☎️ Calling the SSA? Set aside 90 minutes (at least)

Stat Of The Day

1 Hour and 26 Minutes

We hope they have good hold music. The average wait time for people calling the Social Security Administration’s (SSA) 800 number wanting to talk to a real person has jumped to 1 hour and 26 minutes. That’s up from about an hour in 2024.

Pro tip: No time to wait on hold? It’s worth a call to the office of your member of Congress or Senator. They often have a direct line to staffers at the SSA, especially when it comes to more urgent issues involving your benefits.

How To Get Mental Health Leave Without Jeopardizing Your Job

Feeling less than stellar mentally? It’s OK to take a step back from anything that’s been negatively impacting your energy, and that includes work.

May is Mental Health Awareness Month. And, if you’re struggling at work due to mental health-related issues, now is the time to talk to your employer. If you’re nervous, we get it. A recent study shows that 43% of workers worry that if they told their employer about their mental health struggles, it would lead to negative consequences.

Here’s the thing, though. Not only is caring for your mental health important, but taking a break to get the help you need can actually make you a better employee in the long run. If you’re considering asking for a mental health leave, there are steps you can take to bounce back better than ever, both personally and professionally.

In addition to digging into the details of your benefits (and what your employer might offer in terms of resources and leave options), experts suggest one of the first things you should do is obtain a doctor’s note. This may be giving elementary school vibes, but getting one is still considered proof of leave for a medical condition or illness, as Dr. Monica Vermani, a clinical psychologist, tells HerMoney. Over the years, Dr. Vermani has written many notes for patients to help them get the support they need. As she explains, a doctor’s note can be from your family doctor, a psychiatrist, or a nurse practitioner, just like a physical illness.

This Week In Your Wallet

ICYMI, student debt collections have restarted. If you’re among the 5 million borrowers in default, there are key things you need to know. "The Education Department began forced collections on loans in default on May 5, which means any tax refunds and other federal payments can be withheld and applied toward your debt," writes Tara Siegel Bernard for The New York Times. "This summer, the government said, it will send out required notices that pave the way for garnishing a portion of borrowers’ paychecks." If you’re in default or have a loan that’s 270 days or more overdue, you can expect an email from the Federal Student Aid office in the next couple of weeks, urging you to connect with its Default Resolution Group, the NYT reports. The group, as its website notes, provides info and assistance to help resolve defaulted loans.

🎓 P.S., if you’re worried about student loans, don’t miss Wednesday’s episode of the HerMoney Podcast. It features award-winning journalist Jillian Berman. She’s the author of the new book: "Sunk Cost: Who's to Blame for the Nation's Broken Student Loan System and How to Fix It."

There’s been a breakthrough in trade talks between the U.S. and China. Both sides have agreed to slash tariffs for 90 days as part of their negotiations. "Under the deal, so-called reciprocal tariffs will drop from over 100% to 10% on both sides for 90 days. The Trump administration will keep 20% fentanyl-related tariffs on China in place," CNBC reports. In the wake of the news, global stocks surged and the dollar rallied. "In our view, this announcement is not only better than we expected but also better than the market would have expected back in March," say strategists at Deutsche Bank. "Although it is hard to tell how this will develop after the 90-day period, the implications for markets are clearly supportive ... Stay bullish and consider stepping back into China tariff-exposed sectors (ex Autos, Health Care and Chips)."

Health Savings Accounts, or HSAs, are the financial equivalent of a Swiss Army Knife. They have tools to cut your current taxes, slice medical costs and tighten the scaffolding on your retirement savings. As the IRS recently announced, it’s upping the HSA contribution limit for 2026 to $4,400 for self-only coverage, and $8,750 for family plans. If you’re eligible to contribute to an HSA, experts suggest building up your balance so it can be used for healthcare expenses later in life, instead of current-year medical costs. (In other words, think of paying for current medical needs out of pocket and investing the money in your HSA for growth.) "Healthcare expenses in retirement can be significant," reports CNBC. "A single 65-year-old retiring in 2024 could expect to spend a [total] average of $165,000 on medical expenses through their golden years."

Wallet In Shape? Cool. Now See If You Can Retire.

Think you’re on track to retire? Let’s find out for sure. Our 6-week retirement checkup, inspired by Jean Chatzky’s Money Makeover method, helps you get crystal clear on your spending, saving, and what it really takes to retire comfortably – whether that means chilling on the beach, Mai Tai in hand, or chasing your grandkids around the backyard.

With weekly coaching, smart tools, and a supportive group of like-minded women, our special FinanceFixx program, just for those nearing retirement, will help you build a plan to stretch your savings, crush debt, and know exactly where you stand. Our next session kicks off on June 11th. Save your spot here.

PS, far from retirement age, but still want to get your money act together? Check out our 4-week FinanceFixx. It’s like a boot camp for your bank account that saves the average participant $1,500 over the course of the program!

Things That Save You Money

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Don’t let the cost of mental health care hold you back from getting the support you need. Here are 12 free or cheap paths to improving your mental well-being.

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Avoid baggage fees and travel with just a carry-on using tactics like the "$10-10 rule." "If you can acquire it in less than 10 minutes and can get it for around $10, then just buy it on location," suggests Sally French of NerdWallet.

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Ready to make your rewards credit card extra rewarding? Here are 9 "weird ways" to use your credit card and boost your points or miles. One of them? If you have a card that offers extra rewards for grocery store purchases, buy restaurant gift cards there and use them for your next dinner out.

Ask Jean

I'm preparing to request a raise and would appreciate some insight. For context, I work as an office admin at a small wealth management firm in the Boston area.

You must have ESP – I was just chatting about this topic on my Instagram (btw, give me a follow here for lots more personal finance advice). As I shared, according to a recent LendingTree study, 82% of full-time workers who asked for a pay raise in the past year received one in that period.

But what about the other 18%? Many of them likely didn’t ask for more cash in the first place. And, as the saying goes, if you don’t ask, you don’t receive. I get it. Asking for a raise is nerve-wracking. But if you approach it the right way, it doesn’t have to be.

Start by hitting the internet to find out what other people doing jobs like yours are actually earning. Sites like GlassDoor, PayScale and Salary.com can help. Make note of the data and see how you stack up. Then, set up a file on your desktop (that can be your virtual desktop or your actual desktop). Fill it with examples of all the times you’ve added value to your company. Did you help make or save your company money? Did you help save your company time? Build a file with this information and add to it as you prepare to make your pitch – think of it as your ammunition.

Then, if it’s been over a year since your pay has been discussed, set a time to sit down with your employer to demonstrate your value and make the case for more pay. No one, and I repeat, no one, cares as much about your salary as you do, so it’s going to be on you to bring the topic up. When you have your discussion, be sure to bring up the research you’ve done regarding your salary and the best examples from that file you’ve built up. Good luck!

Submit your questions to Jean here.

More For You To ♥

💰 Attention, parents of teens. Your kids probably need a side hustle. Hear why one could be the key to their future financial success on the HerMoney Podcast.

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