DIRS.INFO The most relevant business & tech news

☆ Social Security may affect workers differently in 2024. Here are 3 key things to keep in mind
▼ + stars: | 2023-10-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But there are several thresholds workers should keep in mind, based on new numbers for 2024 that were recently announced by the Social Security Administration. If you're a worker who hopes to eventually be eligible for retirement benefits, or you're working and also receiving retirement benefits, here's what you need to know. Up to $168,600 in earnings will be taxed for Social Security in 2024The maximum taxable earnings for Social Security will rise to $168,600 in 2024, up from $160,200 in 2023. The remaining 6.2% is for Social Security and only applies to the taxable maximum, or $168,600 for next year. watch nowApproximately 6% of workers who pay Social Security taxes have earnings above the taxable maximum every year, according to the Social Security Administration.

Persons: Joe Elsasser, Elsasser Organizations: Social, Social Security Administration, Social Security, Workers, Federal Insurance, Medicare, Finance

Single women face unique challenges when planning for retirement, so I asked an expert for help. Plus, women are often put in a caregiving role, which means time off from work — and not contributing regularly to retirement funds. So how can single women like me juggle with inflation, a higher cost of living, dwindling income, and the gender wage gap to be on track for retirement? I asked Marie Thomasson, a certified financial planner and founder of Modern Assets, an LA-based financial advisory firm for independent, progressive women, for tips on how single women can steer the course and make sure they're on track with their goals for retirement planning. Reassess your retirement accountsOnce you have your financial bases covered, you can venture into investing and retirement planning, says Thomasson.

Persons: Marie Thomasson, —, I've, Thomasson, hadn't, doesn't, aren't, Amanda Holden's, Simran Kaur's, Erin Lowry's, Tonya Rapley's, Tiffany, We're Organizations: Service, Modern Assets, Research, Pew Locations: LA, YOLO

☆ How Much Social Security Will I Get?
▼ + stars: | 2023-10-20 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

For these reasons, it is hard to know exactly what your Social Security checks will look like years in advance. Every year, the government adjusts Social Security payouts for inflation—these are called cost-of-living adjustments, or COLA—so averages change, too. However, you can start taking Social Security anytime between ages 62 and 70. Whether or not you’ll owe taxes on your Social Security check is complicated, but more than half of Social Security recipients currently pay taxes on theirs. You can use the Social Security Administration’s Quick Calculator to get a rough idea of your payouts, or if you sign up for a My Social Security account, you’ll get an official estimate straight from the source.

Persons: Aly J, you’ve, You’ll, ”, Krisstin Petersmarck, —, James Sahagian, you’re, you’ll Organizations: Yale, Social Security, Bridgeriver Advisors, Social, Social Security Administration, Ramapo Wealth Advisors Locations: U.S, Bloomfield Hills, Mich, Ramapo, Ramsey , N.J

☆ The No. 1 factor behind Americans' most successful investments—and their worst
▼ + stars: | 2023-10-20 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Think of your biggest investing success. Maybe it was a mega-sized company whose stock you bought when it was just a startup. There are many reasons why a particular trade might be your most successful, but when asked, investors identify one factor above all others. In a recent client survey conducted by Charles Schwab, 33% of investors attributed their greatest investing success to patience through volatility. As for the biggest culprits behind investors' worst trades: lack of research (20%), bad timing (18%) and high risk (13%).

Persons: Charles Schwab, Mark Riepe, Spenser Liszt Organizations: Schwab Center, Financial Research, Motif, Fidelity

☆ Don’t buy a home as an investment, says CFP: It’s just a ‘roof over your head’
▼ + stars: | 2023-10-20 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

When it comes to buying a home, think of it as a place to live — not as an investment. A home can have sentimental value too, but otherwise it's "very tough to calculate the return on your investment," he said. "If you sell the home many years down the road and you make some money — fantastic," Boneparth said. However, it's very difficult to keep track of "every little repair and addition you've made to that house" over "20 or even 30 years" of ownership. Boneparth makes an exception for rental properties, since they can generate revenue for their owners.

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

☆ Retirement goal expectations vs. reality: How Americans stack up
▼ + stars: | 2023-10-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

In fact, 45% of Gen Z and millennial workers feel somewhat optimistic. And yet, Gen Z workers are the biggest cohort of non-savers, Bankrate also found. The average 401(k) balance among boomers is $220,900, according to the latest data from Fidelity Investments, the nation's largest provider of 401(k) plans. For Gen Z, the average balance is $8,100. They are also significantly more likely to have at least $100,000 in a retirement savings account, the report found.

Persons: Xers, Z, Bankrate, Gen Xers, Douglas Boneparth, anther, Boneparth Organizations: Fidelity Investments, Bone, Northwestern Mutual, CNBC, Council, Country Financial Locations: New York

Investors were handed an income opportunity they haven't seen in more than a decade when the 10-year Treasury yield climbed near 5% on Thursday. US10Y 5Y mountain 10-year Treasury A 5% yield on the 10-year is a good value, said Kathy Jones, Charles Schwab's chief fixed income strategist. A real yield is a bond's nominal yield minus inflation. "With the 10-year yield nearing 5%, it could be your sign to pick them up." There is also the Vanguard High Dividend Yield ETF (VYM) , which has lost 2.59% and charges 0.06% in fees.

Persons: Barry Glassman, Kathy Jones, Charles Schwab's, Callie Cox, Schwab's Jones, Amy Arnott, Morningstar, Arnott, Cox, John Croke ,, Jones, Morningstar's Arnott Organizations: Treasury, Wealth Services, LendingClub, Vanguard Locations: eToro

☆ Here’s how much of your income you should invest as a ‘good start’—and how much is considered ‘excellent’
▼ + stars: | 2023-10-19 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Financial advisors will tell you that you need a plan for every dollar you earn in income. You likely know how much you need to put toward rent and utilities each month, for instance. How much you're willing or able to save depends on a number of factors unique to you, such as your income, debt level and personal goals. For people earning a $50,000 annual salary, stashing $5,000 a year "is a good start," he added. "Getting into that 20% to 30% category is deemed really good to excellent.

Persons: Douglas Boneparth, Boneparth, Frank Holland Organizations: Bone

☆ Can You Pay a Mortgage with a Credit Card?
▼ + stars: | 2023-10-18 | by ( Michelle Lambright Black | ) www.wsj.com time to read: +10 min

“Eventually something is going to blow up.”That said, paying your mortgage with a credit card can make sense in a few circumstances, such as when you’re trying to earn a credit card sign-up bonus. How to pay your mortgage with a credit cardIn general, mortgage companies and mortgage loan servicers do not accept credit cards as a form of payment. If you plan to buy gift cards with your credit card and use them to pay your mortgage, it’s important to review your credit card issuer’s policies first. Most people consider paying their mortgage with a credit card for one of two reasons—they want extra time to make their mortgage payments or they want to earn credit card rewards. Potentially, yes: You want to earn credit card rewardsThere is one scenario where paying a mortgage with a credit card may make sense.

Persons: Michelle Lambright, ”, Jeff Rose, Plastiq, it’s, LaToya, “, You’re, Cash, Kevin Payne Organizations: Mastercard, Western Unions, Chase, Capital, Federal Reserve Locations: Plastiq, Birmingham, It’s

☆ Keep your sweetened CD yields going with this maneuver
▼ + stars: | 2023-10-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The one-year Treasury bill is yielding 5.47% Wednesday, and one-year CDs at some institutions offer annual percentage yields exceeding 5%. "It always makes sense to look at the landscape," said Danika Waddell, a certified financial planner and founder of Xena Financial Planning. Ally Financial and Bread Financial are among the institutions offering a higher renewal rate for customers who stick around. Consider that about a year ago, the average one-year CD had an APY of less than 1%, according to Bankrate.com . Consider that Synchrony Financial has an 11-month no-penalty CD that offers a 4.5% APY, while its 12-month standard CD yields 5.1%.

Persons: Danika Waddell, Morgan Stanley, Banks, Betsy Graseck, Mark Hamrick, It's, Waddell, Michael Bloom Organizations: Federal Reserve, Treasury, Investors, Xena, PNC, WFC, Bankrate.com, Ally, Federal Deposit Insurance Corp Locations: JPM

I have a 401(k) from an old job, so I asked a financial planner what to do with the funds. Unsure of what to do with the money inside that old 401(k), I chatted with certified financial planner Faron Daugs for advice. Roll your old 401(k) into your current employer's planWhile this option doesn't apply to me because I'm self-employed, one route that Daugs suggested is rolling your old 401(k) plan into the 401(k) plan offered by your current employer. A Roth 401(k) is similar to a Roth IRA and a 401(k), where you make post-tax contributions and earnings inside the account grow tax-free. Daugs also said going this route means you won't get taxed on any distributions from your old 401(k) plan.

Persons: Roth, —, haven't, Faron, Daugs Organizations: Service, Roth IRA, IRA

☆ How to Prepare Every Part of Your Life for a Recession
▼ + stars: | 2023-10-16 | by ( Tanza Loudenback | ) www.wsj.com time to read: +13 min

But a recession brings other threats too, like the potential for major stock market swings that can derail financial goals. As soon as the line begins to tick upward again, the economy exits a recession and enters an expansion. Are we in a recession or is a recession coming? How to preparePreparing your finances for a recession isn’t all that different from practicing good money habits in your daily life. You’ll likely have to make some real-time adjustments to meet short-term goals while enduring a recession, McCoy says.

Persons: Loudenback, it’s, ”, Ross Hamilton, Raymond James, you’ve, Hamilton, aren’t, “ You’ve, Eric Roberge, ” Roberge, Megan McCoy, “, ’ ”, McCoy, You’ll, ” Hamilton, you’re, “ There’s, there’s, ” McCoy, Roberge, ‘ I’ve Organizations: Wall Street, National Bureau of Economic Research, Kansas State University Locations: U.S, Bethesda, Md, Boston, Hamilton

☆ How to Get a 401(k) Match for Your Student Loan Payments
▼ + stars: | 2023-10-16 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

By Aly J. YaleAfter a three-year reprieve, federal student loan payments resumed in October for more than 40 million Americans. In fact, in a recent survey 22% of student loan borrowers said they would need to reduce their retirement savings to make room for their renewed payments. Thanks to a provision in the Secure 2.0 Act, legislation aimed at improving retirement benefits nationwide, in 2024 employers will be able to start counting student loan payments as qualifying contributions toward retirement matching programs. That means if your employer offers to match your 401(k) contributions, you could get that matched money without ever depositing funds in your retirement account. However, if staying on top of your student loan payments has stopped you from leveraging your employer’s matching program—or contributing to your retirement account entirely—a student loan matching benefit can help you start saving.

Persons: Aly J, ”, Joelle, Jesse Moore, Sara Vipond, Mercer, ” Vipond, —, You’ll Organizations: Yale, Financial, Fidelity Investments, “, Treasury Department, Secure Locations: Framingham, Mass

☆ Adjustable-rate mortgages are making a comeback
▼ + stars: | 2023-10-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Meanwhile, the average rate for a kind of adjustable rate mortgage — a 5/1 ARM — dropped to 6.33% from 6.49%. (Freddie Mac, which provides an average that CNN covers weekly, does not track interest rates for adjustable rate mortgages). When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fixed rate vs ARMWhile the overwhelming share of loans are still fixed-rate mortgages, ARMs are becoming more attractive in the current higher-rate environment. Generally, homeowners with higher mortgage rates will pay more in interest rather than principal for a longer time than those with lower interest rates.

Persons: —, Freddie Mac, ”, Bob Broeksmit, Melissa Cohn, Cohn, National Association of Home Builders —, ” Cohn, Kaylin Dillon, Jay Zigmont, ’ ” Zigmont, you’re Organizations: DC CNN, Mortgage, Association, CNN, “, ARM, Fed, Federal Reserve, William, Treasury, Mortgage Bankers Association, National Association of Realtors, National Association of Home Builders, Childfree Locations: Washington, Israel, Kansas, Mississippi

☆ 53% of Gen Z see high cost of living as a barrier to financial success. They're 'buckling down,' expert says
▼ + stars: | 2023-10-16 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Gen Z faces unique financial challenges compared to older generations. watch nowHigh inflation — and affordability concerns among Gen Zers — extend beyond U.S. borders. Yet, they show less confidence when it comes to saving for retirement or investing in the stock market, the results found. Experts say these three tips can help members of Gen Z learn to manage their money wisely. Make saving a habitUte Grabowsky | Photothek | Getty ImagesMore than half of Gen Z, 56%, do not have enough emergency savings to cover three months' worth of expenses, Bank of America's survey found.

Persons: Martin, Gen Zers, Gen, Gen Z, Douglas Boneparth, Boneparth, It's, it's, Barkley, Young, Roth Organizations: College, Deloitte, Bank of, Bone, CNBC, Experts, Photothek, Getty Locations: U.S, New York

I asked money experts for tips on how to get the most out of selling stocks by the end of the year. I'm going to use tax-loss harvesting to maximize the benefit I get from selling stocks. One pain point I'm addressing is that I have lost so much money in the stock market this year, and I just want out. With his recommendation, I sat down and reviewed each individual stock, looked into the company's earning reports, and researched news about emerging trends in that industry. However, Han shared a caveat that's important to know if you're someone who plans to keep on buying and selling stocks.

Persons: I'm, —, I've, Jeff Rose, Lei Han, Rose, Han, shouldn't Organizations: Service, CPA

☆ Year-end tax strategies may affect how much retirees pay for Medicare. Here's what to know
▼ + stars: | 2023-10-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The change will result in an estimated Social Security retirement benefit increase of more than $50 per month, on average. The average monthly retirement benefit for workers will be $1,907, up from $1,848 this year, according to the Social Security Administration. "But remember, depending on your income, you may also be paying a lot more for Medicare," Franklin said. Medicare Part B premiums are based on incomeMedicare Part B covers physician services, outpatient hospital services, some home health care services, durable medical equipment and certain other services not covered by Medicare Part A. Medicare Part B premiums for 2024 have not yet been announced. This strategy may help reduce adjusted gross income and future Medicare premiums, Franklin said.

Persons: Mary Beth Franklin, Franklin, Roth Organizations: Social, Social Security Administration, Social Security, CNBC, Medicare Locations: Franklin

☆ A recession may still be in the forecast, experts say. Here's how to make sure you're prepared
▼ + stars: | 2023-10-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Jamie Kelter Davis | Bloomberg | Getty ImagesA recession has been in the forecast for much of 2023. "A recession is obviously going to happen at some point," said Jack Manley, global market strategist at JPMorgan Asset Management. Those factors may prompt the Federal Reserve to keep interest rates higher for longer, Aleman said. Experts say the key is to automate your savings so you do not even see the money in your paycheck. Another advantage to saving now: Rising interest rates mean the potential returns on that money are the highest they have been in 15 years.

Persons: Jamie Kelter Davis, Jack Manley, —, Eugenio Aleman, Raymond James, Aleman, Manley, Barry Glassman, CNBC.com, Glassman, Mark Hamrick, Matt Schulz, Schulz Organizations: Bloomberg, Getty, Asset Management, National Association for Business Economics, Finance, Federal Reserve, Wealth Services, CNBC's, Bankrate Locations: Chicago

☆ The tax-extension deadline is Oct. 16. Here are 3 things to know if you still haven't filed
▼ + stars: | 2023-10-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

DjelicS | GettyIf you filed a tax extension for more time on your 2022 return, the deadline is fast approaching. The federal tax-extension deadline on Oct. 16 is the last chance to avoid a late filing penalty, according to the IRS. Here are three things to know if you still haven't filed your 2022 return, according to financial experts. The failure-to-file penalty is 5% of unpaid taxes for each month or part of month until filing, capped at 25%, she said. You may be eligible for IRS Free FileRoughly 70% of taxpayers qualify for IRS Free File but only 2% used it during the 2022 filing season, according to the National Taxpayer Advocate.

Persons: Chris Cybulski, Kassi, Judy Brown Organizations: Financial, Artica Financial Services, IRS, National Taxpayer, SC, H, Washington and, CNBC, Scott Bishop, Presidio Wealth Partners Locations: Austin , Texas, manila, Anchorage , Alaska, Washington, Washington and Baltimore, Houston

☆ How Much Should I Contribute to My 401(k)?
▼ + stars: | 2023-10-09 | by ( Tanza Loudenback | ) www.wsj.com time to read: +10 min

401(k) contribution limits 2023 For 2023 Projected 2024 Maximum contribution $22,500 $23,000 Catch-up contribution $7,500 $7,500 IRS, MercerMost 401(k) contributions, including employer matches, go into a pretax, or traditional, 401(k) account. Some employers offer a Roth 401(k), which is essentially the inverse—but more on that later. To ensure you’re getting the full benefit of a 401(k) match, find out your employer’s matching formula and the maximum they could contribute. Should I contribute to a traditional 401(k) or a Roth 401(k)? In general, it makes sense to contribute to a Roth account when you have low or moderate income.

Persons: you’ve, Sam, ”, Derek Pszenny, “, Don’t, Marcy Keckler, Pszenny, ” Pszenny, You’ll, you’re, ” Keckler, Max, Roth IRAs, Roth, IRAs aren’t, IRAs, Keckler Organizations: Carolina Wealth Management, Mercer, Social Security, Ameriprise, Vanguard Locations: North Caroline

☆ Investors can get a 5% yield in these assets and skip the bond market volatility
▼ + stars: | 2023-10-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investing in money market funds The interest in money market funds began to heat up when the Federal Reserve started raising interest rates last year, Antoniewicz said. Some $64.13 billion flowed into money market funds the week ended Wednesday, bringing total net assets to a record $5.71 trillion, per the Investment Company Institute . Net assets also hit a record within retail money market funds, reaching $2.16 billion, the ICI said. The annualized 7-day yield yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.18%. "So if you have stability in a money market fund and an equal or higher yield, why would anyone consider leaving a money market fund to go longer term and have the volatility?"

Persons: Peter Crane, Jean Boivin, Shelly Antoniewicz, Antoniewicz, Barry Glassman, Glassman, I'm Organizations: Crane, Treasury, Federal Reserve, BlackRock Investment Institute, Investment Company Institute, ICI, Data, Wealth Services

☆ Around 30% of young people want to retire as millionaires—and over half are confident they can do it
▼ + stars: | 2023-10-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Young Americans are setting lofty retirement goals — and they're confident that they'll reach them. To figure out how much you may need in retirement, start by using CNBC Make It's retirement calculator. Regardless of their savings goal, most workers are confident they'll be able to save enough to retire comfortably. Your savings rate is the percentage of your pre-tax income that you put toward a retirement savings account such as a 401(k) or a Roth IRA. Ideally, you should aim for a retirement savings rate of 15%, including any employer match, according to Fidelity.

Persons: —, Zers, Bankrate, Xers, Roth, Marguerita Cheng, DON'T Organizations: Fidelity, CNBC, Blue, Wealth Locations: Bankrate, U.S, — Florida

☆ Bonds are selling off as stocks tumble. Here’s what it means for 60/40 portfolios
▼ + stars: | 2023-10-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

The 60/40 portfolio wasn't spared, either: The iShares Core Growth Allocation ETF (AOR) , which has a 60/40 split, is facing declines from both asset classes. AOR YTD line AOR's performance year to date The slump harkened back to 2022, when equities fell alongside bonds. "We don't see rates going back to the pre-Covid levels," he said. "[I]nvestors still hate bonds at these levels — rates we would've dreamed of two years ago," said duQuesnay. Vanguard's Aliaga-Diaz noted that the 60/40 portfolio will average 6% on a 10-year forward-looking basis, so there are bound to be tumultuous times and periods of strong performance.

Persons: —, wasn't, They're, Blair duQuesnay, Roger Aliaga, Diaz, Aliaga, duQuesnay, DuQuesnay, Joe Kalish, Ned Davis Organizations: Treasury, Dow Jones, Ritholtz Wealth Management, Vanguard, Fed, Ned Davis Research

☆ More mortgage applications are being rejected for 'insufficient income.' Here's why
▼ + stars: | 2023-10-04 | by ( Jared Mitovich | ) www.cnbc.com time to read: +2 min

Prospective buyers attend an open house at a home for sale in Larchmont, New York, on Jan. 22, 2023. As high home prices and interest rates push up monthly mortgage payments, it's harder for many consumers to even get a mortgage in the first place. Last year, lenders denied loan applications due to "insufficient income" more often than any other point since records began in 2018, according to a new report from the Consumer Financial Protection Bureau. Refinance applications were more frequently rejected, at a rate of 24.7% in 2022 — up sharply from 14.2% in 2021. "In most cases, income did not increase at the pace of average mortgage payments," said Glassman, who is a member of CNBC's FA Council.

Persons: Barry Glassman, Glassman Organizations: Consumer Financial, Finance, Wealth, CNBC's FA Locations: Larchmont , New York, McLean , Virginia, CNBC's

☆ Holiday shoppers are bracing for more financial strain this year. Here are 3 ways to prepare
▼ + stars: | 2023-10-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

To that point, many are already getting ahead of holiday expenses. Half of holiday shoppers plan to begin, or have already begun, making purchases before Halloween, according to Bankrate. "The fact that deals start early allows you to research the best options and spread out your cashflow," said Rossman. Overall, think through what your gift-giving budget should be ahead of time so it doesn't create a financial strain. 3 ways to get ahead of holiday spendingwatch now

Persons: David Paul Morris, Hopper, Hayley Berg, Carolyn McClanahan, who's Organizations: Bloomberg, Getty, CNBC, Amazon, Walmart, Planning Partners, CNBC's FA Locations: Jacksonville , Florida, CNBC's

Search resuls for: "Certified Financial Planner"

25 mentions found