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☆ More employers offer a Roth 401(k) — and a Secure 2.0 change may prompt more workers to use it
  + stars: | 2023-11-27 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
That share has increased significantly over the past decade: Just 58.2% of employers made a Roth 401(k) available in 2013, PSCA found. Workers pay tax up front on 401(k) contributions, but investment growth and account withdrawals in retirement are tax-free. High earners may also mistakenly think there are income limits to contribute to a Roth 401(k), as there are with a Roth individual retirement account. Those that don't already do so must allow Roth contributions to facilitate this change, or disallow catch-up contributions, according to Principal. When Roth 401(k), IRA savings makes senseRoth 401(k) contributions may not be wise for all workers.
Persons: Roth, PSCA, Hattie Greenan, —, Greenan, Ted Jenkin, Jenkin Organizations: Getty, of America, Finance, Workers, Companies, Employers, CNBC, CNBC's
☆ How protected is your money in accounts outside of banks?
  + stars: | 2023-03-28 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
Spoiler alert: You likely have at least some protection in all but your crypto accounts. There are several types of deposit accounts you may have at one bank (e.g., individual savings account, joint checking, business account, etc.) NCUA, which is backed by the full faith and credit of the US government, covers accounts up to $250,000, in much the same way the FDIC covers bank accounts. Crypto accountsIf you invest in crypto assets you have no federally guaranteed protections should the company acting as custodian of your assets go under. Even if you’re holding your crypto assets at a firm that is an SEC-registered broker-dealer and it is a member of SIPC, your crypto assets will not receive SIPC protection.
☆ 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.
☆ Beware: The companies that hold your crypto aren’t insured the way banks are
  + stars: | 2022-11-13 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +4 min
But now, in the wake of crypto exchange FTX’s implosion, crypto investors were reminded of another risk they face: Crypto accounts lack guaranteed protections when the exchange or platform provider goes belly up. But most banks and brokerages, as well as 401(k) plans, do provide federally guaranteed protections and other insurance. What’s more, customers may unwittingly agree to let the company running an exchange or platform use their digital assets. Bank and credit union accountsIf you have a checking or savings account, a money market deposit account or certificates of deposit at a bank or credit union, make sure the institution has deposit insurance. There are several types of deposit accounts you may have at one bank (e.g., personal account, business account, etc.)
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