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☆ How to manage a big retirement risk amid health-care inflation
▼ + stars: | 2023-06-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Geber86 | E+ | Getty ImagesThere are plenty of risks for retirees — and those risks may compound by the rising cost of health care in retirement. There's also a higher likelihood of retirees needing medical care as they grow older. A 65-year-old couple who retired in 2022 will spend an average of $315,000 in health-care costs throughout retirement, not including long-term care, according to Fidelity Investments. Of course, every retiree's costs will be different, said certified financial planner Anthony Watson, founder and president of Thrive Retirement Specialists in Dearborn, Michigan. "The best way to plan for health-care costs is to learn how to be a good health-care consumer," said McClanahan, who also is a physician and member of CNBC's Advisor Council.

Persons: it's, There's, Anthony Watson, Carolyn McClanahan, McClanahan Organizations: —, U.S . Bureau of Labor Statistics, Fidelity Investments, Morgan, Planning Partners Locations: Dearborn , Michigan, Jacksonville , Florida

This is a good chance to talk to your kids about money and the actual cost of what they want. It's a good idea to make saving for your kids' summer a part of your year-round saving plan. Bosse, who also writes books about money for kids, sees a lot of parents stressed about the summer. See Insider's picks for the best high-yield savings accounts »How do you start the summer money conversation with kids? Involve kids in your financial decisionsOnce you and your kids decide what's important for the summer, Delisle and Bosse recommend being open and transparent about how much value-driven activities cost with your kids.

Persons: —, Jamie Bosse, Bosse, David Delisle, Delisle, you'll Organizations: Service, American Camp Association Locations: The Kansas, Florida

☆ 4 financial tools that all parents should consider, whether their child is a newborn or a teen
▼ + stars: | 2023-06-01 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Things such as life insurance and investments can help increase your child's financial security. These are the tools a financial planner said parents should consider. Get — or update — life insuranceHaving up-to-date life insurance is one of the most important things you can do to look out for your child. And that's the perfect time to open a Roth individual retirement account, a type of retirement savings account. "To determine what's best for them, parents should consider their financial goals, risk tolerance, and their child's potential needs," Lofton said.

Persons: Jenna Lofton, Lofton, doesn't, They'll, Roth, they're Organizations: College, Roth IRA

☆ Here's how to buy Treasury bills as yields top 5%
▼ + stars: | 2023-06-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Treasury bill yields have climbed over the past few months, with one-month to one-year terms currently topping 5%, as of June 1. However, there are a few things for everyday investors to know about the Treasury bill purchase process, according to financial experts. Treasury bills, or T-bills, have terms of four weeks to 52 weeks and are backed by the U.S. government. For example, let's say you purchase $1,000 worth of one-year T-bills at a 4% discount, with a $960 purchase price. To calculate your coupon rate (4.16%), you take your $1,000 maturity and subtract the $960 purchase price before dividing the difference by $960.

Persons: Jeremy Keil Organizations: U.S ., Investors, Finance, Federal, Keil Financial Partners Locations: Milwaukee

☆ 8 things you shouldn't cut back on during a recession
▼ + stars: | 2023-05-30 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Financial experts say there are eight things worth every penny that you shouldn't stop spending on. If you're starting to plan what items you should cut back on, take a look at what these financial experts say are worth every penny — even during a recession. If you're struggling to afford your internet or phone service during a recession, Lalonde recommends calling your current provider and asking for discounts or looking for lower-cost options with other providers out there. To prepare for a looming recession, Lalonde recommends making sure your coverage is up-to-date and researching if there are any government or community programs that can assist you with the cost of healthcare costs. If you're prioritizing what to cut back on, Nelson recommends cutting spending elsewhere to ensure debts are being paid off first.

☆ What is a 529 plan? How you can score a tax break while saving for future college expenses
▼ + stars: | 2023-05-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +7 min

And what better time to think about a college savings account than 529 College Savings Day? Unlike college costs, however, your 529 plan funds can only go toward tuition for primary and high school. On top of tax-free growth, some states allow taxpayers to deduct or get a credit for 529 plan contributions on their taxes. Drawbacks of 529 savings plansOne of the main drawbacks of saving in a 529 plan is that you owe a penalty if you use the funds for an ineligible expense. The Free Application for Federal Student Aid (FAFSA) does take 529 plan savings into account when determining your expected family contribution (EFC), but not at face value.

☆ 3 investing tips as the federal debt ceiling 'X-date' approaches
▼ + stars: | 2023-05-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Yellow Dog Productions | Getty ImagesPreston Cherry, a certified financial planner and founder and president of Concurrent Financial Planning in Green Bay, Wisconsin, said the debt ceiling has led to "anxiety stacking" among investors with existing financial concerns. While it's tough to predict how the stock market may respond to the coming debt ceiling negotiations, experts have tips for investors. Avoid 'emotional selling'When facing market volatility from events like the Russia-Ukraine war or the debt ceiling standoff, Cherry said it's important to avoid "emotional selling," especially when the market plunges. These events do occur, so we want to help mitigate the emotional and financial effects. "In the grand scheme of things, I think [the debt ceiling] will get worked out," Baker said.

☆ Stocked up on short-term T-bills? Here’s why it might be time to buy longer-term bonds
▼ + stars: | 2023-05-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Short-term Treasury bills have garnered investors' attention as yields pop amid the Federal Reserve's rate hiking campaign and debt ceiling tensions in Washington. This doesn't necessarily mean it's time to cut bait on your short-term bond holdings, however. Issues with longer duration are likely to see greater price fluctuation in response to changes in interest rates. The inverted yield curve also resulted in higher yields for short-term issues, but sharp price declines. Some investors built ladders — that is, a portfolio of bonds with different maturities — to take advantage of those higher yields.

Persons: Paul Olmsted, Bonds, Olmsted, we've, Brenna McLoughlin, Kevin Brady, Callie Cox, Cox Organizations: Morningstar, Treasury, Wealthstream Advisors, Wealthspire Advisors Locations: Washington

☆ More taxpayers will receive tax forms from apps such as Venmo, PayPal for 2023. Here's how to avoid tax issues
▼ + stars: | 2023-05-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

As a result of the change, more taxpayers are likely to receive Form 1099-K, which reports third-party business payments to the IRS. Some lawmakers are pushing to increase the reporting threshold, so it could change further. However, regardless of the tax reporting threshold, it's important to remember P2P business payments have always been taxable, experts say. Here are some additional tips to consider before the reporting change in January. An accounting system may also make it easier to track business expenses, which may be deducted to reduce taxable income, Guarino said.

Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, It's, Jim Guarino, Baker Newman Noyes, Guarino, Adam Markowitz, I've, Markowitz Organizations: Getty, Taxpayers, PayPal, eBay, IRS Locations: Orlando , Florida, Woburn , Massachusetts, Windermere , Florida

☆ Guaranteed lifetime income gains appeal amid worries a recession is coming
▼ + stars: | 2023-05-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

More retirement plans to offer annuity optionsThe passage of the Secure Act also made it easier for employers to offer annuities as one retirement savings plan option. Starting in the fall, Fidelity will let plan participants convert some of their retirement savings into an immediate income annuity to provide pension-like payments throughout retirement. BlackRock and State Street Global Advisors, two of the largest asset managers, also announced target-date funds with retirement income annuity options. Having an annuity option when you retire is a good thing. Annuity sales hit a record in 2023Annuity sales hit an all-time high in the first quarter of 2023, up roughly 50% from a year ago, according to Limra, an insurance industry trade group.

Persons: Susan Neely, Mark McCombe, Carolyn McClanahan, Todd Giesing Organizations: Fidelity, Fidelity Investments, BlackRock, Street Global Advisors, Planning Partners Locations: Jacksonville , Florida

☆ What parents need to know about P2P payment apps as Venmo adds teen account
▼ + stars: | 2023-05-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Maskot | Maskot | Getty ImagesApps are 'convenient,' but woes can be 'difficult to fix'Peer-to-peer payment apps, also known as P2P apps, are widely in use throughout the U.S. Teresa Murray, a consumer watchdog at the U.S. Public Interest Research Group, urges caution when using P2P apps. "There are real consequences if something goes wrong," she said. watch now"People use these P2P apps because they're convenient and they're easy," Murray said. Talk to your teens about moneyAs your teen learns about budgeting and payment apps, experts urge parents, it's important to discuss these topics with them at home.

Persons: Teresa Murray, PIRG, Murray, LendingTree, scammers, Desiree Kaul Organizations: Maskot, Getty, Consumer Reports, U.S . Public Interest Research, Consumer Financial, PayPal, CNBC Locations: U.S, Satellite Beach , Florida

☆ Women need financial freedom to 'live on their terms,' advisor says. These 3 strategies can help
▼ + stars: | 2023-05-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Being out of the workforce for any period of time can impact women's financial security and retirement, she said. "I think it's important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability," Elliott said. Negotiate your payPonywang | Istock | Getty ImagesResearch has shown there is still a gender pay gap that results in women having lower earnings. It's important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability. As average market returns bounce back, that can result in meaningful progress over time, Elliott noted.

☆ A husband hid $500,000 in bitcoin during a divorce — and got busted by a crypto hunter
▼ + stars: | 2023-05-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +23 min

Thumb drive-size devices, such as a Trezor or Ledger, offer another way to secure crypto tokens cold by safeguarding both the crypto itself and the keys to access it. Transfers of digital assets between chains has helped to expand the crypto market by giving people more ways to pay and transact. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. The tax implications are another major consideration when choosing how to divide crypto assets. I think the people that are interested in digital assets are going to continue to be interested in digital assets," she said.

☆ IRS reveals 2024 health savings account limits. What to know about the 'significant increase,' says advisor
▼ + stars: | 2023-05-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: 1 min

The annual contribution limit for health savings accounts, or HSAs, will soon get a sizable boost due to inflation, the IRS announced this week. For 2024, the yearly limit for self-only HSA plans is rising to $4,150 from $3,850 in 2023, and the cap for family plans is jumping to $8,300 from $7,750. The catch-up contribution for savers age 55 and older remains at $1,000 each, bumping the total deposit limit for older savers to $10,300. It's a "significant increase" when compared to historic HSA inflation adjustments, according to Ashton Lawrence, a certified financial planner and director at Mariner Wealth Advisors in Greenville, South Carolina.

☆ As investors worry about a recession, take 3 steps to boost your financial security, advisor says
▼ + stars: | 2023-05-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A recent survey from Nationwide finds more than two-thirds of respondents — 68% — expect a recession within the next six months. Meanwhile, 62% of respondents believe the recession will be as severe or worse than the Great Recession of 2007 to 2009. "One of the things I share with others is control what you can control," Elliott said. While what happens with the economy or your employer may be out of your control, there are steps you can take to help boost your personal financial security. For many, we're using it as a buying opportunity to buy certain securities that are priced fairly low right now.

As the base on which your credit score is calculated, credit reports don't actually include your credit scores. Checking credit score frequently asked questionsWill checking my credit score lower it? Your credit reports do not show when you check your credit score, so the credit scoring algorithms have no way of knowing if you checked your credit score. Similarly to your credit score, checking your credit report doesn't change your credit score. While the average Gen Z consumer has a 679 FICO score, the average member of the Silent Generation has a 760 FICO score.

☆ Why so many people making $100,000 a year don't feel rich
▼ + stars: | 2023-05-17 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

And if I could get to $100,000, I figured, I'd be rich, or at least comfortable, which is how rich people say "rich." Does a $100,000 salary make you 'rich'? You don't have to be an economist to know that earning $100,000 in New York City is different than earning $100,000 in Memphis, Tennessee. Because Tennessee doesn't tax earned income, a Memphis resident earning $100,000 takes home $74,515 after federal and state taxes, according to analysis by SmartAsset. How to make $100,000 feel more like $100,000

☆ Americans think gold beats stocks as a long-term investment. Advisors disagree: 'It's more like a speculation'
▼ + stars: | 2023-05-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Twenty-six percent of Americans ranked gold as the best long-term investment in 2023, almost double the 15% who thought so in 2022, according to a recent Gallup poll. The share surpassed that of stocks: 18% of Americans ranked stocks as the top long-term holding, down from 24% last year, according to the survey. It was the first time since 2013 that their perception of stocks was below that of gold. "As a long-term investment, [gold] is a very poor solution," said Charlie Fitzgerald, a certified financial planner and principal of Moisand Fitzgerald Tamayo in Orlando, Florida. Stocks beat gold over the long term

☆ Stashing cash: 71% of Americans are setting more money aside amid recession fears, new report finds
▼ + stars: | 2023-05-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Renewed fears of a possible recession have spurred more households to adjust their spending habits — finally. Broadly, Americans are cutting back, particularly on discretionary purchases, and saving more, according to recent reports on the state of the consumer by the Bank of America Institute and Deloitte. Now, 71% of Americans are likely to keep cash on hand, according to a new Country Financial security index. Other consumers are driving less to save on gas or canceling some streaming services. Even as Americans are more likely to keep cash on hand, most said they don't know the best ways to save to reach their short- or long-term savings goals, according to Country Financial.

☆ Fewer Adults Have Life Insurance, but Skipping It Can Be Risky
▼ + stars: | 2023-05-15 | by ( ) www.wsj.com time to read: +11 min

But financial planners say a basic life insurance policy, especially products known as term life insurance, should be an important part of many Americans’ financial plans. A life insurance policy:Replaces lost income: If you were to pass away, your family could use your life insurance policy’s death benefit to replace your income. How to shop for life insuranceIf you’re ready to start shopping for a life insurance policy, follow these steps:1. According to PolicyGenius, an insurance marketplace, typical rates for a whole life policy, the most common type of permanent life insurance, are about 10 times the cost of a term life policy. Term Life Insurance Because term life insurance expires, it's often a far cheaper option.

☆ How to invest in the S&P 500 — a guide to the funds that mimic the influential index's makeup and moves
▼ + stars: | 2023-05-15 | by ( Martin Daks | ) www.businessinsider.com time to read: +17 min

After tracking the S&P 500 from 1965 to 2021, Berkshire Hathaway found the compound annual gain in the S&P 500 was 10.5%. In the case of S&P 500 index funds, the stocks are those of the companies listed in the S&P 500. With 500+ stocks in their portfolio, S&P 500 funds are especially diversified, their securities representing a range of industries. With 500+ stocks in their portfolio, S&P 500 funds are especially diversified, their securities representing a range of industries. The diversified, passive approach of S&P 500 funds — like most index funds — means an investor's downside is generally limited.

☆ Here's how much emergency savings you need amid economic uncertainty, according to financial advisors
▼ + stars: | 2023-05-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Nirunya Juntoomma | Istock | Getty ImagesAn emergency fund is a key piece of your financial plan, especially amid economic uncertainty. But the right amount of cash depends on your household and occupation, according to financial experts. Most Americans aren't prepared for a financial emergency, according to a recent CNBC/Momentive survey of more than 4,000 U.S. adults. "Rules of thumb overlook a number of important factors," said certified financial planner Andy Baxley at The Planning Center in Chicago. However, a one-income household with "highly variable pay" may aim for nine months of emergency savings, he said.

☆ Why investors 'always misunderstand' the difficulty of regaining a loss, says advisor
▼ + stars: | 2023-05-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: 1 min

You may need to wait longer than you think to regain that loss. Yet, "investors always misunderstand this," said Ted Jenkin, a certified financial planner based in Atlanta and a member of CNBC's Financial Advisor Council. Its value declines to $8 — a 20% loss. The stock's value then rebounds by 20%. That 20% gain returns the stock's value to $9.60, not the original $10.

☆ Changing your portfolio to beat the ‘looming recession boogeyman’ is a mistake, advisor says
▼ + stars: | 2023-05-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Bryan Allen | Getty ImagesThe threat of a recession has weighed heavily on many investors' minds amid higher interest rates, banking turmoil and layoffs. Some two-thirds of Americans believe the country is approaching a recession or already in one. "Trying to constantly reorient your portfolio to beat a looming recession boogeyman or whatever crisis of the day is a mistake," said certified financial planner Amy Hubble, principal investment advisor at Radix Financial in Oklahoma City. "So by the time we have the data to prove a recession, the markets are looking beyond." "They're buying good companies at good values and they're investing for the long term."

☆ How Much Rent Can I Afford?
▼ + stars: | 2023-05-11 | by ( ) www.wsj.com time to read: +7 min

Paying too much in rent could leave you struggling to pay your other bills or unable to save for the future. Here’s how financial planners say you can make sure your rent is in line with your income and goals. Experts we spoke to recommend keeping rent costs below 25% to 30% of your monthly income. Another factor to consider is whether spending a little more on rent could help you save on other costs. When it makes sense to spend lessIt can make sense to spend less than 30% of your net income on rent if you have other large expenses.

Persons: Kevin J, Ryan, isn’t, “, ”, Christopher Lyman, James Guarino, Baker Newman Noyes, Guarino, Garrett Sorensen, Akeiva, Ellis, Sorensen, you’re, it’s Organizations: Financial Advisors, ”, Utilities Locations: Newtown, Penn, Woburn , Mass, Boston , New York, San Francisco, Old Hickory, Tenn, Natick, Mass

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