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Search resuls for: "Certified Financial Planner"


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In order not to run out of money in retirement, she'd need to save $375 a month in her workplace 401(k) plan — if the Social Security program remains fully in place. "The old-age poverty rate would soar if Social Security benefits were cut," said Richard Johnson, a senior fellow at the Urban Institute. The future of Social Securitywatch nowThe Social Security program has been weakened by a rise in people retiring and the fact that people are living longer. As a result, without any action from lawmakers, the trust fund that supports Social Security benefits for retirees is estimated to run dry in 2033. Workers would continue to pay Social Security payroll taxes, and those collected funds would still be payable to retirees.
Persons: Araya Doheny, Douglas Boneparth, Boneparth, Clifford, Cornell, Biden, Richard Johnson Organizations: Michell, Steel, Getty, Social, Security, CNBC, Workers, Clifford Cornell, Social Security, Finance, IRS, Center, Budget, Urban Institute, Social Security Administration Locations: Cypress , California, New York
The Powerball jackpot hit $1.2 billion on Oct. 3, 2023, the third-biggest prize in the game's history. Scott Olson | GettyThe Powerball jackpot has climbed to an estimated $1.2 billion — the third-largest prize in the game's history — without a winner Monday night. Among the winner's big decisions will be the choice between a lump sum payout worth $551.7 million or an annuitized prize of $1.2 billion. The lump sum payout is 'a mistake'"Virtually everybody who wins the lottery picks the lump sum distribution," said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. While the lump sum payout could be a good financial move for some winners, he agreed that others may benefit from the spending guardrails of annuitized payments.
Persons: Scott Olson, Andrew Stoltmann, doesn't, Stoltmann, it's, John Loyd Locations: Chicago, Fort Worth , Texas
Taylor Swift fans forked out an average $2,183 for a resold ticket to a concert on the superstar's Eras Tour, according to resale research site TicketIQ. Now, ticket resellers may owe taxes on profits made during what may turn to be — for them, at least — a rather "Cruel Summer." Ticket profits have always been taxable, but the new IRS reporting threshold for business transactions on third-party platforms, such as TicketMaster or eBay , is now a single payment of $600, down from 200 transactions worth an aggregate of over $20,000. Taxpayers will have to prepare as the law takes effect this coming season. "Starting at the beginning of next year, you want to make sure you know how to report this income," said certified financial planner and enrolled agent Tommy Lucas of Florida-based Moisand Fitzgerald Tamayo.
Persons: Taylor Swift, Tommy Lucas of, Moisand Fitzgerald Tamayo Organizations: TicketMaster, eBay, Taxpayers Locations: Tommy Lucas of Florida
"You only get Social Security while you're alive," said Bruce Tannahill, a director of estate and business planning with MassMutual. "People need to take into account how important Social Security is in their estate planning," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. There are some key takeaways to know about what happens to Social Security benefits in the event you or a loved one passes away. If someone receives their monthly Social Security payment and then dies, the Social Security Administration may not take the money back, according to Blair. If a deceased beneficiary was due a Social Security check or a Medicare premium refund when they died, a claim may be submitted to the Social Security Administration.
Persons: Bruce Tannahill, Jim Blair, Blair, Tannahill, Joe Elsasser, Elsasser Organizations: Getty, Social, Premier Social Security Consulting, Social Security, Finance, Social Security Administration, Security
That's about 25% of money in all 401(k) plans. Typically, as long as you have $5,000 invested in your employer's plan, you can leave it there when you leave. A 401(k) plan comes with limited investment options, and the ones in your old plan may not be very attractive. This makes a lot of sense for people who gravitate toward simple, passive investing strategies, which tend to be available in just about every 401(k) plan, says Betz. A 401(k) is just about always going to come with a limited menu of investment options, and maybe this one is full of high-fee, low-performing mutual funds.
Persons: switchers, that's, Jason Betz, it's, Yoav Zurel, Betz Organizations: Ameriprise, Employers
Ashley Ray was in the midst of purchasing her "dream car" when she got a troubling call from her mother. Ray's car deal was delayed, so she was able to use the money to help her mom avoid losing the house. She was glad to be able to help her mom, but as she told her Twitter followers, "god loves a joke." It can be stressful to prioritize your own long-term financial needs when other people are relying on you. There can also be a cultural expectation to take care of your parents and other relatives as they age, Miura says.
Persons: Ashley Ray, it's, Ray, Ray's, Danielle Miura, Miura Organizations: CNBC, Pew Research, AARP
Lawmakers are still in a gridlock over how to allocate spending, which means a government shutdown is imminent. One of those services is federally funded community health centers, or FQHCs. These clinics provide primary care, but also mental health and dental care, to mainly uninsured or underinsured people. Dental and mental health care are often the first to be cut, says Carolyn McClanahan, a physician turned certified financial planner and founder of Life Planning Partners in Jacksonville, Florida. "The shutdown is going to stop the bread-and-butter mental health care that keeps people out of trouble," she says.
Persons: Carolyn McClanahan Organizations: Planning Partners Locations: Jacksonville , Florida
But "retirement spending is not pass-fail," said certified financial planner Justin Fitzpatrick, co-founder of Income Lab, a retirement planning software company. Your retirement spending isn't static, meaning there's room for adjustments over time, depending on your needs and goals, he said, speaking at the Financial Planning Association's annual conference Wednesday. However, Fitzpatrick sees retirement expenses as "a series of small liabilities," and many of these costs can be flexible. "These are not necessarily the things you would prefer ahead of time, but they're different from financial ruin," Fitzpatrick said. Total financial ruin is "almost impossible," because individual liabilities can be small and spending generally happens slowly enough to make "minor and temporary adjustments" over time, he said.
Persons: Martin Barraud, Justin Fitzpatrick, It's, Fitzpatrick Organizations: Caiaimage, Getty, Cerulli Associates
Gen X isn't financially prepared for retirement
  + stars: | 2023-09-27 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +8 min
New York CNN —Gen Xers are now in their 40s and 50s and account for about a fifth of the US population. And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000. “Retirement savings for Generation X is highly concentrated among the highest earners,” the report notes. Nevertheless, the average Gen X retirement savings balance (nearly $130,000 for individuals and $243,000 for households) suggests that many higher earners may not be saving enough, if those savings are intended to be one’s main source of income in retirement. Also, changes to an existing Saver’s Credit may help lower income Gen Xers.
Persons: Xers, , Tyler Bond, Gen Xers, Stark, Rowe Price, , Organizations: New, New York CNN, Boomers, National Institute on Retirement Security, Social Security, Social, Fidelity, Vanguard Locations: New York
A credit score under these thresholds is also called a sub-prime credit score, which means that creditors might think twice when reviewing your application for a credit line. However, a combination of serious negative marks on your credit score may seriously hurt your credit score, putting you on the lower end of the score range. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. Lowest credit score frequently asked questionsWhat is the lowest credit score to buy a house?
Persons: VantageScore, aren't, you'll, Enoch Omololu, Erik Beguin, Kendall Meade Organizations: Self, New Canadians, Austin Capital Bank Locations: annualcreditreport.com, Chevron
If you want to finance a big purchase like a car or wedding in 2024, don't expect to get much of a break on interest rates. Instead, focus on paying down high-interest debt, especially credit cards, if you can. Since the Fed started raising interest rates in March 2020, the average interest rate for credit cards has climbed from 16% to nearly 21%, according to Bankrate data. This could include credit cards, but also mortgages, student loans, home equity lines of credit and personal loans. For instance, the monthly payment for a $400,000 mortgage would increase by about $500 if the interest rate were to increase from 5% to 7%.
Persons: Eric Croak, Barry Glassman Organizations: Fed, Federal, Croak, CNBC
Best 5-Year CD Rates
  + stars: | 2023-09-25 | by ( Martha C. White | ) www.wsj.com   time to read: +7 min
Best 5-year CD ratesA five-year CD is one of the more common CD terms available. 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. For instance, a five-year CD could represent your long-term horizon in a CD ladder also containing one, two, three and four-year CDs. 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, Fed, TBH Advisors, FDIC, National Credit Union Administration Locations: U.S, Nashville, Tenn
Americans are at risk of falling short of what they may need to live on financially in retirement. One potential reason is lifestyle creep, or the tendency to upgrade your lifestyle as you earn more. An upgrade people are often tempted to make – the purchase of a second home – may be particularly risky for long-term planning, financial advisors say. "Those bigger purchases, if not done really deliberately and diligently, can almost end up being almost like a grenade in your otherwise well-planned retirement," said Patrick McGinn, president of Retirement Resources Investment Corp. in Peabody, Massachusetts. Importantly, the return on those liquid investments may far exceed what someone may earn on a second home.
Persons: Patrick McGinn, Stephen Cohn, Cohn Organizations: Retirement Resources Investment Corp, CNBC, Finance, Sage Financial Group Locations: Peabody , Massachusetts, U.S, West Conshohocken , Pennsylvania
It's worth being aware of those financial effects, experts say, because caregiving is an important touchstone in Latino culture. Latino caregivers have high financial strainFamily caregivers spend on average 26% of their annual income on caregiving activities, according to a 2021 report by AARP. The organization calls that measure "financial strain," and bases it on the caregiving expenses relative to a caregiver's annual income. Compared to other races and ethnicities, Hispanic and Latino caregivers have the highest financial strain, AARP found, with caregiving expenses that account for 47% of annual income. Explore claiming your family member as a dependentThere can be financial advantages to claiming a family member you are caring for as a dependent on your tax returns.
Persons: Jose Luis Pelaez, , Lea, It's, it's, Marianela, Collado, Roberto, Amanda Corral, Roberto Corral Organizations: Inc, Getty, CFP Louis Barajas, International Private Wealth, AARP, Latina, U.S, CNBC FA, Financial, caregiving, Medicaid Locations: , Florida, Irvine , California, U.S, Mexico, Canada, Barajas, Amanda Corral of California, California
There's nowhere completely safe from the climate crisis, and for many, it's raising housing costs. You can save money and combat the climate crisis with tax credits for clean-energy solutions. This article is part of "Your Wallet on the Climate Crisis," a series exploring the crisis' financial impact and how people can plan. You can save money by switching to a more energy-efficient lifestyle, and there's a good chance you'll also be financially rewarded for it. We're all under the threat of climate change now, and sleeping on it won't solve anything.
Persons: , LaJan Collins, Fred, LaJan, Christopher Stroup, Stroup, you've Organizations: Service, San, Energy Credit, Financial Locations: Bell Canyon , California, Los Angeles, Santa Monica , California, California
Higher yields on savings won't last forever, but you can at least lock them in for the next few years. The Federal Reserve indicated Wednesday it would keep interest rates higher for longer, anticipating one more rate hike before the year ends. The developments bode well for income investors , who are seeing even higher yields on Treasurys, money market funds and certificates of deposit . It also raises an interesting conflict for investors : The richest rates are at the shorter end of the yield curve, but investors willing to commit some of their money can lock in higher rates for a couple of years. If you're ready to commit to five years, a handful of banks will pay upward of 4% in yield.
Persons: bode, Jeremy Keil, It's, — CNBC's Michael Bloom Organizations: Federal Reserve, Keil Financial Partners, Treasury, UBS, Frost Bank, Bread Financial
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
Girls and young women want to be homeowners by the time they're 30 — a higher priority even than getting married or earning a lot of money. About half, 52%, of young women ages 7 to 21 want a house by 30, the most of any goal, according to Girlguiding's Girls' Attitude Survey 2023 . To compare, 48% want to be married by age 30, and 39% said it's a goal to earn a lot of money. The organization polled 2,614 girls and young women in the U.K. between the ages of 7 and 21 earlier this year. Lenders look at your debt-to-income ratio to figure out how much mortgage debt you can take on.
Persons: Fannie Mae, it's, Melissa Cohn, William Raveis, Kamila Elliott, Cohn, Jessica Lautz, Elliott, Roth, Lazetta Rainey Braxton, Braxton Organizations: Fannie, William Raveis Mortgage, Federal Reserve, Wealth Partners, National Association of Realtors, CNBC, Partners, IRA, CNBC FA Council, CNBC FA Locations: New York, Atlanta
The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.
Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S
High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.56%, according to a September 11 survey from Bankrate. But many online, FDIC-insured banks are offering well north of 5% on their high-yield savings accounts. But don’t confuse money market accounts with money market mutual funds. And while money market funds are typically very safe investments, they may have fees and withdrawal restrictions. As of September 19, CDs listed on Schwab.com with durations of three months, six months, nine months, one year and 18 months were all yielding 5.5% or more.
Persons: , they’ve, Lazetta Rainey Braxton, Braxton, you’ve, , Doug Ornstein, Ken Tumin, Schwab, you’ll, Tumin, , Andy Smith, Ornstein, Don’t, doesn’t, ” Smith Organizations: New, New York CNN, Federal, JPMorgan Chase, Bank of America, Wealth Partners, TIAA Wealth Management, Fidelity, Treasury, Edelman, AAA Locations: New York, United States
How to get an even higher CD rate than you see advertised
  + stars: | 2023-09-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +4 min
Higher yields on certificates of deposit are out there, but you'll have to venture beyond your favorite bank to get them. "There could be as much as a 50-basis point difference going to a brokered CD," he said. Brokered vs. bank offerings With a bank CD, the investor goes directly to the institution to buy the instrument. For instance, brokered CDs purchased via Vanguard begin at 1 to 3 months and go out beyond 10 years. The value of the CD will fluctuate with interest rates, with the price declining as yields run higher.
Persons: Malcolm Ethridge, Greg McBride, McBride, Ethridge, Michael Bloom Organizations: Wealth, Vanguard, Bankrate.com . Bank, Federal Deposit Insurance Corp Locations: Rockville , Maryland
So the 90 minutes or so I spent gathering all of my paperwork and answering tedious questions about my income and deductions felt like a net gain. I would be responsible for meticulously tracking my income and expenses, as well as for making estimated quarterly tax payments. The questions felt more nuanced and crunching the numbers for estimated tax payments was more complicated than I anticipated. I was able to write off over $14,000 worth of business expenses thanks to the deductions the CPA uncovered. Aside from sharing my 1099s and a list of business expenses, and meeting with my accountant virtually for an hour during tax season, I was hands-off.
Persons: Loudenback, prepped, , I’m, knowledgeably Organizations: CPA
Kevin Lamarque | ReutersAs the IRS pauses on processing new claims for a pandemic-era small business tax break, some filers are in limbo as the agency works on further guidance. The IRS on Thursday temporarily halted processing for amended payroll tax returns claiming the so-called employee retention tax credit, or ERC, which was enacted during the Covid-19 pandemic. More from Personal Finance:IRS halts processing of a small business tax breakDoes your business qualify for the employee retention credit? If you claimed the credit and are worried about eligibility, it's an excellent time to review your filing with a qualified tax professional, she said. My blanket advice is always to talk to a qualified tax professional who has filed [ERC claims] before.
Persons: Daniel Werfel, Kevin Lamarque, Danny Werfel, Jennifer Rohen, Craig Hausz, Hausz, There's Organizations: Reuters, IRS, ERC, Finance, CMH, CMH Advisors Locations: Worth, Dallas
They don't split their $1,900 monthly rent 50-50 but instead according to their income levels, since it is their biggest expense. Talk about money like you do the dishesJust as cleaning the kitchen and vacuuming need to be done on a regular basis, so do certain financial tasks, Whitman said. "Include financial management as one of the chores when making a list of who does what," Whitman said. Whitman also suggests regular chats about your financial goals, big and small. Couples might have "money dates" once a month to discuss their financial anxieties and aspirations, said Daigle, a member of the CNBC FA Council.
Persons: Wynne Whitman, Whitman, Hailey Pinto, Pinto, Sophia Bera Daigle, Daigle Organizations: Pew Research, Gen, CNBC FA Locations: Connecticut, Charlotte , North Carolina, Denver, Austin , Texas
Prapass Pulsub | Moment | Getty ImagesAs year-end approaches, some investors may be weighing a Roth individual retirement account conversion to save on future taxes. The strategy transfers your pretax or non-deductible IRA funds to a Roth IRA, which kick-starts future tax-free growth. But you have to plan for the upfront tax bill. Here are some key factors to consider before making a Roth conversion, according to financial experts. Assess the short-term tax consequencesWhile a Roth conversion may offer long-term tax benefits, there's potential for shorter-term consequences, Lawrence warned.
Persons: Prapass, Roth, Ashton Lawrence, Lawrence, Jeremy Finger Organizations: Roth IRA, Mariner Wealth Advisors, Riverbend Wealth Management, Riverbend Wealth, Republicans Locations: Greenville , South Carolina, Myrtle Beach , South Carolina
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