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Tuesday, 5 May 2026

Will you miss your Spirit in the sky?

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Also: Did rich folk transfer wealth too soon? ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Tue May 5 2026

 

Daniel de Visé Personal Finance Reporter

Good morning! It’s Daniel de Visé with your Daily Money.

Spirit Airlines has shut down, signaling the end of an era for a carrier that reliably offered low prices and seeded competition in ways that paid off handsomely for air travelers.

With Spirit gone, are airfares bound to rise?

Did rich folk transfer wealth too soon?

Wealthy families rushed to give away assets in 2024 and 2025, fearing the expiration of the tax savings enabled by the Tax Cuts and Jobs Act of 2017.

Now, some of those families wonder if they got their timing wrong.

A financial fate worse than death?

Finally, here's a story about a common retirement setback that Americans fear more than death itself.

📰 More stories you shouldn't miss 📰

Does the IRS still owe you a COVID refund?
Cinco de Mayo food and drink deals
Will Social Security benefits be capped at $100,000?
Delta cuts food and beverage service on short flights
How high will gas prices go?

Daniel de Visé covers personal finance for USA TODAY. The Daily Money breaks down complex consumer and financial news. Subscribe here.

Out-of-service Spirit Airlines aircraft rest at Phoenix Goodyear Airport in Goodyear on May 2, 2026.

The collapse of Spirit Airlines is expected to raise fares, shift routes and spark competition among rivals.

-

-Donnie Van Steenbergh helps Owen Case fill out his Durable Power of Attorney for Health Care Choices and Health Care Choices Directive during a presentation at The Gardens Assisted Living Center.Photos by Earl Russell

Drafting a financial power of attorney is an essential part of your estate planning process. The power of attorney may not always function as intended, though, so it helps to backstop it with a fully-funded trust.

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Tax changes make some parents regret fast gifting. Can they fix it?

Wealthy families rushed to give away assets to save on taxes, but a new law made exemptions permanent, causing some 'buyer's remorse'.

There's one retirement setback that Americans fear even more than death, according to an Allianz survey.
 

There's one retirement setback Americans fear more than death

Americans have several retirement fears. The big ones are mostly about money.

Tax refunds are expected to be larger on average in the 2026 tax season, especially for those who can claim new deductions included in One Big Beautiful Bill.
 

Millions may be owed an IRS refund from COVID-19 era. How to claim it

Millions of Americans may be owed an IRS refund from the COVID-19 era due to a court ruling. The deadline to claim is July 10, 2026.

Beef tacos, nachos, salsas, Mexican food, overhead flat lay shot on a vibrant blue background
 

Spice up Cinco de Mayo with these freebies and deals

Who doesn't want a free burrito? Here's how to get that and more on Cinco de Mayo.

Social Security faces a fiscal cliff as early as 2032. Benefits will be cut unless Congress acts to shore up the program.
 

Tax hikes or benefit cuts? 8 ways Congress could 'fix' Social Security

A proposal to cap Social Security benefits at $100,000 struck a nerve. Here are the details, and 7 other ways to shore up the program.

A Delta plane is pictured on the tarmac at the Austin-Bergstrom International Airport in Austin, Texas, on Jan. 12, 2026.
 

Delta cuts food and beverage service on these daily flights

Starting on May 19, the Atlanta-based airline carrier said it will no longer provide food or beverage service on flights of 349 miles or less.

A gas station sign displays prices in Washington, D.C., U.S., May 1, 2026. REUTERS/Annabelle Gordon
 

Pump pain: Gas prices rise in all 50 states. How high will they go?

The average price of a gallon of gas in the United States is on the rise in all 50 states, one prominent fuel industry analyst said.

Spirit Airlines planes are parked on the tarmac at the Fort Lauderdale-Hollywood International Airport on May 2, 2026 in Fort Lauderdale, Fla. Spirit Aviation Holdings Inc. announced today that it has canceled all upcoming flights and begun a wind-down of Spirit Airlines operations after failing to secure funding from the Trump administration.
 

Spirit Airlines ends operations, cancels all flights. See the scene at airports

Spirit Airlines announced on May 2 that it would shut down after years of hardships, leaving passengers to scramble as flights were cancelled.

USA TODAY
 

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