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☆ My husband's work slowed dramatically as inflation picked up, but years of financial planning made us ready
▼ + stars: | 2024-06-12 | by ( Jackie Lam | ) www.businessinsider.com time to read: +5 min

This article is part of "My Financial Life," a series helping people live and spend better. This as-told-to essay is based on a conversation with Prisca Benson, a 34-year-old writer for the blog Our Green Life. Last year my husband's work slowed down; he basically worked the equivalent of about five or six months out of the year. It's a testament to intentional spending in the long term. Because this could be literally devastating — if you were living paycheck to paycheck, a loss of 25%, 30%, 40% of your income would decimate you.

Persons: Prisca Benson, Benson, —, it's, I'm, hasn't, It's, We're Organizations: Service, Costco, Tropicana, Google Locations: Bali , New Orleans, Atlanta, Italy

☆ Analysis: Hamas gambled on the suffering of civilians in Gaza. Netanyahu played right into it
▼ + stars: | 2024-06-11 | by ( Nic Robertson | ) edition.cnn.com time to read: +8 min

He appeared to justify the deaths of Palestinian civilians as a “necessary sacrifice” according to the messages. In recent weeks, Ireland, Spain, Norway and Portugal, all frustrated Netanyahu won’t agree a peace deal, have formally recognized Palestinian statehood. The war Sinwar started has taken Palestinian suffering to the next level – and Netanyahu has played right into it. Sinwar’s power amid the war seems to be becoming part of the perceived wisdom about Gaza and the war. And if past experience is any measure, he will likely gamble that he can play mind games better than Netanyahu.

Persons: CNN — Yahya Sinwar, –, Benjamin Netanyahu, Sinwar, Israel, Netanyahu, hasn’t, they’d, they’ve, Biden, Netanyahu won’t, belligerence, Antony Blinken, “, Sinn Fein Organizations: CNN, Israel, Wall Street, ICC, Hamas, Democratic, Northern Locations: Israel, United States, Europe, Gaza, Palestinian, Saudi Arabia, Ireland, Spain, Norway, Portugal, Rafah, Doha, Iran, Turkey

☆ Biden and Macron talk Middle East and Ukraine in French state visit
▼ + stars: | 2024-06-08 | by ( ) www.cnbc.com time to read: +4 min

French President Emmanuel Macron and U.S. President Joe Biden stand together onstage during an official State Arrival Ceremony for President Macron on the South Lawn of the White House in Washington, U.S., December 1, 2022. Fresh from commemorating the 80th anniversary of D-Day, French President Emmanuel Macron welcomed U.S. President Joe Biden in Paris on Saturday for a state visit that included talks about the Middle East, Ukraine and trade. Biden hosted Macron for a state visit at the White House in 2022. A U.S. Treasury official said on Tuesday the United States and its G7 partners were making progress on that. Despite his criticism of the IRA during his state visit to Washington in 2022, Macron and European allies have since won few concessions from Washington.

Persons: Emmanuel Macron, Joe Biden, Macron, Biden, Biden's, Republican Donald Trump, Vladimir Putin, Putin, We're, Volodymyr Zelenskiy, Zelenskiy Organizations: White, U.S, Hamas, Republican, Elysee, Biden, Australia, White House, Kyiv, U.S . Treasury, Ukraine, U.S . Congress Locations: Washington , U.S, Paris, East, Ukraine, Gaza, Israel, Lebanon, Iran, Russian, U.S, United States, France, Europe, Washington, Macron, America

☆ These tax strategies can be a 'silver lining' after a prolonged job layoff, advisor says
▼ + stars: | 2024-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

"It's not a free lunch" because you'll still owe regular income taxes on the converted balance, she said. Converting funds to a Roth IRA "can be a great opportunity for tax-free growth and future tax-free distributions," Franco‑Cicero said. Leverage the 0% capital gains bracketIf your income is low enough, you could leverage the 0% long-term capital gains tax bracket to rebalance a taxable portfolio or save on future taxes, experts say. For 2024, you may qualify for the 0% long-term capital gains rate with taxable income of $47,025 or less for single filers and $94,050 or less for married couples filing jointly. That's because the bracket is based on taxable income, which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.

Persons: Alvaro Gonzalez, Roth, CFP Catalina Franco ‑ Cicero, Tobias, you'll, Franco ‑ Cicero, Quinones Organizations: CFP Catalina Locations: Plantation , Florida

☆ Buying a home in retirement: Here’s what it takes for retirees to get a mortgage
▼ + stars: | 2024-06-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Lenders’ chief focus will be on your ability to repay your mortgage with your various sources of non-paycheck income. “When you qualify for a mortgage, it’s all based on your income,” said Melissa Cohn, regional vice president at William Raveis Mortgage. That ratio falls to between 43% and 45% if you’re taking out a jumbo loan, she added. What you should consider before taking out a mortgageEven before seeking a mortgage, get a good grasp on your expected monthly income and expenses in retirement. To get the truest reading on what makes financial sense, compare mortgage expenses to your investment returns on an after-tax basis, Stork noted.

Persons: ”, Jim Stork, homebuyers, you’ve, Melissa Cohn, we’ll, Fannie Mae, ” Cohn, Cohn, Mark Luscombe, Cohen, Lori Trawinski, Trawinski, you’re, Stork, ” Stork Organizations: New, New York CNN, National Association of Realtors, William, Mortgage, Social Security, Wolters, Kluwer, Accounting, AARP Locations: New York, Illinois, Florida

☆ Early retirees and financially independent investors share 3 IRS rules they've used to avoid taxes and improve their finances
▼ + stars: | 2024-05-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Business Insider has spoken to financially independent real estate investors and early retirees who have used IRS rules to improve their financial situation. AdvertisementThough there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. "The longer it's sitting in there, the more money it's going to generate, the more taxes you're going to pay down the road. Zeona McIntyre uses 1031 exchanges to sidestep capital-gains taxes indefinitelyBoulder-based real estate investor and author of "30-Day Stay," Zeona McIntyre. There are ways to reduce your capital-gains tax liability, like deducting your property's depreciation.

Persons: —, Mindy, Carl Jensen, Carl, Mindy Jensen, Mindy Jensen Colorado, they've, Eric Cooper, Eric Cooper Eric Cooper, Cooper, Zeona McIntyre, Zeona McIntyre Zeona McIntyre, you'll, McIntyre, There's Organizations: Service, Business, IRS, Independence Locations: Colorado, I'm, Boulder

☆ Mega backdoor Roth conversions can be a 'no brainer' for higher earners, expert says
▼ + stars: | 2024-05-31 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're a higher earner and looking to boost tax-free retirement savings, there's a lesser-known strategy that could be worth considering. While Roth individual retirement accounts offer tax-free growth and other benefits, some investors earn too much for direct contributions. For 2024, the adjusted gross income limits for Roth IRA contributions are $161,000 for single filers or $240,000 for married couples filing jointly. However, so-called mega backdoor Roth conversions — which shift after-tax 401(k) contributions to a Roth account — can sidestep Roth IRA income limits for contributions. It's a "no-brainer" after maximizing other tax-advantaged options, assuming you don't need the cash for other goals, said certified financial planner Brian Schmehil, managing director of wealth management at The Mather Group in Chicago.

Persons: Roth, sidestep Roth, It's, Brian Schmehil, Schmehil Organizations: The Mather, Finance Locations: Chicago

☆ Meet the Gen Zers maxing out their retirement savings: 'It's no longer chasing money; it's chasing time'
▼ + stars: | 2024-05-29 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +4 min

And she's part of a growing class of Gen Z retirement super-savers. Many are concerned about stagnating wages in an era of skyrocketing costs of living, says Paloma Thombley, chief human resources officer at Handshake, the jobs site for college students and new grads. Gen Z prioritizes retirement benefitsGenesis Hinckley, 27, works as a business analyst for Google in Boulder, Colorado. 'It's no longer chasing money; it's chasing time'Anxiety aside, many Gen Zers see super-saving for retirement as a way to take control over an uncertain future when the built-in support systems are lacking. They learned when it makes sense to invest in a plan pre- or post-tax, how to actually invest your retirement money, and the value of compound interest.

Persons: Lillian Zhang wasn't, Zhang, Gen, Gen Zer, millennials, Gen Xers, Paloma Thombley, Zers, Thombley, Lillian Zhang, isn't, Z, Genesis Hinckley, Hinckley, Roth, TikTok Organizations: IRA, Northwestern Mutual, Social Security, Google, Genesis, YouTube Locations: Boulder , Colorado

☆ The generation that may never retire: Why some millennials are behind on savings — and how they can catch up
▼ + stars: | 2024-05-29 | by ( Jacob Zinkula | William Edwards | ) www.businessinsider.com time to read: +14 min

However, the average millennial reported roughly $63,000 in retirement savings so far. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings. How to figure out how much retirement savings you needTiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously. How millennials can get their retirement savings back on trackWhile some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.

Persons: Nathaniel Hudson, Hartman, millennials, Tiffany Bell, didn't, Bell, she's, they're, Chris Chen, Chen, Judi Leahy, it's, Leahy, NerdWallet, Bell —, —, X, What's, Nilay Gandhi, Roth, Rita Assaf, Assaf, Gandhi Organizations: Business, Northwestern Mutual, Pew, US Social Security, Fidelity, Financial, Citi, Wealth Management, Vanguard, Big, CFP, Roth IRA, Fidelity Investments, Savings, Hudson Locations: Portland, Houston, New York, Montana

☆ Roth conversions are up in 2024 — but it's not always a 'slam dunk,' accountant says
▼ + stars: | 2024-05-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Roth individual retirement account conversions are up in 2024 — but there are key things to know before converting funds, experts say. There was a 44% year-over-year increase in the number of Roth conversions during the first quarter of 2024, according to data from Fidelity Investments. Roth conversions transfer pretax or nondeductible individual retirement account funds to a Roth IRA, which provides future tax-free growth. However, "it isn't a slam dunk for everyone" because it takes time for tax-free growth to exceed your upfront tax bill, said Marianela Collado, a certified financial planner and CEO of Tobias Financial Advisors in Plantation, Florida. Here’s how much you can saveInvestors need "sufficient assets" outside of retirement accounts to cover the upfront tax bill, warned Collado, who is also a certified public accountant.

Persons: Roth, Marianela Collado, Collado, You'll Organizations: Fidelity Investments, Roth IRA, Financial, Finance, Medicare Locations: Plantation , Florida

☆ Self-made millionaire’s No. 1 money tip for new grads: ‘Do this for as long as you can, and you will be a multimillionaire’
▼ + stars: | 2024-05-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

How to begin investingA simple way to get started is by purchasing low-cost index funds, Sethi says. Index funds track market indexes like the S&P 500, which follows the stock performance of around 500 large U.S. publicly traded companies, such as Microsoft, Apple and Nvidia. To get started, you'll need to open a brokerage account, traditional IRA, Roth IRA or other investment account. But don't let your funds simply sit in your brokerage account. You'll need to go one step further and decide which funds you'd like to invest in.

Persons: Ramit Sethi, Rich, You've, Sethi, Roth, you've Organizations: CNBC, U.S, Microsoft, Apple, Nvidia, Roth IRA

☆ ‘Passion, performance, poison’: Why this Scottish soccer league is struggling to shake off the specter of religious bigotry
▼ + stars: | 2024-05-25 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +12 min

Police Scotland told CNN it had received no reports regarding fans’ behavior towards Boyle. Paul Devlin/SNS Group/Getty Images“It was a historic problem born of the Catholic-Protestant divide in Scottish society, especially in the West of Scotland. And it became greatly manifest in football,” Scottish sports journalist Graham Spiers told CNN. Historically chants have included anti-Catholic religious bigotry, or vocal support for paramilitary groups like the Irish Republican Army (IRA) and Ulster Volunteer Force (UVF). Celtic and Rangers fans at the start of the Scottish Premiership match between Celtic and Rangers at Celtic Park on September 10, 2016 in Glasgow.

Persons: Martin Boyle, Boyle, ” David Scott, –, ”, Hibernian's Martin Boyle, John Souttar, Paul Devlin, Graham Spiers, It’s, ” Spiers, Spiers, Mark Scott, Scott, Jason Campbell, Mouth’s Scott, “, ‘, ’, ” Scott, Celtic’s, King William III, William of Orange, Frank McAvennie, Chris Woods, Terry Butcher, Chris Cole, don’t, ” Joseph Webster, ” Webster, Jeanette Findlay, ” “, Findlay, Steve Welsh, “ I’ve, I’m Organizations: CNN, Hibernian FC, Scottish, Rangers FC, Northern, ” Hibernian FC, Hibs, Police Scotland, Rangers, Hibernian, Easter, SNS, Scotland, Catholic, – Celtic FC, Irish Republican Army, Ulster Volunteer Force, UVF, “ Rangers, Catholic Hibernian, Midlothian FC, Loyalist, Celtic, Scottish Premier League, Ibrox, ” Authorities, Football, Communications, Crown, Fiscal, Scottish Government, University of Cambridge, ” CNN, Scottish Football Association, CNN Sport, Celtic Park, ” Celtic Locations: Edinburgh, Northern Ireland, Republic of Ireland, Scotland’s, Scotland, Scottish, West, Glasgow, “, Findlay

☆ Op-ed: How activist investors are deactivating with proxy battle losses
▼ + stars: | 2024-05-23 | by ( Jeffrey Sonnenfeld | Steven Tian | ) www.cnbc.com time to read: +7 min

Whether today's activist investors contribute any genuine economic value is open for debate. As this year's proxy season draws to a close, defeat after defeat for activist investors in proxy fights this year – most prominently at Disney and Norfolk Southern – raises the question: Are activist investors increasingly getting de-activated, losing their credibility and power? These self-styled "activist investors" are distinct from the original activists who helped catalyze needed governance reforms two decades back. Many of today's activist investors are a far cry from the original, heroic crusaders for shareholder value who pioneered the activism space decades ago. However, given the failing financial performance of many of today's activist investors, their losing streak in proxy fights and increasing public rejection of their bullying tactics, the credibility and value of activist investors writ large is increasingly imperiled.

Persons: Nelson Peltz's, Ed Garden, Ralph Whitworth, John Biggs of TIAA, John Bogle of, Ira Millstein, Weil, Nell Minow, Bob Monks, Harvard's Stephen Davis, Carl Icahn's, Aubrey McClendon, –, Bill Cohan, Jamie Dimon, Glass Lewis, resoundingly, Mason Morfit's ValueAct, Jeffrey Sonnenfeld, Lester, Steven Tian Organizations: CNBC, Salesforce, Dow Jones, Disney, Norfolk Southern, Relational Investors, John Bogle of Vanguard, Services, Chesapeake, Norfolk, JetBlue, Elanco, of Institutional Investors, United Shareholders Association, Responsibility Research, ISS, Lester Crown, Management, Yale University, Yale's, Institute Locations: Norfolk Southern, greenmailers, America

☆ Denmark's Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects
▼ + stars: | 2024-05-23 | by ( Pippa Stevens | ) www.cnbc.com time to read: +2 min

Aerial view of Eleven Mile Solar in Coolidge, Az. Put simply, large financial institutions provide part of the financing for a renewable energy project, in exchange for the project's tax credits. Smaller developers don't always have the means to enter into these partnerships, and the appetite from large financial institutions to take stakes in renewable energy projects is limited. That's "[s]till far short of what is needed in the post-IRA clean energy investment landscape," the investment bank Evercore ISI noted. Aerial view of Eleven Mile Solar in Coolidge, Az.

Persons: Az, Van Applegate, Orsted, Biden, —, Applegate Organizations: JPMorgan, U.S, Orsted's, IRA, American Council, Renewable Energy Locations: Coolidge, U.S, Coolidge , Arizona, Mineral , Texas, Nextracker

☆ IRA Money Trail: D.C. drives clean energy boom
▼ + stars: | 2024-05-23 | by ( Pippa Stevens | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIRA Money Trail: D.C. drives clean energy boomCNBC's Pippa Stevens reports on a boom in clean energy across the United States.

Persons: Pippa Stevens Locations: United States

☆ Biden’s EPA is trying to take a huge bite out of the climate crisis. But can it survive Trump’s Supreme Court?
▼ + stars: | 2024-05-22 | by ( Ella Nilsen | ) edition.cnn.com time to read: +10 min

Bottom row, from left, Associate Justice Sonia Sotomayor, Associate Justice Clarence Thomas, Chief Justice of the United States John Roberts, Associate Justice Samuel Alito, and Associate Justice Elena Kagan. Top row, from left, Associate Justice Amy Coney Barrett, Associate Justice Neil Gorsuch, Associate Justice Brett Kavanaugh, and Associate Justice Ketanji Brown Jackson. And environmental attorneys are intrigued by Barrett, who has had some tough questions for EPA’s challengers during recent Supreme Court arguments. The Supreme Court ruled in 2007 that the EPA can use its authority to regulate greenhouse gases. That gives the agency the recent Congressional direction the Supreme Court has said it so badly needs, some experts said.

Persons: Joe Biden’s, Richard Lazarus, “, Michael Regan, ” “, ” Regan, Regan’s, ” Lazarus, Samuel Alito, Clarence Thomas, Neil Gorsuch, Gorsuch, Alito, ” David Doniger, “ Alito –, ”, Reagan, Anne Gorsuch, Sonia Sotomayor, John Roberts, Elena Kagan, Amy Coney Barrett, Brett Kavanaugh, Ketanji Brown Jackson, J, Scott Applewhite, Amy Coney Barrett –, Roberts, Barrett, Kavanaugh, Sackett, “ He’s, he’s, doesn’t, Ann Carlson, ” Carlson, ” Doniger Organizations: CNN, Joe Biden’s Environmental Protection Agency, Harvard Law, EPA, Republican, Natural Resources Defense Council, Chevron, DC, Appeals, DC Circuit, University of California, Biden, Congress Locations: China, United, Virginia, University of California Los Angeles, West Virginia, Congress

☆ Rollback in IRA's EV incentives would benefit China, says GM board member
▼ + stars: | 2024-05-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Any significant reduction or a rollback of the Inflation Reduction Act's support for electric vehicles would benefit China, according to General Motors board member Jon McNeill. "I think we risk losing the auto manufacturing share to China. The IRA of 2022 includes incentives for consumers to purchase EVs as well as significant support for carmakers and suppliers to produce all-electric vehicles and their components in North America rather than overseas. The expansion of Chinese automakers has been a growing concern for companies from Detroit to Germany. Global automakers are worried that BYD and other Chinese rivals could flood their markets, undercutting domestic production and vehicle prices.

Persons: Jon McNeill, McNeill, Donald Trump Organizations: General Motors, DVx Ventures, CNBC, Global, Biden Locations: China, North America, Detroit, Germany

☆ U.S. tariff hikes on China EVs will benefit these global stocks, Bernstein says
▼ + stars: | 2024-05-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

On top of that, the Inflation Reduction Act (IRA) subsidies to reshore the battery supply chain to the U.S. are also "having the desired impact," it added. It named companies such as LG Energy Solution and Samsung SDI which have more than 65% of U.S. battery manufacturing capacity. LG Energy Solution has the additional benefit of being the most exposed to growth and IRA benefits, they added. But Bernstein said it prefers Samsung SDI to LG Energy Solution for now, as the former offers "growth at a reasonable price." Bernstein gave Samsung SDI and LG Chem an outperform rating and LG Energy Solution a market perform rating.

Persons: Bernstein, Freyr, — CNBC's Michael Bloom Organizations: U.S, LG Energy, Samsung SDI, LG Chem, Umicore, Basf, LG, Panasonic, Tesla, SolidEnergy Systems Locations: U.S, North America, decouple, China, South Korea, Europe

☆ First Solar earnings could surge 370% by 2027 as Big Tech hunts for renewables to power AI, UBS says
▼ + stars: | 2024-05-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

First Solar's earnings are expected to surge 374% to $36.74 per share in 2027, analysts led by Jon Windham told clients in a research note Tuesday. Utility-scale solar represents 80% of the corporate power purchase agreements over the past five years, and the four tech companies represent 40% of utility-sale solar demand, according to UBS. First Solar makes thin-film solar modules rather than silicon-based modules that are dominated globally by China. This will allow First Solar customers to benefit from the 10% domestic content tax credit under the IRA, which is worth about 10 cents per watt of solar power. "FSLR is also a hedge against potential weakness in the 'sustainability' of the Chinese silicon based solar supply chain."

Persons: Jon Windham, Windham, Goldman Sachs, Mark Widmar, Alexander Bradley Organizations: Big Tech, UBS, Microsoft, Meta, Google, First Locations: U.S, China, Ohio, Alabama, Louisiana

☆ Creating an income-producing portfolio
▼ + stars: | 2024-05-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

A lot goes into creating and managing an income-producing portfolio that works for you. Knowing your expenses will give you a good sense of the income you’ll need. Ways to generate incomeTake the income you think you’ll need and subtract from that the income you expect. For example, if you need $65,000 a year but will only bring in $40,000, you’ll need to generate the other $25,000. • For money you’ll need in three to five years, use short-term corporate bonds as well as longer-term CDs.

Persons: it’s, Will, David Seufer, you’ll, Marguerita Cheng, ”, David Edmisten, Edmisten, Cheng, ” Seufer, “, ” Edmisten, Seufer, they’re, ” Cheng Organizations: New, New York CNN, Gravitas, Social Security, Blue, ” Capital, Social Locations: New York

☆ 3 reasons why buying copper right now is the best trade one commodity expert has ever seen
▼ + stars: | 2024-05-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Copper "is the most compelling trade I have ever seen," Carlyle's Jeff Currie said on the Odd Lots podcast. He thinks the metal's massive mismatch in supply and demand could push its price up to $15,000 a ton. AdvertisementCopper supply issues are making the metal considerably more expensive, says commodities veteran Jeff Currie, who is very bullish on the opportunity. He later added: "I just quote many of our clients and other market participants say it's the highest conviction trade they've ever seen." Though not necessarily part of his acronym, artificial intelligence is also amplifying industry demand, Currie mentioned.

Persons: Carlyle's Jeff Currie, Currie, —, Jeff Currie, Carlyle, Currie —, Goldman Sachs, policy's, copper's, deglobalization Organizations: Industry, Service, Bloomberg, US, BHP Locations: China, Panama

☆ A 50-year-old retiree says his 'biggest mistake' was saving too much in his 401(k). He explains what he would do differently and his work-around for being illiquid when he retired.
▼ + stars: | 2024-05-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIn his early 20s, one of Eric Cooper's first bosses gave him some sound money advice: Contribute as much as you can to your 401(k). AdvertisementCooper maxed out his 401(k) for more than two decades and accumulated enough to retire in his late 40s. While there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. At some point, we're going to have to start spending that money, and the IRS is going to start taxing it," he said.

Persons: —, Eric Cooper's, maxed, Cooper, maxing, I'm, Cooper maxed, Eric Cooper Organizations: Service, Business, Independence, IRS Locations: Louisville, I'm

☆ Trump-era tax cuts set to expire after 2025 — here's what you need to know
▼ + stars: | 2024-05-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

The TCJA reduced federal income tax rates across the board, with the top rate falling to 37% from 39.6%. That would return the federal income tax rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. In the meantime, some higher earners have been leveraging lower income tax rates through 2025 by incurring income now, experts say. The standard deduction could fallWhen filing taxes, you claim the standard deduction or itemized deductions, whichever is greater. Before 2018, about 70% of taxpayers claimed the standard deduction, compared with 90% in tax year 2020, according to the Tax Policy Center.

Persons: Donald Trump, Michael M, Erica York, Roth, it's, Gleckman, Robert Dietz Organizations: Santiago, Getty, Tax, Center, Federal Tax, Senate, Bernstein Private Wealth Management, CNBC Locations: Wildwood Beach, Wildwood , New Jersey, California , New Jersey, New York, Minneapolis

☆ The newest weight-loss hack has people turning to a highly addictive drug
▼ + stars: | 2024-05-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how Zyn nicotine pouches are becoming the new weight-loss quick fix . A new weight-loss quick fix is making the rounds just in time for summer's unofficial start (Memorial Day), but this one relies on a highly addictive drug. However, one doctor Hilary spoke to has concerns about the effects of using nicotine to lose weight. Wilson, Amazon, Albany Times Union/Hearst Newspapers/Getty, Creative Crop/Getty, Tyler Le/BIOf course, you don't have to rely on a highly addictive drug to lose weight. Disney CEO Bob Iger said he's giving too much money to the Big Tech app stores that distribute Disney-owned streamers like Hulu and Disney+.

Persons: —, Michael M, Rebecca Zisser, Hilary Brueck, Mia de Graaf, Hilary, they're, They're, Wilson, Tyler Le, I'm, BI's Jordan Hart, padel, Gabby Landsverk, Jamie Dimon Jamie Dimon, Jerome Powell, Bob Iger, Bernstein, Rouco, Zers, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, HBO, Business, Getty, bros, Albany Times Union, Hearst Newspapers, Creative, CNBC, JPMorgan, GameStop, Disney, Big Tech, Hulu, Google, Big, Microsoft, Wall Street, Citi Locations: Amazon, China, Ireland, Australia, millennials, New York, London

☆ An early retiree shares the advice he received in his early 20s that helped him retire at age 48 — and how he invested his money to build a seven-figure portfolio
▼ + stars: | 2024-05-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

It aligned with the life-changing money advice he received from a boss in his early 20s. The stock market: from tech stocks to low-cost index fundsCooper's investment strategy has evolved over the years. AdvertisementTo lower his risk, "I am in the process of transitioning my portfolio to mostly low-cost index funds, which are very popular among the FI community." "They're all paid off and bring in about $65,000 a year in rent," he said, adding that they played an important role in his early retirement. Advertisement"I think the easier route is to invest in low-cost index funds," he said, noting that the playbook is much simpler.

Persons: —, Eric Cooper, I'd, Cooper, Cooper's, Roth Organizations: Service, Business, Roth IRA, FI Locations: Louisville, Egypt

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