product isnt a ketchup, or a mayo, or some Frankenstein combination of the two. Its a boxand its solving a problem thats plagued lovers of french fries for decades. The patent-pending Heinz Dipper, unveiled on January 13, is an innovation the company is describing as a first-of-its-kind fry box. At first glance, it looks like a classic french fry box that youd get at any run-of-the-mill fast-food joint, but a closer examination reveals a pullout compartment (shaped like Heinzs keystone logo) that can hold two packets of whatever condiment you prefer. The Heinz Dipper is debuting at more than 33 restaurant and sports stadium partners around the world in 2026 as a test for potential broad distribution in the future. [Image: Heinz] We dont know why the fry box wasnt always designed this way, Heinzs website reads. We just know you cant have fries without Heinz. So, we fixed it. Over the past few years, Heinz has become known for its stable of, frankly, strange product developments, including Buffaranch (a mixture of Buffalo and ranch sauce), a burger dipping device, and squeezable turkey gravy. Of these clever, often out-of-the-box concepts, the Heinz Dipper feels the most like a product that could become a genuine mainstay in fast-food joints everywhere because it solves a truly universal design flaw. [Photo: Heinz] A fry box built for the modern snacker According to a new ad from Heinz posted to YouTube, the design of the fry box hasnt changed since 1950. Indeed, the design mightve been perfectly serviceable back when a majority of people dined in. Now that takeout and delivery are vastly more popular, though, the form isnt exactly optimized for eating in the car or in front of the TV after a long night out. Whether balancing sauce packets on car dashboards or squeezing ketchup directly onto individual fries, fans have long struggled to enjoy their favorite pairing away from the table, a Heinz press release reads, noting that 70% of ketchup-and-fry lovers admit to having spilled ketchup when dipping on-the-go, and 80% say theyve considered skipping condiments altogether due to a lack of dip-friendly packaging options. For Heinz, a patented fry box is a clever way to expand its physical presence into the kinds of establishments where sauce is kinglike fast-food restaurants and stadiumswhich it currently achieves by serving as a supplier of branded sauces and sauce dispensers. And unlike some of Heinzs other head-scratching innovations (lets be honest, who really needed Barbie ketchup?) the Heinz Dipper has one key hallmark of good design: It raises the question, How has no one thought of this before?
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E-Commerce
A proposed billionaires’ tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while Democratic Gov. Gavin Newsom maneuvers to defeat a levy that he fears will lead to an exodus of wealth.A technology mecca, California has more billionaires than any other state a few hundred, by some estimates. Nearly half its personal income tax revenue, a financial backbone in the nearly $350 billion budget, comes from the top 1% of earners.A large health care union is attempting to place a proposal before voters in November that would impose a one-time 5% tax on the assets of billionaires including stocks, art, businesses, collectibles and intellectual property to backfill federal funding cuts to health services for lower-income people that were signed by President Donald Trump last year.In a state with a vast gap between rich and poor, the plan has resulted in a tangle of competing interests at a time when both Democrats and Republicans are struggling to respond to economic anxiety driven by rising costs ahead of this year’s midterm elections.An online war of words has tech leaders pondering a hollowing out of Silicon Valley, and millions of dollars are flowing to political committees engaged in the fight. That includes $3 million from billionaire Peter Thiel, a founder of PayPal, to a committee tied to a business group opposing the tax.However it’s not clear if the proposal will make the ballot, with more than 870,000 petition signatures required for it to qualify. Threatened exodus Although the tax would affect only a minuscule slice of California’s roughly 39 million residents, it would siphon money from an immense pool of wealth. If would apply retroactively to billionaires living in the state as of Jan. 1.At least 25 billionaires listed among Forbes magazine’s 2025 rankings of the world’s 500 wealthiest people either lived in California or had some significant ties to the state, based on a review by The Associated Press. But determining whether they were full-time residents or just frequent visitors could turn into a matter of dispute, since many of them own property elsewhere.“You are really playing with fire with this one,” said Aaron Levie, CEO of the publicly traded Silicon Valley company Box. He fears that the proposed tax would drive entrepreneurs to look elsewhere to run their companies and launch startups.Even liberal-leaning tech pioneers would “find it absurd just on pure economic and structural grounds, even if they might agree that the cause itself is very worthy,” said Levie, who is not a billionaire. Governor worries about a competitive disadvantage Newsom has long opposed state-level wealth taxes, believing such levies would be disadvantageous for the world’s fourth-largest economy. At a time when California is strapped for cash and he is considering a 2028 presidential run, he is trying to block the proposal before it reaches the ballot.Analysts say an exodus of billionaires could mean a loss of hundreds of millions of tax dollars.“It’s one of the reasons why Newsom’s path to the Democratic nomination is not going to be an easy one,” Claremont McKenna College political scientist Jack Pitney said. “He’s already facing a (budget) deficit the size of which is uncertain and in the years to come, a billionaires tax that could backfire badly.” Democrats divided on the issue The proposal has created a deep rift between Newsom and prominent members of his party’s progressive wing, including Vermont Sen. Bernie Sanders, who endorsed it and said it should be a template for other states.“Our nation will not thrive when so few have so much while so many have so little,” Sanders said on the social platform X.Another supporter, and a potential 2028 Newsom rival, is Democratic Rep. Ro Khanna, who mocked billionaires for threatening to flee over a tax intended to provide health care for lower-income people.The measure’s lead proponent, the Service Employees International Union, sees the threat of an exodus as exaggerated.The tax is a “workable response to a crisis created by Congress,” Suzanne Jimenez, chief of staff of SEIU-United Healthcare Workers West, said in a statement. She added that it would “keep emergency rooms open, hospitals staffed and health care systems functioning.”The California Business Roundtable, meanwhile, is leading an effort to defeat the measure, saying it would “undermine our economy, decimate the state budget, drive investment out of the state and ultimately make everyday life more expensive for working families.” A business climate known for heavy regulation and steep costs Fleeing California because of its high cost of living and reputation for stringent regulations started to gather momentum well before the proposed wealth tax began circulating last year.Elon Musk, the world’s wealthiest man with a $724 billion fortune, bought a home in Texas and moved his electric automaker Tesla to Austin several years ago.The financial threat posed by the proposed tax apparently is pushing even more of Silicon Valley’s renowned pioneers to curtail their exposure to California and its liberal policies, including Google co-founders Larry Page and Sergey Brin, who moved to the state during the mid-1990s for graduate study at Stanford University.Page and Brin stepped away from their executive roles years ago but remain the largest shareholders in Google parent company Alphabet, with stakes that account for most of their combined fortunes of $530 billion, according to Forbes.But both men have begun moving more of their assets to Florida, according to multiple reports. Google, which has been based in Mountain View for the past quarter century, did not respond to an AP inquiry about their recent moves. Associated Press writer Sophie Austin in Sacramento, California, contributed. Michael R. Blood and Michael Liedtke, Associated Press
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E-Commerce
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