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☆ 'Secure 2.0' would provide a limited federal 'match' on contributions for retirement savers with lower income
▼ + stars: | 2022-12-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Under a provision included in a legislative proposal known as "Secure 2.0" — which is included in an omnibus appropriations bill that cleared the Senate on Thursday and awaited a House vote — a retirement "saver's match" would be implemented, essentially changing how an existing tax credit works. That amount would be a maximum 50% of up to $2,000 in contributions to a qualifying account (so a maximum $1,000 match per individual). The current credit isn't always useful for taxpayersThe move to allow a federal matching contribution is being sought because the current tax credit is nonrefundable, meaning that if you owe no federal income tax, you don't get the credit. The match would be "a direct, substantial way to increase the retirement savings of lower and middle-income workers, and incentivize good retirement planning habits," Carlisle said. More than 108 million people would be eligible for the saver's match, according to the American Retirement Association.

☆ Some Wells Fargo customers have already received their share of the $2 billion misconduct settlement. Here's what you need to know
▼ + stars: | 2022-12-21 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

wdstock | iStock Editorial | Getty ImagesPeople owed a piece of the $2 billion that Wells Fargo has agreed to pay to customers affected by some of its banking practices could soon receive those funds. related investing news Wells Fargo ordered to pay $3.7 billion for past scandals. Here's why we see it as a positive Wells Fargo also agreed to pay a $1.7 billion civil penalty — the largest ever doled out by the CFPB. "We have already communicated with many of the customers who may have been impacted by the matters covered in the settlement, and those efforts are ongoing," a Wells Fargo spokesperson told CNBC. watch nowIn other words, if you are among the affected customers, you may already have received your share of the $2 billion, or you will automatically hear from Wells Fargo.

☆ 'Secure 2.0' is part of the $1.7 trillion spending bill, putting it on track to usher in retirement system improvements
▼ + stars: | 2022-12-20 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Another round of changes to the U.S. retirement system appears to be on its way. A collection of retirement-related provisions known as "Secure 2.0" is included in a 4,100-page, $1.7 trillion spending bill — which would fund the government for the 2023 fiscal year — that was unveiled Monday night. "I don't believe there will be further changes to [Secure 2.0]." More from Personal Finance:How to prevent package theft on your doorstepUsed-car prices are down 3.3% from a year agoThe 10 best metro areas for first-time homebuyersThe 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.

☆ Long Covid patients can face a battle trying to claim benefits through their workplace disability insurance
▼ + stars: | 2022-12-20 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +8 min

Many workers get disability coverage via an employerAn estimated 43% of private industry workers have access to short-term disability insurance through their employer, according to the Bureau of Labor Statistics. Long-term disability insurance, which is intended to kick in when necessary after short-term disability benefits run out, is available to 35% of workers. After 10 weeks of struggling, he filed another short-term disability claim when it was clear he was not improving. Toward the end of 2021, with five doctors agreeing that his condition was disabling, he again filed a long-term disability claim. In fact, cases involving denial of long-term disability benefits for long Covid are cropping up around the country.

☆ Here are key things you need to know about health savings accounts as you near retirement
▼ + stars: | 2022-12-19 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

If you have a health savings account and are nearing retirement age, be aware that some of the rules are different for the older crowd. The standard HSA contribution limits for next year are $3,850 for self-only coverage (up from $3,650 in 2022) and $7,750 for family coverage (up from $7,300 this year). The definition of an HSA eligible, high-deductible health plan for 2023 depends on whether you have single or family coverage. A solo plan would need to have a deductible of at least $1,500 and a maximum limit of $7,500 on out-of-pocket expenses. For family coverage, the deductible is at least $3,000, with a $15,000 maximum on what members pay out of pocket.

☆ ‘Porch pirates’ stole an estimated 260 million packages in the last year. How to prevent theft on your doorstep
▼ + stars: | 2022-12-18 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Andresr | E+ | Getty ImagesYou may not be the only person eager for packages to arrive at your house. Over the last year, an estimated 260 million delivered packages were stolen, according to a report from SafeWise, an online guide to security and safety products. The total annual lost to this type of theft is an estimated $19.5 billion, according to SafeWise. "The other aspect of this crime that makes it unique and likely to continue increasing is that there's very low risk and very low skill involved," Stickle said. If possible, you should sign up to receive an email or text message when your package is supposed to arrive and when it's actually delivered, Murray said.

☆ Up to 254,000 Medicare beneficiaries are getting new ID cards due to data breach at subcontractor. What they need to know
▼ + stars: | 2022-12-16 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Up to 254,000 Medicare beneficiaries' personal information may have been compromised in an online ransomware attack at a government subcontractor, officials warned this week. Letters are being sent to the beneficiaries who were impacted by the potential data breach, said the Centers for Medicare & Medicaid Services. Those affected — who represent less than 0.4% of Medicare's 64.5 million beneficiaries — will also receive a replacement Medicare card with a new identification number in the next few weeks. "The safeguarding and security of beneficiary information is of the utmost importance to this agency," CMS Administrator Chiquita Brooks-LaSure said in the announcement. The personal information that could have been compromised include name, address, date of birth, phone number, Social Security number, Medicare beneficiary identifier, banking information (including routing and account numbers) and Medicare entitlement, enrollment and premium information.

☆ You can still sign up for 2023 health insurance through the public marketplace — but waiting past Dec. 15 can delay coverage
▼ + stars: | 2022-12-14 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

FamVeldIf you don't have health insurance lined up for next year, there's still time to get private coverage through the public marketplace. The deadline is Dec. 15 — Thursday — to sign up on Healthcare.gov for a health plan to take effect Jan. 1. Most marketplace enrollees — 13 million of 14.5 million — qualify for federal subsidies (technically tax credits) to help pay premiums. For enrollees who get subsidies, coverage is generally dropped after three months if premiums are not caught up. That's been the case even if a worker wanted their dependents covered too — meaning the actual cost of family coverage could far exceed that threshold.

☆ Fed policymakers will see 'they blew it' with interest rate hikes, predicts Starwood Capital's Barry Sternlicht
▼ + stars: | 2022-12-06 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

In Starwood Capital CEO Barry Sternlicht's view, the Federal Reserve's ongoing interest rate hikes are driving the U.S. economy straight into a recession. During a session of CNBC's Financial Advisor Summit on Tuesday, Sternlicht said he thinks that an economic contraction will emerge next year and that Fed Chairman Jay Powell "will see that they blew it." "The economy is absolutely going into a recession, and it's absolutely definitive," Sternlicht told CNBC's Sara Eisen, who moderated the session. Right now, the 10-year Treasury bond is yielding roughly 3.6%, compared with the 2-year bond's yield of almost 4.4%. While inflation is a normal part of an economy, the current rate is far above the Federal Reserve's target of 2% over the long run.

☆ Men participate less often in 401(k) plans than women, unless they are automatically enrolled
▼ + stars: | 2022-12-03 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

In 401(k) plans with automatic enrollment — meaning employees must opt out if they don't want to participate — 93% of both men and women remain signed up, according to a report from Vanguard. But in plans whose enrollment is voluntary — workers have to actively enroll — men lag behind women in participation rates at all income levels, most notably below $150,000. The largest difference is in the $50,000-to-$74,999 income range, with 81% of women participating versus 67% for men. Men earn more and save a larger share of itThe average 401(k) balance among men in 2021 was $93,512, compared with $70,037 among women, the Vanguard research shows. Overall, however, both women's and men's participation rate — 68% and 65%, respectively — in voluntary enrollment plans is much lower than the 93% rate in auto-enrollment plans.

☆ How to avoid mistakes with required minimum distributions from your retirement accounts
▼ + stars: | 2022-11-30 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Divide your account balance — say it's $100,000 — by that factor and your 2022 RMD for that account would be about $3,650. For 401(k) accounts, RMDs must come from each account that is subject to the withdrawals. However, you can aggregate 403(b) accounts, Slott said. Spouses cannot combine their RMDsCharday Penn | E+ | Getty ImagesMarried couples must view their accounts and RMDs separately from each other. "You're holding the same thing but you've satisfied your RMD," Slott said.

☆ Medicare open enrollment ends Dec. 7. Here's why it's important to evaluate your 2023 coverage
▼ + stars: | 2022-11-28 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

In between eating leftover turkey and hunting for bargains amid holiday sales, be sure to review your Medicare coverage, if you haven't already. The program's annual open enrollment period, which began Oct. 15 and ends Dec. 7, is when you can make changes, which will take effect Jan. 1. Although you aren't required to take action — your current plan generally would renew automatically — experts recommend determining whether it still is the best fit. Despite how prevalent changes are to plans each year, most beneficiaries do not compare their current coverage with other available plans. Just 29% did in 2020, according to a recent study from the Kaiser Family Foundation.

☆ Consumers lay out $1,600 yearly for health-care products that flexible spending accounts could have covered
▼ + stars: | 2022-11-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

If you have unspent money in your health-care flexible spending account, now's the time to make a plan to use it before you lose it. Health-care FSAs let workers stash away pretax dollars for qualifying expenses. The good news is that even if you don't have medical needs to spend the funds on — i.e., doctor's appointments or prescription drugs — an estimated $1,600 is spent by households each year on health care products that could otherwise be purchased using FSA dollars, according to FSAStore.com. This means it's likely you'd find a way to spend the money on things you'd end up buying anyway. The contribution limit to FSAs this year was $2,850, and in 2023 will be $3,050.

☆ For retirement-system changes proposed in Congress via 'Secure 2.0,' December is do-or-die time
▼ + stars: | 2022-11-21 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

While no specific agenda has been released yet, supporters of the retirement-change proposals collectively called "Secure 2.0" are hopeful that it will be among the pieces of legislation that make it across the finish line. Increasing the extra amounts — so-called catch-up contributions — that individuals age 50 or older can put in their retirement accounts. watch nowThis year, the House passed its version of Secure 2.0, the Securing a Strong Retirement Act (H.R.2954), in late March with a bipartisan vote of 414-5. Secure 2.0 could be attached to a must-pass billAssuming that Secure 2.0 wouldn't get floor time for a vote on its own, supporters are hoping legislators will attach it to a must-pass bill this year. In September, Congress passed a stopgap measure to fund the government's 2023 fiscal year, which started Oct. 1, through Dec. 16.

☆ Employers are planning pay increases of 4.6% in 2023, slightly above this year's 4.2%, study shows
▼ + stars: | 2022-11-18 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Violetastoimenova | E+ | Getty ImagesThe Fed aims for a 2% annual rate of inflationWhile inflation is a normal part of an economy, the current rate is far above the Federal Reserve's target of 2%. So far this year, the Fed's rate-setting committee has boosted a key interest rate six times in its ongoing effort to bring down the rate of inflation. The general idea is that by raising the cost of borrowing money, spending will decline and there will be less inflationary pressure due to lower consumer demand. Nevertheless, although there's been an uptick in layoffs, the unemployment rate is relatively low at 3.7%, according to the latest reading. watch nowBoston Federal Reserve President Susan Collins expressed confidence Friday that inflation can be tamed without a big jump in unemployment.

☆ 4 tips for maximizing the impact of your charitable donations during the season of giving
▼ + stars: | 2022-11-17 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Vladimir Vladimirov | E+ | Getty ImagesWith the holiday season about to be in full swing, the giving spirit is likely to follow. Last year, individuals donated a collective $326.87 billion to various nonprofits, accounting for 67% of all charitable giving, according to GivingUSA's 2022 report. watch nowHere are some tips for making sure your philanthropic money ends up where you want it to. "It's much better to step back and think about the causes you care about … and target those charities, Styron said. "Even if it's a legitimate middle person or donation processor, they might be taking significant administrative or processing fees out of your donation," Styron said.

☆ New Medicare enrollment rules that eliminate coverage gaps take effect in 2023. Here's what you need to know
▼ + stars: | 2022-11-15 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

That's poised to change: Beginning next year, current months-long delays in certain Medicare enrollment situations will be eliminated. Additionally, would-be beneficiaries who missed signing up when they were supposed to due to "exceptional circumstances" may qualify for a special enrollment period. Signup rules for Medicare can be confusingMedicare's enrollment rules can be confusing at best and costly at worst, experts say. One change applies to initial enrollment periodsYour initial enrollment period, as it's called, starts three months before your 65th birthday and ends three months after it (seven months total). Additionally, beneficiaries who qualify for the special enrollment period will not face Part B late enrollment penalties.

☆ Here are 4 ways to take advantage of your health-care expenses before the end of the year
▼ + stars: | 2022-11-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Take advantage of reaching your deductibleIf you've met your plan's deductible, you may be able to pay less for qualifying health-care services before the end of the year than you would after the deductible resets Jan. 1. Once you've met your plan's deductible, you may or may not face copays or coinsurance — it depends on your plan's out-of-pocket maximum, which may be higher. See if you can get the medical expense tax deductionThere is a tax deduction for medical expenses, although it comes with parameters that prevent some taxpayers from using it. For starters, you can only deduct health-care expenses that exceed 7.5% of your adjusted gross income. Its gains grow tax-free, and as long as withdrawals are used for qualifying medical expenses, tapping those funds also comes with no tax.

☆ These 10 used cars have held their value the most
▼ + stars: | 2022-11-11 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

martin-dm | E+ | Getty ImagesSports cars, Jeep models among slowest to depreciateThe top three cars that have held the most value over the last five years are the Jeep Wrangler, which showed the least depreciation (7%), followed by the Jeep Wrangler Unlimited (8.7%) and the Porsche 911 (14.6%), according to the iSeeCars analysis. "The relative scarcity of late-model used cars due to pandemic-related new car production disruptions has kept used car values high for more than a year," said Karl Brauer, executive analyst for iSeeCars. The report also showed that some 3-year-old cars have held their values to the point that they sell for above their sticker price. Average new car price is up 8.4% from a year agoThe cost of new cars also has been climbing through the pandemic-induced inventory shortages. While increases are easing, new vehicle prices are 8.4% higher than they were a year ago, according to the inflation data.

☆ 'Sirens should go off': How to avoid getting duped by Medicare scammers during open enrollment
▼ + stars: | 2022-11-09 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

You may know that it's open enrollment time for Medicare. The Federal Trade Commission is warning that fraudsters could take advantage of this annual period to impersonate Medicare agents. More from Personal Finance:What to know if dropping Medicare Advantage PlanHow investors can tackle the fear of missing outOp-ed: Don’t reject the 60/40 portfolio. Embrace it"If someone asks for your Medicare identification number, sirens should go off," said Ari Parker, a senior advisor at Chapter, a Medicare advisory firm. During open enrollment, beneficiaries are encouraged by the Centers for Medicare & Medicaid Services to review their current coverage and make sure it will still be the best fit for them in the next year.

☆ Winning ticket for Powerball's record $2.04 billion jackpot sold in California — here's what will go to taxes
▼ + stars: | 2022-11-08 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

The $2.04 billion Powerball jackpot has a winner — well, two, if you count Uncle Sam. A single ticket sold in California matched all six numbers pulled in the delayed drawing, which was held Tuesday instead of Monday night due to one state needing additional time to process its sales and play data, according to Powerball officials. The prize marks the largest ever in lottery history. The jackpot had been rolling higher through thrice-weekly drawings since Aug. 3, when a ticket in Pennsylvania scored $206.9 million. If the person were to choose the cash option — which most big jackpot winners do — the ultimate tax bill would partly depend on their state of residence.

☆ The $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here's the tax bill if there's a winner
▼ + stars: | 2022-11-07 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Whoever is the next jackpot winner in Powerball will be looking at the largest lottery prize ever awarded. The tax bill will also be pretty impressive. After no one hit all six numbers drawn Saturday, the Powerball jackpot headed higher. The cash option, however, is driven by ticket sales. The top prize has been rolling higher through thrice-weekly drawings since Aug. 3, when a ticket bought in Pennsylvania matched all six numbers drawn to land a $206.9 million jackpot.

☆ Powerball's jackpot is $1.6 billion, the largest U.S. lottery prize ever. If you win, here's how much would go to taxes
▼ + stars: | 2022-11-04 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

If you manage to beat the odds stacked against hitting the Powerball jackpot, don't forget you'll have a silent partner in the win: the taxman. The jackpot for Saturday night's drawing is now the largest U.S. lottery ever at an estimated $1.6 billion — pretax — if you were to opt to take your windfall as an annuity spread over three decades. The upfront cash option — which most jackpot winners choose — for this drawing is $782.4 million, also pretax. With the chance of a single ticket hitting the jackpot at about 1 in 292 million, the top prize has been rolling higher through thrice-weekly drawings since Aug. 3, when a ticket in Pennsylvania matched all six numbers drawn to score a $206.9 million jackpot. The cash option, however, is driven by ticket sales.

☆ Interest rate hikes have made financing a car pricier — especially if you have bad credit. How much you could pay
▼ + stars: | 2022-11-03 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Tim Boyle | Bloomberg | Getty ImagesYour credit score is one of several variables consideredThe higher your credit score, the lower the interest rate you may qualify for. watch nowThe difference in the interest rate available across different credit scores can be stark. For illustration: With a credit score in the 720-850 range, the average interest rate for a five-year, $45,000 car loan is just under 5.8%, according to FICO's latest data. Compare that to what someone whose credit score fell between 660 and 689 would pay. "This is the amount of credit you're using on your credit cards divided by your credit limits," Rossman said.

☆ Before dropping a Medicare Advantage plan altogether during open enrollment, compare these key costs
▼ + stars: | 2022-11-02 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

FatCamera | E+ | Getty ImagesFor some Medicare beneficiaries, an Advantage Plan ends up not being a good fit. Here's what to consider if you want to ditch an Advantage Plan altogether. Danielle Roberts co-founder of Boomer Benefits"There is not a guarantee that the underwriter will approve you for the Medigap policy," Roberts said. This means it may be wise to avoid dropping your Advantage Plan until you know you'd be able to get the Medigap policy. That 12-month trial period lets you drop an Advantage Plan and return to the Medigap plan you were previously enrolled in.

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