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☆ If federal regulators ban noncompete agreements, 'I'd be the first person to start working again,' advisor says
▼ + stars: | 2023-01-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Ted Jenkin signed a noncompete agreement when he sold his financial advisory practice in 2019. Bound by this clause, Jenkin, who is a member of CNBC's Financial Advisor Council, stayed on as an employee until the end of last year. The proposed rule would require companies with existing noncompete agreements to rescind them and inform current and past employees that they have been canceled, in which case Jenkin would be free to pursue other employment. "I'd be the first person to start working again," Jenkin said. "I wouldn't have the fear of getting into a legal battle just because I'm working in my profession."

☆ Building emergency savings is a top financial resolution for 2023, survey finds. Here’s how to get started
▼ + stars: | 2022-12-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Jenkin, who co-wrote a book called "The 21-Day Budget Cleanse," recommends people take a detox-type approach to their household budgets. "Most people really haven't taken the time to see where they're overspending and size up what the difference is," Jenkin said. That's "troubling" now, as interest rates on those debts are poised to continue to climb, according to Matt Schulz, chief credit analyst at LendingTree. Look for higher rates on your cashAs interest rates climb, that's good news for the money you stand to earn on your cash. Online savings accounts and certificates of deposit, or CDs, are providing the highest interest rates in more than a decade.

☆ New retirement account rules make it easier to tap savings early for emergencies
▼ + stars: | 2022-12-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

But they said the rules also amount to another source of so-called "leakage" that run contrary to the overall goal of retirement savings: to build a nest egg for the future. Participants can also access 401(k) savings via loans or non-hardship withdrawals. Non-hardship distributions also hit an all-time high in October — almost 0.9% of participants took one that month, according to Vanguard. And the share of workers taking 401(k) loans rose to 0.9% in October from 0.8% at the beginning of 2022. Beyond the apparent acute financial need among households, hardship withdrawals carry negative repercussions like tax penalties.

☆ 88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit
▼ + stars: | 2022-12-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Maskot | Maskot | Getty ImagesThe ranks of employers offering a Roth savings option to 401(k) investors continue to grow, giving more workers access to its unique financial benefits. Workers pay taxes up front on 401(k) contributions, but investment growth and account withdrawals in retirement are tax-free. Almost 28% of workers participating in a 401(k) plan made Roth contributions in 2021, up from 18% in 2016, according to the PSCA. (One important note: Investment growth is only tax-free for withdrawals after age 59½, and provided you have had the Roth account for at least five years.) Some may shun Roth savings because they assume both their spending and their tax bracket will fall when they retire.

☆ 401(k) 'hardship' withdrawals hit record high, Vanguard says — another sign households feel the pinch of inflation
▼ + stars: | 2022-12-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Thomas Barwick | Stone | Getty ImagesThe share of retirement savers who withdrew money from a 401(k) plan to cover a financial hardship hit a record high in October, according to data from Vanguard Group. Nearly 0.5% of workers participating in a 401(k) plan took a new "hardship distribution" in October, according to Vanguard, which tracks 5 million savers. Americans are 'feeling the pinch from inflation'Nearly all 401(k) plans allow workers to take hardship withdrawals, but employers may vary in their rationale for allowing them. Participants can also access 401(k) savings via loans or nonhardship withdrawals. Beyond the apparent acute financial need among households, hardship withdrawals carry negative repercussions.

Ascentxmedia | E+ | Getty ImagesAdd this to the list of challenging questions for retirement savers: Should I contribute to a pre-tax or Roth account? The key difference between a pre-tax and Roth accountThe tax code offers a financial benefit to Americans who contribute to a qualified retirement account like a 401(k) plan or individual retirement account. The core difference between a pre-tax and Roth account is when savers reap those benefits — and when their taxes come due. In a pre-tax account, savers get an upfront tax benefit. The opposite is true of a Roth account: Savers pay tax upfront when they contribute money, but don't pay income tax on withdrawals in retirement.

After being the longest-serving health secretary in British history and stints running the foreign office and culture ministry, Hunt returns from government exile after two failed bids to become Britain's prime minister himself. "The appointment of Jeremy Hunt as Chancellor is a wise choice," Conservative lawmaker Bernard Jenkin said on Twitter. Ironically, though, while Truss has said she will press ahead with a cut to income tax, Hunt said at the time that could wait. Other critics said some of the problems that the state-run health service faced were a consequence of his role as health minister. During a trip to China in July in 2018, he mistakenly described his wife Lucia, who hails from China, as being Japanese.

☆ Star Wars spinoff 'Rogue Squadron' officially off calendar as Disney shores up film slate
▼ + stars: | 2022-09-15 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Questions about the fate of Patty Jenkins' "Rogue Squadron" began circulating nearly a year ago, and intensified after the Star Wars film went unmentioned at Disney's annual D23 Expo last weekend. The suggestion was that Jenkin's Star Wars feature would be punted down the calendar to another date. "Rogue Squadron" was set to be the first theatrical Star Wars film since the 2019 release of "Star Wars: The Rise of Skywalker," which received middling reviews and generated over $1 billion in ticket sales worldwide. The path for future Star Wars films has been unclear since "Rise of Skywalker" was released. There's even talk that "Star Wars: The Last Jedi" director Rian Johnson is still attached to a stand-alone trilogy set within the Star Wars universe.

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