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☆ IRS announces 401(k) catch-up contributions for 2025
▼ + stars: | 2024-11-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS has announced new 401(k) catch-up contribution limits for 2025. But catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The IRS also unveiled individual retirement account limits and bigger income thresholds for Roth IRA contributions for 2025. More from Personal Finance:IRS announces new federal income tax brackets for 2025The IRS unveils higher capital gains tax brackets for 2025IRS announces bigger estate and gift tax exemption for 2025Starting in 2025, 401(k) catch-up contributions will be even higher for savers age 60 to 63, thanks to a change enacted via Secure 2.0. The IRS announcement comes roughly one week after the agency unveiled dozens of inflation adjustments for 2025, including federal income tax brackets, higher capital gains brackets, a bigger estate and gift tax exemption, changes to eligibility for the earned income tax credit, among others.

Persons: Roth Organizations: IRS, federal, Savings, Finance, Secure

Turning Point Action is one of several outside groups that have taken over the work of canvassing on behalf of Republicans. Some churches and pastors promoted Turning Point events during worship services and in social media posts, NBC News found. Training churches to serve as unofficial Trump campaign surrogates fits into a broader campaign by Turning Point to mobilize evangelicals. Screenshots of Turning Point Action's smartphone app, which encourages canvassers to avoid voters from the "wrong party." When a person attending a June Turning Point conference asked whether it was a good idea to run get-out-the-vote programs through churches, Brett Galaszewski, a Turning Point field director, said that’s exactly what pastors should be doing.

Persons: Charlie Kirk, Donald Trump, ”, Sam Brunson, Patrick T, Fallon, —, I’ve, Philip Hackney, Hackney, Trump, “, ” Hackney, Sen, JD Vance, Rebecca Noble, Corinne Wolyniec, Lloyd Mayer, Alyssa Goncales, Johnny, I’m, intoned, ” David Rose, Rose, Kamala ”, wasn’t, Rose didn’t, Eric Hayes, Kamala Harris, Lyndon B, Johnson, Kirk, Jesus ’, God’s, ” Kirk, Christian, haven’t, canvassers, Brett Galaszewski, Schayden Gorai, “ There’s, ” Gorai, Mayer, ’ ” Mayer Organizations: Republican, NBC News, Loyola University, Getty, University, Pittsburgh, IRS, Trump, Republican National Committee, Republican Party, NBC, Democrats, Notre Dame Law School, Waters Bible Church, University of Houston Law Center, Chase, Crossing Community, Freedom House Church, “, Greater Augusta Apostolic Church, Hope, Republican GOP, ”, Congress Locations: Chicago, Las Vegas, AFP, Mesa, Ariz, Arizona , Georgia, Michigan, Nevada , North Carolina, Wisconsin, San Tan Valley , Arizona, Crossing Community Church, Genesee Depot , Wisconsin, Charlotte , North Carolina, North Carolina, Greater Augusta, Columbia County , Georgia, Lake Havasu City , Arizona, Philadelphia, America, California

☆ The stakes on tax policy are high as the election nears. Here’s how to prepare
▼ + stars: | 2024-10-31 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

It roughly doubled the standard deduction, adjusted the individual income tax brackets and lowered most of the rates. The legislation also applied a $10,000 cap on the state and local tax deduction, and it roughly doubled the estate tax exemption (it now sits at $13.61 million for an individual). In certain cases, it may also make sense to harvest capital gains, Bigge said. Gain harvesting, just like loss harvesting, is for your taxable account. You get an immediate tax deduction in the year you make your donation, and you can spread out the grants to your favorite charities over time.

Persons: it's, Stephen Bigge, Donald Trump, Kamala Harris, Bigge, We're, we're, Tim Steffen, Steffen Organizations: Keebler, Associates, Baird Locations: Green Bay , Wisconsin, China, Washington, Milwaukee

☆ How to keep your portfolio steady in volatile times as the election approaches
▼ + stars: | 2024-10-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

The S & P 500 is toting a 1.3% gain in October, but it's up more than 22% in 2024. He said his team expects the CBOE Volatility Index (VIX) , a measure of expected volatility, to remain elevated around 20 until after Election Day. Individual investors are already expressing some worries about how the markets might behave in the run-up to Nov. 5 – and the days that follow. Cash-secured puts can offer investors an opportunity to put cash to work and generate some income, he said. Covered call strategies have also come into play as a potential way for investors to contend with concentrated positions, he added.

Persons: Craig Johnson, Piper Sandler, Logan Queck, I'm, Malcolm Ethridge, Ethridge, they've, Ashton Lawrence, Cash, Lawrence Organizations: Wealth, CFP, Capital, IRS, Investment Company Institute, Mariner Wealth Advisors Locations: West Des Moines , Iowa, Washington ,, Greenville , South Carolina

☆ Tech is the star Friday, and why we'd be buyers of the dip on CrowdStrike
▼ + stars: | 2024-10-25 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Persons: Jim Cramer, Carahsoft, George Kurtz, We'll, Stanley Black, Decker, Eli Lilly, Eaton, Brian Niccol's, It's, we'll, Jim Cramer's, Jim Organizations: CNBC, ., Nasdaq, Communication, Newmont Corporation, Nucor, Universal Health Services, HCA Healthcare, Bloomberg, Carahsoft Technology, Internal Revenue Service, IRS, Bloomberg News, Microsoft, Club, Nvidia, Devices, GE Healthcare, Nextracker, Linde, Coterra Energy, Starbucks, Federal, Boeing, Jim Cramer's Charitable Locations: U.S, China

☆ Here's how much you can make in 2025 and still pay 0% capital gains
▼ + stars: | 2024-10-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're ready to rebalance investments or harvest profits, you could shield more earnings from capital gains taxes in 2025. The IRS on Tuesday announced dozens of inflation adjustments for 2025, including long-term capital gains brackets, which apply to assets owned for more than one year. Starting in 2025, there are higher taxable income thresholds for the 0% capital gains bracket, meaning investors can sell more assets without triggering taxes. The 0% capital gains bracket creates a "significant opportunity" for tax planning, according to certified financial planner Neil Krishnaswamy, president of Krishna Wealth Planning in McKinney, Texas. Here's what to know about the 0% long-term capital gains rate for 2025 and how to qualify.

Persons: Neil Krishnaswamy, Krishnaswamy Organizations: IRS, Krishna Wealth, Finance Locations: McKinney , Texas

☆ Life after Intel: After rounds of layoffs and buyouts, some Intel insiders are abandoning the corporate grind altogether
▼ + stars: | 2024-10-24 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +8 min

Some longtime Intel employees are eligible for up to 19 months of severance. After years of layoffs, buyouts, and even one temporary pay cut, many employees have thought about what they might do after Intel. BI spoke to three former Intel employees who are using the company's hard times as an opportunity to upend their lives. Over his 24 years at Intel, Guha used his spare time to develop a wealth management strategy based on the philosophies of Warren Buffet. Lessons learned at IntelThough several departing Intel employees expressed some frustration with the current state of the company, they still believe it can be successful.

Persons: —, Shi Choong, she's, Choong, It's, Javier Apostol, Apostol, he's, Sumit Guha, Guha, Warren Buffet, He's, sabbaticals Organizations: Intel, Service, Business, IRS, AARP, Engineers Locations: Portland, Oregon, San Francisco Bay, Puerto Vallarta, Mexico, Arizona, Yuma County , California, formalwear

☆ IRS announces new federal income tax brackets for 2025
▼ + stars: | 2024-10-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The top rate of 37% applies to individuals with taxable income above $626,350 and married couples filing jointly earning $751,600 or more for 2025. The IRS has announced new federal income tax brackets and standard deductions for 2025. Federal income tax brackets show how much you owe on each part of your "taxable income," which you calculate by subtracting the greater of the standard or itemized deductions from your adjusted gross income. If the provision expires, the tax brackets will revert to 2017 levels , shifting to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. Trump's tax cuts also included higher standard deductions, which will sunset after 2025 if Congress doesn't extend that tax break.

Persons: Donald Trump Organizations: IRS

☆ The IRS unveils higher capital gains tax brackets for 2025
▼ + stars: | 2024-10-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS has unveiled higher capital gains tax brackets for 2025. In its announcement Tuesday, the agency boosted the taxable income limits for the long-term capital gains brackets, which apply to assets owned for more than one year. The IRS also increased figures for dozens of other provisions, including federal income tax brackets, the estate and gift tax exemption and eligibility for the child tax credit, among others. How advisors are preparingThe capital gains rate you pay is based on which bracket you fall into based on taxable income. Starting in 2025, single filers will qualify for the 0% long-term capital gains rate with taxable income of $48,350 or less and married couples filing jointly are eligible with $96,700 or less.

Organizations: IRS, Finance

☆ IRS announces bigger estate and gift tax exemption for 2025
▼ + stars: | 2024-10-22 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The Internal Revenue Service has announced a higher estate and gift tax exemption for 2025. The IRS also boosted figures for dozens of other provisions, including federal income tax brackets, long-term capital gains tax brackets and eligibility for the child tax credit, among others. Here are key steps to consider from top-ranked advisorsTrump's tax cuts could expire after 2025. How advisors are preparingAfter 2025, the higher estate and gift tax exemption enacted by former President Donald Trump will sunset without action from Congress. The Tax Cuts and Jobs Act doubled the exemption to $11.18 million in 2018, according to the Tax Policy Center.

Persons: Donald Trump Organizations: Internal Revenue Service, IRS, Finance, Tax, Center

☆ How new tax changes for 2025 could affect federal tax liabilities for families
▼ + stars: | 2024-10-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Momo Productions | Digitalvision | Getty ImagesChild tax credit for 2025The refundable portion of the child tax credit — a tax break parents can take for qualifying children — will be $1,700 for 2025, which is unchanged from 2024. Notably, the terms of the current child tax credit are set to expire at the end of tax year 2025. At that time, the child tax credit is scheduled to drop to a maximum $1,000 per child. Earned income tax credit for 2025A tax credit for low- to middle-income individuals and families — the earned income tax credit, or EITC — will have higher maximum amounts in 2025. The earned income tax credit helps qualifying individuals and families reduce the amount of tax they owe, while also potentially providing a refund, according to the IRS.

Persons: Momo, —, Alex Durante, Durante Organizations: Getty, Tax Foundation

☆ Here are the new federal income tax brackets for 2025—the standard deduction is now up to $30,000
▼ + stars: | 2024-10-22 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

On Tuesday, the Internal Revenue Service announced its annual inflation adjustments for 2025, including updates to the federal income tax brackets and standard deduction. The standard deduction — which is the amount of money you can reduce from your income before it's taxed, if you choose not to itemize your deductions — will increase to $15,000 for individual filers, $30,000 for joint filers and $22,500 for heads of household in 2025, the IRS says. While you may not feel the difference until you file your taxes in 2026, the 2025 tax year will also use updated federal income tax brackets. You can see the tax rates single filers will pay on their taxable income below. Taxable income is calculated by subtracting your itemized deductions or the standard deduction, whichever is greater, from your adjusted gross income.

Organizations: Internal Revenue Service, IRS

☆ Don't wait to find a tax preparer for 2025: Why one expert would '100% recommend starting now'
▼ + stars: | 2024-10-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Leopatrizi | E+ | Getty ImagesMost tax preparers don't have credentialsDespite the talent shortage, vetting is important because "pretty much anyone can call themselves a tax preparer," Young said. There are no federal licensing or competency requirements, and some paid preparers have no training or experience, the report noted. Under current law, the minimum requirement for paid professionals is an IRS-issued preparer tax identification number, or PTIN. Free preparation options like Volunteer Income Tax Assistance, or VITA, and Tax Counseling for the Elderly, or TCE, also have competency standards. How to vet your tax preparerUnlike big box preparers, many tax professionals don't accept walk-in traffic and operate mainly by referral, according to Tom O'Saben, an enrolled agent and director of tax content and government relations at the National Association of Tax Professionals.

Persons: Young, preparers, Tom O'Saben Organizations: Getty, IRS, National Taxpayer, National Association of Tax

The latest benefit from the artificial intelligence revolution: saving American taxpayers billions of dollars. The U.S. Treasury Department said its increased use of artificial intelligence in fraud detection helped prevent or recover more than $4 billion over the past year. "Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts." A Treasury official declined to provide specific examples of how AI had been deployed, given the nature of the activities targeted. The Department said it plans to lend resources and lessons-learned from its AI efforts to other federal agencies.

Persons: Wally Adeyemo Organizations: U.S . Treasury Department, Treasury, The, Juniper Research, Internal Revenue Service, IRS Locations: U.S

☆ Inherited IRA rules are changing in 2025 — here's what beneficiaries need to know
▼ + stars: | 2024-10-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jacob Wackerhausen | Istock | Getty ImagesWhat to know about the 10-year ruleBefore the Secure Act of 2019, heirs could "stretch" inherited IRA withdrawals over their lifetime, which helped reduce yearly taxes. But certain accounts inherited since 2020 are subject to the "10-year rule," meaning IRAs must be empty by the 10th year following the original account owner's death. The rule applies to heirs who are not a spouse, minor child, disabled, chronically ill or certain trusts. Since then, there's been confusion about whether the heirs subject to the 10-year rule needed to take yearly withdrawals, known as required minimum distributions, or RMDs. After years of waived penalties, the IRS in July confirmed certain heirs will need to begin yearly RMDs from inherited accounts starting in 2025.

Persons: Jacob Wackerhausen, there's, Dickson, Judson Meinhart Organizations: Istock, Vanguard, Modera Wealth Management Locations: Winston, Salem , North Carolina

☆ For a limited time, Robinhood is offering users unlimited bonuses to transfer their investments
▼ + stars: | 2024-10-17 | by ( Business Insider | ) www.businessinsider.com time to read: +5 min

For a limited time, Robinhood is offering bonuses to users who transfer investments to the app. From October 16 to 27, claim HOOD Week bonuses of up to 3% on transfers for Robinhood Gold subscribers. If you've been considering choosing Robinhood Investing for your investments, the platform's brand-new HOOD Week is the time to make the switch. Cash management accounts availableCheck mark icon A check mark. Robinhood Gold is offered through Robinhood Gold LLC and is a subscription offering services for a fee.

Persons: you've, Robinhood Organizations: Robinhood Gold, HOOD, Federal Reserve, IRS, Robinhood, Robinhood Financial Locations: Robinhood, U.S

☆ Millennials on track to retire early are maxing out HSAs to supplement their savings. Here's who is eligible for this account and how to use it to grow your money.
▼ + stars: | 2024-10-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

HSAs require enrollment in a high-deductible health plan, suitable for healthy individuals. After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. You'll have to move your money from your HSA to your HSA investment account. Brent Weiss, a certified financial planner, told BI that he invests his HSA money in a target-date fund: "I'm not getting fancy. Not touching your HSA funds means covering your medical expenses out of pocket, which is what Grant and the Schlagbaums do.

Persons: —, Amberly Grant, Grant, she's maxed, Brennan, Erin Schlagbaum, HSAs, it's, it'll, Brent Weiss, I'm, you've Organizations: Service, IRA, IRS

☆ Millennials on track to retire early are maxing out HSAs to supplement their savings. Here's who's eligible, and how you can use it to grow your money.
▼ + stars: | 2024-10-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

HSAs require enrollment in a high-deductible health plan, suitable for healthy individuals. After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. "I decided to get a high deductible health plan because I was young, healthy, and I didn't expect my medical expenses to be too high," she said. Brent Weiss, a certified financial planner, told BI that he invests his HSA money in a target-date fund: "I'm not getting fancy. Not touching your HSA funds means covering your medical expenses out of pocket, which is what Grant and the Schlagbaums do.

Persons: —, Amberly Grant, Grant, she's maxed, Brennan, Erin Schlagbaum, HSAs, it's, it'll, Brent Weiss, I'm, you've Organizations: Service, IRA, IRS

☆ Considering an electric vehicle? Experts explain how to pick one for your lifestyle and budget
▼ + stars: | 2024-10-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +5 min

Used electric vehicles became more affordable after a new tax credit kicked in in January 2023. And as more models flood the market, you can get a particularly good deal on a used EV. Battery range will degrade over timeAnyone who's owned a smartphone knows that lithium-ion batteries wear out over time. The good news is that an EV's battery is unlikely to fail completely or render the car useless. Automotive retail analysts described it as a welcome change for EV shoppers on a budget.

Persons: —, Scott Case, EVs, Graham, Geotab, Nora Naughton, Jim Fish, Fish Organizations: Service, Graham Rapier, Environmental Protection Agency, EV, Opus, Automotive, EVs Locations: Florida

☆ Key change coming for 401(k) ‘max savers’ in 2025, expert says — here's what you need to know
▼ + stars: | 2024-10-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Aire Images | Moment | Getty ImagesHigher 401(k) catch-up contributionsEmployees can now defer up to $23,000 into 401(k) plans for 2024, with an extra $7,500 for workers age 50 and older. But starting in 2025, workers aged 60 to 63 can boost annual 401(k) catch-up contributions to $10,000 — or 150% of the catch-up limit — whichever is greater. An estimated 15% of eligible workers made catch-up contributions in 2023, according to Vanguard's 2024 How America Saves report. Roth catch-up contributionsAnother Secure 2.0 change will remove the upfront tax break on catch-up contributions for higher earners by only allowing the deposits in after-tax Roth accounts. That means workers can still make pretax 401(k) catch-up contributions through 2025, regardless of income.

Persons: Jamie Bosse, Vanguard's Stinnett, Roth Organizations: IRS, CGN Advisors, America, Vanguard Locations: Manhattan , Kansas

☆ Some hurricane victims can get a tax break for losses — Here's what you need to know
▼ + stars: | 2024-10-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

You also need to know how much the fair market value declined due to the disaster, she said. How to calculate the casualty loss deduction 1. Congress approves 'qualified disaster losses'In certain cases, "qualified disaster losses" are eligible for special rules, but "that's driven by Congressional action," according to Brennan. When there's a qualified disaster loss, the $100 rises to $500, there is no 10% AGI limit and victims can add their loss on top of the standard deduction. "AICPA has been actively advocating for permanent uniform tax relief for all victims of disasters since 2021 — for almost four years now — because we have this inconsistent treatment," she said.

Persons: David Hester, Hurricane Helene, Chandan Khanna, Mark Luscombe, Beth Brennan, Brennan, You'll, there's, AICPA Organizations: Afp, Getty, Wolters Kluwer, Accounting, American Institute of Certified Public Accountants, Congress Locations: Horseshoe Beach , Florida

☆ Fact check: Vance falsely claims Trump did not ‘go after his political opponents’ as president
▼ + stars: | 2024-10-15 | by ( Daniel Dale | ) edition.cnn.com time to read: +9 min

Washington CNN —Sen. JD Vance, the Republican vice presidential nominee, falsely claimed Sunday that former President Donald Trump “didn’t go after his political opponents” during his presidency – an assertion that is contradicted by a mountain of evidence. As president, Trump publicly and privately pressured the Justice Department, and others in his administration, to investigate or prosecute numerous political opponents. Trump made extensive behind-the-scenes efforts to get his political opponents charged with crimes. But you don’t have to rely on investigative reporting or the memoirs of former administration officials to know that Trump went after political opponents as president. As CNN reporter Marshall Cohen has noted, there is a long list of political opponents whom Trump publicly called for the Justice Department and others to investigate or prosecute.

Persons: Washington CNN — Sen, JD Vance, Donald Trump “ didn’t, ”, –, Vance, Trump, Martha Raddatz, “ Martha, didn’t, Marshall Cohen, Hillary Clinton, Joe Biden, Hunter Biden, John Kerry, John Bolton, Barack Obama, Obama, Joe Scarborough, James Comey, Christopher Steele, Nancy Pelosi, Adam Schiff of, Ilhan Omar, Minnesota, Sen, Richard Blumenthal, Mark Warner of Virginia, Taylor Van Kirk, Kamala Harris, Joe Biden’s, Clinton, Biden, “, ” Clinton, John Kelly, Harris, Van Kirk, General Merrick Garland, harangued, Jeff Sessions, ” Trump, Hunter Biden –, William Barr, Bill Barr indicts, we’ll, Justice Department Trump, Barr, he’s, You’ve, ’ ” Trump, Sessions, Robert Mueller, Mueller, Bolton, Kerry, Geoffrey Berman, Berman, Trump’s, John Durham, Rudy Giuliani Organizations: Washington CNN, Republican, ABC News, Justice Department, CNN, Democratic, New York Times, Trump, MSNBC, FBI, Adam Schiff of California, Richard Blumenthal of Connecticut, Joe Biden’s DOJ, Trump -, Homeland Security, White, IRS, Fox News Locations: Richard Blumenthal of, Ukraine, China, Russia, Comey, Trump’s

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ Health-care costs hit a post-pandemic high. These moves during open enrollment can help
▼ + stars: | 2024-10-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

Because of higher costs, employers are considering new ways to adjust their plan offerings, WTW found. Currently, employers subsidize about 81% of health-care plan costs, on average, while employees pay the remainder, according to professional services firm Aon. For workers, health-care expenses are already high: Family premiums for employer-sponsored health insurance rose 7% this year to an average of $25,572, KFF's 2024 benchmark employer health survey found. Health savings accountsAlong with a high-deductible health insurance plan, more than 50% of employers also offer a health savings account, or HSA, which can help with additional health-care costs. This is called supplemental life insurance, or voluntary life insurance, and it's optional coverage that you can add to your employer's basic group policy.

Persons: Aon, there's, Willis Towers Watson, WTW, Mercer, Beth Umland, Tim Stawicki, Regina Ihrke, Gary Kushner, WTW's Ihrke, Ihrke, Gallagher, Tom Kelly Organizations: Finance, Security, Workers, North, Kushner & Company, IRS Locations: U.S, North America

☆ 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

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