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☆ 4 new ways to avoid a tax penalty for early individual retirement account withdrawals
▼ + stars: | 2022-12-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

New exceptions to the 10% tax penaltySavers generally incur a 10% tax penalty if they withdraw money from a retirement account before age 59½. The following list outlines rules in the new legislative package that waive the 10% early withdrawal penalty for IRA owners. Terminal illness A terminally ill person wouldn't be penalized for withdrawing retirement funds before age 59½. Disability Certain disabled retirement savers under age 59½ aren't beholden to the tax penalty. IRS levy You won't incur a penalty if the distribution results from an IRS tax levy (i.e., if the IRS takes your retirement funds to satisfy a tax debt).

☆ What’s Your Savings Rate? These Banks Are Paying 10 Times the National Average
▼ + stars: | 2022-12-28 | by ( ) www.wsj.com time to read: +9 min

Savings accounts have followed suit, with many top accounts yielding 3%, or even 4%, up from less than 1% earlier this year. The average savings account still earns just 0.3%, according to the Federal Deposit Insurance Corp. Accordingly, the highest APYs you can expect to find on savings accounts today are clustered close to that figure. If your main priority is simply the best rate, some online banks with less name recognition are pushing the envelope even further. Leon says digital institutions tend to be among the most competitive in their rates for CDs as well as savings accounts.

Vanguard vs. TD Ameritrade: The biggest differencesCompare Vanguard and TD Ameritrade VanguardTD Ameritrade investment account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightVanguard and TD Ameritrade's features and account options also vary. Most of the brokerage's actively managed mutual funds have a $3,000 minimum, but you'll only need $1,000 for investor shares in Vanguard Target Retirement Funds and the Vanguard Star Fund. Its other automated investing account, Vanguard Personal Advisor Services, offers something more: one-on-one advisor guidance. Vanguard vs. TD Ameritrade — Frequently asked questions (FAQ)What is the difference between Vanguard and TD Ameritrade?

☆ Families can make a tax-free rollover from 529 plans to Roth individual retirement accounts starting in 2024
▼ + stars: | 2022-12-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesMillions of 529 accounts hold billions in savingsThere were nearly 15 million 529 accounts at the end of last year, holding a total $480 billion, according to the Investment Company Institute. watch nowHowever, that investment growth is generally subject to income tax and a 10% tax penalty if used for an ineligible expense. A transfer would skirt income tax and penalties; investments would keep growing tax-free in a Roth account, and future retirement withdrawals would also be tax-free. The rollover can only be made to the beneficiary's Roth IRA — not that of the account owner. Some education savings experts think 529 accounts have adequate flexibility so as not to deter families from using them.

☆ 21% of investors don't think they pay investing-related fees. Here's why they're wrong — and how it costs them
▼ + stars: | 2022-12-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Damircudic | E+ | Getty ImagesMore than a fifth of investors don't think they pay any fees for their investment accounts, an industry survey has found. An additional 17% of investors in the recent poll said they didn't know how much they paid in fees. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

☆ Ford Settled Dozens of Truck-Rollover Lawsuits Before $1.7 Billion Verdict
▼ + stars: | 2022-12-18 | by ( Ryan Felton | Nora Eckert | ) www.wsj.com time to read: 1 min

Ford Motor Co. is slated Monday to lay out its arguments for a new trial in a truck-rollover lawsuit that resulted in a $1.7 billion jury verdict in Georgia over the summer. The Georgia lawsuit, in state court, is unusual in that it went to trial. Over nearly two decades, Ford settled several dozen similar lawsuits brought by plaintiffs alleging that people were killed or seriously injured in heavy-duty truck rollovers in which the roof collapsed.

☆ Robinhood to pay a 1% 'match' on customer contributions to retail individual retirement accounts
▼ + stars: | 2022-12-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The retail brokerage will pay a 1% "match" on contributions its customers make to a Robinhood individual retirement account, the firm said Tuesday. The firm is billing it as the first-ever match paid to retail IRA customers (i.e., outside of a workplace retirement plan.) A 401(k) match is a common retirement benefit offered by employers that sponsor a workplace retirement plan. How the match worksA 401(k) match is generally structured as a share of employee contributions. There aren't any contribution or account minimums to get the Robinhood match, and trades don't carry commissions.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

In September, she and her boyfriend, Jay, moved into their teal 30-foot school bus and started living and working from the road. Now, she works from her converted school bus and makes up to $15,000 per month. CNBC Make It"The goal was to make a couple of hundred dollars every month for gas money," Everdeen, 31, tells CNBC Make It. But that freedom has a lofty price tag: Everdeen and Jay bought their school bus from a government auction for $7,324 in January 2020. They decided to buy the school bus, and started deconstructing its seats and windows to convert it into their 30-foot home.

☆ There's still time for big savers to use 'after-tax contributions' to funnel more into 401(k) plans for 2022
▼ + stars: | 2022-10-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

BartekSzewczyk | GettyAfter-tax versus Roth accountsAfter-tax contributions are different than Roth 401(k) plans. For 2022, if you're under 50, you can defer up to $20,500 of your salary into your plan's regular pretax or Roth 401(k) account. The percentage of plans offering a Roth 401(k) saving option has surged over the past decade. watch nowHowever, some plans offer additional after-tax contributions to your traditional 401(k), which allows you to save more than the $20,500 cap. In 2021, roughly 21% of company plans offered after-tax 401(k) contributions, compared to about 20% of plans in 2020, the survey found.

☆ The S&P 500 could retest its bear market low as Fed meeting looms, according to chart analysts
▼ + stars: | 2022-09-19 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

With the Federal Reserve meeting this week, stocks could be volatile, and technical analysts say the S & P 500 looks increasingly set for a retest — and possible break — of its June low. In the past week, t he S & P 500 declined 4.8%, closing at 3,873, in its worst weekly performance since June. Wald now says a dip to 3,500 on the S & P 500 is possible. Jonathan Krinsky, chief market technician at BTIG, said the 3,900 level was important and the area on the S & P 500 where the most volume traded over the last three years. The Oppenheimer technical analyst notes that the S & P 500 has typically bottomed around Oct. 9, before launching into a strong rally into year-end, based on the average composite of the last eight mid-term election years.

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A self-directed IRA (SDIRA) is a kind of retirement account that allows you to invest in assets that are off-limits to regular IRAs. You directly manage your self-directed IRA, and so are responsible for researching your investments and their tax consequences. If that sounds like you, a self-directed IRA (SDIRA) might be worth a closer look. Self-directed IRAs (SDIRAs) are structured like standard IRAs, with the same contribution limits, distribution rules, and tax advantages. That's not always the case with SDIRA assets, and your capital could be tied up in assets you no longer want.

The rule of 55 is an IRS provision that allows those 55 or older to withdraw from their 401(k) early without penalty. Rule of 55 basics: The rule of 55 allows you to access your 401(k) or 403(b) funds without incurring the usual 10% early withdrawal penalty. An early withdrawal automatically gets hit with 20% income tax with an additional 10% penalty for the early withdrawal. The rule of 55 could also be a deciding factor for those who are considering early retirement. But you may ultimately decide that an early 401(k) withdrawal is right for your situation, especially if you're retiring early.

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