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☆ 3 ways to tap into your retirement fund early without paying a penalty, according to a certified expert
▼ + stars: | 2024-05-16 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

If you're thinking about early retirement but don't have a stash of cash, one option is to tap into your retirement fund. Under certain conditions, the Internal Revenue Service will allow withdrawals from an IRA or employer-sponsored retirement account before the retirement age without penalty for certain reasons. Before tapping a 72(t)Related storiesBlackston advises his clients to seek alternative options before resorting to Rule 72(t). But you can only tap into it through your current employer-sponsored retirement account, and your employer's program must allow for it. The upside is that it doesn't drain your retirement account and could last longer.

Persons: you'll, Drew Blackston, There's, SEPP, you've, Blackston, Tapping, it's, It'll Organizations: Pearl Wealth Group, Internal, Service, IRS

☆ An early retiree explains the IRS rule he uses to withdraw $20,000 a year of his retirement money penalty-free even though he hasn't reached age 59 ½
▼ + stars: | 2024-05-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Courtesy of Eric CooperThe idea of early retirement didn't start to percolate until 2019. "That's when I found the Mr. Money Mustache website and this article that explained the simple math behind early retirement and the 4% rule." According to the 4% rule, which helps retirees determine how much they can spend without running out of money, Cooper had a big enough portfolio to stop working. Using Rule 72(t) to access his retirement money without penaltyWhen you contribute to retirement accounts like a 401(k) and IRA, you can start taking penalty-free withdrawals after age 59½. He rolled over $300,000 because that's about how much money he'll need for a $20,000 annual distribution each year until he's 59 ½.

Persons: Eric Cooper, Cooper, I'd, Cooper's, didn't, I've, It's, you've, That's Organizations: Business, Google, IRS Locations: percolate, Louisville

☆ Saving in a 401(k) can come with unexpected tax bills. Here's what to check right away to avoid a surprise and 4 ways to reduce your taxes as you withdraw.
▼ + stars: | 2024-04-24 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Depending on your tax bracket at the time of withdrawal, your 401(k) money could be taxed at around 20% or 30%. Note that if you have a Roth 401(k), which is funded with after-tax dollars, you won't be taxed when withdrawing. The longer you can wait to touch your 401(k) money, the longer you'll delay owing taxes. Finally, there's the "non-taxable portion," he said, which would be money in accounts like a Roth 401(k), Roth IRA, and HSA. Or do they have a Roth IRA that they can take it from tax-free to benefit them?"

Persons: —, Grant Neiland, there's, you'd, Roth, Neiland, you've Organizations: Service, Business, Carson Wealth, IRS, Roth IRA

☆ The Taylor Swift economic effect has reached every town in America
▼ + stars: | 2024-03-01 | by ( Kevin Williams | ) www.cnbc.com time to read: +5 min

"We know Taylor Swift is popular; her music is the most requested at the rink," said Ginny Kidd, Skateway spokesperson. "Nothing is preventing a rink from playing Taylor Swift music and getting a line out the door. watch nowThe Taylor Swift events that don't involve Taylor Swift showing up range from library events, to bar crawls, cruises, painting parties, dance parties, and more. The restaurant added another Swift brunch the following weekend and plans a listening party when the singer's new album is released in April. She thought that a Taylor Swift event would be successful.

Persons: Amanda Edwards, Taylor Swift, Ginny Kidd, Skateway, Kidd, Ryan Herzog, Taylor, Herzog, Paul Krugman, Akira Back, Katie Bosworth, Bosworth, Swift, Katie Lovell, Lovell Organizations: Getty, Swift, Gonzaga University, New York Times, CNBC, RMD Group, Rex Theatres, Rex Theater Locations: Middletown , Ohio, San, Los Angeles, Gaslamp District, Manchester , New Hampshire, Manchester

Charles Schwab Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. How are required minimum distributions calculated? Everyone's financial circumstances are different, but there are some strategies that could reduce the tax implications of required minimum distributions. You can also calculate your required minimum distributions using the IRS' life expectancy chart. And if you've already been taking required minimum distributions, don't be surprised if they're larger this year.

Persons: RMDs, —, Charles Schwab, Schwab, Roth, Roth IRAs, it's, John, you'll, You'd, Kevin Martin, David John, There's, they've, Rita Assaf Organizations: Schwab, Trading, Organization, IRS, Social, Tax, H, AARP, Institute, Bank, Western Alliance Bank, Alliance Bank, FDIC, CNBC, Brookings, Fidelity Investments, CNBC Select's, Facebook, Twitter Locations: LendingClub, N.A

☆ The 4 most important things we're watching in the stock market this coming week
▼ + stars: | 2024-01-20 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Fortunately, we'll get useful information in the coming weeks as earnings season ramps up and updated inflation data is released. We really want to see more supply come into the market to provide some relief on shelter costs. Looking to next week, we'll get a several key economic updates and a ramp up of earnings releases. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Morgan Stanley, we'll, Procter & Gamble, we've, We're, we're, We'll, Forex, Brown, BRO, Zions, CrossFirst, Johnson, Lockheed Martin, Horton, ERIC, Baker Hughes, Abbott, ABT, Clark, BOK, Monro, Simmons, United Community Banks, Lam, Ethan Allen Interiors, Raymond James Financial, Sherwin, Williams, Northrop, Murphy, Arthur J, Levi Strauss, LEVI, Booz Allen, Jim Cramer's, Jim Cramer, Jim, John Gress Organizations: Nasdaq, Microsoft, Nvidia, Tesla, Apple, Bank of America, Reserve, Procter, Gross, Citigroup, of Hawaii, United Airlines, Logitech International S.A, AGNC Investment, Agilysys Inc, Great Southern Bancorp, Enterprise Financial Services, Independent Bank, Home Bancorp, RBB Bancorp, TrustCo Bank Corp, Gamble Co, Verizon Communications, 3M Company, General Electric Co, GE, RTX Corporation, Halliburton Company, HAL, Lockheed, Ericsson, Bank, GATX Corporation, MakeMyTrip, National Bancorp, Synchrony, Webster, Atlantic Union Bankshares Corporation, Invesco PLC, Peoples Bancorp Inc, Sandy Spring Bancorp, Netflix, Texas Instruments Incorporated, Steel Dynamics, Canadian National Railway Company, NBT Bancorp, East West Bancorp, Covenant Logistics Group, Inc, Hanmi, National Bank Holdings Corporation, Premier Financial, QCR Holdings, Renasant Corporation, Triumph, Veritex Holdings, ASML, SAP, Textron, Oriental Education, Technology Group, First BanCorp, General Dynamics, OFG Bancorp, Prosperity, TE Connectivity, United Community, Blue Foundry Bancorp, Capitol Federal, HBT, Teledyne Technologies, Business Machines, IBM, Las Vegas Sands Corp, Lam Research, United Rentals, Berkley Corp, Crown, International, Packaging Corporation of America, Seagate Technology plc, CACI, Swift Transportation Holdings, Ameriprise Financial, Concentrix Corporation, First Bank, Liberty Energy, Pathward Financial, Columbia Banking, CSX, American Airlines Group, NextEra Energy Inc, Alaska Air Group, Dow Chemical Co, Valero Energy, Southwest Airlines Co, Nextera Energy, Williams Co, Union Pacific, Applied Industrial Technologies, Mobileye, Northrop Grumman, Comcast, Nokia, TAL Education, McCormick & Company, Intel, Visa Inc, Gallagher, Co, KLA Corporation, Western Alliance, Mobile, L3Harris Technologies, Western, Olin Corporation, American Express Co, Booz, Booz Allen Hamilton Holding, Colgate, Palmolive Co, Norfolk Southern Corporation, Jim Cramer's Charitable, CNBC, Gamble's Locations: Procter &, U.S, China, ZION, Freeport, Kimberly, Las, W.R, Chicago

☆ Finding quality stocks in what could be a tougher year for investors
▼ + stars: | 2024-01-16 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Investors may want to look at quality names as the market stalls. In a turbulent environment, traditional market wisdom suggests investors can be best served by having exposure to quality stocks. The average price target implies a gain of 6.2% over the next year, adding to its advance of more than 56% in 2023. Wells Fargo's Michael Turrin recently hiked his price target on Microsoft to $435 per share from $425, seeing an "uplift" driven by artificial intelligence. The average analyst also anticipates a better path ahead, with a price target reflecting an upside of about 24%.

Persons: CMEGroup's, Wells Fargo's Michael Turrin, ResMed, RMD, Peter Low Organizations: Traders, Federal Reserve, CNBC, CNBC Pro, Microsoft, FactSet, Oil, Exxon Mobil, Exxon, Super

☆ Corporate America weighs business impact of new weight-loss drugs
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

Walmart (WMT.N) expects revenues from its health and wellness products to increase in the second half of the year, mainly due to the popularity of weight-loss drugs. PepsiCo (PEP.O) Chief Financial Officer Hugh Johnston has said the company is "not seeing any impact" yet from the popularity of weight-loss drugs. Coca-Cola (KO.N) CEO James Quincey said the company was monitoring what impact, if any weight-loss drugs will have. Abbott CEO Robert Ford has said diabetes patients could end up using glucose monitors with the weight-loss drugs in the long term. DRUG DISTRIBUTORSCencora (COR.N), formerly called AmerisourceBergen, Cardinal Health (CAH.N) and McKesson (MCK.N) have flagged potential boost to revenues this year owing to the growing demand for weight-loss drugs.

Persons: Victoria Klesty, Eli Lilly's, Eli Lilly's Zepbound, Hugh Johnston, James Quincey, Michele Buck, Dr Pepper, Robert Gamgort, Johnson, Joseph Wolk, Robert Ford, Michael Farrell, Bhanvi Satija, Ananya Mariam Rajesh, Mrigank Dhaniwala, Arun Koyyur Organizations: REUTERS, U.S . Food, Drug Administration, Walmart, PepsiCo, J, Abbott Laboratories, Insulet Corp, Boston Scientific, Cardinal Health, Thomson Locations: Oslo, Norway, Victoria, U.S, GLP, Bengaluru

☆ 3 Crucial RMD Questions the IRS Needs to Answer
▼ + stars: | 2023-11-02 | by ( Leonard Sloane | ) www.wsj.com time to read: 1 min

When Congress passed the Secure 2.0 Act in late 2022, retirement savers cheered at a host of changes in rules for required minimum distributions from tax-deferred accounts like IRAs. Some of the changes are straightforward—such as raising the starting age for RMDs to 75 in 2033 from 73 today and 72 last year (and up from 70½ as recently as 2019).

Such forecasts have prompted a sell-off in a wide range of companies from makers of bariatric surgery devices to companies whose products address the health issues created by excess weight, from diabetes to sleep apnea. "The market is in a shoot-first, ask-questions-later mood when it comes to weight-loss drugs," said Nicholas Anderson, manager of the Thornburg International Growth Fund, which holds shares of Novo Nordisk. By contrast, the iShares U.S. Medical Devices exchange-traded fund has lost more than 22% in the last three months. Injectable weight-loss drugs, known as GLP-1 receptor agonists, are considered highly effective but are also expensive, costing more than $1,300 per month. "Overall, we'll see an increased interest in bariatric surgery, but that will get delayed in the short term."

Persons: Doctor Thomas Horbach, Wegovy, Nicholas Anderson, Eli Lilly, Kenneth Stein, Margaret Kaczor Andrew, William Blair, Michael Farrell, Jeff Jonas, Johnson, Myriam Curet, Ann Hynes, Hynes, David Gaffen, Manas, Michael Erman, Caroline Humer, Sonali Paul Organizations: Novo Nordisk, Healthcare, Growth Fund, Medical Devices, Boston, Gabelli Funds, Johnson, Reuters, Mizuho Securities, Manas Mishra, Thomson Locations: Germany, Munich, Danish, U.S, Boston, GLP, New York, Bengaluru

☆ Withdraw funds from inherited accounts now to avoid getting 'buried in taxes' later, IRA expert says
▼ + stars: | 2023-10-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Elenaval | Room | Getty ImagesIf you inherited an individual retirement account, the IRS waived penalties for some missed mandatory withdrawals this year. But there could be reasons to start taking them anyway, experts say. Prior to the Secure Act of 2019, heirs could "stretch" IRA withdrawals over their lifetime, which minimized year-to-year tax liability. By starting RMDs sooner, heirs can smooth out taxes over a number of years and possibly reduce the overall bill with proper planning, Slott said. Leverage 'pretty attractive' tax rates nowAnother reason to take RMDs sooner may be to leverage the current federal income tax rates, which could be changing in a couple of years.

Persons: Ed Slott, Slott, Ben Smith Organizations: Secure, Financial Locations: Milwaukee

☆ Here are Friday's biggest analyst calls: Apple, Intel, Rivian, ResMed, Amazon, Enphase, Southwest & more
▼ + stars: | 2023-10-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan initiates TKO Group as overweight JPMorgan said the WWE and UFC combo company is a "sports champion." Bank of America downgrades Hasbro to neutral from buy Bank of America downgraded the toymaker after its earnings report on Thursday. " HSBC upgrades Intel to hold from sell HSBC upgraded Intel after its earnings report on Thursday. TD Cowen downgrades Southwest to market perform from outperform TD downgraded the stock after its "tough" earnings report on Thursday. " Goldman Sachs reiterates Amazon as buy Goldman said the stock remains attractive after its earnings report Thursday.

Persons: Cantor Fitzgerald, Rivian, Cantor, Stifel, we've, JPMorgan, Morgan Stanley, Piper Sandler downgrades, Piper, Guggenheim, Raymond James, Roblox, TD Cowen, TD Cowen downgrades Hershey, it's bullish, Wells, Goldman Sachs, Goldman Organizations: Dominion, WWE, UFC, " Bank of America, Hasbro, Bank of America, Products, Energy, JPMorgan, HSBC, Intel, Inc, Deutsche Bank, Deutsche, Griffon Corp, Management, Hershey, BMO, Merck, Citi, Cisco, JPMorgan downgrades, Apple, of America

☆ Retirement withdrawal rules are 'crazy' this year, IRA expert says. Here's what you need to know
▼ + stars: | 2023-10-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

"They're crazy," said IRA expert and certified public accountant Ed Slott, describing the new RMD rules. For 2023, RMDs apply to both pretax and Roth 401(k) accounts, along with other workplace plans. Secure 2.0 bumped the RMD beginning age to 73 from 72 for pretax IRA owners and retirement plan participants. If you turn age 72 in 2023, you can delay RMDs until age 73. But if you turned 72 in 2022, you needed to take your 2022 RMD by April 1, 2023, and your 2023 RMD by year-end.

Persons: RMDs, Ed Slott, pretax, Roth, Slott, Ben Smith Organizations: Sdi, Financial Locations: Milwaukee

☆ 'Mispriced' stocks like this solar name are too attractive to ignore, Bank of America says
▼ + stars: | 2023-09-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Earlier this week, however, the bank lifted its rating to buy from neutral, saying ESAB is too attractive to ignore. "In our view, ESAB is a mispriced asset and the discount to peers is likely to narrow with the upcoming [December] Investor Day as a catalyst," El-Sabbahy wrote. First Solar Analyst Julien Dumoulin-Smith is getting increasingly bullish on shares of the solar company. ESAB "ESAB is executing better than expected (leverage falling, margin expanding, growth outperforming) and we have a renewed appreciation of its portfolio. In our view, ESAB is a mispriced asset and the discount to peers is likely to narrow with the upcoming [December] Investor Day as a catalyst."

Persons: ESAB, Sherif El, Sabbahy, Julien Dumoulin, Smith, BofA, FSLR, Didier Scemama, ASML, Scemama, mgmt, RMD Organizations: of America, CNBC Locations: Swedish, GLP

Here's everything you need to about the up-and-coming changes for 401(k) catch-up contributions. 401(k) catch-up contributions in 2026: 4 things you should know now1. But starting in 2026, older workers earning over $145,000 annually will no longer be able to deposit catch-up contributions into a traditional 401(k) plan. Rather than collecting the immediate tax benefit of a traditional 401(k) contribution, catch-up contributions will be taxed as Roth contributions. You have until 2026 to prepareThe new 401(k) catch-up rules were originally planned to be set into motion on January 1, 2024.

Persons: You'll, Roth, Roths, Eric Kirste, he's, you'll, It's, we've, Read, Kirste, Robinhood Organizations: Workers, IRS, Employers, Financial

New anti-obesity drugs have the potential to transform public health, while obliterating demand for products and services from the medical, food and fitness industries. Drugs developed by Novo Nordisk (NOVOb.CO) and Eli Lilly (LLY.N) appear to be the first truly effective diet treatments. In one clinical trial, patients taking Eli Lilly’s soon-to-be-launched weight-loss drug lost about 50 pounds (23 kg). Only about a third of those who started taking the drugs for obesity were still doing so a year later, according to one analysis. Yet even as Novo, Lilly and others see their addressable markets expand, some companies will see theirs shrink.

Persons: Lilly, George Frey, Eli Lilly, Eli Lilly’s, Novo, Wegovy, Kraft Heinz, Burger, LSEG, Michael Farrell, Zimmer Biomet, Smith, Peter Thal Larsen, Sharon Lam, Oliver Taslic Organizations: Novo Nordisk, Pharmacy, REUTERS, Reuters, TAM, Drugs, Alpha, Reuters Graphics Reuters, Cadbury, Mondelez, Fortune Business, Burger King, KFC, Yum Brands, Centers for Disease Control, Milken Institute, BMJ, Novo, Inspire Medical Systems, Novo Nordisk’s, WW International, Fashion, Thomson Locations: Provo , Utah, U.S, New, United States, Lilly, England

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Nio, SoFi, Amgen, Chewy, Toast and more
▼ + stars: | 2023-09-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Wednesday's biggest calls on Wall Street: UBS upgrades Toast to buy from neutral UBS said the restaurant tech company "continues to prove itself as a top provider" for the restaurant industry. " UBS downgrades Block to neutral from buy UBS said it sees slowing profit growth for Square's parent company. Deutsche Bank reiterates Nio as buy Deutsche Bank said it's concerned about the company's growth trajectory but that it's sticking with its buy rating. " Deutsche Bank reiterates Tesla as buy Deutsche Bank said it's standing by its buy rating on the auto giant. Bank of America reiterates SoFi as neutral The firm said SoFi is a key beneficiary of student loan refinances.

Persons: Baird, Goldman Sachs, William Blair, Argus, Russell, CFRA, it's, TD Cowen, Cowen, Morgan Stanley, Needham, Nio, Tesla, SoFi, refinances Organizations: UBS, omni, Nvidia, Technology, HSBC, Apple, Constellation Brands, Bloom Energy, Deutsche Bank, Bank of America

☆ As weight loss drug stocks rallied on a landmark study, these stocks were over sold, analysts say
▼ + stars: | 2023-08-11 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +8 min

However, the pharmaceutical companies are making the case that weight loss can improve health, and possibly lower health-care costs over time. But analysts have said the news isn't all bad for such stocks, and many were fell too low on Tuesday. Deutsche Bank analyst Imron Zafar estimated Thursday that bariatric surgery accounts for about 5% of Intuitive Surgical's U.S. robotic surgery business, but has been driving much of the company's growth. Some of the surgeons Zafar spoke with said any drop off in bariatric surgery was likely to be offset by increased use of the robot for other procedures. But they expect the drugs will remain necessary because GLP-1 drugs have yet to show they improve fibrosis, which is associated with NASH.

Persons: nonalcoholic steatohepatitis, NASH, Abbott, Robbie Marcus, Marcus, Marcus doesn't, Goldman Sachs, Goldman, Stryker, Smith, Zimmer Biomet, Bariatric, Imron Zafar, Zafar Organizations: Novo Nordisk, Abbott Laboratories, CNBC, JPMorgan, Companies, Inspire Medical Systems, Resmed, Philips, Nephew, Deutsche Bank, Madrigal Pharmaceuticals, Sagimet Biosciences, Akero Therapeutics, Terns Pharmaceuticals, Viking Therapeutics, Madrigal Locations: U.S

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Amazon, Gap, Target, PayPal, Coinbase & more
▼ + stars: | 2023-08-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as equal weight Morgan Stanley said in its annual ask the interns survey that Tesla favorability fell. " Morgan Stanley reiterates PayPal as overweight Morgan Stanley said it's bullish heading into PayPal earnings on Wednesday. " Oppenheimer reiterates Target as outperform Oppenheimer said investors should buy the dip ahead of Target earnings later this month. Bank of America reiterates DraftKings as buy Bank of America is bullish heading into earnings later this week. Morgan Stanley reiterates Ford as overweight Morgan Stanley said it's standing by its overweight rating, but that the company needs an electric vehicle strategy change soon.

Persons: Baird, it's, Cantor Fitzgerald downgrades Rivian, Cantor, Morgan Stanley, Tesla, Read, RMD, PYPL, Oppenheimer, Canaccord, Estee Lauder, DraftKings, DoorDash, comps, Bernstein, Goldman Sachs, Goldman, Ford Organizations: Apple, Mercedes, Barclays, 2H23, RBC, PayPal, Citi, EL, Amazon, Bank of America, Anheuser, Busch InBev, Goldman, Meta Locations: US

☆ An investment chief who manages $1 billion in assets shares 10 investments that will reduce your portfolio's volatility while this bear market lasts longer than expected.
▼ + stars: | 2023-05-03 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Here are 10 ways to protect against losses and volatility in this long-lasting bear market. "It went beyond dodging a bullet," Steve Sosnick, the chief strategist at Interactive Brokers, said of first quarter earnings results in a late April interview with Insider. Weaker earnings raise valuation concernsBut some investors aren't impressed by Q1 earnings — at least not enough to get bullish. Besides weaker earnings growth and lofty valuations, another risk for stocks is that upcoming quarterly results will miss higher expectations in a shaky economy. "We're still looking at fairly high-single-digit earnings growth for the next couple of quarters overall," Sosnick said.

☆ What should you do with your 401(k) when you switch jobs? Experts weigh in
▼ + stars: | 2023-04-18 | by ( Holly Johnson | ) edition.cnn.com time to read: +11 min

Millions of people switch jobs every single year, and millions of 401(k) plans and other retirement accounts fall by the wayside as a result. We asked experts what most retirement savers should do if they have multiple old retirement accounts scattered around — here’s what they had to say. Keep track of your old 401(k) accountsTry and keep good records of your 401(k) accounts, including account numbers. Roll over your 401(k) accounts earlyRollover your old 401(k) accounts early to avoid confusion and potentially maximize returns. How to roll over an old 401(k) planYou can often roll over your 401(k) to an IRA online.

☆ This maker of CPAP machines can gain market share as rival deals with a recall, Mizuho says
▼ + stars: | 2023-04-14 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

An ongoing product recall for one of ResMed's top competitors opens up a big opportunity for the continuous positive airway pressure (CPAP) equipment maker, according to Mizuho. Philips Respironics, a rival CPAP hardware maker, is still contending with a 2021 recall of its products, leaving the door open for ResMed to grow its market share, Petrone said. "In aggregate, we see RMD settling at nearly ~60% permanent sleep device share, up from ~50%, as a result of the extended Philips CPAP recall," Petrone wrote on Thursday. Petrone added that ResMed has maintained its market share from a decline in Philips for longer than expected. RMD YTD mountain RMD in 2023 Mizuho pointed toward proprietary survey data that indicated pent-up demand and a rebound in U.S. volume.

☆ The last chance for some retirees to avoid a 25% tax penalty is April 1
▼ + stars: | 2023-03-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

In 2022, Secure 2.0 raised the age to 73, which starts in 2023. RMDs apply to both pre-tax and Roth 401(k)s and other workplace plans, along with most individual retirement accounts. Secure 2.0 reduced the RMD penaltyIf you skip your RMD or don't take out enough, there's a 25% penalty, levied on the amount you should have withdrawn. Secure 2.0 dropped the penalty to 25% from 50% starting in 2023, with the possibility of reducing it further to 10% if you take your missed RMD during the "correction window." "In the past, the IRS was lenient about missed RMDs, but with the new reduced penalties, they may get more aggressive," he said.

☆ Secure 2.0 changes 3 key rules around required withdrawals from retirement accounts
▼ + stars: | 2023-01-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

President Joe Biden signed a $1.7 trillion legislative package on Dec. 29, 2022 that has several updates for retirement savers. Raising the RMD age to 73 (and eventually 75)Currently, savers have to start taking RMDs at age 72. The new law raises the RMD starting age in two tranches: to 73, starting in 2023, and to 75, starting in 2033. Eliminating RMDs from a Roth 401(k)Starting in 2024, investors in employer retirement plans likes Roth 401(k) accounts will no longer have to take RMDs. This change aligns Roth 401(k) with Roth IRAs, which don't require distributions during one's lifetime.

☆ This 'wild card' strategy can help retirees with unpaid quarterly taxes before year-end
▼ + stars: | 2022-12-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're retired and skipped your 2022 tax payments, you can still avoid late penalties with an under-the-radar year-end strategy, experts say. Since taxes are due as you receive income, you must withhold levies from earnings or pay quarterly estimated tax payments. You may owe quarterly taxes if you didn't withhold enough from Social Security, pensions or other income. But if you missed paying quarterly taxes, you can correct that mistake through your year-end required minimum distribution, or RMD, which currently begins at age 72. More from Personal Finance:There's still time to reduce your 2022 tax bill with these last-minute moves21% of investors don't think they pay fees.

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