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Roth contributions don't get the same upfront tax break: Investors fund Roth IRAs with after-tax money, but generally don't pay income taxes on earnings or withdrawals in retirement. The 'only reason' to save in a nondeductible IRALordhenrivoton | E+ | Getty ImagesHigh earners can contribute to a so-called nondeductible IRA, however. The ability to use the backdoor Roth IRA is a major benefit of these accounts, tax experts said. watch now"The only reason you'd do [a nondeductible IRA] is if the intention was to do a backdoor Roth," Slott said. "All high wage earners should consider looking at both a backdoor Roth IRA and a mega backdoor Roth IRA if they can't set up a Roth IRA," said Ted Jenkin, a certified financial planner and founder of oXYGen Financial, based in Atlanta.
Persons: Thomas Barwick, Roth, Slott, Ted Jenkin, He's Organizations: Investors, Roth IRA, IRA, CNBC, Taxpayers, IRS, Arnold, Mote Wealth Management, Medicare, nondeductible Locations: deductibility, Atlanta, Hiawatha , Iowa
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThis as-told-to essay is based on a conversation with Adam Caller, the CEO and founder of Tutors International. A child from a socioeconomically disadvantaged background who's struggling and a child from enormous wealth who's struggling are still both children who are struggling. The teachers who stay with us long term are the ones who don't get changed by the wealth around them. But if they talk about how they can help the children, I know they speak the right language.
Persons: , Adam, I'd, I've, We've, they've Organizations: Service, International, Business Locations: Switzerland, France, Greece, Italy
Smith briefly lived in Germany in the early 2000s when he worked as a judge advocate general for the US Army. "That trip that I took to Germany completely changed my world," Smith, 52, told Business Insider. He said life in Germany made him realize how much he enjoyed traveling outside the US. Related storiesIn April 2021, Smith landed a job at the Small Business Administration as an attorney overseeing COVID-19 pandemic-era loans. At that point, Smith visited the Dominican Republic with a friend.
Persons: , Kobi Smith, Smith, he's Organizations: Service, US Army, Business, Social, Social Security Administration, Social Security, US Army Reserves, Army, Small Business Administration, Washington Locations: Germany, Nuremberg, Europe, Canada, Japan, Mexico, Maryland, Washington, DC, COVID, Dominican Republic, Popeyes, Ansbach, Washington ,, American
Read previewRon Allanach, 74, and his partner Ben Lorgeranon moved to Vancouver from New England in 2005, thinking they would stay there for their retirements. The city is safer than he imagined, prices for nearly everything are much lower, and healthcare is more reliable. Allanach said they felt safer in Mérida than in the US or Canada, and prices were lower. They stayed there between trips back to Vancouver, and they moved to Mérida fully in 2020. AdvertisementA street in Mérida, Mexico.
Persons: , Ron Allanach, Ben Lorgeranon, Allanach, Mérida, they've, Mexico Allanach, Lorgeranon, couldn't, it's, Allanach's, that's, he's, Mercado Lucas de Gálvez Organizations: Service, Business, US Postal Inspection Service, Costco Locations: Vancouver from New England, Mérida, Mexico, Vancouver, Canada, Portland , Maine, Portland, Thailand, France, Yucatán, Angeles, expat, they're
After spending a few months researching places to live, New York City — the borough of Brooklyn in particular — stood out. "Cities like Boston that used to seem affordable are feeling just as expensive as New York City for a fraction of the experience," she added. Rent in New York City and Boston can vary considerably depending on where one looks, but New York is generally more expensive. The median rent for a one-bedroom apartment in New York City is $3,300 compared to $2,600 in Boston, per Zillow. AdvertisementAside from housing, White said one of the most expensive parts about living in New York City is the costs that come with having a social life.
Persons: Jillian White, White, , Georgia —, she's, it's, Boston — Organizations: Service, New, Boston University, Business, Apple, New York City —, Boston Locations: New York City, Boston, , New York City, Brooklyn, Brooklyn's Bedford, Stuyvesant, Cities, York City, New York, Florida , Texas , California, North Carolina, Georgia, NYC, York, White, Beacon Hill, Seaport, Fenway, Manhattan
Business travel management programs, like IHG's Business Edge, make booking travel easier and more efficient. According to the US Travel Association, total business travel spending is expected to reach $280.8 billion by 2026. Projected US business travel spending by yearYear Projected US Business Travel Spending 2023 $247.8 2024 $265.5 2025 $276.3 2026 $280.8 2027 $282.7Below are a few ways a travel management program like IHG Business Edge can help small- and medium-sized businesses manage employee travel more effectively — no matter where they're going. Small business travelers front and centerIHG Business Edge has worked hard to understand the needs of small businesses. Travel for work — and funIn addition to business travel, employees can use their IHG Business Edge membership for personal vacation.
Persons: they're, that's Organizations: Business, US Travel Association, Resorts, Travelers, IHG, Dell Technologies, Getty Images, Edge, Best, Insider Studios Locations: , IHG.com
Read previewThe Philippines says it has stepped up its naval patrols and air surveillance around a disputed island in the South China Sea to counter the growing number of Chinese vessels in the area. In June, Chinese coast guards armed with swords and knives attacked Philippine vessels in the contested waters, resulting in injuries and one soldier losing a thumb. Chinese coast guards holding knives and machetes as they approached Philippine troops in the disputed South China Sea in June. "We once again warn the Philippines to face reality and give up illusions," Liu Dejun, a spokesperson for China's coast guard, said. Advertisement(Vietnam, Malaysia, Brunei, and Taiwan also lay claim to parts of the South China Sea.)
Persons: , Roy Vincent Trinidad, BRP Teresa Magbanua, Trinidad, Sabina Shoal, Jay Tarriela, Tarriela, Teresa Magbanua, Liu Dejun, Liu, Sari Arho Havrén, Collin Koh, Koh, Adm, Samuel Paparo, Alexander Lopez Organizations: Service, Coast Guard, Navy, Air Force, Daily Tribune, Business, BRP, Armed Forces, AP, The Daily Tribune, Liberation Army Navy, US Department of State, Royal United Services Institute, Institute of Defence, Strategic, Singapore's Nanyang Technological University, CNN, Pacific Command, Mutual Defense, Philippine National Maritime Council Locations: South, Philippine, Sabina, Escoda, China, Philippines, South China, China's, Sabina Shoal, Vietnam, Malaysia, Brunei, Taiwan, Washington, Manila
New York CNN —Most of the 10,000 hotel workers who went on strike during the busy Labor Day weekend have returned to work Wednesday, but one group of 700 union members in San Diego will stay on strike for the foreseeable future. Those workers, employed at the Hilton San Diego Bayfront, will remain on strike until there is a contract agreement, their union, Unite Here, says. The union has not ruled out using the same rolling strikes strategy this time, or expanding the strike to other locations. The strategy is intended to help workers keep as many days of pay as possible during a contract negotiation. Beyond the hotel workers, limited duration strikes have been used to win labor deals for school employees in Los Angeles, health care workers at Kaiser Permanente, janitors, nursing home employees and other workers in Minnesota who went on strike together in March.
Persons: Hilton San Diego Bayfront, spokespeople, Hilton, , Gwen Mills, Taylor Swift Organizations: New, New York CNN, Labor, Hilton San Diego, Hilton San, Hyatt, “ Workers, Union, Kaiser Permanente Locations: New York, San Diego, Hilton San Diego, Marriott, Los Angeles, Orange counties , California, Southern California, Europe, Kaiser, Minnesota
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAndreessen Horowitz has reportedly given up on its Miami office after just two years in the space. "The firm is now virtual, but can materialize physically on command," Horowitz said at the time. Andreessen Horowitz did not immediately respond to Business Insider's request for comment. VC investment in Miami also saw a huge decrease in 2023, dropping 70% to $2 billion, according to the Journal.
Persons: , Andreessen Horowitz, cofounders, Ben Horowitz, Horowitz, Marc Andreessen, Keith Rabois, Rabois, Florida . Austin, Elon Musk, he'd Organizations: Service, Miami Beach, Bloomberg, Business, Miami, Street Journal, SpaceX Locations: Miami, Miami Beach, Miami Beach , New York City, Santa Monica, Francisco, California, San Francisco, Fort Lauderdale, Florida ., Austin, Texas
Thomas BarwickMolly Richardson, 35, regularly contributes to her 401(k) plan, but the structural engineer said she isn't too worried about retirement yet. "There are so many individuals, young, mid-career and deep into their career, that are not saving enough for a healthy and secure retirement," said Jacqueline Reeves, the director of retirement plan services at Bryn Mawr Capital Management. The retirement savings shortfallOther reports show that a retirement savings shortfall is weighing heavily on Americans as they approach retirement age. LiveCareer's retirement fears survey found that 82% of workers have considered delaying their retirement due to financial reasons, while 92% fear they may need to work longer than originally planned. More than any other money misstep, not saving for retirement early enough is the biggest financial regret for 22% of Americans, according to another report by Bankrate.
Persons: Thomas Barwick Molly Richardson, isn't, Richardson, Gen Xers, Zers, Jacqueline Reeves, Reeves, Lisa Cutter, Cutter, they're, Catherine Collinson, you'll, Bryn Mawr's Reeves, Greg McBride Organizations: CNBC, Bryn Mawr Capital Management, Fidelity Investments, Pew Charitable, American, Transamerica Center, Retirement Studies, Transamerica Institute, Bankrate Locations: Jacksonville , Florida, U.S, Bryn Mawr, Terre Haute , Indiana
Martin's personal success with the challenge inspired her to bring the tradition to the Google offices. However, asking tech bros to stay away from their tech — even for just a night — required a strategic introduction. "Pick one night a week is so much less powerful than no-tech Tuesday," she said. At the end of the challenge, Martin said that 97.2% of participants reported feeling that no-tech Tuesday in some way positively impacted their work performance and/or stress level, and 92% said they planned to continue the challenge. Advertisement"Some participants have been doing the challenge for five years and have kept up with every single Tuesday night since I first held it," Martin said.
Persons: , Laura Mae Martin, JOMO, Martin, I'm Organizations: Service, Business, JOMO Locations: Swiss
Not everyone who attempts suicide has a mental health conditionOne of many common myths about suicide is that only people with mental health conditions have suicidal thoughts or attempt suicide. Describing a suicide attempt as “successful” is also problematic, as taking one’s life is not a positive achievement. “Failed suicide attempt” can suggest that surviving isn’t the best outcome or that there’s something lacking in the character or willpower of the attempter. Given these factors, when referring to suicide, appropriate language includes “died by suicide,” “fatal suicide attempt,” “killed herself” or “took his own life,” experts said. Acceptable shorthand ways to communicate not dying from an attempt include “nonfatal suicide attempt” or simply “suicide attempt.”Using more compassionate language to discuss suicide can also improve empathy and strategies for reducing suicide risk, experts said.
Persons: CNN —, Mitch Prinstein, Prinstein, John Van Seters, Justin Baker, ” Baker, haven’t, isn’t, That’s, Michael Roeske, I’ve, life’s, , Roeske, , Jacek Debiec, ” “, Organizations: International Association for Suicide Prevention, Befrienders, CNN, US Centers for Disease Control, American Psychological Association, Neuroscience, University of North, Prevention, Initiative, Veterans, Ohio State University, Globally, University of Michigan Locations: United States, University of North Carolina, Chapel
CNN —The number of available jobs in the US shrank more than expected in July, an indication that demand for workers continues to wane amid a cooling labor market. Wednesday’s data is the first in a series of critically important economic metrics released this week about the US labor market, culminating with the Friday jobs report. As the labor market has slowed, it’s come back into balance: There are now nearly 1.1 jobs available for every person looking for one. The monthly jobs report for July showed gains of just 114,000 — far below expectations — and the unemployment rate shot to 4.3% from 4.1%. Separately, annual labor market data revisions showed job gains for the year ending March 2024 were less robust than initially thought.
Persons: , ” Oliver Allen, , it’s, hasn’t, ” Allen, Robert Frick, ” Frick, ” ‘ Haggard, haggard, Noah Yosif, ” Julia Pollak, ZipRecruiter’s, ” Pollak, Wednesday’s, they’ve Organizations: CNN, Bureau of Labor Statistics, Federal Reserve, Labor, Pantheon Macroeconomics, Federal, Navy Federal Credit Union, American Staffing Association, ZipRecruiter
The addition of Gabbard is particularly notable given the tense exchanges she had with the vice president during their 2020 race that left Harris rattled. Trump’s team has been sketching out potential responses on reproductive rights with the expectation Harris will make that a focus during the debate. The Trump campaign has insisted the matter is settled. Thus far, no one is expected to sit in for Harris, just as no one played Biden ahead of the June debate. It’s the second time the vice president will visit the city this week after campaigning with Biden on Labor Day.
Persons: Donald Trump, Kamala Harris, Harris, , Trump, Joe Biden, Tulsi Gabbard, Harris ’, Biden, Trump’s, Ohio Sen, JD Vance, Rohini Kosoglu, Karen Dunn, Sheila Nix, Sean Clegg, Philippe Reines, Hillary Clinton, Clinton, overconfidence, J.B, Pritzker, underestimating Trump, , , “ They’re, ” Trump, Jason Miller, Vince Haley, Stephen Miller, Matt Gaetz, Don’t, Donna Brazile, Al, ” Brazile, “ Don’t, won’t, Mike Pence, Pence, Mr, ” Harris, It’s, Barack Obama Organizations: Washington CNN, National Constitution Center, Democratic, Trump, Biden, CNN, Illinois Gov, Republican, Florida, ABC, Union, Clinton, , Labor Locations: Philadelphia, Hawaii, Bedminster, Mar, Lago, Manhattan, Harris, Trump, State, Pittsburgh, she’s, Maryland, Las Vegas, Williamsburg , Virginia
Native Americans began playing lacrosse as a spiritual and social activity more than 1,000 years ago. Their lacrosse sticks were made of wood and had sacred meaning. But many Indigenous stick artisans went out of business when plastic and aluminum replaced wood in the 1970s. He's crafted more than 80,000 sticks by hand, and he's one of the last people who knows how to make them this way. This story is available exclusively to Business Insider subscribers.
Persons: Alfie Jacques, He's, Alfie's Organizations: Business Locations: Onondaga
Just weeks before a pregnant porbeagle shark was expected to give birth, one of the two tracker tags marine scientists had placed on the animal floated to the surface near Bermuda. Of 11 porbeagle sharks researchers tagged, eight were pregnant, including this one. Before this, researchers didn’t think it was even possible that porbeagle sharks could be preyed upon, she added. The team’s original goal was to trace pregnant porbeagle sharks throughout their pregnancy and figure out where the creatures typically go to give birth. Porbeagle sharks are listed as vulnerable by the International Union for Conservation of Nature because they were overfished beginning in the 1960s.
Persons: , , Brooke Anderson, ” Anderson, Jon Dodd “, Anderson, Matt Davis, Davis Organizations: Arizona State University, Marine, NASCAR, Maine Department of Marine Resources, International Union for Conservation Locations: Bermuda, Cape Cod , Massachusetts, believability,
Montreal is a gem of a city: It's safe and walkable, with a vibrant nightlife and a cultural calendar packed with events. It's also one of the fastest-growing cities in Canada, so why wouldn't you want to get in on the action? AdvertisementIt has become harder for Montreal renters to check everything off their wish lists without raising budgets. AdvertisementGiven the condition of Montreal's housing market, our "starter" is now just our forever home. Christopher O'Donnell/ShutterstockBusinesses also have to compete against the city's carousel of construction projects, which can reduce foot traffic, among other issues.
Persons: , It's, I've, Lisette Jemmott, Anatoli Igolkin, Jemmott, she's, Michael Falduto, isn't, Catherine Zibo, Falduto, it's, Glenn Castanheira, Marc Bruxelle, Yönder, Christopher O'Donnell, Castanheira, Helen Wolkowicz Organizations: Service, Business, The Coalition, Housing Committees, Associations of Quebec, McGill, Concordia, Concordia University, City, Montreal —, Montreal Locations: Finland, Montreal, Canada, Canadian, Toronto, Quebec, City of Montreal
US Air Force photo illustration by Staff Sgt. The Air Force needs new missiles, new bombers, and new fighters — but is struggling to pay for them allThe B-21 Raider in flight at Edwards Air Force Base, California. Cultural inertia in the fighter businessUS Air Force fighter aircraft fly in formation. A rendering of a future crewed next-generation air dominance aircraft by the US Air Force Research Laboratory. Nonetheless, for a cash-strapped Air Force, this would be a significant challenge.
Persons: David Allvin, Parth Satam, Allvin, Madeline Herzog, that's, it's, Will Roper, I'm, Charles, CQ, Brown, Preston Cherry, America's, Lockheed Martin, Northrop Grumman, Marine Corps Lockheed Martin, Peter Nicholls, , Danielle Purnell, Frank Kendall, Tom Williams, Will Roper's, Kendall —, I've, Kendall, there's, Northrop Grumman's, Roper, Giancarlo Casem, today's, they've, wouldn't, John Raven, James M, Holmes, we've Organizations: Service, senior Air Force, Air Force, Global Air, Space Chiefs, Conference, UK's, Space Power Association, Business, Fighter, US Air Force, Force, American, Next, Sabre, Convair, Delta Dart, Rand Corporation, National Museum of, Staff, Joint Chiefs, Raptors, Royal Norwegian Air Force, Senior, Boeing, Lockheed, US, Marine Corps Lockheed, Royal International Air, Reuters, Getty, Capitol, Raider, Air, Edwards Air Force Base, DARPA, USAF, III, America, Minuteman, Sentinel missile, Pentagon, Lockheed Martin Aeronautics Company, Sentinel, Defense, Tech, Combat Command, US Air Force Research Laboratory, Sandboxx Locations: London, American, Fairford, Britain, Fort Worth, California, United States, Soviet Union, Marietta , Georgia, America, Europe
Two days before his sentencing, Trump, they predict, will seek something never before allowed in the appellate courts in New York or in most states for that matter: an interlocutory appeal. AdvertisementEven Trump's Manhattan prosecutors are conceding that this is a legal monkey wrench to be reckoned with. "If New York's courts deny him a right to appeal, he can challenge the decision in federal court," said Paradis. If the federal district court in Manhattan says no, "he can appeal that to the second circuit federal court of appeals." This story has been updated to reflect Trump's federal court efforts, from August 29 to September 4, to further delay sentencing.
Persons: , Donald, Trump, John Moscow, Donald Trump, Todd Blanche, Justin Lane, that's, Stormy Daniels, Juan Merchan, White, Hope Hicks, Merchan, Alvin Hellerstein, tersely, Trump hasimmediately, Michel Paradis, Emil Bove, Paradis, Attorney Alvin Bragg, SCOTUS, Emil Bove ., Lewis Baach Kaufmann Middlemiss PLLC, unfinalized, Frank Bowman Organizations: Service, Business, Manhattan, US, White House, Trump, Columbia Law School, York, DA, Attorney, University of Missouri Locations: New York, Manhattan, Merchan
The group was asked to share which topics they're most focused on between AI, worker well-being, diversity, equity, and inclusion, and C-suite transformation. While worker well-being and AI were the most commonly cited trends, there's clear overlap and intersectionality across all four topics. 'We're trying to understand a more holistic view of worker well-being'Shane Koller, senior vice president and chief people officer, AncestryThe two topics we're most focused on are worker well-being and DEI. As part of this new organizational structure, we announced our chief AI and data officer, one individual who would help bring together a cohesive strategy and vision for the organization's AI. A big focus for us is worker well-being.
Persons: Jack Azagury, nobody's, Shane Koller, we've, We've, Borgonovo, Alicia Pittman, Anant Adya, Marjorie Powell, Neil Murray, Maggie Hulce, Chen, it's, , — there's, Kenon Chen, Sharawn Tipton, LiveRamp, there's, I'm, There's Organizations: Accenture, Mastercard, Infosys DEI, Infosys, AARP, Clear Locations: Tipton
When Taco Bell announced the event back in July, it invited hundreds of fast-food lovers to slow down and enjoy "early retirement" with all-you-can-eat Taco Bell meals and "senior-inspired recreation." Hanging among the racks were limited-edition Taco Bell merchandise, vintage T-shirts, basketball shorts, hot pants, and many, many hats. I opted for the Cantina chicken burrito and soft taco, my favorite new menu items at Taco Bell. Tim revealed he was an avid runner who had trekked two miles to grab a single taco from Taco Bell for 97 days in a row. Anneta Konstantinides/Business InsiderWhen I asked Rotter why Taco Bell was so important to him, he recalled a trip to the only Taco Bell in Hawaii that sells kalua pork, where the staff lit up over his Hawaiian Taco Bell shirt.
Persons: , Taco, Taco Bell, Uber, tacos, Kenny Rotter, Rotter, fanny, there's, Snoop, I've, Anneta, Taylor Montgomery, Taco Bell's, Montgomery, Dolly Parton, Bell, Gen Z, Tim, dink, influencer Joey Zauzig, Zauzig, Will, James, Caroline Organizations: Service, Taco Bell, Bell, Business, New York, Subway, Planters, KFC, Mac Locations: San Diego, La Valle, San Diego's, Santa Fe, Los Angeles, San, Woodstock, LA, Taco, Hawaii, America
Business Insider asked hotel employees about the red flags to look for when checking into a hotel. Advertisement"The driveway or parking lot will tell you if the hotel is busy," Jones said. "If you don't see the parking lot full or see many other people checking in, this may not be the right place to stay." A lack of response to pre-arrival inquiries is a major red flagLeon said every hotel experience begins well before check-in. "The public areas are used by everyone entering and leaving the hotel, so these areas should remain spotless," he said.
Persons: , JJ Jones, Jones, it'd, Santiago Leon, Robey, Leon, you've, Ivan, Getty, it's Organizations: Service, Business Locations: Uptown
Many hotel chains are racing to replace the plastic room key with digital options, including Apple Wallet and Google Wallet apps. Plastic hotel key cards have had a rough few years. Cybersecurity and safety issues have prompted many hotel chains to accelerate plans to transform hotel room door locks. Power's research on hotels found that only 14% of total branded hotel guests used digital keys during their hotel stay. "Guests using 'digital key' provide significantly more positive ratings for safety of the hotel compared to those who did not use digital keys," Stokes said.
Persons: Kimberly Elder, Eli Fuchs, Fuchs, Lee Clark, Clark, Andrea Stokes, Stokes, Chad Spensky, Spensky, Mehmet Erdem, William F, Erdem, There's Organizations: Apple, Hilton Hotels, Hilton, Valor Hospitality Partners, Holiday, Retail, University of Las, Harrah College of Hospitality Locations: U.S, Franklin , Tennessee, J.D, ., Las Vegas
Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. Get the latest news in aviation, food and drink, where to stay and other travel developments. CNN —In travel news this week: an accidental megadeal on first-class tickets, the world’s best-connected airport and why now is a good time to plan a trip to Europe. Goodbye to EU passport stampsPaper mementoes of our travels, from boarding cards to even passports themselves, are fast moving into obsolescence. Whether you’re off to Greece, Asia or the Middle East, you’ll likely find a use for these 45 best-selling travel accessories.
Persons: Il dolce, , Lucy Laucht, it’s, you’ll, Hell Organizations: CNN, Labor, European Union Schengen Area, Aviation, Australian, Qantas, CNN Travel, Duluth Locations: Europe, Naples, Ischia, Puglia, Amalfi, Hungary, Gresham, Budapest, Stockholm, Greece, Northeast Asia, Abu Dhabi, Asia, Duluth, Minnesota, Duluth , Minnesota, United States, Lake Superior, Japan, Chile
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