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☆ Here are some key open enrollment tips and strategies for employees
▼ + stars: | 2023-11-07 | by ( Annie Nova | ) www.cnbc.com time to read: +9 min

Jimvallee | Istock | Getty ImagesOpen-enrollment workplace checklist ✔ Health insurance ✔ Savings and spending accounts ✔ Dental and vision plans ✔ Life insurance ✔ Disability insurance ✔ Retirement savings ✔ Beneficiary selection1. If your spouse has their own health insurance option at work, you'll want to both sit down and compare the different offerings. Many employees will notice that the health insurance plans offered by their company don't include dental and vision coverage. Consider life, disability insuranceDuring open enrollment, employees will typically also be presented with different disability and life insurance options. Short-term disability coverage is very limited, she said: "Everyone needs long-term disability coverage unless they have enough savings that they could basically retire if they can't work anymore."

Persons: Caitlin Donovan, Gruber, Jean Abraham, Warby Parker, Pat Greenhouse, Abraham, Donovan, you'll, Jonathan Gruber, Louise Norris, Norris, Carolyn McClanahan, McClanahan, Ryan Viktorin, Viktorin Organizations: Istock, Getty, Savings, Patient Advocate, University of Minnesota, Harvard, Boston Globe, Massachusetts Institute of Technology, IRS, Healthinsurance.org, Planning Partners, CNBC's, Pew Research Center, Partners, Fidelity Investments Locations: Cambridge , Massachusetts, Jacksonville , Florida

Your debt-to-income ratio is the percentage of your monthly income that goes toward debt payments. Besides looking at your credit score, payment history, assets, and cash flow, they also consider your debt-to-income ratio. Debt-to-income ratio (DTI) is the percentage of your monthly gross income that goes toward paying existing debts. You can have a DTI ratio as high as 43% and still get approved for a mortgage, though Rose says lenders would ideally like to see a total DTI ratio of 36% or less with 28% going toward housing expenses (front-end DTI). Debt-to-income ratio frequently asked questionsIs 50% a good debt-to-income ratio?

Persons: Scott Bridges, Rose, Jeff Rose

☆ A meteoric rise in worker health costs has slowed — but they’re already 'egregious,' advisor says
▼ + stars: | 2023-11-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Employer-sponsored health plans have many moving parts that can affect workers' wallets. Workers pay $1,401 in total premiums in 2023, up 18% from 2018, according to KFF, a nonprofit health-care data provider. (This cost is for employer-sponsored health plans and assumes consumers receive in-network care.) That has led employers to make their health plans more competitive to attract and retain staff. One in four employers report being highly concerned about the affordability of cost-sharing within their health plans, according to KFF.

Persons: it's, Carolyn McClanahan, Matthew Perry's, Matthew Rae, Rae, KFF, That's, It's, that's, McClanahan, doesn't Organizations: Planning Partners, Finance, Security, Workers, Digitalvision Locations: Jacksonville , Florida

☆ 3 things you can learn about taxes from San Francisco 49ers' Arik Armstead's paycheck
▼ + stars: | 2023-11-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Arik Armstead of the San Francisco 49ers at the NFC Championship game against the Philadelphia Eagles on Jan. 29, 2023. While the pay stub showed gross earnings of more than $4 million year to date, experts say it holds lessons for everyday taxpayers. While it's possible to withhold less than you'll owe, you could risk underpayment penalties on top of a sizable income tax bill in April. Max out your 401(k) to save on taxesIn addition to significant tax withholdings, Armstead also maxed out his workplace retirement plan for 2023. But you can reduce your adjusted gross income with pre-tax 401(k) contributions, experts say.

Persons: Arik Armstead, Kevin Sabitus, Sam, Armstead's, Albert Campo, Armstead, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Armstead's withholdings, John Loyd, Max Organizations: San Francisco 49ers, NFC, Philadelphia Eagles, Getty, Finance, Social Security, AJC Accounting Services, CFP Locations: Manalapan , New Jersey, California, Orlando , Florida, Florida, Texas, Fort Worth , Texas

However, variable-rate CDs and no-penalty CDs offer flexibility that may be worth considering. So far this year, CD rates have been increasing and I've managed to secure CDs with rates that range from 4.75% to 5.5% APY. "CD interest rates are for a 12-month period." Variable-rate CDBecause I've been mostly risk-averse with my CDs, one type that I've never tried are variable-rate CDs. For example, if you get a one-year CD paying 5% with the option to bump up, Manske said you can pay attention to CD rates and elect to update it if the rates rise.

Persons: —, I've, Christopher Manske, Manske, that's, doesn't Organizations: Service

Matt LeBlanc as Joey Tribbiani, Matthew Perry as Chandler Bing, Jennifer Aniston as Rachel Green and Courteney Cox as Monica Geller on NBC's "Friends." A spokesperson for Warner Bros., which owns the show's distribution rights, declined to verify or comment on the residual payments. What may happen to Perry's 'Friends' residualsWhen an actor passes away, residual payments are considered the actor's personal property. The Screen Actors Guild-American Federation of Television and Radio Artists has contracts in which its members can list beneficiaries for residual payments upon death. Charity may have figured into Perry's estate

Persons: Matt LeBlanc, Joey Tribbiani, Matthew Perry, Chandler Bing, Jennifer Aniston, Rachel Green, Courteney Cox, Monica Geller, NBC's, ", Perry's, Charlie Douglas, Perry, Franklin, Douglas, there's, Tasha Dickinson, Pitney, David Johnston, Keith Morrison, David Oh Organizations: NBC, Getty, Warner Bros, CNBC, HH, Investments, American Federation of Television, Radio Artists, Finance, Wealth, Arta Finance Locations: California, Atlanta, Arta

About a year ago, I wanted to talk to my mom about her estate planning and financial needs. Get your estate planning in order firstBefore you even broach the topic of estate planning with your parents, get your own estate-planning ducks in a row. Approach estate planning with sensitivityRemember that estate planning is a delicate topic. In talking to your parents, Rivera suggests framing estate planning as the ultimate form of control and selflessness. Create an Estate Plan Online Trust & Will can help create an estate plan for you or your loved ones.

Persons: —, Valerie Rivera, Rivera, they're, You'll, you've Organizations: Service, FirstGen, Will Locations: America

☆ Are you financially illiterate? Suze Orman says 'probably 95%' of Americans are
▼ + stars: | 2023-11-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

When asked by Wallace what percentage of Americans she thought were financially illiterate, she said, "Truthfully, probably 95%." So-called "traditional" accounts, including 401(k)s and individual retirement accounts, give you a tax break up front. Because you fund these accounts with money you've already paid taxes on, your contributions don't count against your taxable income. Contributions to these accounts are made with after-tax money, but investments in them grow free from federal or state tax. You can contribute to any state's plan — and each plan comes with different investing options — but you'll generally only receive tax benefits, if they're offered, by investing in your home state's plan.

Persons: Suze Orman doesn't, Suze, Orman, Chris Wallace, Max, Orman —, Wallace, here's, Roth, you've, Sheryl Garrett, Powers, they're Organizations: Garrett Planning Network, CNBC, Internal Revenue

☆ 60% of Americans feel behind on emergency savings—a 'sunny day' fund can help, says CFP
▼ + stars: | 2023-11-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

More than 4 in 5 say they did not increase emergency savings this year, according to a recent survey from Bankrate, and 60% say they feel behind when it comes to saving for a rainy day. That's why, in addition to your traditional emergency fund, some financial pros recommend building a so-called sunny day fund of money you can spend guilt-free or put toward exciting opportunities. What's more, consider the sorts of expenses your emergency fund could potentially cover to give yourself some piece of mind. "Another would be cash to cover living expenses during the disability waiting period, or elimination period." How a 'sunny day' fund can help you reach your goals

Persons: Spenser Liszt, Andy Baxley, Liszt Organizations: Motif, Planning Locations: Bankrate

☆ Best 5-Year CD Rates for October 2023
▼ + stars: | 2023-10-31 | by ( Martha C. White | ) www.wsj.com time to read: +8 min

Best 5-year CD rates for NovemberA five-year CD is one of the more common CD terms available. Interest rates on 5-year CDs have not climbed as sharply this year as rates for CDs with shorter terms. Our CD rate picks reflect the best available five-year CD rates we found on DepositAccounts, com, which tracks roughly 275,000 rates at more than 11,000 banks and credit unions. You expect interest rates to fallThe current interest rate environment is great for savers, but if the U.S. economy slows, the Federal Reserve policy makers are likely to cut interest rates in order to stimulate the additional growth. These accounts’ interest rates are variable, so if prevailing interest rates decline, banks will cut their rates and you will earn less money.

Persons: Martha C, —, ”, Ken Tumin, Dillon Haviland Organizations: Federal Deposit Insurance Corp, Federal Reserve, TBH Advisors, FDIC, National Credit Union Administration Locations: U.S, Nashville, Tenn

How to calculate I bond ratesThe Treasury adjusts I bond rates every May and November, and there are two parts to I bond yields: a variable and fixed portion. The variable rate moves every six months based on inflation, and the Treasury can change the fixed rate every six months, but that doesn't always happen. The variable rate resets every six months starting on the investor's I bond purchase date, not when the Treasury announces new rates. Currently, the variable rate is 3.94% and the fixed rate is 1.30%, for a rounded combined yield of 5.27% on I bonds purchased between Nov. 1 and April 30. However, the headline rate may be different than what you receive because the fixed rate stays the same for the life of your bond.

Persons: Ken Tumin Organizations: U.S . Department of, Treasury

A financial planner told me I need to understand how my retirement account is invested. I don't feel like I have the knowledge or time to be able to manage my retirement accounts on my own. However, Kovar said it's still important to keep a pulse on what's happening inside of those retirement accounts. Kovar recommended that people look at their retirement accounts every 6-12 months to determine how much risk they want to take on. Kovar recommended those with a 401(k) consider having a second retirement fund as well, so their investment options aren't limited.

Persons: —, it's, Taylor Kovar, Kovar Organizations: Service

☆ 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

☆ There’s a connection between workers’ mental health and retirement, emergency savings, research finds
▼ + stars: | 2023-10-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

In this article T-CA Follow your favorite stocks CREATE FREE ACCOUNTNicoletaionescu | Istock | Getty ImagesFinancial strain associated with anxiety, depressionAcademic research has also highlighted a connection between mental health and retirement savings. Admittedly, it may be difficult to identify whether mental health conditions lead to poorer financial outcomes, or vice versa. The research from Telus Health points to strong relationships between financial preparedness and mental health. Emergency savings can affect mental healthWhether workers have emergency savings set aside was another factor that led to higher or lower mental health scores, Telus Health found. "Not having emergency savings was one of the biggest factors in terms of people's mental health," Allen said.

Persons: There's, Brad Klontz, Klontz, Allen Organizations: Istock, Getty, Cornell University, Medica Research, CNBC, Council, People, Telus Health, Workers

☆ Retirement account withdrawal rules are 'so complicated' for inherited IRAs, expert says. What to know
▼ + stars: | 2023-10-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But the gift comes with mandatory withdrawals for heirs and following the rules can be difficult, experts say. According to the Secure Act of 2019, certain heirs now have less time to deplete inherited accounts due to a change in so-called "required minimum distributions." But there's now a 10-year withdrawal rule for certain heirs, meaning everything must be withdrawn by the 10th year after the original account owner's death. The rule applies to accounts inherited by so-called "non-eligible designated beneficiaries" on Jan. 1, 2020, or later. Ed Slott IRA expertNon-eligible designated beneficiaries are heirs who aren't a spouse, minor child, disabled, chronically ill or certain trusts.

Persons: Ed Slott, Ashton Lawrence, there's, Slott, RMDs Organizations: Istock, Getty, Secure, Mariner Wealth Advisors, IRS Locations: Greenville , South Carolina

☆ Here are 4 ways health savings accounts can be used to pay insurance premiums
▼ + stars: | 2023-10-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

COBRA coverage typically allows consumers to keep the same health-care providers, but the coverage is often pricey. With COBRA coverage, however, individuals may have to cover the full premium, up to 102% of the cost to the plan. Premiums while on unemploymentHealth premiums paid by someone receiving unemployment compensation under federal or state law are also eligible. These might be premiums for COBRA or a health plan purchased over an Affordable Care Act marketplace, for example. Medicare beneficiaries don't have to pay their premiums directly with an HSA to get the benefit.

Persons: they'd, Carolyn McClanahan, it's, —, — aren't, McClanahan, There's, isn't Organizations: IRS, Affordable, Bank, Getty, Social Security Locations: Jacksonville , Florida

If you want to retire early, start early and look at your expenses, your income, and your assets. But I didn't pay much attention to the second half of the book, which lays out a plan to retire early. Recently, I've been thinking about what early retirement might look like. Real estate and other assets are possible sources of income to fund an early retirement. The 3-bucket planCannon suggested making an emergency fund to deal with sudden expenses, like a medical event or a home or car repair, the foundation of your retirement plan.

Persons: —, I've, Bryan Cannon, Cannon, isn't, they're, doesn't Organizations: Service, Cannon Advisors, Social Security, Social Locations: Real

☆ Don’t start investing until you’ve accomplished these 2 things, says CFP
▼ + stars: | 2023-10-26 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

Tackle high-interest credit card debtWith credit card debt topping $1 trillion for the first time this year — and average interest rates over 21% — Boneparth said consumers should focus on paying off high-interest credit card debt before they even think about investing. If your credit card debt carries an interest rate of 15% or more, "get rid of it as soon as possible," he said. Because of that, tackling high-interest credit card debt should be first and foremost on your plan of action, Boneparth said. In addition to paying down credit card debt, you should also examine your spending habits. Asking yourself why you're amassing credit card debt and whether you can really afford to do so can help improve your financial behavior.

Persons: you've, Douglas Boneparth, CNBC's Frank Holland, Boneparth, you'll Organizations: Bone, CNBC

A W-2 tax form is a type of informational form that's essential for completing your tax return. If you haven't received your W-2 by mid-February 2024, there are a few simple steps to take to ensure you have it in time to meet the April 15 tax deadline. How can I get my W-2 online? The easiest way to get a copy of your W-2 online is to ask your employer and/or payroll provider. Search your email account for "tax form is ready" or "tax form available for download" along with the name of the payroll provider.

Persons: —, haven't, Riley Adams, Sallie Mullins Thompson, hasn't, Adams, it's Organizations: Service, Social Security Administration, Internal Revenue Service, Employers, Social, IRS, Taxpayer Assistance Center, Chevron, Taxpayer Assistance Locations: Louisiana, New York, Chevron

Our experts answer readers' investing questions and write unbiased product reviews (here's how we assess investing products). Then, know why you're investing, and understand the risk involved in any investment you make. As a certified financial planner, I speak with countless people who are new to investing. Whether you're a beginner or you've been investing for some time, watch out for these common investing mistakes. Before you dive in, be sure to cover the basics, understand the risk, and most importantly, have a plan.

Persons: —, you've, Roth, Roth IRAs, doesn't Organizations: Service

☆ Protect your portfolio income from hefty state taxes with these funds
▼ + stars: | 2023-10-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors in high-tax locales can protect some of their portfolio income from steep levies by adding state-specific municipal bond funds to their fixed-income roster. "In the muni bond fund market, we're seeing yields higher than they have been in more than a decade," said Amy Arnott, portfolio strategist for Morningstar Research Services. That's because while muni bond income is generally free of federal taxes, it can also avoid state levies if the investor resides in the state where the bond was issued. That's where state-specific muni bond funds come into the picture. See below for a chart of 10 large state-focused muni bond funds.

Persons: Bonds, haven't, Amy Arnott, Dan Herron, Herron, Arnott, CNBC's Gabriel Cortes Organizations: Federal Reserve, Muni Bond ETF, Morningstar Research Services, Vanguard, SEC, Vanguard New, CPA, Wealth Advisors, muni Locations: California, New York, Massachusetts, Ohio, Jersey

☆ 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

☆ Picking health insurance can be tricky: 6 key terms to know as open enrollment starts
▼ + stars: | 2023-10-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

PremiumsFrederic Cirou | Photoalto | Getty ImagesThe premium is the sum you pay an insurer each month to participate in a health plan. It's perhaps the most transparent and easy-to-understand cost component of a health plan — the equivalent of a sticker price. The average co-insurance rate for consumers is 19% for primary care and 20% for specialty care, according to KFF data. For example, would you struggle to pay a $1,000 medical bill if you require health care? If so, a health plan with a larger monthly premium and a smaller deductible may be your best bet, Sun said.

Persons: Frederic Cirou, Karen Pollitz, Luis Alvarez, you've, KFF, Pollitz, McClanahan, there's, Winnie Sun, She's, Sun, Carolyn McClanahan Organizations: Sdi, Photoalto, Kaiser Family Foundation, CNBC, Digitalvision, Getty, Kaiser Family Foundation Health, Network Health, Sun Group Wealth Partners, CNBC's FA Locations: Aetna, Irvine , California, CNBC's

☆ Eyeing dividend-paying stocks? Don’t rush to pick up the richest yielding names
▼ + stars: | 2023-10-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Today's higher interest rate environment drives home the reason why investors should scrutinize stocks offering tempting double-digit yields. Digging beneath the surface Multiple factors may contribute to a stock touting high dividend yields at first blush. First, there are dividend sustainers – companies that have made steady payments for years, including Merck , Johnson & Johnson and Southern Co . Investors who want to hunt dividend payers shouldn't go for the biggest yielders, but instead look for names that are in the second or third quintile among dividend payers, he said. "For many investors, you can get a pretty good dividend play and a good yield through ETFs at a low cost," said Ebersole.

Persons: Bond, Charlie Gaffney, Gaffney, Eaton Vance, Jamie Ebersole, Kim Abmeyer, Morgan Stanley, shouldn't, Ebersole, Morningstar's Bryan Armour, VIG Organizations: Utilities, Morgan Stanley Investment Management, Ebersole, Abmeyer Wealth Management, Investors, Costco Wholesale, Merck, Johnson, Southern Co, Apple, Exxon Mobil, Walmart Locations: Southern

The current exemption limit is $12.92 million for estates of individuals and $25.84 million for the combined estates of married couples. About 0.1 to 0.2% of estates of people who died in recent years have been subject to federal tax. A common strategy is to trim your estate's value before Dec. 31, 2025, and then keep it below the exemption limit, if feasible, or as low as possible to minimize tax exposure. This would assure substantial resources for their grandkids' educations while reducing the couple's combined estate by $1.7 million. While getting organized to reduce your estate's value by making gifts, it's a good idea to get updated real estate appraisals.

Persons: it's

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