• I love the holiday season, but there are some things about it that stress me out.
• In the past, I've found myself doing too much and saying "yes" to too many things.
• This year, I'm approaching the season differently so I can enjoy it.

I love visiting with family and friends, gift-giving, and all that comes with the holiday season. Most years, though, as this time of year approaches, I'm filled with a sense of contradiction: excitement for what's ahead and an unavoidable subtle sense of dread.

As a mom for over 13 years now, I've finally pinpointed exactly the problem. I've been in the habit of saying, "Sure," "Yes," "I'll be there," or "I can help" too many times during the season, even if I didn't have the time or energy. It's left me frustrated, hurried, stressed, and downright exhausted.

I started by creating boundaries around travel

The first time I vowed to seek more rest for myself during the holidays was 13 years ago. After several hours of travel and multiple stops to visit family, all with a newborn in tow, I knew the pace could not be kept. I will never forget the trauma of trying to find a quiet place to nurse my baby amid the chaos of family members I barely knew.

Little by little, each year, I've pulled back on our Christmas Day travel. This might be the biggest and happiest change I've implemented for myself and my family. I'm saying "no" to hours of travel time this year, and we're staying home for Christmas.

Miraculously, grandparents and family members have all been understanding. In fact, many of them lamented the same issues with travel on Christmas Day and are choosing to stay home, too. The good news is my door is open, and if anyone wants to see me or my immediate family on Christmas Day, they'll know exactly where to find us.

But still, over the years — even as I've created more boundaries around travel — I've gotten in the habit of doing too much, and it's affected my ability to enjoy the holiday season.

This year, I'm doing less cooking and baking, too

Last year, and for most years in the past, my husband would volunteer to cook the turkey for my side of the family for the Thanksgiving meal. But this year, we said we couldn't. We'd already planned a road trip for my son's birthday, so the time we had to spend on a homemade dish was significantly shorter.

We simply didn't have the time to fry a large turkey and encouraged my family to have someone else cook it. My mom ordered one, and it was just as juicy as any home-cooked bird. It lightened the load, and I vowed to keep the momentum going.

Leading up to Christmas Day last year, kind neighbors dropped off homemade items on our doorstep. We adore our neighbors, and the homemade goodies were a delight each time we opened the door. But each time I discovered a homebaked treat, I felt pressure to make or bake my own gift to reciprocate the kind gesture.

In a panic, I whipped up some last-minute treats and hauled them to each neighbor's home. I love to cook, but there wasn't much joy in the process under the pressure. Looking back, I realize there was a better way, so I'm handling it differently this year. I now see that my neighbors actually don't expect a gift in return, let alone something homemade. So, to split the difference, I'm purchasing my favorite brand of store-bought shortbread cookies, plopping a bow on top, and wishing them all my merriment without baking anything.

I'm also pulling back when it comes to volunteering at my sons' schools

Volunteering at my sons' schools has always been a page from the same story. As with many parents, in years past, there's been the tug for me to attend the holiday sing-along, organize the holiday party snacks, or brainstorm and collect materials for a festive craft.

While I do love attending and being involved at my sons' schools, the issue is that with work, appointments, and my own holiday goals of reading more and sitting by a fire more often this year, I'm just not raising my hand first to head it all up. Instead, I've opted to send in supplies or choose the events I truly enjoy being at. My sons are older now, and I'm resting easy knowing they're more concerned with the football game at recess than the reindeer craft they created during the holiday party.

While my desire to do it all came from good intentions and expectations from myself and others, I didn't want the stress I had felt in the past by giving too during past holiday seasons. I realize now I do have a choice in the matter.

I'm saying "no" more than ever in an effort to protect my time and my family's time, and I'm enjoying more that makes me happy: fireside reading time, a cup of coffee with extra whipped cream, and the twinkle of the lights on my own Christmas tree this year.

• 28-year-old Aamanh Sehdev was named a McKinsey partner this December.
• After joining as a summer intern, he's climbed the ranks in just seven years.
• Sehdev spoke to BI about how he heard the news and what helped him progress at McKinsey.

Aamanh Sehdev had spent a week in early December trying to distract himself by seeing friends and playing padel.

He'd been an associate partner for two of his seven-year career at McKinsey and knew there was a chance he'd be promoted to partner.

But there was a low number of elections this year, so he thought it was fifty-fifty.

The news usually arrives at the end of the week. But at around 8:30 p.m. on Wednesday, Sehdev received a call at home. It was from Tunde Olanrewaju, managing partner of McKinsey's UK, Ireland, and Israel offices.

"The nerves were kicking in, but he got straight to the point," Sehdev told Business Insider.

"Hey, it's great news. Welcome to the partnership. We're really excited to have you on board," Sehdev recalled Olanrewaju telling him. "I said thanks, but in a slightly higher pitch voice than I typically have."

Sehdev is one of around 200 McKinsey employees promoted to partner this December. Amid a slowdown in demand for consulting services, this year's cohort is one of the firm's smallest in recent years.

The promotion elevates him to one of the most senior positions you can reach in a major consulting firm. Partnerships are participatory, giving individuals a say in the direction of the firm. Those promoted to equity partners receive a share of the annual profits.

On McKinsey's website, partners are described as "not only meeting McKinsey's high bar for exceptional leadership, but they are also dedicated to finding solutions to some of the world's most pressing challenges."

At 28, Sehdev is one of the youngest in the cohort. He spoke to BI about what it was like to receive the news and what it takes to make partner.

'Enjoy the moment'

Although his call with Olanrewaju lasted only a few minutes, Sehdev spent the next hour and a half on the phone with sponsors and mentors.

"Obviously, there was a lot of excitement, a lot of congratulations, and a bit of a common thread of 'let it sink in, don't rush into the next thing, enjoy the moment,'" he said.

He also called his mother and brother that evening. His parents didn't go to university, so it was a major milestone for the family. "They were super proud and excited," he said. "They've obviously been pretty key in shaping my journey."

But the following morning, it was into the office to carry on as usual and keep the news a secret from his colleagues until McKinsey's formal announcement a week and a half later.

Sehdev said he was still digesting the achievement. In the new year, he's taking a 17-day trip to Australia to "carve out a little bit of time to think about it a bit more formulaically."

His first focus is to switch off and get some sun, he added.

Becoming a partner is notoriously difficult and competitive. It's the ultimate goal for many consultants starting their careers.

Not for Sehdev.

When he began studying mechanical engineering at London's Imperial College, Sehdev had never heard of McKinsey.

"It was something that people around me were talking about alongside banking," he told BI. "I turned up to a career fair, it was interesting, and I applied for the internship."

For the first half of his career, Sehdev said he was doing "a bit of a random walk" through a whole host of sectors and different functions. It helped him find the right home at the firm — he now works on a combination of private capital and McKinsey's telecommunications (TMT) practice.

Sehdev acknowledged that seven years was a fast ascent up the ranks, but said that meritocracy was one of McKinsey's benefits.

"What McKinsey has a tendency to do is when you get comfortable, they take you to the next role or level, and then you get uncomfortable again. That snowballed for me over the last seven years."

Sehdev said three reasons he was selected as a partner came through in his evaluation.

First, he always has a focused strategy for what he's doing and what he wants to do next at the firm. Second, he showed entrepreneurship and originality, particularly when it came to creating novel ways to work with the smaller software businesses he concentrates on. Lastly, he invested time with the teams and created a positive, energizing atmosphere.

There's an element of luck involved in it as well, he added, saying he was fortunate to have met managers early on who would stay late in the evenings to teach him.

No matter how good you are, working at a top consultancy can be intense. Sehdev said he carves out time to exercise, spend time with family, and protect his weekends. He doesn't expect that to change now he's a partner.

"My mindset has always been, look, I'll set a really high bar, but I'll not let the micro-events or little things take away too much energy. That's made me better at my job."

• I'm a mom of two and share custody with my ex-husband.
• I prepare gifts early and focus on self-care when they are not with me.
• As they get older, they still want to do holiday things with me, which makes me happy.

I remember the last Christmas as a family. There was the star on the tree, presents wrapped for the kids, and eggnog in the fridge, all while I was fending fights with my now ex-husband.

When I signed a lease on an apartment a couple of months later, I left behind the Christmas tree, the stockings, the nutcrackers, and every ornament.

I bought a new tree and ordered Christmas stockings, new ornaments, and some decorations as a fresh start after the divorce. That first Christmas as a single mom, I wanted to get my kids something special and playful. The snow globes I purchased are engraved with the year everything changed in our lives, four years ago.

It's hard not having them every year

As a divorced mom, I'll admit it isn't easy to accept that I won't see my kids every Christmas morning anymore. I've had my kids two Christmas mornings since our family split. I'm overjoyed this year my kids are with me again. I feel immense happiness knowing my kids will wake up at my home and dash to the tree at the crack of dawn instead of when they arrive mid-morning after being with their dad first.

There's always a little grief when I wake up on Christmas morning, and my kids aren't here. The waiting is excruciating for me. The divorce decree states that spending time with the kids for Christmas is split between even and odd years.

Navigating holidays as a divorced parent can feel stressful, and what's helped is keeping traditions going, even if it means doing it myself. The first Christmas when it was just me and the kids, the reason I didn't fall into depression was because the kids and I put up the tree early together, we went to see the holiday lights at the zoo, and watched "The Polar Express," the Elf on the shelf carried on, and holiday songs were on repeat at my home.

The festivities showed my kids that the magic of Christmas is alive at my home. I assured them that the holiday would be a joyous time, even though the family dynamic changed.

I prepare early for the years they are not with me

I've learned to prepare early for gifts. I start talking to my kids about their wish lists before Halloween, and by then, I know the weeks we have together will fly by before it's Christmas morning. I focus on the gifts my kids want most because I don't know what will be under their dad's tree.

When my kids are with their dad for Christmas morning, I've learned to focus on self-care to shield myself from sadness. I plan a morning of tenderness: dunking cookies in my fresh coffee, putting on a face mask, journaling, and making a phone call to my mom to hear her cheerful voice. I look at photos on my phone and reminisce about memories with my kids from the year before. I focus on my positive energy and the good ways that life has changed.

I remember my son adding the soccer ball ornament to the tree and my daughter adding the snowman she made in first grade. As my kids get older, to my delight, they still want to do the holiday traditions just the same. We are going to see the zoo lights again, and they are tilting the snow globes back and forth to make it snow, just like they did four years ago.

• Holiday scams are rising. Phishing and smishing attacks are targeting online shoppers.
• Scammers exploit the busy holiday season, using fake delivery messages to steal data.
• Law enforcement also warns of porch pirates.

Law enforcement and security professionals are warning of increased scam activity this holiday season.

Most holiday scams are phishing scams that can be found year-round, though scammers will theme their fraud to fit the season. An example could be a fake social media ad for a holiday product that sends you to a scam website or an email saying that a package you ordered for a Christmas gift is delayed and needs your approval.

"Remember, don't click on anything unknown, even if you just ordered gifts and you're expecting packages to come to your door soon," IRS Commissioner Danny Werfel said in a release. "Double-check before you click."

One of the most popular frauds this holiday season is a "smishing" scam involving text messages from people who claim to be the United States Postal Service, Melanie McGovern, the director of public relations at the Better Business Bureau, told Business Insider. The text message might say a package you ordered is delayed and include a link to a fake website that the scammers use to steal personal information.

"The biggest thing for people to remember is if they have opted into text reminders," McGovern said. "You have to opt in to receive any kind of text message from a retailer. Keeping track of what you ordered and where, how it's being delivered, is really important."

Scammers target the holiday season because it's a time when people are "super busy" buying gifts for loved ones, McGovern said. It can be easy to fall for a phishing scam during this time of the year, McGovern said, because of the commotion around holiday shopping.

"They're panicking, you know," McGovern said. "We're a week from Christmas, and they're like, 'Oh no, my package is being held up. It's something for my child. You're naturally going to go into panic mode."

One method to spot a phishing scam is to look at where the text or email is coming from, McGovern said. The USPS says it only uses "5-digit short codes" to send and receive text messages to and from mobile phones. One example of a fake scam text claiming to be from the USPS reviewed by Business Insider shows a +63 area code, which originates in the Philippines.

"They're phishing," McGovern said. "I got one the other day for my health insurance, and it looked like it was coming from your health insurance, until I looked at the address and realized it."

The most important thing to do if you think you are being scammed is to stop, pause, and look for warning signs, McGovern said. If you feel like something is off, there's a chance that it probably is.

Law enforcement agencies have also reported a rise in "porch pirate" activity, where thieves will steal a package delivered to someone's front porch. North Carolina Attorney General John Stein said in a holiday scam warning that it's important to track packages and make sure that you are home when they are delivered.

You can also set the delivery address to a neighbor's house who is home during the day, send the package to your workplace, or ask the post office to hold your mail and collect the deliveries there, Stein said.

• Deloitte UK has had a year of reorganization and cost-cutting amid a consulting slowdown.
• It is planning to cut staff travel and expenses by 50% for the rest of the financial year, the FT reported.
• The cuts to spending were short-term, a senior exec said in internal messaging.

The Big Four consulting firm Deloitte wants to cut its spending on staff travel and expenses by more than 50% in the UK, where it is headquartered.

In an email sent to partners and directors in October, Deloitte said the "firmwide cost management measures" were being introduced because of "challenging market conditions" in the UK, the Financial Times reported.

Deloitte reportedly said it was only aiming to maintain the cost cuts until the end of its current financial year in May and described the reduction in spending as "limited" and "temporary."

The email was sent by Sarah Humphreys, chief operating officer of the tax and legal division. Humphreys said Deloitte was also reviewing its "recruitment agency costs, licence fees, bad debts and global recharges," the FT reported.

The cost-saving efforts come after a year of reorganization and redundancies at Deloitte, as the firm grapples with an industry-wide slowdown in demand for consulting services that has hit revenue growth.

Deloitte's global consulting revenues grew by 1.9% in the 2024 financial year ending 31 May. The previous year, they grew by 19.1%.

"Like many organisations, we are looking carefully at our costs to ensure we're able to meet clients' needs while continuing to make investments in our firm and our people," Deloitte said in a statement shared with Business Insider Monday.

The downturn comes after many consultancies hired aggressively during the pandemic.

In March, Deloitte carried out a global overhaul of its operations aimed at cutting costs and repositioning it for future success. It simplified its core offering from five to four categories: audit and assurance, tax and legal strategy, risk and transactions, and technology and transformation.

It has also held several rounds of layoffs in the UK, where it has around 25,000 employees. In internal messages seen by Business Insider, Deloitte said layoffs of around 180 staff in September were "necessary to enable us to navigate the remainder of a challenging FY25."

The firm has also cut UK partner's pay to save on costs, leaving the most senior class of employees with roughly £50,000 ($63,000) less than the previous year — a 4.5% decline. UK partners still took home an average of around £1 million ($1.2 million) for the fourth year running.

Do you work at Deloitte? Contact this reporter in confidence to share your thoughts on the industry at [email protected]

• Recently, I visited London for the first time, armed with a list of touristy things I wanted to do.
• From eating in Borough Market to seeing Big Ben, I did so many quintessentially London things.
• I have no regrets about spending my three days in the Big Smoke in total tourist mode.

I'm a frequent traveler, but until recently, I'd never been to London. The Big Smoke has long been on my bucket list, so I planned a solo visit full of touristy activities like visiting Big Ben and touring the London Tower Bridge. While I wished my family could have gone along, my husband is often unable to take time off work and my teenagers have busy schedules of their own. I knew it would be a while before I could visit if I didn't take a solo trip.

Armed with a list of things I wanted to do, like visit a London pub and shop for quilted jackets in Notting Hill, I booked a flight and hotel and started packing. Here's what it was like to play tourist in London for three days, and why I have no regrets.

I went to London for the first time with a list of touristy things I wanted to do

While I knew I'd be doing touristy activities like snapping photos in a red telephone booth and riding a double-decker bus, I tried to balance the trip with some off-the-beaten-path things, too. I made a rule that I wouldn't eat at chain restaurants, and instead of booking pricey tours, I'd walk the city on my own and really dig into exploring everything I wanted to see.

I stayed in London's Stratford neighborhood because it was within walking distance of a major tube station and near Queen Elizabeth Olympic Park, home of the 2012 Summer Games. In fact, I spent my entire first day in London exploring the Olympic Park, grabbing lunch inside, and checking out the Olympic-sized swimming pools used during the Games, along with other structures.

I had Indian food on Brick Lane, saw Big Ben, and went to Notting Hill for shopping

Indian food is my all-time favorite cuisine, and when I told friends I was going to London, each of them said I had to try the Indian food there. "Curry in the UK hits different," said one. And they were right. I spent my first evening on Brick Lane, home to many curry restaurants, and it was pretty empowering to wander out to dinner in a new city on my own and explore a bit.

I had other things on my London to-do list, too, like seeing Big Ben, shopping in Notting Hill, and eating the TikTok-famous chocolate-covered strawberries from Borough Market. Going into the trip with a list helped, and I was glad I'd done my research in advance.

Yes, British pubs are as much fun as they sound, even if you're sober

I haven't had any alcohol for the last year, but British pubs are such a fabled part of the culture in London that I knew I had to check a few out. To my surprise, pubs in the UK had just as many alcohol-free beer options as bars in the US. I could walk in, order a booze-less beer, and feel right at home while checking out the scene.

And yes, British pubs are as much fun as they sound. I loved watching everyone gather in beer gardens, cheers'ing with their friends, and laughing. There were live bands at some, and DJs at others. All of the pubs were thriving, full of life, and just as much a part of the culture as they sound in all the chick-lit I've read. Sober or not, seeing something I've heard about my entire life was very cool.

I spent time sightseeing and have zero regrets about behaving like a total tourist

I toured London's Tower Bridge, took photos in front of Big Ben, and visited Shakespeare's Globe Theater. Yes, much of what I saw in London was touristy, and I'm OK with that. As someone who woke up early with her mom to watch Princess Diana's funeral and grew up hearing about the Royal Family and their lives, it was surreal to see so many places I'd only ever seen on a news broadcast or movie screen.

I felt the most out of my element when I attended an evening show of Abba Voyage, an AI-generated Abba concert that makes the band members appear as if they are much younger and actually performing onstage. The show was an incredible and unique experience, but I realized I was not nearly as much of an Abba fan as the locals when I was among a crowd of young women, dressed up in sequins and belting out the words to "Mama Mia" with gusto.

I can't wait to go back and cross more things off my bucket list

I'm so glad I took the time to spend a few days in London, and touristy or not, my itinerary was truly the stuff my dreams were made of. With some online research, I created a full list of must-see items for my trip before I went, and I did it all. But there's so much more I want to see.

London is such a bustling city, and while I think I got a lot done for a first-time visit, I cannot wait to go back and do more. Next time, I hope to take my family along, and because I've spent so much time checking out parts of the city, I'm excited that I'll be able to play tour guide when they do visit.

• Aaron Goldsmid, head of product at Deel, has previously worked for Facebook, Amazon, and Twitter.
• Early in his career, Goldsmid said he over-indexed on emulating senior leaders.
• He also said he focused more on hitting OKRs than investing in relationships.

This as-told-to essay is based on a transcribed conversation with Aaron Goldsmid, a 44-year-old from San Francisco about mistakes he made early in his career. Business Insider verified his previous employment at Microsoft, Facebook, Twitter, and Amazon with documentation. The following has been edited for length and clarity.

I had a somewhat atypical journey into tech. My parents were Broadway performers, and I was the first person in my family to go to college.

I became interested in computer science in high school and broke into tech straight after studying computer science at Columbia.

Through the college recruiting process, I got a job at Microsoft in 2002 and spent nearly six years there, largely working in the security space.

During the 2010s, I held tech roles at Amazon from 2011 to 2012, Facebook from 2012 to 2014, and Twitter from 2014 to 2015, as well as working at several smaller companies.

I've been fortunate to work at some of the most iconic tech companies during interesting periods. I've taken tools from each opportunity and now apply them to my current job as the head of product for Deel, a payroll and HR platform.

Because my parents didn't have 9-to-5s, I sometimes struggled to determine how to succeed in the corporate world. I didn't have anyone telling me about things like checking boxes to get to the next level in my career and how frictional relationships can impact the workplace.

Now that I have two decades of career experience under my belt, I understand how to avoid some of the mistakes I made early on and plan a career more intentionally.

Mistake 1: Thinking one job ahead instead of two

When I informally coach folks about careers, I usually advise them to think two jobs ahead.

Instead of thinking about what you dislike about your current job and whether your next role will solve that, think two jobs ahead. I tell early career techies to ask themselves how their next role will get them to the role after that.

After leaving Microsoft, I moved from Seattle back to New York, where I grew up. I wanted to secure a job in the city, and because the tech scene wasn't as mature in New York in the early 2000s, I took a role at NBCUniversal, helping build their video streaming service.

I did good work in that role, but I'm not sure it necessarily advanced my career. I then joined a startup because they gave me a very fancy title, but I ended up leaving before completing one year because I felt there were problems at the company, and I realized I'd chased a title instead of thinking things through.

As I advanced in my career, I knew I needed to focus on the skills I needed to acquire rather than the prestige of a position.

When I joined Kiva, a microfinance nonprofit, in 2018, I didn't view it as a permanent job. I took the job to gain skills outside a product and engineering capacity.

During my time there, I learned about business development and communicated with UN officials and central bank leaders. Not only did I get to experience the challenges faced by other teams, but I also got to know different contours of the product, business, and customer experience.

When I moved into my next role, a general manager at the communications company Twilio, I had a broader scope of experience and could operate more effectively.

You can accelerate quickly into a senior role, but taking a less fancy role and diversifying your experience might mean your upside long-term is much higher. If you're thinking two jobs ahead, evaluate what opportunities will help you more in the long run. It's a marathon, not a sprint.

Mistake 2: Not investing in relationships

Early in my career, because I didn't know how corporations worked, it was easy to think that everyone in a company was aligned and felt the same way, which is foolish.

When I worked at Twitter on their growth team, my job was to play in other people's sandboxes and tweak things. The company was having a difficult growth time, and we had to be hyper-focused on hitting our OKRs. This sometimes came at the detriment of my team's relationship with the rest of the product engineering org.

We had to step into other team's territories and move quickly. I felt I needed to hit a goal at all costs, and the problem was "at all costs." We often weren't on the same page as that team and had to go back and repair relationships afterward. In hindsight, I needed to do a better job of explaining why we were doing something from the outset.

Not everyone is trying to achieve a company's mission in the same way, and so by investing in relationships, you can more clearly communicate how you align with others in a company. Even if they don't align with you, they'll respect your process.

Mistake 3: Over-emulating senior leaders

Early in my career, I didn't have a role model in the corporate environment, so I questioned what "good" looked like and how I should show up.

Folks who are early in their career will often look at people who they think are successful and think, "I want to be just like them."

But sometimes, early-career workers have a hard time distinguishing the reasons for a person's success from their bad habits. They might not know things that the company has been willing to work around or that hold that person back.

Early in my career, I over-indexed on emulating senior leaders. For example, I'd see some of them making sweeping statements like "This is the future, or, this isn't the future." They can get away with that because they've proven themselves, but I'd do the same, and it would fall on deaf ears. I hadn't yet earned that level of credibility and still needed to "show my work" before I earned that trust.

As a senior leader at Deel, I'm very conscious about how I present myself to early career folks. In larger meetings, I remind myself that there will be people on the call who view my role through a limited set of interactions. I don't want to pass on any bad behavior or shortcomings for them to emulate.

Do you have a career story you want to share with Business Insider? Email [email protected]

• Homeowners are increasingly being dropped by their private home insurers.
• Regions with the highest nonrenewal rates are most prone to wildfires, hurricanes, and other disasters.
• A new Senate report warns of economic risks as climate change destabilizes insurance markets.

Homeowners across the country are increasingly facing a stark new reality: they're losing their home insurance.

The share of home insurance policies from large insurers that weren't renewed increased last year in 46 states, a report released Wednesday by the Senate Budget Committee found. The increasing frequency and intensity of disasters like wildfires, hurricanes, and flooding and the rising cost of rebuilding have pushed many insurers to drop customers or hike premiums. This has left thousands of homeowners scrambling to find new insurance policies or joining the growing ranks of those going without insurance.

More than 200 counties saw their non-renewal rates spike threefold between 2018 and 2023. Counties in Northern California and South Florida saw among the highest rates of nonrenewals. Coastal counties in Massachusetts, Mississippi, and North Carolina also saw dropped policies soar. Manhattan ranks 20th, with rates of dropped policies rising from 1.25% in 2018 to 4.11% in 2023.

The national scale of home insurance nonrenewals was previously unknown because insurance companies are regulated at the state level. The National Association of Insurance Commissioners said not all states collect granular data about the availability and affordability of coverage in some areas. The association in March announced an effort with state insurance regulators to try to fill the gap.

Senate Budget Committee Chairman Sheldon Whitehouse launched his own investigation into the homeowners' insurance market last year. He received nonrenewal data from 23 companies accounting for about two-thirds of the market. In testimony on Wednesday, Whitehouse said he demanded nonrenewal data because experts suggested policies being dropped were an early warning sign of market destabilization. He also said they correlated with higher premiums.

The American Property Casualty Insurance Association, a lobbying group representing insurance companies, said nonrenewal data doesn't provide "relevant information" on climate risks. Many factors, including a state's litigation and regulatory environment, factor into nonrenewal decisions, the association said.

The association added that more costly weather disasters, combined with inflation and overbuilding in climate-risk regions, are making insurance less affordable for many Americans.

Home insurance premiums are rising in many regions across the country. The National Bureau of Economic Research recently reported that average home insurance premiums spiked by 13%, adjusted for inflation, between 2020 and 2023.

Most mortgage lenders require homeowners to purchase insurance, and some require additional insurance for specific disasters, including flooding. Insurers refusing to offer coverage can hurt home values because homes that can't be insured in the private market are less desirable to potential buyers.

The Senate Budget report warned that the insurance crisis will get worse as the climate crisis fuels more frequent and destructive disasters, including hurricanes, wildfires, and flooding. A destabilized insurance market could "trigger cascading economy-wide financial upheaval," the report said.

"The failure to deal with climate change isn't just driving up the cost of homeowners' insurance, it's making it harder for families to even find homeowners' insurance, and that makes it harder to get a mortgage," Whitehouse said in a statement to Business Insider. "When the pool of buyers is limited to only those who can pay cash, it cuts off pathways to homeownership—particularly for first-time homebuyers—and risks cascading into a crash in property values that trashes the entire economy."

Have you been dropped by your home insurance company or are you facing a steep premium increase? Email these reporters to share your story: [email protected] and [email protected].

• You've heard of generative AI, but agentic AI might sound a little less familiar.
• Major industry players are working on AI agents for what some say marks the third wave of AI.
• But what exactly is agentic AI? Here's a quick rundown of the tech everyone's talking about.

Generative AI has been the talk of tech for a while now, but tune into your favorite business podcast and you'll probably hear a different phrase tossed around: "agentic" AI.

So what's the difference?

The two are closely related. You couldn't have agentic AI without generative AI. Definitions vary, but in general, agentic AI refers to AI technology that's capable of performing agent-like behavior that can autonomously accomplish complex tasks on your behalf.

Companies working on AI agents say they are intended to one day be digital coworkers or assistants to human workers in fields spanning from healthcare and supply chain management to cybersecurity and customer service.

Here's how some Big Tech companies explain the concept:

• Nvidia's definition says agentic AI "uses sophisticated reasoning and iterative planning to autonomously solve complex, multi-step problems."
• IBM says agentic AI is a system or program with "agency" that can "make decisions, take actions, solve complex problems and interact with external environments beyond the data upon which the system's machine learning (ML) models were trained."
• Microsoft says AI agents "range from simple chatbots, to copilots, to advanced AI assistants in the form of digital or robotic systems that can run complex workflows autonomously."

Some leaders in the field say agents are ushering in a new frontier in AI.

"In just a few years, we've already witnessed three generations of A.I.," Salesforce CEO Marc Benioff told The New York Times earlier this month. "First came predictive models that analyze data. Next came generative A.I., driven by deep-learning models like ChatGPT. Now, we are experiencing a third wave — one defined by intelligent agents that can autonomously handle complex tasks."

Salesforce, which launched its Agentforce suite earlier this year, has said it plans to have more than 1 billion AI agents in use for companies by the end of next year.

Google CEO Sundar Pichai recently said the company has been "investing in developing more agentic models" over the last year. (He defined agentic AI as being able to "understand more about the world around you, think multiple steps ahead, and take action on your behalf, with your supervision.") The company made agentic AI a major focus of its Gemini 2.0 launch this month.

OpenAI plans to launch an AI agent code-named "Operator" in January that would be able to use a computer on a person's behalf to do things like write code or book flights, Bloomberg reported last month, citing two people familiar with the matter.

The company previewed its latest AI model, o3, on Friday as the final announcement of its 12 days of "Shipmas" campaign.

• Prospinity allows college students to share in their success through income-share agreements.
• Just a year old, the startup already has hundreds of Ivy League students using its product.
• Prospinity raised $2 million to expand to new universities in a deal led by Slow Ventures.

When they were freshmen at Yale, Aarya Agarwal and his roommate, Samvel Antonyan, struck a handshake deal.

If either of them ever started a company that went supernova, they would sign away 10% of their income to the other.

"We shook hands, and at the moment, it was a bit of a joke," Agarwal said. "But we realized the deal actually made a lot of economic sense. It was a way to multiply by two times our chances of doing something super improbable."

Now, their startup, Prospinity, allows college students to enter into similar contracts. Through its platform, smart young people can join "success pools" of other smart young people who put a few percentage points of their annual income into a shared pot. Each year, the pot gets distributed evenly among the group. The idea is that if one of them becomes the next Mark Zuckerberg or Bill Gates, they will all succeed.

Just a year old, Prospinity is already used by students at Yale, MIT, Princeton, and Harvard, with job offers at firms like Blackstone, Bridgewater, and Amazon. Now, Prospinity has raised $2 million in a round led by Slow Ventures managing director Kevin Colleran to reach more students beyond the Ivy League.

Prospinity and Slow Ventures declined to comment on the valuation. Patrick Chung, a managing partner at Xfund and an investor in Sam Altman's first company, Loopt, also joined the round.

Slow Ventures has explored income sharing as an investment strategy before. It set aside $20 million from recent funds to buy equity in influencers, taking a percentage of their future profits for a set amount of time in exchange for upfront capital. Regulatory filings show Slow is now raising $275 million across two new funds, which Fortune first reported.

How Prospinity works

When Prospinity rolls out to a new university, it researches the student body and selects a handful of high achievers to create or join a success pool. They can hop onto Prospinity, check out the profiles of existing members, and filter by university or industry. Prospinity is now recruiting students from the University of California, Berkeley, to join the platform.

Prospinity says the contracts are legally binding and can ensure everyone pays their fair share over the agreement's term, typically 10 years. Pool members can also set a minimum income; if someone's earnings fall below the threshold, they're excluded from that year's distribution. Prospinity takes a 5% distribution cut in exchange for providing the technical and legal infrastructure to execute the contract.

While the company's hundreds of members are mostly still in school, they can start collecting distributions as other pool members contribute.

Agarwal, who studied computer science and economics at Yale before he dropped out to focus on Prospinity, said the company's premise is loosely based on the power law, a principle in venture capital that describes how a small number of investments often create the majority of returns, while the rest either break even or fail.

"As markets get more efficient, you're going to see more and more of these distributions where a few people make it big, and then everyone else tends to be left behind," Agarwal said. "I think success pools are going to be a very important way to hedge against that sort of uncertainty."

The company's founders, Agarwal and Antonyan along with Andrea Zanon and Andrea De Berardinis, belong to a larger success pool that agreed to share 2% of their income over a 10-year horizon.

Prospinity rolls out to more students

Hassaan Qadir, a Yale senior who took a semester off to start a company developing software for biology researchers, joined a Prospinity pool. He later folded the startup and accepted an internship at AppLovin, a Palo Alto company that provides marketing services to mobile app developers. Qadir plans to start another tech company someday and said being part of an income-sharing agreement with other founders gives him more chances of hitting the entrepreneurial jackpot.

Law school students, finance associates, and aspiring entrepreneurs compose his success pool of about 30 members.

"Theoretically, someone that you know is going to become really successful," Qadir said. "It's not totally up to who works the hardest."

Aron Ravin, another member of that same Prospinity pool, hopes to capture some potential upsides of being an entrepreneur as he climbs the corporate ladder. He joined that Prospinity pod during his senior year at Yale and now works as an associate at a prominent hedge fund. Ravin stands to make good money in finance, although he said he may not hit the jackpot as someone starting the next Uber or Palantir might.

Ravin declined to share how much of his income he's contributing to the pool but said it's between 1% and 5%. At a Prospinity mixer in New Haven, Connecticut, he mingled with some international students working on a sustainability venture, which got him thinking.

"It's a little promiscuous of me," Ravin said, "but maybe I'll join another pool in the future. Share the love."

• After a slower-than-anticipated year for healthcare funding, investors expect sunnier skies in 2025.
• 13 VCs from firms like ICONIQ Growth and AlleyCorp share their predictions for digital healthcare next year.
• They expect more M&A, funding for AI agents and clinical decision support, and Medicare shake-ups.

The healthtech sector will see more private-equity-backed M&A and a fierce battle between AI-scribing startups next year, according to thirteen investors in the healthcare VC market.

At the beginning of the year, healthcare venture capital appeared poised for a rebound. Investors hoping to do deals again after a two-year funding drought watched as healthcare startups flooded back to the market to grab more cash.

Those VCs raced to break out their checkbooks for hot new AI startups in the first quarter, from scribing startups like Abridge to automated prior authorization players like Cohere Health.

A confluence of macroeconomic factors — from still-high interest rates to fundraising struggles for venture firms to the uncertainty of a looming presidential election — dampened the anticipated resurgence. 2024's funding appears to be, at best, on pace with 2023 levels, with $8.2 billion raised by US digital health startups in the first three quarters of this year compared to $8.6 billion through Q3 2023, per Rock Health.

Now, with interest rates expected to drop and a new administration on the way, VCs are anticipating sunnier skies in 2025.

A pickup in healthcare M&A and IPOs

After a slow year for healthcare M&A, investors want to see more deals in 2025.

With interest rates expected to come down — and investors facing pressure to deploy capital — private equity buyers should be more active in 2025, said .406 Ventures managing director Liam Donohue.

And Flare Capital Partners' Parth Desai said he's already seeing private-equity-backed healthcare companies looking to buy smaller startups. Their goal, as he understands it, is to make tuck-in acquisitions in 2025 that improve their growth stories as they look ahead to potential IPOs in 2026.

"Maybe they're not phenomenal outcomes, but at the end of the day, they'll create some liquidity," Desai said of those acquisitions. "I expect that to be one of the first exit windows starting to manifest in 2025."

Investors were hopeful but unsure that the IPO window would meaningfully reopen for digital health startups in 2025, despite startups like Hinge Health and Omada Health signaling their intentions to test the public markets.

Venrock partner Bryan Roberts said he expects the healthcare IPO market to remain relatively quiet. LRV Health managing partner Keith Figlioli suggested we won't see IPO activity kick off until the second half of the year after other exit windows open.

VCs said they're mostly looking for smaller deals next year, from mergers of equals to asset sales. Figlioli and Foreground Capital partner Alice Zheng said we'll see even more consolidation and shutdowns in digital health next year as startups run out of cash.

"Investors will have to make tough decisions on their portfolio companies," Zheng said. "We want to support all of them, but we can't indefinitely."

Healthcare AI competition will get fierce

Healthcare startups using AI for administrative tasks were easily the hottest area of healthcare AI investment in 2024. Investors think the crop of well-funded competitors will face increasing pressures next year to expand their product lines.

ICONIQ Growth principal Sruthi Ramaswami said she expects the group of AI scribing startups that landed big funding rounds this year, from Abridge to Ambience Healthcare to Suki, to scale significantly next year using the fresh cash as hospitals scramble for solutions to the healthcare staffing shortage.

As these startups scale, however, they'll face pressure to expand beyond ambient scribing into other product lines, like using AI for medical coding and billing, said Kindred Ventures managing partner Kanyi Maqubela. Scribing technology could become a commodity sooner than later, with many providers trying free off-the-shelf scribing software rather than contracting with startups, Maqubela said.

"It'll be a race to who can start to build other services and build more of an ecosystem for their provider customers," he said.

Some AI startups, like Abridge, have already been vocal about their plans to expand into areas like coding or clinical decision support. The best-funded AI scribing startups may be able to acquire smaller startups to add those capabilities, but other scribing companies will be more likely to get bought out, Maqubela said.

Flare Capital Partners' Desai suggested that healthcare companies already focused on RCM will try to pick up scribing solutions as the tech becomes a must-have for hospitals. He pointed to Commure's $139 million take-private acquisition of Augmedix in July.

Ramaswami said that demonstrating a high return on investment would be critical for these startups as hospitals pick their favorites among various AI pilots.

Health insurance in flux in Trump's second term

While many VCs quietly celebrated the potential for more M&A and IPOs in 2025 following Trump's election in November, the incoming administration could bring some big shake-ups for healthcare markets.

Trump could move to boost private health insurers, including Medicare Advantage plans, in his second term, Venrock's Roberts said. That could be a boon for young insurers like Devoted Health and Alignment Healthcare fighting for Medicare Advantage market share, as well as startups contracting with insurers to improve healthcare payment processes.

He suggested the new administration may even roll back changes made in the Center for Medicare and Medicaid Services' latest reimbursement model for Medicare, which went into effect this year and resulted in lower payments for many Medicare Advantage plans in the agency's attempt to improve payment accuracy.

Brenton Fargnoli, a general partner at AlleyCorp, said he expects to see health insurers respond to these risk adjustment changes and move to control higher-than-expected medical costs over the past year by launching a bevy of new value-based care partnerships in 2025 for specialties, including oncology, cardiology, and musculoskeletal care.

Some healthcare experts are also concerned that the federal government could cut funding for Medicaid plans. These changes could force states to scramble for new strategies and potentially new partnerships to control healthcare costs for their Medicaid populations.

"If there is a significant shift in direction at the federal level, I think you're going to see certain states do much more than they have in the past to try to continue to address health disparities," said Jason Robart, cofounder and managing partner of Seae Ventures. "As it happens, that creates opportunities for private companies to leverage their innovative solutions to address the need."

Similarly, Muse Capital founding partner Rachel Springate said that while investors in reproductive health startups will be closely watching state-level regulatory changes that could impact their portfolio companies, those startups could see surges in consumer demand as founders step up to fill gaps in reproductive care access.

Some of the Trump administration's proposed moves could stunt progress for health and biotech startups by stalling regulatory oversight. Robert F. Kennedy Jr., Trump's pick to lead Health and Human Services, has said he wants to overhaul federal health agencies, including the Food and Drug Administration and the National Institutes of Health. Marissa Moore, a principal at OMERS Ventures, said the promised audits and restructuring efforts could lead to major delays in critical NIH research and FDA approvals of new drugs and medical devices.

What's hot in AI beyond scribes

In 2025, AI will be an expectation in healthcare startup pitches, not an exception, said Erica Murdoch, managing director at Unseen Capital. Startups have pivoted to position AI as a tool for improved efficiency rather than as their focal point — and any digital health startups not using AI, in turn, will need a good reason for it.

With that understanding, investors expect to see plenty more funding for healthcare AI in 2025. While many tools made headlines this year for their ability to automate certain parts of healthcare administration, .406 Ventures' Donohue and OMERS Ventures' Moore said they expect to see an explosion of AI agents in healthcare that can manage these processes autonomously.

Investors remain largely bullish about healthcare AI for administrative tasks over other use cases, but some think startups using the tech for aspects of patient diagnosis and treatment will pick up steam next year.

"We will begin to see a few true clinical decision support use cases come to light, and more pilots will begin to test the augmentation of clinicians and the support they truly need to deliver high quality, safe care," said LRV Health's Figlioli. He hinted the market will see some related funding announcements in early 2025.

Moore said she's also expecting to see more investments for AI-driven mental health services beyond traditional cognitive behavioral therapy models — "for example, just today I got pitched 'the world's first AI hypnotherapist."

Dan Mendelson, the CEO of JPMorgan's healthcare fund Morgan Health, said he's watching care navigation startups from Included Health to Transcarent to Morgan Health's portfolio company Personify that are now working to improve the employee experience with AI. The goal, he says, is for an employee to query the startup's wraparound solution and be directed to the right benefit via its AI, a capability he says he hasn't yet seen deployed at scale.

"These companies are racing to deploy their data and train their models, and we'd love to see a viable product in this area," he said.

• Latimer AI plans to launch a bias detection tool as a Chrome browser extension in January.
• The tool scores text from one to 10, with 10 being extremely biased.
• Latimer AI hopes the product will attract new users.

Bias is in the eye of the beholder, yet it's increasingly being evaluated by AI. Latimer AI, a startup that's building AI tools on a repository of Black datasets, plans to launch a bias detection tool as a Chrome browser extension in January.

The company anticipates the product could be used by people who run official social media accounts, or anyone who wants to be mindful of their tone online, Latimer CEO John Pasmore told Business Insider.

"When we test Latimer against other applications, we take a query and score the response. So we'll score our response, we'll score ChatGPT or Claude's response, against the same query and see who scores better from a bias perspective," Pasmore said. "It's using our internal algorithm to not just score text, but then correct it."

The tool assigns a score from one through 10 to text, with 10 being extremely biased.

Patterns of where bias is found online, are already emerging from beta testing of the product.

For instance, text from an April post by Elon Musk, in which he apologized for calling Dustin Moskowitz a derogatory name, was compared to an August post from Bluesky CEO Jay Graber.

Musks' post scored 6.8 out of 10, or "High Bias," while Graber's scored 3.6 out of 10, or "Low Bias".

Latimer's technology proposed a "fix" to the text in Musk's post by changing it to the following: "I apologize to Dustin Moskowitz for my previous inappropriate comment. It was wrong. What I intended to express is that I find his attitude to be overly self-important. I hope we can move past this and potentially become friends in the future."

While what is deemed biased is subjective, Latimer isn't alone in trying to tackle this challenge through technology. The LA Times plans to display a "bias meter" in 2025, for instance.

Latimer hopes its bias tool will draw in more users.

"This will help us identify a different set of users who might not use a large language model, but might use a browser extension," Pasmore said.

The bias detector will launch at $1 a month, and a pro version will let users access multiple bias detection algorithms.

• Jane Fraser is on a mission to bring Citigroup back to its former glory.
• Her strategy spans layoffs, hiring new leaders, and a multibillion-dollar firmwide initiative.
• Fraser still has a long way to go on several fronts.

When Jane Fraser took over Citi in March 2021, she inherited a bank saddled with regulatory problems and outdated technology that lagged behind its other household-name peers.

This year's market headwinds have been kind to Citi's stock price, which is up 33% year to date, but Fraser's overhaul has a long way to go. Banker R. Christopher Whalen wrote this week of the numerous drags on Citi's performance, including high-interest expenses, large funding costs, and undersized non-interest income.

"It is a big positive that the market following for Citi has improved, yet the financial performance remains a struggle," wrote Whalen. "Citi management clearly want to grow into new areas, but our basic question is where can Fraser realistically take the bank?"

It's not for lack of trying. Fraser has brought in several new executives to right the ship, including JPMorgan's Vis Raghavan, PwC's Tim Ryan, and Merrill Wealth Management's Andy Sieg. In September 2023, Sieg joined Citi to fix its ailing wealth business. Should he succeed – and should Fraser falter – he has a chance of becoming Citi's next CEO. Sieg has made many changes to the leadership ranks with four of his original 14 direct reports departing and a total of at least 33 senior executives leaving within his first year.

Citi has added to its leadership ranks, promoting 344 managing directors in early December, its largest class under Fraser. However, these promotions come at a tense time for employees. The bank has kicked off its grueling annual review process that rates employees from best to worst. These rankings influence who gets promoted and who loses their bonus— or worse. There is greater stress over the process than usual as the bank has laid off 7,000 employees this year and plans to cut 20,000 jobs by 2026.

Perhaps Fraser's biggest challenge is satisfying regulators who have rebuked the bank. In July, two regulators fined Citi $135.6 million for failing to make enough progress in fixing its data-management issues. The bank had agreed in 2020 to work on this problem and others, including poor risk controls, after paying $400 million in fines to the Federal Reserve and the Office of the Comptroller of the Currency. The OCC said in July that the bank had made "meaningful progress overall" but that the agency wanted to ensure Citi allocated enough resources to address the "persistent weaknesses" regarding data.

These new fines are despite Citi dedicating billions of dollars to a firmwide initiative to overhaul the bank's technology. To run this "Transformation" project, Fraser picked Citi consumer-bank veteran Anand Selva, naming him as COO in March 2023. Eight current and former employees told Business Insider that they were surprised by his appointment given that he had never held a leadership role in technology or compliance.

Since the July fines, Fraser has tapped Ryan, the bank's new tech head, to lead the data effort alongside Selva. Still, she has been dogged by questions regarding the Transformation's progress or lack thereof.

That said, Citi might get some breathing room under Donald Trump's second presidential term. Trump has signaled he would cut down on oversight. In a speech at the Economic Club of New York in September, he pledged that if reelected, he would eliminate 10 rules for each new rule.

In a research note, Mike Mayo, a Wells Fargo analyst, called Trump's win a "regulatory game changer." He told BI that Citi was still in "regulatory purgatory" but that the bank would likely face less scrutiny for its data-quality issues.

If so, it would go a long way toward Fraser's legacy.

Latest News

• Citi's annual review process is kicking off. Here's an inside look at its unpopular method.
• Citi promoted its largest class of managing directors under Jane Fraser. Check out the 344 names here.
• Citi needs a white knight. Donald Trump's 2nd term might provide one.

Inside Citi's Transformation

• This is who Jane Fraser is counting on to clean up Citi's regulatory mess
• Citi's regulatory nightmare still haunts CEO Jane Fraser
• Citi's Massive Transformation Team Is Failing to Fix Its Regulatory Woes

Citi Wealth's New Era

• Andy Sieg Could Be Citi's Next CEO If He Can Fix a Broken Wealth Business
• Citi Wealth's horrible tech is infuriating clients and employees and endangering its turnaround
• At Least 33 Senior Citi Wealth Execs Have Left Since Andy Sieg's Takeover
• Citi Wealth loses 17 bankers to BMO after Andy Sieg replaces the head of its fastest-growing business

• Small businesses on TikTok are telling their customers about their worst business struggles.
• "My small business is failing" and other messages have become common hooks.
• It's a good way to build authenticity, marketing experts say — as long as it's done smartly.

In the last couple of years, small businesses have littered TikTok with confessionals.

"My small business is failing," is how they often begin.

"If you've been following me for the last couple of months, you may think that it's not," craftsperson Laura Craine said in a post last year. "But in reality, I haven't received an order in weeks."

Another TikToker said: "On the outside, it might look like everything is going well and I'm making lots of orders, but I'm just not."

Ranging from straight-up claims of failure through to warts-and-all insight into the toughest days, each post aims to grab a precious few seconds of your attention, and maybe a portion of your cash.

They resonate well with users "who want to see more than the polished, curated success stories that once dominated social media and Instagram," Inigo Rivero, cofounder of UK-based TikTok marketing agency House of Marketers, told BI.

It also comes "as more small business owners are embracing radical transparency" on TikTok, Rivero added.

And in many cases, it seems to be working.

I remember thinking: 'I can't do this.'

Emma Molloy has long known the power of lifting the veil on her vegan-friendly doughnut business through TikTok, and being transparent about the ups and downs of making her four-year-old business work.

But the hardest moment for her company, Cat Burglar Dough Co., came in August. She had just given birth and was exhausted. Sales had been poor, and she had just learned that her maternity cover had fallen through.

"I was in a real corner and I remember just sitting there thinking, 'I can't do this,'" Molloy, 30, told BI.

She posted about her worries on TikTok, saying: "This month I've come closer than I ever have before to quitting," but added that she was determined to carry on.

A couple of days later, she was sitting on the floor with her baby when her phone suddenly started buzzing nonstop.

Notifications were flooding in. "Order, order, order, order," she said.

Over on Facebook, an influencer named Lisa Dollan — more familiar to her hundreds of thousands of fans as Yorkshire Peach — had just posted a glowing review.

"We had about £3,000 [about $3,800] worth of orders in a week," Molloy said, adding that the business turned a corner after that.

Business Insider wasn't able to independently confirm the amount.

Dollan didn't respond to BI's request for comment. It's unclear whether Molloy's emotional post prompted her reaction.

But some business owners told BI that posting some variant of "my small business is failing" has brought them unusual engagement, new customers, as well as encouragement at a time when they sorely needed it.

The pull of schadenfreude

Creative duo Caitlin Derer and Joseph Lattimer hopped on the trend in August, with a video that has been watched more than 1 million times.

"For us that's huge," they said.

They used the format as a vehicle to talk about how hard they were working and what they needed to turn the business into a success.

Their business, Collectable Cities, makes art toys for the high-end souvenir market, but the pair had reached the "soul-destroying" part of the business where practical issues turned the spark into a slog, Derer said.

"Then you see someone else make a video, where you can feel their pain through the screen and it's like, 'I should be also sharing some of this,'" she said.

The response to their video spanned thousands of comments, giving them exposure to new customers, as well as a wealth of feedback and suggestions.

Alice Bull, founder of Gratified, a TikTok-focused strategy and content agency, says she finds these kinds of posts compelling and has even ordered from businesses after seeing them. She characterizes it as a "storytelling hook," one of five tried-and-tested approaches that she says tend to produce results on the platform.

Bull regularly encourages her clients to not just showcase their products, but to pull back the curtain on their own stories.

"Telling stories, especially on TikTok right now, is one of the most powerful things you can do, particularly with a small business," she told BI.

"Anything you can do to connect with the audience that will potentially become your customers is absolutely vital," she added. "And one of the quickest ways you can do that is by being slightly dramatic."

She said that research shows that emotionally positive content gets the best engagement, but negative content has its own pull.

Indeed, one 2023 study that tracked the eye movement of TikTok and Twitter users suggested that viewers spend more time on negative rather than positive content.

It works because people immediately want to know what happened, Bull said. "You want to either experience that emotion with that person or understand what they went through" in order to save yourself from the same fate, she said.

It can also be a smart way of adding context to unpopular decisions like price hikes, Bull said.

Staying authentic

Done right, the hook can tap into the authenticism that has underpinned other TikTok trends in recent years, like deinfluencing and the "social media isn't real" hook.

But there's an obvious business risk to telling the world you're failing.

People who adopt this strategy need to weigh up the risk of harm to their long-term reputation with the benefits of appealing to people through honesty, Bull said.

There's also a potential ethical problem that comes with virality — if declaring your troubles is such an effective cash lever, there'll always be the temptation for successful businesses to exaggerate or even lie about their struggles.

Indeed, so many iterations have proliferated on the platform that it's been boiled down to something like a script, with audio from particularly successful versions borrowed by others, who simply paste it over their own visuals.

Rivero said that quality also matters.

"I'm not just going to buy a product just because I like the story," he said. "It needs to come hand-in-hand with a good quality product."

He added that a dropshipper who makes the same complaint as a one-person craft business is unlikely to get much sympathy.

Building trust

Laura Craine said that the massive response to her "small business is failing" post was part of what rallied her to carry on with her craft business when she was almost ready to close shop.

"At the time, my videos weren't doing great," she said. But this one took off, bringing her hundreds of new followers and a wealth of supportive feedback.

Craine's business, With Love And Dreams, preserves personal items like wedding blooms or human remains in resin to create memorial keepsakes.

The fact that she handles sensitive and irreplaceable items means her business depends on maintaining a deep wellspring of trust. Being completely authentic with her audience just made sense.

"I want people to see that I'm a real person," she said.

• Bayer's CEO overhauled his corporate budget system with 90-day cycles in an effort to reduce bureaucracy.
• Bill Anderson said the inspiration came from a "radical experiment" at Genentech to kill budgets.
• Bayer also reorganizes teams every 90 days and has cut 5,500 positions, many of which were managers.

The annual budget process can be a parade of lengthy meetings and red tape — so one CEO decided to try something different.

Since becoming CEO at Bayer, Bill Anderson has introduced a set of striking changes to the company, including an overhaul of its budget system, which he sees as the driving source of corporate bureaucracy.

"We all know that the belly of the beast of bureaucracy is the budget process, right," Anderson said in an interview with Business Insider. "Everybody knows that. Everyone hates it."

Every 90 days, Anderson reallocates budgets for the next cycle.

The executive said the decision to take the company "90 days at a time" was inspired by a "radical experiment" he helped implement at Genentech in 2016 before becoming CEO of the biotech company in 2017. After what he described as an unsuccessful attempt to de-bureaucratize the budgeting process at Genentech, Anderson said Genentech decided to "kill all budgets."

However, the plan didn't lead to lower spending, he told BI.

While company spending at Genentech went down in the first year, it shot right back up a year later, Anderson said. While the CEO didn't want to bring back the old process, he concluded he had to find something to replace it with.

Genentech declined to comment.

Anderson brought the lesson to German life science company Bayer, where, a month after becoming CEO in June 2023, he replaced annual budget discussions with 90-day cycles. Instead of managers spending five months setting targets and forecasting, Anderson said squads come together every 90 days to discuss whether the company achieved its goals, how it used resources, and what it needs to focus on next.

In a conventional budget process, Anderson said the team would be discussing what they're going to do in the third quarter a year ahead. The problem with that, he said, is "nobody knows" what they'll be doing that far in advance.

"That's a waste of time," Anderson said. "They're negotiating over budgets for Q4 next year. They don't even know what they're going to be doing."

The budget overhaul is part of a larger restructuring which the company refers to as "Dynamic Shared Ownership." In addition to flipping the budget system, the model also reorganizes staff every 90 days into "mini networks" made up of who is best suited to lead that specific project.

"So every 90 days, people can flow between teams, money can flow between teams," Anderson said. "And you're working on the most important things for the next 90 days."

In a press release announcing the new operating model in January 2024, the company said the structure would "reduce hierarchies, eliminate bureaucracy, streamline structures," and speed up the decision-making process.

A company spokesperson told BI that select groups called "frontrunner teams" transitioned to the new model in the summer of 2023. Now, most of the company has moved to the new structure. Along the way, managerial positions have changed, with some transitioning to individual contributors and others being laid off.

Since the beginning of the year, the company has cut about 5,500 roles, most of which were managers, shrinking its overall headcount from around 100,000 down to around 94,500. A spokesperson said layoffs are ongoing.

Anderson said some teams, like those that started the transition a year ago, "are racing ahead and doing great," while other groups are "still stuck in the starting blocks." He added that the company's voluntary attrition rate has gone down since transitioning to the new operating structure.

The company has embarked on a plan to cut costs by about 2 billion euros by 2026. Bayer's stock price is down 46% since the beginning of the year. In its third-quarter earnings, the company reported over $4 billion in net losses and shared expectations for a "muted outlook" and "declining earnings" over the next year.

The company has faced several recent headwinds, including the expected loss of exclusivity on the blood-thinning drug Xarelto. Anderson said the drug was once responsible for a significant amount of Bayer's profits.

The company has also grappled with legal battles over Roundup, a herbicide produced by Monsanto, which Bayer purchased for $63 billion in 2018. The product has been the subject of thousands of lawsuits alleging it causes cancer, and Bayer agreed to pay billions of dollars to resolve some of the litigation while it also appeals some of the court decisions.

"The litigation topic is a big overhang for our company," Anderson said, adding that "there's a lot of great things happening" but investors want the company to deal with the lawsuits, which it is.

When Bayer announced the new operating model, the company said its goal was to become "more agile and significantly improve its operational performance," and Anderson has already reported some positive results.

In Bayer's third-quarter earnings report, Anderson said Bayer's Pharma division outside Milan cut release time by almost 50%, resulting in less waste, improved cash flow, and lower inventory. Anderson said in the report that when he first asked about success stories, he would get the same two or three examples.

"Now, I'm hearing stories like these basically on a daily basis," Anderson told investors. "I'm confident that will translate into results for our investors, and a bright future for us and our customers."

• Seven superhero movies came out in 2024.
• "Deadpool & Wolverine" was the only superhero film to get a Rotten Tomatoes critic score above 50% this year.
• Sony released three new movies in their Spider-Man universe, including the universally panned "Madame Web."

"Deadpool & Wolverine" may have made a whopping $1.3 billion at the box office but, overall, 2024 has been a bad year for superhero movies.

Disney's Marvel Studios and Warner Bros' DC Studios released a film each in 2024 in response to superhero fatigue criticism over the last couple of years and as they prepared to enter a new phase in their respective franchises.

This left space for Sony and other studios to enter the market. But critics panned most of this year's superhero movies, with only Marvel's "Deadpool & Wolverine" receiving a Rotten Tomatoes score above 50%.

Here are all seven superhero movies ranked from lowest to highest, according to their Rotten Tomatoes critic scores.

"Madame Web"

Rotten Tomatoes score: 11%

Sony has made several blunders in its attempt to build its own Marvel Spider-Man universe (without any Spider-Man appearances), but "Madame Web" is possibly the biggest misfire.

Critics said the film was a mess. Dakota Johnson and Sydney Sweeney, the two biggest stars in the film, distanced themselves from it after it received bad reviews and did not do well at the box office.

Fans mocked it, too, and generally didn't turn up to see the film in theaters. It is the lowest grossing film in the Spider-Man franchise, making $100 million.

"Kraven the Hunter"

Rotten Tomatoes score: 15%

Sony's Spider-Man universe ended on a low this year with "Kraven the Hunter" debuting with the lowest domestic opening weekend for a Sony Spider-Man movie ever.

It earned $11,000 in North America, which is roughly $4,000 less than "Madame Web" and roughly $70,000 less than "Venom," the first spin-off Spider-Man movie that Sony released.

Critics were not as hard on "Kraven the Hunter" as they were on "Madame Web," but still thought the film had a dull story and poor special effects. While some critics thought the film was so bad that it was entertaining, others thought it was a waste of time.

"The Crow"

Rotten Tomatoes score: 22%

1994's "The Crow" is widely regarded as a cult classic. However, its reputation was marred after Brandon Lee, the lead actor, was shot and mortally wounded by a prop gun that wasn't supposed to contain bullets, eight days before shooting wrapped.

Lionsgate's attempt to revive the superhero franchise failed critically and commercially. This time, Bill Skarsgård starred as Eric Draven, a recovering drug addict who gains supernatural abilities after being resurrected from the dead and seeks revenge on the people who killed him and his lover.

Some critics defended "The Crow" reboot, saying it wasn't unwatchable, but most reviews were more negative, saying the film was incoherent and not better than the original film.

2024's "The Crow" made $23 million in ticket sales on a reported $50 million budget. The 1994 version made $50 million.

"Joker: Folie a Deux"

Rotten Tomatoes score: 32%

There were big hopes for "Joker: Folie a Deux." Its predecessor made over a billion dollars, and Oscar and Grammy winner Lady Gaga took on the part of the hugely popular villain, Harley Quinn.

It was also a musical, following Joaquin Phoenix's Arthur Fleck as he stands trial for the multiple murders her committed in the first film, and begins a relationship with Lee Quinzel (Gaga).

But somehow, "Joker: Folie a Deux" disappointed both fans and critics and only made $206 million in ticket sales. Variety reported that Warner Bros. spent $200 million on the film and roughly $100 to market it, meaning the film likely did not turn a profit.

"Hellboy: The Crooked Man"

Rotten Tomatoes score: 37%

If you missed the latest "Hellboy" movie, you're not alone. Millennium Media, the production company that owns the rights to the Hellboy character, did not heavily promote "Hellboy: The Crooked Man," releasing the first teaser three months before it premiered in the US.

"Hellboy: The Crooked Man" takes Hellboy (Jack Kesy) back to his horror roots as he tries to take down a group of witches and their sinister demon leader, the Crooked Man.

Critics were divided on this film. Some said it was dull and had a messy script, while others praised it for actually being scary.

"Venom: The Last Dance"

Rotten Tomatoes score: 41%

"Venom: The Last Dance," the final film in the "Venom" trilogy, follows Eddie Brock and his alien symbiote Venom, who fleeing the world's military and a group of aliens working for Knull, Venom's creator

The "Venom" films are the only commercially successful movies from Sony's Spider-Man spin-off universe. Critics panned the series, and "Venom: The Last Dance" has the lowest-grossing of the three films.

But audiences still loved the film, which had the eighth-highest ticket sales of the year with a total of $475 million.

"Deadpool & Wolverine"

Rotten Tomatoes score: 78%

Since 2009, Ryan Reynolds and Hugh Jackman have been engaged in a playful rivalry over who plays Canada's greatest Marvel superhero. Now they bring this feud to the big screen with "Deadpool & Wolverine."

In the multiversal movie, Deadpool (Reynolds) and Wolverine (Jackman) work together to save Deadpool's universe, find redemption for Wolverine, and lead a team of misfits to take down Professor X's powerful sister, Cassandra Nova (Emma Corrin).

The final film was not only a finale to the R-rated hit "Deadpool" movie trilogy, but it was also a heartfelt goodbye to Fox's Marvel franchise, which ended when Disney bought Fox.

"Deadpool & Wolverine" also dispelled the myth that audiences were bored with superhero movies. It received mostly positive reviews from critics and became the highest-grossing movie in the trilogy.

• The Too Good To Go app aims to help consumers save money and reduce food waste.
• I tried it for a week to see how much I could save.
• I found it was most useful for fresh produce, but the pastries weren't always great.

Everything is expensive right now. It's rare that I ever leave the grocery store having spent less than I wanted to.

I've heard of apps like Too Good To Go, which sell surplus food at a discount, but never gone much further than signing up.

To test it out, I spent a week in early December only buying food from the app. I wanted to see if it was a viable way of saving money, sticking to a budget, and learning to be a bit more flexible with my cooking.

I also want to be more mindful about the groceries I buy and, unfortunately, sometimes waste.

Too Good To Go's CEO, Mette Lykke, told me in a recent interview that the app now operates in 19 countries across North America, Europe, and Australia, and covers 170,000 stores.

Lykke said the company hopes to inspire people "to make that the first step in a journey toward having a more responsible relationship with food."

"If we look at the state of the planet and the climate crisis, then it's pretty clear that something needs to change," Lykke said.

It was fun trying out new places in my city, London. While the pastries I received were hit-and-miss, the fresh produce from local stores was a real highlight.

Monday

Monday was largely spent figuring out the platform. I found that its map feature was the best way to find local cafés and stores.

I saw that an expensive café on my local high street offered pastries, so I opted for that — £3.90 ($4.95) for a blueberry muffin, chocolate chip cookie, and slice of banana bread.

After the sugar rush I was still hungry, so I chose a bag of sandwiches and pastries from my local Costa Coffee for £3.50 ($4.44).

I got a slightly stale pan au raisin and two sandwiches — one seasonal turkey feast, and a BLT which my boyfriend took for lunch the next day.

In total, I spent £7.40 ($9.39) on items worth at least £22.90 ($29.08), so the week was off to a good start.

Tuesday

On Tuesday, I switched things up by trying out fresh produce from a couple of local stores. They offered "surprise bags" of groceries for £4 ($5.08) each.

While I was slightly overwhelmed with what to do with it all, it was an absolute hit with my boyfriend, who is always thrilled to be met with a culinary challenge.

One of the bags had Padron peppers, garlic, tomatoes, mushrooms, radishes, and beets. I also received three packets of pita bread, a sourdough baguette, a fruit bar, some buttermilk, and fresh herbs.

The multivitamin patches were a curveball, which I have to admit I didn't try.

In the other bag, I got a melon, some Greek yogurt, lettuce, butter, rainbow chard, and sausages.

The sausages went in the freezer, but almost everything else was used to make a pasta sauce, roasted peppers, sauteed mushrooms, buttermilk pancakes, and basil oil. The beets got pickled.

The only thing we ended up having to waste was the watercress, which was already looking past its best.

In total, I spent £8 ($10.16) on items worth at least £24 ($30.48).

Wednesday

Tuesday's groceries went further than expected, so I bought another pastry bag to satisfy my snackiness during the day.

I'm not convinced the sourdough loaf and pastel de nata (which I squashed) I got for £4.09 ($5.19) truly had a full sale value of £12 ($15.24), but they were both pretty good.

The server recommended putting the loaf in the freezer and toasting the slices, which was a great tip that lasted me the rest of the week.

Thursday

I knew I was out for dinner with friends on Thursday so I picked up some Starbucks pastries on the way. This was the biggest letdown of the experiment.

Throughout the week, I realized that several cafés don't offer anything until quite late in the day, by which time the food has been sitting out for hours. This makes sense from their perspective, but it does mean that some of the food isn't at its best.

But for £2.50 ($3.18), a muffin, cookie, cinnamon bun, and cheese stick is certainly better than nothing.

In total, I spent £2.50 ($3.18) on items worth at least £7.50 ($9.52).

Friday

I'd been eyeing up a nearby Bangladeshi restaurant all week, so knowing I had a night in alone on Friday, I went for the £4.09 ($5.19) curry bag they were offering.

I got a few bhajis, some chicken and rice, two veggie curries, more rice, some okra, and what I thought was probably cabbage.

It was all good and spicy, though the bhajis were slightly stale.

In total, I spent £4.09 ($5.19) on items worth at least £12 ($15.24).

The results

For the whole week, I spent £26.08 ($33.11) on £78.40 ($99.54) worth of food.

Not every bag felt like amazing value. But some, especially the grocery bags, were genuinely impressive.

The experience taught me a lot about how to be flexible. I'm now committed to focusing less on "use by" dates on food and sticking to the safety assessment Lykke taught me — "look, smell, taste, don't waste" — before throwing things out.

My advice for anyone downloading Too Good To Go is to use it with foresight. The app is great for saving money for those on a strict budget who are OK with some compromises.

Too Good To Go is available in huge stores in the UK (such as Asda) and the US (including Whole Foods), so there are plenty of places to try.

Lykke told me the nice thing about Too Good To Go is you don't have to give anything up, and she's right. From a quick scan of my area, there is bubble tea, ice cream, Turkish food, burgers, doughnuts, and more. You don't get to choose exactly what you want, but as long as you don't mind a bit of a surprise, it's worth a try,

"You actually get good food, it's a good deal, and you do something good," Lykke said. "It's win-win for businesses, for consumers, and for the planet."

• Nissan and Honda have announced they are beginning merger talks.
• A third Japanese automaker, Mitsubishi, will also participate in the discussions.
• The companies hope a merger could help them take on Tesla and Chinese EV makers, Nikkei previously reported.

Nissan and Honda, two of Japan's largest car companies, have announced that they are beginning merger talks.

The two automakers have agreed to proceed with discussions to build a "strategic partnership focused on intelligence and electrification," according to a statement issued on Monday.

Nissan and Honda are looking to reach a conclusion in talks by the end of January 2025.

A memorandum of understanding (MOU) has also been signed with a third company, Mitsubishi, signaling its involvement in the merger talks.

It would be the largest domestic merger in Japanese automotive history, and if finalized, it would create the world's third-largest automaker by sales.

The companies hope that a merger could help them better compete against Tesla and Chinese EV makers.

Profits were down in the latest earnings reports for all three of Japan's top auto companies — Toyota, Nissan, and Honda — with slumping sales in China a constant theme.

"At this time of change in the automobile industry, which is said to occur once every 100 years, we hope that Mitsubishi Motors' participation in the business integration discussions of Nissan and Honda will lead to further social change," said Toshihiro Mibe, Honda's Director and Representative Executive Officer.

Japan's stock market had closed for trading on Monday when the announcement was made. However, Honda's New York-listed stock was up 13% in premarket trade Monday on the back of the news.

After news of the merger was reported last week, Nissan's stock had surged by nearly 24%.

• More than 3,300 older Americans have shared their financial and other regrets with Business Insider.
• Some older adults said tight budgets and a lack of savings were contributing to loneliness.
• This is part of an ongoing series about older Americans' regrets.

Taffi Ozenne has a few simple and inexpensive joys in her life.

When she feels lonely, she counts them: a hot-fudge sundae at McDonald's ($3.79), a walk with her dogs (free), and the first puff of her cigarette ($9.63 for a pack) on a sunny afternoon in northern California. The 68-year-old repeats the list over and over.

"In those moments where I'm wishing I had a friend that I could do something with, I just gravitate toward my dogs and say, oh, I got two friends right here — let's go for a walk," she said.

Since mid-September, more than 3,300 older Americans like Ozenne have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Loneliness is a common theme.

Some said they regretted not saving more, as a lack of money makes it difficult to maintain a social life. Many said they struggled to ask friends and family for help, further isolating them from loved ones. For an older generation already facing a loneliness crisis, money woes are making it worse. This story is part of an ongoing series.

With no retirement savings, Ozenne is trying to get by on her $1,739 monthly Social Security payments and the money she cobbles together through part-time jobs at a law firm and a bowling alley. She said her schedule feels nonstop but she needs the work so that her total monthly income is slightly above $3,000, enough to cover her bills.

Ozenne said that her budget didn't allow her to travel or go out with friends and that she felt increasingly isolated. She said she regretted not saving enough to support herself in her 60s or 70s and worries she'll have no one to care for her as she ages.

"It's mentally exhausting," she said, adding, "I don't want to be a burden to anyone."

We want to hear from you. Are you an older American with any life regrets you'd be comfortable sharing with a reporter? Please fill out this quick form.

Limited retirement savings take a social toll

In a survey of US adults commissioned by Cigna and conducted by Morning Consult in late 2021, 63% of respondents who earned less than $50,000 a year and 41% of respondents over 66 said they felt consistently lonely.

Having limited income can erode social connections for older adults. Social Security checks aren't enough to cover many retirees' bills, and some don't have enough of a nest egg to afford a night out, holiday gifts, or gas to visit family members. Meanwhile, the costs of meals, flights, and concert tickets have crept up.

"My 'golden years' are not golden at all: I live alone and have no friends," one respondent in BI's survey wrote. Another wrote, "I feel hopeless, I'm lonely, and my health is rapidly getting worse."

Joseph Coughlin, the founder and director of the AgeLab at the Massachusetts Institute of Technology, said that high costs of social activities, housing, and transportation could lead to social challenges for retirees.

"If you do not have the financial resources, you're pretty much constrained where you live," he said. "You may not be able to afford a place that gives you the opportunity for those chance collisions with friends and, frankly, new people."

Susan Harper lives on less than $1,000 in monthly Social Security, plus SNAP benefits, but she has no nest egg or investments. The 66-year-old recently moved from Oregon to Washington, DC, to live with her sister. They're sharing household bills until Harper can secure low-income housing in the area. (Harper is on a waitlist.) Harper said that while she appreciated her sister, she missed her community. She said she often declined invitations from new friends to go to bars or restaurants because of the cost.

Harper said that while she needed to move to receive financial support from her sister, living in a new city had made her lonely.

"It's just a very difficult time, and it's very isolating," she said. "Especially as I get older."

Older adults regret not having a support system as they age

In the University of Michigan's National Poll on Healthy Aging conducted in March, older adults who weren't working, who lived alone, or who had lower household incomes were more likely to report feeling lonely. About 29% of adults 50 to 80 reported feeling isolated from others some of the time or often within the past year.

Coughlin said social isolation could exacerbate the risk of cognitive and physical decline for older adults, which may increase the likelihood that they need assisted care later in life. Genworth Financial, an insurance company, found that the median monthly cost of an assisted living facility in the US was $5,350 in 2023 — a price many older Americans told BI they couldn't afford.

John Keefe, 84, lives alone in Arkansas on his $2,700 monthly Social Security check and limited retirement savings. Keefe lost his son in 2011 and his wife in 2023. He said they were his main support system.

Keefe said he didn't travel much outside his hometown, and he worries about how he'll take care of himself when he can no longer drive to appointments or the grocery store. He said he wished that he and his wife had built a stronger financial cushion.

"I've outlived everybody," he said, adding that it was especially challenging to make connections as a widowed retiree.

Though there's no one-size-fits-all fix for loneliness, Coughlin offered a few suggestions. He said prospective retirees should think about "longevity planning." In addition to building a nest egg, he said, arranging the social aspects of retirement earlier in life — such as living near friends and family and developing hobbies — could reduce the risk of loneliness later and help people budget.

"Yes, it's about how much money you've saved — but it's also about all those other little things that make you smile and contribute to quality of life," he said. "That has to be planned as much as your 401(k) or whether you had your annual checkup."

Government and local assistance can also be a source of relief for older Americans struggling with finances and loneliness. The National Council on Aging estimates that 9 million older adults who are eligible for SNAP benefits don't receive them, and many forgo aid like Medicare Savings Programs designed to help pay for healthcare and other expenses. Many local senior centers offer free or low-cost social activities, transportation, and benefits counseling.

Ozenne is taking her life day by day. Because she works several jobs, her income is likely too high to qualify her for many forms of government assistance. So she sits at her kitchen table working on her monthly budget, and she stops by McDonald's for a hot-fudge sundae if she needs a pick-me-up. Her days still feel lonely, but she tries to "put on a brave face," she said. It helps to know she isn't the only one in this position.

"There are a lot of people — we're laying in bed awake at night wondering if we're going to make it through this month and if we're going to have enough money to pay bills," she said. "And if not, we wonder: What can give? What can I do without?"

Noah Sheidlower contributed reporting.

Are you experiencing loneliness because of your finances? Are you open to sharing your story with a reporter? If so, reach out to [email protected].

• Unexpected medical crises have derailed retirement plans for many older Americans.
• Many regret not preparing financially for sudden medical expenses, while some wish they worked less.
• This is part of an ongoing series about older Americans' regrets.

Vera Steward, 64, earned over $60,000 a year at the peak of her career. But since having a stroke at 48, she hasn't returned to work and is just scraping by.

She's one of many older Americans who shared with Business Insider in recent months how an unexpected medical crisis derailed their retirement plans and what they wish they'd done differently. As of publication, over 3,300 readers between the ages of 48 and 96 have responded to an informal online survey or emailed reporters about their biggest life regrets. This is part of an ongoing series.

While many medical diagnoses are unpredictable, dozens of respondents, including Steward, said they wish they'd been better prepared financially. Their regrets include not being more cautious with spending or savvier with investments when they were healthier, not prioritizing routine medical appointments, not factoring medical expenses into retirement planning, and not having robust insurance.

Eleven said in interviews that a medical diagnosis at the peak of their careers led them to retire early, and as a result, they rely on federal government checks to get by.

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

Steward is one of them, despite having a master's degree and working since she was a teenager. After her stroke almost 20 years ago, she began receiving slightly over $1,000 in monthly Social Security Disability Insurance; she now receives $1,688 in Social Security after cost-of-living adjustments. Nearly half of her benefits go toward rent, and she only receives $23 monthly in SNAP benefits to help buy food. Some months, she decides between getting a haircut or buying groceries, and she's relied on her daughter for financial assistance.

"I've always been middle class, and now I guess I'm no class," said Steward, who lives in Columbus, Georgia. "I'm in this house almost 24/7. The only time I leave is to go to the doctor. I have nowhere to go."

Not prioritizing health in younger years and asking for what you need

Anita Clemons Swanagan, 59, wishes she'd spoken up for herself more during her working years to be paid what she's worth. While employed at prisons and hospitals, she was on her feet all day often working 12-hour shifts — in addition to second jobs as a gig worker — so she could raise her three daughters.

Swanagan injured her back and developed arthritis. She had a stroke at 45 and worked again for a decade until she had a second stroke in 2021, which affected her walking, speech, and cognitive functioning.

In addition to wishing she'd asked for better pay and more health accommodations, she said she could have done more to grow her wealth, such as saving more and giving less to others. She also wished she'd prioritized her health and took more time off while sick, but she said there's little use looking back on what might have been. She lives in her SUV in rural Illinois on $1,500 a month in Social Security before Medicare deductions.

"People think they have enough money, but all they have to go through is one major illness that could wipe out everything," Swanagan said.

Swanagan is one of dozens BI spoke with who are battling health conditions, unable to work, and relying on government assistance to keep them afloat. Because of their medical conditions, most rely on two federal programs colloquially called "disability": Social Security Disability Insurance and Supplemental Security Income. Many said it isn't enough to pay their bills.

SSDI benefits are based on your work history. In 2024, the average monthly payment was $1,537, with a maximum payment of $3,822 a month. SSI, which is allocated to people with disabilities and limited incomes, will be capped at $967 a month for an eligible individual in 2025.

Retirees' reliance on these programs has risen while the benefits have barely kept up with the cost of living. The average inflation-adjusted Social Security payment for disability insurance in December 1999 was $1,413 a month; at the end of 2023, it was $1,537, SSA data showed. While 3.2% of workers covered by Social Security in 1999 were disabled workers who received Social Security insurance, this rose to 4% in 2023.

And it's becoming more difficult to qualify for these benefits, said Steve Perrigo, the vice president of sales and marketing at the law firm Allsup. SSDI processing times have doubled over the past few years while approval rates have fallen to historic lows.

In fiscal year 2023, 61% of disability claims were rejected initially, while 85% were denied in reconsideration, according to Social Security Administration data and information provided by Allsup. About 45% of people are approved in hearings, which come after denials of an additional application and reconsideration.

Perrigo said he encourages clients to try to find work before, during, and after receiving benefits if they're able to.

"We see individuals who have to go through foreclosure and tap into their 401(k) and bankruptcies," Perrigo said of the long wait times to receive benefits.

For some, including Paula Mastro, returning to work isn't an option.

Mastro, who's 65 and lives on just under $1,100 a month in Social Security benefits, worked part-time in restaurants and catering jobs while raising her daughter and spent years as a full-time caretaker for her parents. She told BI she regretted working odd jobs that didn't provide a pension and not contributing to a 401(k). She also said it was a mistake to not properly document some of her income on tax forms, which hurt her Social Security allotment.

In 1991, Mastro received about $200,000 in a divorce settlement, most of which she spent on a home and car. She said often lived paycheck to paycheck and didn't prioritize investments.

Mastro developed back problems in the late 1990s after a car accident and was diagnosed with fibromyalgia over a decade ago. Earlier this year, she developed an inflammatory skin disease that prevented her from returning to work.

She said that last year, her public assistance covered only a fraction of her medical expenses, putting her thousands of dollars in debt. She lives in a low-income condo she inherited from her sister and barely has anything in savings.

"You expect in your golden years to be traveling, going on vacation, bringing your grandchildren to the theater," Mastro said. "I didn't do any of that because I couldn't. I should have saved up for retirement."

'Floating through life' with no concrete plan

Jan Lovell, 73, said she should have learned more about finances during and after her marriage. Lovell, who lives in Warren, Michigan, was diagnosed with multiple sclerosis in 2005. As the disease progresses, it further complicates her financial planning.

Lovell spent 25 years as a church secretary, earning a modest salary. She only contributed about 5% to her 401(k) and let her husband handle most of her finances. An unexpected divorce in 2004 put Lovell into "float through life" mode, during which time she didn't have a financial plan and did what she could to pay her bills. Over her career, she accumulated seven retirement funds she never combined, totaling $160,000.

She went through a foreclosure in 2010, and she worked for another decade until retiring in January 2020.

She lives off about $3,300 monthly gross income from Social Security pre-deductions and a pension, but medical expenses, such as contributing $3,500 for a wheelchair, have put a dent in her wallet. After a recent hospitalization, she's planning to move to a senior living facility that she expects will deplete her savings by 2027.

"Most places I've looked at now are $3,000 a month for a 400-square-foot unit, which is twice the cost and half the square footage of a regular apartment," Lovell said. "The 'assistance' is an additional charge, depending on needs, and I'll likely need the most expensive level, at about $2,000 a month."

Relying too much on the market

D. Duane MaGee, 78, thought he prepared well for retirement, but after losing thousands in the 2008 market crash, he regretted putting too much faith in the market — and hasn't touched investments since.

MaGee made six figures as a manager at Ford. He retired in his early 50s as the plant shuttered. He'd saved money throughout his career, though not enough. To compensate for his reduced income, he worked in security at a hospital and in hotel management.

His wife had a quadruple bypass surgery three decades ago, and he became her caregiver in between his work shifts. His wife's medications ate up a portion of their savings each month. The 2008 market crash erased nearly $80,000 of their limited retirement savings — much of which was his wife's inheritance from her mother — and he wished he had been more proactive about saving while at Ford.

MaGee, who still cares for his wife, was diagnosed with Parkinson's disease six years ago. He gave up his retirement job shortly after the diagnosis, and they rely on about $62,000 a year in retirement income from Social Security and a pension. Meanwhile, rising inflation has made them even more cautious about spending.

"I don't know how I'm going to get savings now because we're getting a lot older now, and so we have things facing us now where we don't know where the money is going to come from," MaGee said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form or email [email protected].