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☆ Credit card debt among retirees jumps — 'It's alarming,' researcher says
▼ + stars: | 2024-11-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Retirees' debt was rising before the pandemicRising debt levels were a problem for older Americans even before pandemic-era inflation. The typical family with heads age 75 and older had $1,700 of credit card debt in 2022, EBRI said in the August report. Those with heads age 65 to 74 had $3,500 of credit card debt, it said. Meanwhile, any spending cuts should be applied to reduce credit card debt, McClanahan explains. Boost income Retirees can also consider going back to work at least part time to earn more income, McClanahan said.

Persons: Bridget Bearden, Bearden, it's, EBRI, Louis, Carolyn McClanahan, She's, McClanahan, Cardholders, Cook, Ted Jenkin, Winnie Sun Organizations: Research Institute, Social Security, Senior Citizens League, Reserve Bank of St, Federal Reserve, U.S . Federal Reserve, Federal Reserve Bank of St, Planning Partners, CNBC's, CNBC, Facebook, Craigslist, Sun Group Wealth Partners Locations: Louis, Jacksonville , Florida, Irvine , California

☆ Op-ed: Here's how to incentivize your kid to start investing for retirement
▼ + stars: | 2024-10-13 | by ( Winnie Sun | ) www.cnbc.com time to read: +6 min

While you're doing so, it's also important to consider what counts as "earned income" for a child's Roth IRA. The maximum annual contribution for 2024 is $7,000 or the total of the child's earned income for the year — whichever is less. For instance, if a 16-year-old works at a coffee shop and earns $4,000 over the summer, that $4,000 qualifies as earned income. Earnings from a part-time job, such as working at a grocery store, fast food restaurant, or retail shop, count as earned income. For instance, if a 16-year-old works at a coffee shop and earns $4,000 over the summer, that $4,000 qualifies as earned income.

Persons: Momo, you've, Roth, it's, child's Roth Organizations: Stone, child's Roth IRA, Facebook, IRS

☆ Many Americans would rather talk about politics than money. Not having those conversations can cost you
▼ + stars: | 2024-10-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

Kamil Krzaczynski | AFP | Getty ImagesThere are few topics Americans would rather not talk about more than money. 'Missed opportunities' of not talking about moneyFor both couples and families, not having those crucial financial conversations can cost them, financial advisors say. Have talks 'before an emergency situation arises'On a positive note, some money conversations are happening more regularly, U.S. Bank's research found. Still, 45% of respondents say they are unaware of their parents' financial situation, U.S. Bank found. To work past financial standoffs, it helps for couples to create a more welcoming environment to engage their partners in money conversations, Cherry said.

Persons: Kamil Krzaczynski, Wells, Scott Ford, Preston Cherry, Cherry, it's, Ford, Winnie Sun, Douglas Boneparth, Boneparth, Ted Jenkin, It's, Jenkin, Couples, — Organizations: AFP, Getty, U.S . Bank, CNBC FA, Sun, Wealth Partners, CNBC FA Council, Bank, Finance Locations: Chicago , Illinois, Wells Fargo, Green Bay , Wisconsin, Irvine , California, New York City, U.S, Atlanta

☆ Op-ed: Your kids need a Roth IRA. It's the 'golden egg' savings vehicle for young people
▼ + stars: | 2024-09-29 | by ( Winnie Sun | ) www.cnbc.com time to read: +4 min

How a Roth IRA for kids worksYes, kids can have their own Roth IRA — and, just like for adults, the IRS rules are pretty straightforward. There's no minimum age requirement for contributing to a Roth IRA; if a child can earn money, they can have a Roth IRA. watch nowMore about those income requirements: To contribute to a Roth IRA, the child must have earned income. Why I like the Roth IRA for youngstersI think of the Roth IRA as the "golden egg" savings vehicle for young people because not only is the account tax-sheltered, it also has the beneﬁt of liquidity. Establishing a Roth IRA for youngsters is a powerful way to set them on the path to financial security.

Persons: Roth Organizations: Roth IRA, IRS, Social Security

☆ Homeowners may be 'overconfident in their retirement readiness,’ economist says. Here’s why
▼ + stars: | 2024-09-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Owning a home makes some people feel more confident about their prospects for retirement — but that may be misguided, some experts say. Of those who said they were ahead or on schedule, 42% cite an early start in retirement savings helped them get ahead. The survey polled 6,657 adults, including 2,603 retired adults and 4,054 adult workers, in August. "Homeowners are actually more likely to be overconfident in their retirement readiness," Chen said. "There's a lot of misconception in terms of how people assess whether they are ahead or not in retirement."

Persons: SurveyMonkey, Angie Chen, Chen, Winnie Sun Organizations: Finance, Center for Retirement Research, Boston College, Homeowners, Sun Group Wealth Partners Locations: Irvine , California

☆ Only 15% of Gen Z regularly saves a portion of their paycheck—how to start saving more today
▼ + stars: | 2024-08-23 | by ( Jade Thomas | ) www.cnbc.com time to read: +1 min

Gen Z adults aren't saving their money. Only 15% of Gen Z regularly puts a portion of their paycheck into a savings account, according to a recent Bank of America survey. And just 1 in 5 Gen Zers are contributing to a retirement account. Gen Z is typically defined as those born between the years of 1997 and 2012. The good news: Gen Zers are still under 30, and have plenty of time to save money and develop smart financial habits.

Persons: Gen Z, Zers, Gen, it's, Douglas Boneparth, Winnie Sun, Sun, you've Organizations: of America, Sun Group Wealth Partners

☆ How investors can prepare for lower interest rates: It's 'like getting a haircut,' advisor says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Lower interest rates are "generally positive for stocks," said Marguerita Cheng, a CFP and chief executive of Blue Ocean Global Wealth, based in Gaithersburg, Maryland. Considerations for cash, bonds and stocksFalling interest rates generally means investors can expect lower returns on their "safer" money, advisors said. High interest rates have meant investors enjoyed fairly lofty returns on these lower-risk holdings. Winnie Sun co-founder and managing director of Sun Group Wealth PartnersHowever, such returns are expected to fall alongside declining interest rates, advisors said. "They'll be crying in six months when interest rates are a lot lower," she said.

Persons: Jerome Powell, Andrew Harnik, Winnie Sun, Lee Baker, Powell, Stephen Brown, Marguerita Cheng, Sun, Powell didn't, Ted Jenkin, Carolyn McClanahan Organizations: Getty, Sun Group Wealth Partners, Financial Advisors, Finance, North, Capital Economics, Blue, Sun Group Wealth, Planning Partners Locations: Irvine , California, Atlanta, Jackson Hole , Wyoming, U.S, North America, Gaithersburg , Maryland, Jacksonville , Florida

☆ These banks are cutting CD and savings rates. Where to park your cash to grab yield
▼ + stars: | 2024-08-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Last week, three online banks cut their 1-year CD rates, according to BTIG. Meanwhile, Synchrony slashed its online savings rate by 10 basis points to 4.65%. "We believe online banks are intentionally trying to shift customers toward savings rates, which are floating, over term rates," he said. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is 5.11%, as of Monday. With both high-yield savings and money market funds, the rates can fluctuate.

Persons: Marcus, Goldman Sachs, Sallie Mae, Synchrony, Jerome Powell, Vincent Caintic, Christine Benz, Benz, Winnie Sun, Cathy Curtis, Curtis Organizations: Federal, Morningstar, Federal Deposit Insurance Corp, Sun, Wealth Partners, CNBC, Money, Curtis Financial, Treasury Locations: Capital

☆ Now is the time to 'buy things on sale' in the stock market, advisor says. Here's what to know
▼ + stars: | 2024-08-06 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"What would you buy that you know that your household would need for the future?" "That could be like paper towels, it could be toilet paper, it could be things that you know that you're going to need long term." It's smart to adopt a similar mindset when the stock market pulls back as it did Monday, said Sun, who is also a member of the CNBC Financial Advisor Council. "When the stock market pulls back at these levels, these are great opportunities to invest in core names or a quality portfolio that you always wanted," she said. "It's better to buy things on sale than to buy at full price."

Persons: Winnie Sun, Sun, Roth Organizations: Sun Group Wealth Partners, CNBC, Finance, Dow Jones, Nasdaq, Dow Locations: Irvine , California

☆ 23% of low-income Americans are living without a bank account
▼ + stars: | 2024-08-02 | by ( Genna Contino | ) www.cnbc.com time to read: +5 min

"When they don't see a financial institution or a bank, [they] tend to say, 'There's no avenue for me this way. Of 18- to 29-year-olds, 11% are living without a bank account, compared to 9% of 30- to 44-year-olds, 5% of 45- to 59-year-olds and 2% of people 60 and older, according to the Federal Reserve. People without bank accounts might also turn to check cashing services or consider payday loans, especially if they're the only brick-and-mortar financial services in their neighborhood. The Community Financial Services Association of America, which represents payday lenders, did not respond to a request for comment. "They're going out into the community, they're promoting their services into the community, they're creating programs specifically for the community," he said.

Persons: Sean Gladwell, Wole Coaxum, Joe Lugo, Lugo, that's, Darrin Williams, Williams, Harris, Winnie Sun, It's, Sun, Preston Duppins, Duppins, They're Organizations: Federal Reserve, Southern Bancorp, Inc, Finance, Sun, Wealth Partners, CNBC, Federal Deposit Insurance Corp, Federal Deposit Insurance Corporation, American Fintech Council, Wealth Management, Community Financial Services Association of America, Chamber, Commerce Locations: Clearwater , Florida, U.S, Irvine , California, Florida, Lugo, Pinellas County

☆ Paid biweekly? August may be a three-paycheck month. Here’s what to do with the 'extra' cash
▼ + stars: | 2024-07-25 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

If you are a W-2 employee and get paid biweekly, there are two months out of the year when you will receive three paychecks instead of the usual two. August may be one of those months. This is a great opportunity to give your financial standing a boost, experts say. If you received your first paycheck this year on January 5, your three-paycheck months will be March and August. If you received your first paycheck on January 12, 2024, your three-paycheck months will be May and September.

Persons: Winnie Sun Organizations: Sun Group Wealth Partners, CNBC, Finance Locations: Irvine , California

☆ Op-ed: Here’s how Taylor Swift’s lyrics can inspire a better budget
▼ + stars: | 2024-07-19 | by ( Winnie Sun | ) www.cnbc.com time to read: +5 min

Even if she's not singing about money specifically, Swift's lyrics also inspire financial lessons we can learn from. But take inspiration from Swift — "It only hurts this much right now … Breathe in, breathe through, breathe deep, breathe out." As you're building your financial plan and reviewing your budget data, keep an eye out for common bad financial habits that you can correct or modify. And if you're looking for more to do, google "free fun things" in your area. Baby, we're the new romantics, the best people in life are free."

Persons: Taylor Swift, Michael Campanella, tas24, she's, Swift, you'll, Lean, Noam Galai Organizations: Friends Arena, Getty, Letzigrund Zürich Locations: Stockholm, Sweden, Zurich, Switzerland

☆ Op-ed: My kids have credit cards and yours should, too
▼ + stars: | 2024-05-10 | by ( Winnie Sun | ) www.cnbc.com time to read: +3 min

Now, my three kids — ages 15, 12 and 10 — have had credit cards since before they entered kindergarten. Adding your child as an authorized user on your credit cards can be a smart way to set them up for financial success. I keep my kids' credit cards safe and have shown my teen how to store his cards in his phone's Apple Pay. We pull my younger kids' credit cards out at least once a year to help pay for their expenses such as school PTA donations, tutoring costs and teachers' gifts. I even have them take their credit card to school to buy some items at the school book fair.

Organizations: Visa, Chase, Citi, American Express

☆ Many women today are looking for 'financial peace,' expert says. Here's how they can achieve it
▼ + stars: | 2024-03-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Gorodenkoff | Istock | Getty ImagesMany women today are looking for "financial peace," said Jean Chatzky, founder and CEO of HerMoney. What that means: "It looks like being able to meet my obligations today, while being able to save for tomorrow," said Chatzky, speaking at CNBC's Women & Wealth event on Tuesday. Debt and savings: 'Work it from both ends'Establishing financial security requires tackling debt and saving at the same time, Chatzky said. "When we look at the things that make us most unhappy when it comes to our money, debt rises to the top of the list." However, women need to juggle paying down their debt with preparing for their future, Chatzky said.

Persons: Jean Chatzky, Chatzky, Winnie Sun, Sun, you've Organizations: Istock, Getty, CNBC's, Sun, Wealth Partners, CNBC Locations: Irvine , California

☆ ‘Sorry I am dead’: Why a ‘death note’ is as important as having a will, advisor says
▼ + stars: | 2024-02-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

This is how Doug Boneparth, a certified financial planner, starts what he calls a "death note" to his wife, Heather. Sun refers to this concept not as a death note, but as the assembly of one's "financial first aid kit." Don't forget social media accounts, physical itemsOne's online presence is also an important element of a death note, the advisors said. For example, how would you like your social media accounts and professional websites managed after you die? Importantly, don't keep your note secret — tell your loved ones that you've drafted it and where to find it, they said.

Persons: Kathrin Ziegler, Doug Boneparth, Heather, one's, Boneparth, —, Franklin, Matthew Perry's, they're, Winnie Sun, It's, Sun, you've Organizations: Digitalvision, Finance, Sun Group Wealth Partners Locations: New York, Irvine , California

☆ Picking health insurance can be tricky: 6 key terms to know as open enrollment starts
▼ + stars: | 2023-10-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

PremiumsFrederic Cirou | Photoalto | Getty ImagesThe premium is the sum you pay an insurer each month to participate in a health plan. It's perhaps the most transparent and easy-to-understand cost component of a health plan — the equivalent of a sticker price. The average co-insurance rate for consumers is 19% for primary care and 20% for specialty care, according to KFF data. For example, would you struggle to pay a $1,000 medical bill if you require health care? If so, a health plan with a larger monthly premium and a smaller deductible may be your best bet, Sun said.

Persons: Frederic Cirou, Karen Pollitz, Luis Alvarez, you've, KFF, Pollitz, McClanahan, there's, Winnie Sun, She's, Sun, Carolyn McClanahan Organizations: Sdi, Photoalto, Kaiser Family Foundation, CNBC, Digitalvision, Getty, Kaiser Family Foundation Health, Network Health, Sun Group Wealth Partners, CNBC's FA Locations: Aetna, Irvine , California, CNBC's

The Powerball jackpot hit $1.2 billion on Oct. 3, 2023, the third-biggest prize in the game's history. Scott Olson | GettyThe Powerball jackpot has climbed to an estimated $1.2 billion — the third-largest prize in the game's history — without a winner Monday night. Among the winner's big decisions will be the choice between a lump sum payout worth $551.7 million or an annuitized prize of $1.2 billion. The lump sum payout is 'a mistake'"Virtually everybody who wins the lottery picks the lump sum distribution," said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. While the lump sum payout could be a good financial move for some winners, he agreed that others may benefit from the spending guardrails of annuitized payments.

Persons: Scott Olson, Andrew Stoltmann, doesn't, Stoltmann, it's, John Loyd Locations: Chicago, Fort Worth , Texas

Taylor Swift fans forked out an average $2,183 for a resold ticket to a concert on the superstar's Eras Tour, according to resale research site TicketIQ. Now, ticket resellers may owe taxes on profits made during what may turn to be — for them, at least — a rather "Cruel Summer." Ticket profits have always been taxable, but the new IRS reporting threshold for business transactions on third-party platforms, such as TicketMaster or eBay , is now a single payment of $600, down from 200 transactions worth an aggregate of over $20,000. Taxpayers will have to prepare as the law takes effect this coming season. "Starting at the beginning of next year, you want to make sure you know how to report this income," said certified financial planner and enrolled agent Tommy Lucas of Florida-based Moisand Fitzgerald Tamayo.

Persons: Taylor Swift, Tommy Lucas of, Moisand Fitzgerald Tamayo Organizations: TicketMaster, eBay, Taxpayers Locations: Tommy Lucas of Florida

With consumers turning to social media for financial information, tax advisors are often battling misinformation spread by influencers on popular platforms like TikTok. Nearly 80% of millennials and Gen Zers have used social media for financial advice, according to a 2023 Forbes Advisor survey of more than 1,000 American adults. Some 32% of respondents cited TikTok as a preferred platform for financial information. "It's a wealth of horrible information," said Josh Youngblood, an enrolled agent and owner of The Youngblood Group, a Dallas-based tax firm. "We can almost always tell when there is some new TikTok trend because a lot of us start getting the same questions from our clients," he said.

Persons: influencers, Gen Zers, Josh Youngblood, Roth, —, Youngblood Organizations: Forbes, Youngblood, Finance, IRS Locations: millennials, Dallas

☆ An overnight locksmith can cost $400. Here's how much you might have to fork over for other emergencies
▼ + stars: | 2023-09-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Their most common approach, instead, was to put the emergency expense on a credit card and pay it over time. If you do use your credit card, make sure you prioritize paying off the balance in full by the end of the month, she added. "Use your credit card as a 30-day bridge, but commit to paying that off," she said. HELOCs interest rates are generally lower than credit card interest rates. However, they tend to be variable interest rates, so you don't want to use it if you don't have to, McClanahan said.

Persons: Winnie Sun, Tiger Woods, Frederic J, Brown, Power, Tom Grill, Angi, Carolyn McClanahan, McClanahan Organizations: Federal Reserve, Sun, Wealth Partners, CNBC FA, AFP, Getty, Planning Partners Locations: Irvine , California, Rancho Palos Verdes , California, Texas , California, New York, Jacksonville , Florida

☆ Americans think they will need nearly $1.3 million to retire comfortably, study says. How to calculate your own 'magic number'
▼ + stars: | 2023-06-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Respondents in their 50s expected to need the most when they retire — more than $1.5 million, the survey found. Calculating your own retirement 'magic number'Rather than think about a big goal number for retirement, Patel said he urges clients to identify their income needs. As you think about retirement, in an ideal world, you would have enough guaranteed zero risk income to cover your guaranteed expenses. Alap Patel wealth management advisor for Northwestern MutualEveryone typically has three types of expenses, Patel said. "As you think about retirement, in an ideal world, you would have enough guaranteed zero-risk income to cover your guaranteed expenses," Patel said.

Persons: Antonio Suarez Vega, It's, Alap Patel, it's, Patel, Gen Xers, Gen, Winnie Sun, Sun Organizations: Istock, Northwestern Mutual, Savings, Finance, Cerulli Associates, Sun Group Wealth Partners, CNBC's Locations: Chicago, millennials, Irvine , California

☆ How to invest ahead of the market's next challenges, according to a top financial advisor
▼ + stars: | 2023-06-01 | by ( Kiley Lambert | ) www.cnbc.com time to read: +3 min

A member of the CNBC Financial Advisor Council, Sun is a regular media on-air contributor for a variety of local and national programs. Sun recently shared her thoughts on a number of savings and investment topics ahead of the CNBC Financial Advisor Summit on June 15. Sun: The most important advice we are giving our clients right now is to stay aware of the current market environment but prepare for more challenges ahead. As financial advisors, it is crucial for us to not only hear but truly listen to cues of stress and emotions from our clients. While we may perceive a financial decision as clear and straightforward, our clients may still feel hesitant.

Persons: Winnie Sun Organizations: Sun, Wealth Partners, CNBC, Summit Locations: Irvine , California

☆ Why it's 'just no question' new investors should start by opening a Roth IRA, expert says
▼ + stars: | 2023-04-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A Roth IRA allows investors who qualify to set aside after-tax money up to a certain limit each year. Who can invest in a Roth IRAImportantly, you can start contributing to a Roth IRA starting from any age if you have taxable compensation. In 2023, investors may put up to $6,500 in traditional or Roth IRAs (or $7,500 if they're 50 or older). The way you invest the money inside a Roth IRA account can be adjusted to suit your goals. What you choose to put in the Roth IRA can be either savings or investments.

☆ Financial experts share their greatest money regrets — all have one thing in common
▼ + stars: | 2023-04-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Here, CNBC Financial Advisor Council members share their greatest money mishaps, and what they do differently now. "For my first five years in financial planning, I made the same amount of money." Money mistake: Leasing 'too much' carThianchai Sitthikongsak | Moment | Getty Images"My biggest money mistake was back when I was working at Smith Barney as an early financial advisor," said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. So, Sun, a member of the CNBC Financial Advisor Council, splurged on her dream car. Money mistake: Unloading inherited stock "My wife had inherited shares of Phillip Morris stock from her father," said Lee Baker, a CFP based in Atlanta.

☆ Here's a decade-by-decade guide to building wealth
▼ + stars: | 2023-04-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

and founder and director of financial planning at Life Planning Partners in Jacksonville, Florida. You should also start planning for retirement. After that, open a Roth individual retirement account, if your income qualifies, McClanahan said. "You can borrow for college, but you can't borrow for retirement," McClanahan said. Carolyn McClanahan director of financial planning at Life Planning PartnersYou may also have aging parents, so be sure to check on their financial planning, McClanahan said.

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