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Search resuls for: "Ted Jenkin"


6 mentions found


☆ 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.
☆ 'There is no clear answer.' How to decide between Roth and pre-tax retirement savings accounts
  + stars: | 2022-10-25 | by ( Greg Iacurci | Dave Butler | Co-Ceo At Dimensional Fund Advisors | ) www.cnbc.com   time to read: +5 min
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.
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