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☆ States have $70 billion in unclaimed assets. How to check if any is yours
▼ + stars: | 2023-02-01 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

There's a decent chance that your state is holding money or other assets that belong to you — and government officials want you to have it. About 1 in 7 people — 33 million altogether — collectively have an estimated $70 billion worth of unclaimed property being held by state treasurers, according to the National Association of Unclaimed Property Administrators. The types of assets that end up with states range from uncashed paychecks or rebate checks to inactive brokerage accounts and unpaid life insurance benefits. "Regardless of the size, we try to get it as quickly to [owners] as possible." Last year, about $4 billion in property was returned to rightful owners.

☆ 3 key things to know before opening a home equity line of credit
▼ + stars: | 2023-01-31 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Westend61HELOC use rose as cash-out refis droppedLast year, as mortgage rates climbed higher, accessing home equity by taking cash against it during refinancing — a so-called cash-out refi — became less appealing. That compares with personal loan rates of above 10%, for consumers with high credit scores, and about 20% for credit cards, according to CreditCards.com. I would not use a HELOC to buy frivolous things or things you can't afford. "I would not use a HELOC to buy frivolous things or things you can't afford," said certified financial planner David Demming, president of Demming Financial Services in Aurora, Ohio. Here are three key things to consider before signing on the dotted line.

☆ Medicare users still have time to change, drop 2023 Advantage Plan coverage. What to know
▼ + stars: | 2023-01-30 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

This means that once you move to a different Advantage Plan or drop it for basic Medicare, the change is generally locked in for the year. "Call your doctor's office and ask what their favorite Medicare Advantage Plan is," said McClanahan, a member of CNBC's Financial Advisor Council. "They see a lot come through so they often do know which Advantage Plans cover your drug," McClanahan said. Assess drug coverage if dropping an Advantage PlanMeanwhile, dropping an Advantage Plan in favor of basic Medicare often means losing drug coverage — which means you would have to enroll in a standalone Part D plan. That charge is 1% of the national base premium ($32.74 for 2023) for each full month you go without drug coverage.

☆ House GOP study group is proposing changes to Medicare. Here's what you need to know
▼ + stars: | 2023-01-26 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

There also is Part D (prescription drug coverage) and Part C (Medicare Advantage Plans), both of which are offered by private insurers. The stakes in a debate like this are high, given the importance of Medicare. Tricia Neuman executive director for the Kaiser Family Foundation's program on Medicare policyRight now, Neuman said, the savings proposals are being described at a fairly high level. "The policy debate starts to get real when the specifics are laid out," she said. "The stakes in a debate like this are high, given the importance of Medicare [for] seniors and younger people with disabilities."

☆ 92% of millennial homebuyers say inflation has impacted their purchase plans, but most are plowing ahead anyway, study shows
▼ + stars: | 2023-01-25 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

The typical first-time buyer was age 36 in 2022, up from age 33 in 2021, according to the National Association of Realtors. The combination of year-over-year double-digit price jumps for much of 2022 and rising mortgage rates created an affordability problem for many buyers. The average for a 30-year fixed-rate loan is 6.21% as of Jan. 24, according to Mortgage News Daily. An adjustable rate mortgage may be an optionIt may also be worth considering an adjustable rate mortgage if you're trying to bring the cost down, Yun said. With an ARM, the appeal is its lower initial rate compared with a traditional fixed rate mortgage.

☆ Generation X carries the most credit card debt, study shows. Here's how to get those balances down
▼ + stars: | 2023-01-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Maskot | Digitalvision | Getty ImagesWhen it comes to credit card debt, Generation X may be struggling the most. "I think Gen Xers can be especially squeezed by credit card debt because they're living expensive years right now," said Ted Rossman, senior industry analyst for CreditCards.com. The cost of carrying credit card debt has become higherCredit card balances across all age groups hit $930 billion in the third quarter of 2022, according to the Federal Reserve Bank of New York's latest quarterly report on household debt. The average credit card now charges a record-high 20.16%, Rossman said. Those calculations, made using Credit Karma's credit card calculator, also assume no additional credit card debt was incurred while paying off that amount.

☆ Even with used-car prices falling, buyers are still paying more than $7,100 above 'normal,' report finds
▼ + stars: | 2023-01-19 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

There's still a ways to go before used car prices come back down to earth. Last month, the average price for a used car was $30,899, according to CoPilot. However, the price is headed in the right direction for consumers: Six months ago, the app estimated, car buyers were paying about $10,000 above "normal." Demand in the used car market skyrocketed during the pandemic as supply chain issues hampered automakers' ability to produce new vehicles. The average price of a new car is $46,382, according to an estimate from J.D.

☆ Lack of financial literacy cost 15% of adults at least $10,000 in 2022. Here's how the rest fared
▼ + stars: | 2023-01-19 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

A report from the National Financial Educators Council shows that 38% of individuals in a recent survey said their lack of financial literacy cost them at least $500 in 2022, including 15% who said it set them back by $10,000 or more. The majority (68%) of respondents said poor financial literacy cost them somewhere from zero to $499. For instance, adults correctly answered, on average, 50% of the 28 basic money questions in the 2022 TIAA Institute-GFLEC Personal Finance index, the sixth annual barometer of financial literacy. Financial literacy is 'a key tool in the toolkit'Advocates of financial literacy say the teaching needs to start before teens reach their high school graduation. "There's good data showing people make better decisions when they have financial literacy," said Nan Morrison, CEE president and CEO.

☆ Don't forget about your old 401(k) if you quit a job or are laid off. What departing workers need to know
▼ + stars: | 2023-01-17 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Peopleimages | Istock | Getty ImagesWhether you're leaving your job by choice or not, don't forget about your 401(k) plan. You have three basic choices for an old 401(k)Broadly speaking, you have several options for your old 401(k). Basically, finding old 401(k) accounts can be tricky if you lose track of them. Some large 401(k) plan administrators — Fidelity Investments, Vanguard Group and Alight Solutions — also have teamed up to offer their own lost and found. Be aware that if you have a Roth 401(k), it can only be transferred to another Roth account.

☆ Open enrollment for 2023 health insurance through the public exchange ends Sunday
▼ + stars: | 2023-01-15 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

If you don't have health insurance for 2023, you may still be able to get it through the public marketplace. Open enrollment for the federal health-care exchange ends Sunday, with coverage taking effect Feb. 1. If your state operates its own exchange, you may have more time. Most marketplace enrollees — 13 million of 14.5 million in 2022 — qualify for federal subsidies (technically tax credits) to help pay premiums. For the most part, people who get insurance through the federal (or their state's) exchange are self-employed or don't have access to workplace insurance, or they don't qualify for Medicare or Medicaid.

☆ As state-run retirement programs become more popular, participants are expected to have $1 billion in savings this year
▼ + stars: | 2023-01-15 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Within the last decade, 16 state legislatures have adopted retirement-savings programs targeting workers whose employers don't offer a 401(k) plan or similar option. Contributions to Roth accounts are not tax-deductible, as they are with 401(k) plans or similar workplace options. "We've seen a growth of new 401(k) plans in those states that have adopted auto-IRAs," said John Scott, director of Pew's retirement savings project. Limitations to the state programsThere are limitations to the state programs. For example, they do not provide a matching contribution as many 401(k) plans do.

☆ Mega Millions jackpot is $1.35 billion. Here are 3 tips for navigating a win's 'cycles of surprise,' says advisor
▼ + stars: | 2023-01-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Fatih Aktas | Anadolu Agency | Getty ImagesThere's a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion. That's how much you'd win if you were to take the windfall as an annuity paid out over three decades. Between Mega Millions and Powerball, there have been winners of five other jackpots totaling more than $1 billion, including one worth more than $2 billion. If Friday's drawing produces a winner (or winners), the amount would mark Mega Millions' second-largest jackpot ever and the fourth-largest lottery prize in history. That's when the jackpot was reset to $20 million after two tickets sold in Florida and California split a $502 million grand prize.

☆ Mega Millions jackpot jumps to $1.35 billion for the next drawing. Here's the tax bill if there's a winner
▼ + stars: | 2023-01-11 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

You may face long odds of hitting the Mega Millions jackpot — now worth $1.35 billion — but the taxman is always guaranteed a slice when there's a winner. The jackpot jumped again after no ticket matched all six numbers drawn Tuesday night to land the grand prize. If won in the next drawing — set for Friday night — it would mark the second-largest Mega Millions jackpot ever and the fourth-largest lottery prize in history. Most winners, however, choose the lump sum cash option, which for this jackpot is $707.9 million. Yet because the top marginal income tax rate of 37% applies to income above $578,125 for individual tax filers and $693,750 for married couples, you could count on owing more to the IRS at tax time.

☆ Mega Millions jackpot is $1.1 billion. How big winners can prep for 'the inevitable asking for money' from family, friends
▼ + stars: | 2023-01-10 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Scott Olson | Getty ImagesIf you've never had family or friends hit you up for money, that is likely to change if you were to win the $1.1 billion Mega Millions jackpot. It also may make you a target for people who want a piece of your newfound wealth, experts say. When "the inevitable asking for money occurs," she said, "how can you make sure you feel comfortable saying yes or no?" Set up boundaries for money going to family, friendsFor sharing with family and friends, you also should set up parameters, Irwin said. "I think it's helpful to think about under what terms you would gift money," Irwin said.

☆ Here are key things you need to know if you’re eyeing a Medigap policy alongside basic Medicare
▼ + stars: | 2023-01-06 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +7 min

For about 23% of Medicare's 65.1 million beneficiaries, the solution for covering those outlays is a so-called Medigap plan. The reasons that some beneficiaries instead choose Medigap alongside basic Medicare vary from person to person, according to Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans. watch nowHere's what to know about Medigap policies if you're considering purchasing one. There's huge variation in costDespite Medigap policies' standardization, the premiums can vary greatly. The way a Medigap plan is 'rated' also mattersAnother difference in Medigap premiums can come from how the plans are "rated."

☆ You may get extra time to spend unused 2022 funds in your flex spending account. What to know about the rules
▼ + stars: | 2023-01-05 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Collectively, workers may have forfeited an estimated $1 billion in their health-care flexible spending accounts last year. Yet depending on your employer's rules for those FSAs, which let workers save pre-tax money to pay for qualifying health expenses, you may have sidestepped being part of that cohort — at least for now. And if you get a grace period, it can be up to 2.5 months, which would mean a new deadline of March 15 to spend the money. Among workers who are allowed to carry over money, 49% end up forfeiting all or part of it, according to the institute. For those with a grace period, that share is 37%.

☆ Homeowners spent up to $6,000 average on repairs, maintenance in 2022
▼ + stars: | 2023-01-05 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

"For a $400,000 home, the [$4,420] in maintenance and emergency spending in our report is closer to 1%. Maintenance costs may reduce repair expensesWhile it's wise to have money set aside, maintenance can help reduce what you spend on unexpected repairs, Hicks said. "We're seeing an increased focus on maintenance activities, which is good to see," Hicks said. While the specifics of a necessary roof repair determine the cost, the average is $1,000, according to thisoldhouse.com. That compares to an average $3,342 shelled out for water-damage repairs, according to Angi.

☆ Mega Millions jackpot surges to $785 million. If there's a winner, this is the tax bill
▼ + stars: | 2023-01-03 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Anadolu Agency | Anadolu Agency | Getty ImagesMega Millions players may be daydreaming about what they'd do with an extra $785 million, the game's current jackpot amount. The lump-sum cash option — which most winners choose — for this jackpot is $403.8 million, as of midday Tuesday. $96.9 million in taxes would be shaved off cash optionAssuming you're like most winners and were to choose the cash option, a mandatory 24% federal tax withholding would reduce the $403.8 million by $96.9 million. The top federal income tax rate is 37% and applies to income above $578,125 for individual tax filers and $693,750 for married couples who file a joint tax return. There also could be state or local taxes depending on where the ticket was purchased and where you live.

☆ There's still time to get health insurance through the public exchange — and you may qualify for help paying premiums
▼ + stars: | 2023-01-02 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Anyone without health insurance has about two weeks left to get 2023 coverage through the public marketplace — and subsidies could make it affordable. Open enrollment for the federal health care exchange runs through Jan. 15, with coverage taking effect Feb. 1. Most marketplace enrollees — 13 million of 14.5 million in 2022 — qualify for federal subsidies (technically tax credits) to help pay premiums. For the most part, people who get insurance through the federal (or their state's) exchange are self-employed or don't have access to workplace insurance, or they don't qualify for Medicare or Medicaid. As of Dec. 15, nearly 11.5 million people had selected a plan through the marketplace, according to CMS.

☆ The Mega Millions jackpot is $640 million. These are 4 key things to do if you actually win
▼ + stars: | 2022-12-30 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

That's the Mega Millions jackpot amount for the next drawing, set for Friday night. The top prize has been growing since Oct. 14 when it was reset to $20 million after two tickets — sold in Florida and California — matched all six numbers to split a $502 million jackpot. "People can lose tickets, and no ticket means no money." Build a team of advisorsWinning such a large amount of money means having some pretty weighty financial decisions to make. For this $640 million Mega Millions jackpot, the cash option — which most jackpot winners choose — is $328.3 million.

☆ Some Medicare costs are heading higher in 2023, while others are going down. Here's what you need to know
▼ + stars: | 2022-12-29 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Part B premium and deductible will be lowerThe standard Part B premium will be lower in 2023 — $164.90, down from $170.10 in 2022. While most beneficiaries pay the standard premium, higher-income enrollees pay more due to income-related surcharges (see table below). However, "they are calculated based on income two years prior," said Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans. And, some of those options either have no monthly charge or will pay your Part B premium. The maximum out-of-pocket limit for Advantage Plans will be $8,300 in 2023 for in-network services.

☆ Consumers are getting payments from Equifax data breach settlement. Here’s what to expect if you filed a claim
▼ + stars: | 2022-12-28 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

As a result, consumers who were affected by the breach had the option of signing up for either up to $125 or free credit monitoring at all three of the largest credit reporting firms: Equifax, Experian and TransUnion . On Twitter, users have reported receiving small payments, with amounts ranging from $2.64 or $5.21 to $21.06 and $40.44. Additionally, although the initial deadline to file a claim was Jan. 22, 2020, consumers are still permitted to file a claim for expenses incurred after that date but before Jan. 22, 2024, due to the data breach. The best way is to "freeze" your credit report, Ulzheimer said. Freezing your report essentially blocks a lender from checking your report, which means a fraudster would be unable to open an account using your personal data.

☆ Here's what Secure 2.0 means for you if you're getting close to retirement
▼ + stars: | 2022-12-27 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Insta_photos | Istock | Getty ImagesIf you're getting close to retirement age, there are some upcoming changes enacted as part of a government funding bill that may be of interest to you. Catch-up contributions are poised for changesUnder current law, anyone age 50 or older can make "catch-up" contributions to their 401(k) account. Unlike contributions to traditional 401(k) plans, money put in a Roth 401(k) or individual retirement account doesn't get you a tax break, but qualified withdrawals in retirement are tax-free. This Roth requirement means "if you don't have a Roth option in your plan, catch-up contributions wouldn't be allowed," Dickson said. "If their plan allows it, [workers] can elect to have employer matches be designated as Roth contributions," Dickson said.

☆ IRS delays tax reporting change for 1099-K on Venmo, Paypal business payments
▼ + stars: | 2022-12-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

The IRS has delayed, for a year, when payment services such as Paypal and Venmo and e-commerce companies such as eBay , Etsy and Poshmark will have to issue tax forms to individuals whose business transactions through those platforms exceed $600. The agency on Friday said that such third-party platforms won't have to use that threshold for when they report 2022 tax-year transactions on a Form 1099-K, which goes to both the IRS and taxpayer. Instead, they can rely on pre-2022 threshold of more than 200 transactions worth an aggregate above $20,000. Even without the new reporting requirement in place, income from business transactions through such platforms is still taxable, which means sellers must report it. The delay only means business activity won't generate a 2022 tax form at that low threshold.

☆ 'Secure 2.0' clears Congress as part of omnibus appropriations bill, will bring more changes to U.S. retirement system
▼ + stars: | 2022-12-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Three years after the Secure Act of 2019 ushered in the first major changes to the U.S. retirement system in more than a decade, more modifications are now on their way. Dozens of retirement-related provisions collectively known as "Secure 2.0" are included in a $1.7 trillion omnibus appropriations bill that received approval from the House on Friday — following the Senate's nod on Thursday — and will head to President Joe Biden for his signature. Secure 2.0 "addresses gaps that have left some people on the sidelines of retirement savings, unable to access the workplace retirement plans that do so much good in establishing the capability and habit of savings," said Susan Neely, president and CEO of the American Council of Life Insurers. The Secure 2.0 provisions are intended to build on improvements to the retirement system that were implemented under the 2019 Secure Act. Those changes included giving part-time workers better access to retirement benefits and increasing the age when required minimum distributions, or RMDs, from certain retirement accounts must start — to age 72 from 70½.

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