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☆ I finally invested my HSA money after writing about millionaires who take advantage of a 'triple tax threat strategy.' I could pocket an extra $233,000 by the time I retire.
▼ + stars: | 2024-03-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +12 min

After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. I happily used my HSA money to cover the $1,075 bill. An even smarter move would have been to invest my HSA funds (which I eventually did) and not touch them until age 65. I was relieved when Weiss told me that he also invests his HSA money in a retirement date fund. I asked about how often I should be transferring money from my cash account, where my HSA funds land automatically, to my investment account.

Persons: I've, Brent Weiss, Roth IRAs, HSAs, It's, Weiss, Max, don't, Kathleen Elkins, —, I'm Organizations: Business, Vanguard, IRS Locations: That's, Epsom

☆ Texas man eavesdropping on wife’s phone calls faces criminal charges — and divorce — after $1.76 million insider trading plot
▼ + stars: | 2024-02-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —A Texas man is facing insider trading charges and jail time after he used information gleaned from eavesdropping on his wife’s work-from-home calls, netting him $1.76 million from an upcoming oil industry acquisition. Loudon purchased 46,450 shares of TravelCenters stock after learning of the impending merger, according to an SEC filing. When the share price popped 71% following the announcement, he sold all of his shares, raking in more than $1.76 million. The SEC’s complaint, filed in the US District Court for the Southern District of Texas, charges Loudon with violating the antifraud components of federal securities laws. She reported the trading to her supervisor and was later terminated from the company, according to the filing.

Persons: New York CNN —, Tyler Loudon, “, Loudon, ”, Eric Werner, “ Mr, Peter Zeidenberg, Roth Organizations: New, New York CNN, The Securities, Exchange Commission, SEC, Fort, Court, Southern, Southern District of, US, Office, CNN Locations: New York, Texas, Houston, Fort Worth, Southern District, Southern District of Texas

☆ Now is the 'perfect time' to check your Social Security benefit, says CFP—even if you're years away from retirement
▼ + stars: | 2024-02-26 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

"Review your 401(k) balance, review your bank balances, review your credit limits, and yes, check on your Social Security Statement." Just create an account on the Social Security Administration's website (you'll have to submit some identifying documents) and download your form. The strategies around timing when to claim Social Security depend on myriad factors. "That way you can look at [your estimated retirement income] in total with your 401(k), Roth IRA and Social Security benefits." Why now's a good time to check your Social Security statement

Persons: Jared Friedman, isn't, aren't, Friedman, you'll, Roth, you've Organizations: Social Security, Redwood Financial, Security, Roth IRA Locations: Scotch Plains , New Jersey

☆ 3 lessons Gen Zers say they've learned from 'loud budgeting'
▼ + stars: | 2024-02-25 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

The "loud budgeting" trend taking over social media encourages people to be more vocal about saving and spending habits. Loud budgeting is the opposite of "quiet luxury," Battle said, the financial trend that previously favored high-end clothing and understated displays of wealth. AdvertisementThe loud budgeting trend comes as Gen Zers enter the workforce when the cost of living has become more expensive. Loud budgeting is about everyday people, Battle said, and saving money can be "stylish." AdvertisementFifty-six percent of Gen Zers surveyed said potentially missing out on events with friends and family can be a downside of loud budgeting.

Persons: —, Lukas Battle, Gen Zers, Zers, Steph, Den, she's, Emma, Roth Organizations: Service, Business, Bureau of Labor Statistics

☆ BP exec's husband guilty of insider trading $1.8 million, snooped on her calls
▼ + stars: | 2024-02-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

The SEC said that Loudon's wife acknowledged occasionally discussing the acquisition with her husband in "normal" married-couple types of conversations. But over the next few months, Loudon, without telling his wife, accumulated 46,450 shares of TravelCenters, according to the U.S. attorney's office. But in March, the Financial Industry Regulatory Authority requested from BP a list of people who were "in the know" about the TravelCenters acquisition before it happened. "Loudon's wife responded that they would." Loudon's wife reported her husband's insider trading to her BP supervisor but she was later fired from the company.

Persons: Tyler Loudon, Alamdar Hamdani, Loudon, Mr, Peter Zeidenberg, Loudon's, Roth, TravelCenters Organizations: BP, Southern District of Texas, Securities and Exchange Commission, CNBC, Authorities, TravelCenters, SEC, Roth IRA, Financial Industry, Authority Locations: Southend, United Kingdom, America, Houston, Southern District, Loudon, Rome, TravelCenters

☆ I'm a HENRY financial planner who makes $125,000. Here's how I manage my money — and the mistakes I see others making.
▼ + stars: | 2024-02-22 | by ( Jamie Killin | ) www.businessinsider.com time to read: +4 min

This as-told-to essay is based on a conversation with Georgia Lord, a 27-year-old certified financial planner and HENRY in New York City. I have a few financial goalsOne of my financial goals is to save up for the professional designations available in my field since they can be expensive. To reach my savings goals, I automate at least 20% of my paycheck every two weeks and deposit it in a high-yield savings account. For example, some stock market returns might've been 3% last year, but some high-yield savings accounts have a return of 4.5%. That's just as important as putting $100 into the stock market every week.

Persons: HENRY, Georgia Lord, I've, That's, Ally, CapitalOne360, There's, might've, Roth, We're Organizations: Morningstar, Business, Roth IRA, — Locations: Georgia, New York City, Brisbane, Australia, New York

401(k) withdrawal for a home purchase: Is it a good idea? 401(k) withdrawal rules for buying a homeFirst, you'll need to check with your plan administrator to see if early withdrawals are allowed, and under what circumstances. Tax implications of a 401(k) withdrawal for a home purchaseLet's take a closer look at the penalties and taxes you might incur from a 401(k) home purchase withdrawal. 401(k) loan for buying a houseInstead of withdrawing money from your 401(k), you also have the option to take out a loan. 401(k) withdrawal for a home purchase FAQsIs buying a home considered a hardship for 401(k)?

Persons: you'll, —, You'll, doesn't, Roth, you've, Brian Pirri, Pirri, Chase, Homebuyer Grant Organizations: Service, IRS, Roth IRA, Local, Rocket Mortgage Locations: Massachusetts, Chevron

☆ This early retirement strategy is 'delusional thinking,' says multimillionaire who retired at 34
▼ + stars: | 2024-02-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Sam Dogen is one of the pioneers of the FIRE movement — short for financial independence, retire early. "It's having enough in investments and passive income to cover your basic living expenses," Dogen says. By the time he left his investment banking job in 2012 at age 34, Dogen had exactly that — $80,000 a year in passive income, plus a $3 million net worth. If you think you can live on $40,000 a year, multiply by 25, and you need to save $1 million. Under Dogen's model, you haven't achieved FIRE until you've saved the $1 million, built $40,000 in annual passive income, or some combination of the two.

Persons: Sam Dogen, Dogen, you've, haven't Organizations: FIRE

☆ Robinhood is running a 3% IRA match that can boost your retirement savings and reduce your tax payment
▼ + stars: | 2024-02-14 | by ( Business Insider | Sarah Silbert | ) www.businessinsider.com time to read: +7 min

Or with Robinhood Gold, you'll get 3% (rollovers and transfers get 3% until April 30). Earn a 3% match on Robinhood IRA contributionsIf you're a Robinhood Gold customer with a Robinhood IRA, you have an opportunity to make these things a little sweeter. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Robinhood does not provide tax advice; please consult with a tax adviser before taking an action that may entail tax consequences. The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.

Persons: You'll, you'll, Robinhood, rollovers, Roth Organizations: Robinhood, IRA, Robinhood Securities, LLC, Inc

☆ A couple in their 30s who hit a net worth of over $1 million and retired early explains how they invest their money — and why they didn't max out their retirement accounts
▼ + stars: | 2024-02-13 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

About six months later, after doing their own research, they discovered low-cost index fund investing , a relatively low-risk and hands-off strategy that aims to match the returns of a specific market index. Putting their money to work in stock market index funds helped them reach their current net worth of just above $1 million — but it’s not their only investment. BI verified their net worth by looking at investment account screenshots and property appraisal documents. Bond market index funds“While stocks and rental real estate can generate high returns, they’re also volatile,” they write. “To smooth out the ride, we hold bonds.”Specifically, they hold the Vanguard Total Bond Market Index Fund ( BND ).

Persons: Lauren, Steven Keys, “, ” Steven, Steven, we've, it’s, ”, they’re, Keys, “ It's, Roth IRAs, Roth Organizations: Business, Vanguard, Market Index, Index, ” Employees, HSAs Locations: Gainesville , Florida, We're

☆ I quit my dream job at 32 and spent $34,000 to travel the world—here are my 4 biggest regrets
▼ + stars: | 2024-02-09 | by ( Helen Zhao | ) www.cnbc.com time to read: +4 min

I was 28 years old when I landed my dream video producer job at CNBC. After all, I'd spent most of my adult life focused on the future. So I quit my job at 32, bought a one-way ticket to Peru, and spent a year and a half — and $34,000 — exploring 18 countries across South America and Asia. I spent a lot of my life savings, delaying other goalsThe $34,000 I spent on my sabbatical was a significant portion of my life savings. Siem Reap, Cambodia Helen ZhaoI wish I'd continued investing throughout my travels, putting $200 each month into a large-cap index fund.

Persons: I'd, Helen Zhao, I'm, Roth, Cambodia Helen Zhao Organizations: CNBC, UCLA, Roth IRA Locations: Peru, South America, Asia, Rio De Janeiro, Buenos Aires, Argentina, Brazil, Rio, Bogotá, Colombia, Los Angeles, Siem Reap, Cambodia

☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

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

☆ I finally got smarter about my money in my 30s. Here's how I've avoided lifestyle creep.
▼ + stars: | 2024-01-22 | by ( Jules Rogers | ) www.businessinsider.com time to read: +7 min

Jules Rogers started earning more money in her 20s when she combined full-time work and freelancing. Although she was making more money, she also bought her first house and had to keep expenses low. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs a 31-year-old, I'm approaching how I spend my money differently than I did in my 20s. AdvertisementHere's how my budget differs in my 30s compared to my 20s and the strategies I use to avoid lifestyle creep.

Persons: Jules Rogers, —, we're, We're, resealing grout, I've, creamer, it's, It's Organizations: Service Locations: Portland , Oregon

☆ A 12% retirement return assumption is 'absolutely nuts,' expert says. Here's a realistic rate to expect
▼ + stars: | 2024-01-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

GlobalStock | Getty ImagesReturn assumptions as a lesson on compoundingThe point of the example was not to expect a 12% average rate of return on your money, Orman tells CNBC.com. Why 12% is an optimistic benchmarkThere's a reason that 12% tends to be used as a benchmark, according to Blanchett. How much retirement savers can expect to earnSo how much can you realistically expect to earn on your retirement investments? The first example with a 12% average rate of return is to illustrate the power of compounding. How your personal rate of return may varyTo be sure, no rates of return are guaranteed.

Persons: Orman, CNBC.com, Young, Roth, Ramsey, Blanchett, It's, " Blanchett, Brian Spinelli, Spinelli Organizations: IRA, Fidelity, Global, CNBC's Locations: Long Beach, Calif

For Love & Money is a column from Business Insider answering your relationship and money questions. Write to For Love & Money using this Google form. After my grandma gave me a large check to help me out, my sister got upset because I had "plenty of money" and didn't need it. Instead, set up two different accounts and put your retirement savings in one and an emergency fund in another. Write to For Love & Money using this Google form .

Persons: —, I'm, Roth, they'll Organizations: Business, Service, Roth IRA

☆ Considering a move abroad in 2024? These are the best countries for expats
▼ + stars: | 2024-01-13 | by ( Blane Bachelor | ) edition.cnn.com time to read: +26 min

The survey, which has been running for a decade, reflects input from nearly 12,000 expats representing 177 nationalities in 181 countries or territories. John Coletti/The Image Bank Unreleased/Getty ImagesA longtime retirement destination for Americans, Mexico also has attracted more families and the digital nomad set over the past few years. Pros: Mexico ranked first in InterNations’ 2023 Expat Insider survey and has ranked among the top five countries since 2014. Cons: As is the case in Mexico and other countries with large expat communities, there’s growing backlash against the influx of foreigners, especially Americans, and especially in Lisbon. That popularity among auslanders has contributed to a housing pinch in major cities, especially Berlin, where finding accommodation is one of the most stressful aspects of a move.

Persons: It’s, Megan Frye, Frye, ”, “, We’ve, John Coletti, San Miguel de Allende, margarita, Sean Pavone, expats, Alex Ingrim, Chase, Ingrim, it’s, pollsters, they’re, it’s MVV, Arielle Tucker, that’s, auslanders, Andriy Kravchenko, “ Costa, ” David Lesperance, Costa Rica’s, “ Tico, Sebastien Lecocq, Lesperance, he’s, what’s, Emily, ” Tucker, Roth, Tucker, Carte Organizations: CNN, Invest Overseas, Braga, InterNations, Mexico, National Institute of Statistics, Human Rights Watch, Visa, USA, CNN Travel, ”, Spain, International, Travel Association, pollsters Gallup, Michelin, Changi, Cons, United, Costa Rica Costa, Central, Costa, Lesperance, Associates, Panama Panama, Miami of, Panama City, Panama Qualified Investment, Panama Golden Visa, France France Locations: Valencia, Spain, Portugal, Mazatlán, Mexico, United States, Mexico City, Michigan, Mexico Mexico, Plaza Carso, Polanco, North America, —, Oaxaca, San Miguel, Playa, Carmen, InterNations, Portugal Portugal, Porto, Douro, Europe, Lisbon, Western Europe, Madrid, Barcelona, Seville, Bilbao, Catalonia, Catalan, Netherlands, Amsterdam, Statista, Haarlem, Delft, Leiden, Maastricht, Washington, Miami , New York, San Francisco, Germany Germany, Munich, Germany, Berlin, Frankfurt, Stuttgart, Switzerland, Singapore Singapore, Singapore, Asia, Entre, Costa Rica, “, “ Costa Rica, Costa Rican, Panama City, Miami, Miami of Central America, Panama, North, South America, Italy, Venice, Italian, Paris, France, Lyon, Strasbourg

☆ The 5 levels of financial freedom, according to married money coaches, who say they've reached level 3
▼ + stars: | 2024-01-13 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

It's not hard to see why people find the concept of FIRE — short for financial independence, retire early — alluring. The Ficks, both age 36, have identified five stages of financial independence, and say they're currently in level three, known as "Coast FI." Debt freedomThe first step toward financial independence: freedom from debt. "The dream is location independence and being able to achieve that well before we reach financial independence," Corey says. Financial independence

Persons: It's, doesn't, Jessica Fick, Corey, Jessica, they're, They've, Here's, you'd, you've Organizations: FIRE, FI, Financial Locations: Boston, Madison

☆ State-run 'auto-IRA' programs aim to close retirement savings gap
▼ + stars: | 2024-01-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

They save about $165 a month, on average, said John Scott, director of Pew's retirement savings project. It's unclear how many other companies instead opted to sponsor their own 401(k) plan or other workplace plan. Why states are stepping inThere's a common thread here: A realization that people aren't saving enough for retirement, Scott said. The typical saver age 55 to 64 has just $71,000 of 401(k) savings, according to Vanguard data. Pew estimates that state spending will rise by $334 billion from 2021 to 2040 due to insufficient retirement savings.

Persons: John Scott, Scott, Pew, Washington —, Roth, they've Organizations: Auto, Workers, Trusts, Center for Retirement, Companies, Vanguard, Social Security Locations: Delaware, Hawaii , Maine, Minnesota , Nevada , New Jersey , New York, Vermont, Massachusetts , Missouri, New Mexico, Washington, U.S

☆ New change to 529 college savings plans has ‘so many caveats,’ advisor says. Here's what to know
▼ + stars: | 2024-01-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Nancy Ney | Photodisc | Getty ImagesThe downsides of 529-to-Roth IRA rolloversThe biggest downside of a 529-to-Roth IRA rollover is the conversion counts toward your annual IRA contribution limit, which may stunt future growth across both accounts, according to Loyd. "If my kids are pulling money from their 529 to make Roth contributions down the road, Daddy's not going to be happy." If my kids are pulling money from their 529 to make Roth contributions down the road, Daddy's not going to be happy. There's a lifetime cap of $35,000 for 529-to-Roth IRA rollovers, which means it would take five years of $7,000 conversions to reach the limit. Generally, it's better to keep the money growing in a 529 plan and contribute to a Roth IRA separately because you can change 529 plan beneficiaries, Loyd said.

Persons: Nancy Ney, Photodisc, Roth, Loyd, John Loyd, There's, Jim Guarino, Baker Newman Noyes Organizations: Roth IRA Locations: Daddy's, Woburn , Massachusetts

☆ Financial Gift Ideas for Any Age
▼ + stars: | 2023-12-01 | by ( Nick Fortuna | ) www.wsj.com time to read: 1 min

Seeding a ‘529’ college-savings plan for young children or a Roth IRA for teenagers can give your loved ones a leg up. Illustration: Alex NabaumU.S. consumers entered this holiday season planning to spend an average of $654 on gifts, with the likeliest purchases going to gift cards, vacation and travel, and toys and games, according to the Conference Board Holiday Spending Survey. Instead of giving these traditional gifts, wealth advisers say a financial-related gesture or present might be the best gift of all—the one that keeps on giving. Even small financial gifts can help to position young people for success or help seniors to enjoy their retirement, financial advisers say.

Persons: Roth, Alex Nabaum Organizations: Conference

Most grandparents offer some form of financial help to their children and grandchildren. Between inflation, rising housing costs, and increasing interest rates, it makes sense that grandparents and parents may want to help support their children and grandchildren financially. If parents weren't supporting their adult children, they'd have almost $3,000 more annually to put into their retirement funds, that same research found. Studies show that many grandparents are sabotaging their own financial future to help their adult children and grandchildren." Or grandparents might consider cohabitating with adult children and grandchildren to save money.

Persons: —, I'd, Cyrus Bamji, Savings.com, Bamji, it's, there's, Baby Boomers, Roth Organizations: Service, Alliance, Lifetime, AARP, Alliance for Lifetime

High-yield savings accounts, CDs, and I Bonds are good options depending on how soon you want to buy. As a financial planner, I have seven creative ways to save for a first home down payment. Automate monthly contributions to a high-yield savings accountOne of the easiest ways to grow your home down payment is to save in a high-yield savings account. Currently, many high-yield savings accounts are offering 4% to 5% or higher. Set up automatic transfers from your checking account to this high-yield savings account.

Persons: —, Roth IRAs Organizations: Service

☆ How to make your money work for you over the next decade
▼ + stars: | 2023-11-28 | by ( James Faris | William Edwards | ) www.businessinsider.com time to read: +16 min

"If there is a regime shift, then what has worked could be quite different from what does work," McLennan said. That means the growth stocks that dominated for years may come back to earth in the mid-2020s. He also recommends that investors diversify away from growth stocks that thrived under low rates and instead broaden out to value-oriented names. Valuations explain 80% of a stock's returns over a decade, according to Bank of America. Smead sees energy in stocks in Canada also outperforming in the coming decade, as well as European banks.

Persons: —, Peter Bates, Rowe Price, Damanick Dantes, We're, Dantes, you've, He's, Matt McLennan, McLennan, Kimball Brooker, Morningstar, Nicola Stafford, Stafford, it's, Molina, Bates, Russell, Cole Smead, that's, Phillip Colmar, Colmar, Bob Doll, Doll, Smead, Michael Sheldon, Sheldon, who's, there's, Chris Chen, Chen, Roth Organizations: Service, Business, Global, International, McLennan, First Eagle Global Fund, Eagle Investments, Goldman, Asset Management, Stock, Molina Healthcare, Vanguard Value, Healthcare, Bank of America, Comerica Wealth Management, MRB Partners, Canadian, Crossmark Global Investments, BlackRock, Energy, P Bank ETF, RDM Financial, Social Security, Social, Insight Financial, Trust, IRA Locations: Canada, Colmar, United States, Canadian, Europe, Treasuries

The idea of investing has always terrified me, because I worry that I don't know what I'm doing. The idea of investing my money used to absolutely terrify me. We all have our own reasons, but I know I'm not the only person who's approached the stock market with trembling hands. The average stock market return is about 10% every year. After maxing out my Roth IRA, I started putting money into a brokerage account, specifically investing in index funds.

Persons: —, wasn't, I've, I'd, who's, She's, she's, Get, it's, Roth Organizations: Service, SEC, IRA, Roth IRA

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